Document:

Form of ISDA Master Agreement

 Exhibit 10.10 
 (Multicurrency—Cross Border) 
 ISDA® 
 International Swaps and Derivatives Association, Inc. 
 MASTER AGREEMENT 
 dated as of April 9, 2007 
 between

  

									
		 	UBS AG	  	                                       
     and	 	 WORLD MONITOR TRUST III - Series J
	  	

 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. 
  

 Copyright © 1992 by International Swap Dealers Association, Inc. 

 (b) Change of Account. Either party may change its account for receiving a payment or delivery by giving
notice to the other party at least five Local Business Days prior to the scheduled date for the payment or delivery to which such change applies unless such other party gives timely notice of a reasonable objection to such change. 
 (c) Netting. If on any date amounts would otherwise be payable:— 
 (i) in the same currency; and 
 (ii) in respect of the same Transaction, 
 by each party to the other, then, on such date, each party’s obligation to make payment of any such amount will be automatically satisfied and discharged and, if
the aggregate amount that would otherwise have been payable by one party exceeds the aggregate amount that would otherwise have been payable by the other party, replaced by an obligation upon the party by whom the larger aggregate amount would have
been payable to pay to the other party the excess of the larger aggregate amount over the smaller aggregate amount. 
 The parties may elect in respect of
two or more Transactions that a net amount will be determined in respect of all amounts payable on the same date in the same currency in respect of such Transactions, regardless of whether such amounts are payable in respect of the same Transaction.
The election may be made in the Schedule or a Confirmation by specifying that subparagraph (ii) above will not apply to the Transactions identified as being subject to the election, together with the starting date (in which case subparagraph
(ii) above will not, or will cease to, apply to such Transactions from such date). This election may be made separately for different groups of Transactions and will apply separately to each pairing of Offices through which the parties make and
receive payments or deliveries. 
 (d) Deduction or Withholding for Tax. 
 (i) Gross-Up. All payments under this Agreement will be made without any deduction or withholding for or on account of any Tax unless such
deduction or withholding is required by any applicable law, as modified by the practice of any relevant governmental revenue authority, then in effect. If a party is so required to deduct or withhold, then that party (“X”) will:—

 (1) promptly notify the other party (“Y”) of such requirement; 
 (2) pay to the relevant authorities the full amount required to be deducted or withheld (including the full amount required to be deducted or withheld
from any additional amount paid by X to Y under this Section 2(d)) promptly upon the earlier of determining that such deduction or withholding is required or receiving notice that such amount has been assessed against Y; 
 (3) promptly forward to Y an official receipt (or a certified copy), or other documentation reasonably acceptable to Y, evidencing such payment to such
authorities; and 
 (4) if such Tax is an Indemnifiable Tax, pay to Y, in addition to the payment to which Y is otherwise entitled under this
Agreement, such additional amount as is necessary to ensure that the net amount actually received by Y (free and clear of Indemnifiable Taxes, whether assessed against X or Y) will equal the full amount Y would have received had no such deduction or
withholding been required. However, X will not be required to pay any additional amount to Y to the extent that it would not be required to be paid but for:— 
 (A) the failure by Y to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d); or 
 (B) the failure of a representation made by Y pursuant to Section 3(f) to be accurate and true unless such failure would not have occurred but for (I) any action taken by a taxing 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. 
  

					
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 (ii) Liability. If:— 
 (1) X is required by any applicable law, as modified by the practice of any relevant governmental revenue authority, to make any deduction or withholding
in respect of which X would not be required to pay an additional amount to Y under Section 2(d)(i)(4); 
 (2) X does not so deduct or
withhold; and 
 (3) a liability resulting from such Tax is assessed directly against X, 
 then, except to the extent Y has satisfied or then satisfies the liability resulting from such Tax, Y will promptly pay to X the amount of such liability
(including any related liability for interest, but including any related liability for penalties only if Y has failed to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d)). 
 (e) Default Interest; Other Amounts. Prior to the occurrence or effective designation of an Early Termination Date in respect of the relevant Transaction,
a party that defaults in the performance of any payment obligation will, to the extent permitted by law and subject to Section 6(c), be required to pay interest (before as well as after judgment) on the overdue amount to the other party on
demand in the same currency as such overdue amount, for the period from (and including) the original due date for payment to (but excluding) the date of actual payment, at the Default Rate. Such interest will be calculated on the basis of daily
compounding and the actual number of days elapsed. If, prior to the occurrence or effective designation of an Early Termination Date in respect of the relevant Transaction, a party defaults in the performance of any obligation required to be settled
by delivery, it will compensate the other party on demand if and to the extent provided for in the relevant Confirmation or elsewhere in this Agreement. 
  

	3.	Representations 

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

 (a) Basic Representations. 
 (i)
Status. It is duly organised and validly existing under the laws of the jurisdiction of its organisation or incorporation and, if relevant under such laws, in good standing; 
 (ii) Powers. It has the power to execute this Agreement and any other documentation relating to this Agreement to which it is a party, to
deliver this Agreement and any other documentation relating to this Agreement that it is required by this Agreement to deliver and to perform its obligations under this Agreement and any obligations it has under any Credit Support Document to which
it is a party and has taken all necessary action to authorize such execution, delivery and performance; 
 (iii) No Violation or
Conflict. Such execution, delivery and performance do not violate or conflict with any law applicable to it, any provision of its constitutional documents, any order or judgment of any court or other agency of government applicable to it or
any of its assets or any contractual restriction binding on or affecting it or any of its assets; 
 (iv) Consents. All
governmental and other consents that are required to have been obtained by it with respect to this Agreement or any Credit Support Document to which it is a party have been obtained and are in full force and effect and all conditions of any such
consents have been complied with; and 
 (v) Obligations Binding. Its obligations under this Agreement and any Credit Support
Document to which it is a party constitute its legal, valid and binding obligations, enforceable in accordance with their respective terms (subject to applicable bankruptcy, reorganization, 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)). 
  

					
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 (b) Absence of Certain Events. No Event of Default or Potential Event of Default or, to its knowledge,
Termination Event with respect to it has occurred and is continuing and no such event or circumstance would occur as a result of its entering into or performing its obligations under this Agreement or any Credit Support Document to which it is a
party. 
 (c) Absence of Litigation. There is not pending or, to its knowledge, threatened against it or any of its Affiliates any action, suit
or proceeding at law or in equity or before any court, tribunal, governmental body, agency or official or any arbitrator that is likely to affect the legality, validity or enforceability against it of this Agreement or any Credit Support Document to
which it is a party or its ability to perform its obligations under this Agreement or such Credit Support Document. 
 (d) Accuracy of Specified
Information. All applicable information that is furnished in writing by or on behalf of it to the other party and is identified for the purpose of this Section 3(d) in the Schedule is, as of the date of the information, true, accurate
and complete in every material respect. 
 (e) Payer Tax Representation. Each representation specified in the Schedule as being made by it for
the purpose of this Section 3(e) is accurate and true. 
 (f) Payee Tax Representations. Each representation specified in the Schedule as
being made by it for the purpose of this Section 3(f) is accurate and true. 
  

	4.	Agreements 

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

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

	5.	Events of Default and Termination Events 

 (a) Events of
Default. The occurrence at any time with respect to a party or, if applicable, any Credit Support Provider of such party or any Specified Entity of such party of any of the following events constitutes an event of default (an “Event of
Default”) with respect to such party:— 
 (i) Failure to Pay or Deliver. Failure by the party to make, when due, any
payment under this Agreement or delivery under Section 2(a)(i) or 2(e) required to be made by it if such failure is not remedied on or before the third Local Business Day after notice of such failure is given to the party; 
 (ii) Breach of Agreement. Failure by the party to comply with or perform any agreement or obligation (other than an obligation to make any
payment under this Agreement or delivery under Section 2(a)(i) or 2(e) or to give notice of a Termination Event or any agreement or obligation under Section 4(a)(i), 4(a)(iii) or 4(d)) to be complied with or performed by the party in
accordance with this Agreement if such failure is not remedied on or before the thirtieth day after notice of such failure is given to the party; 
 (iii) Credit Support Default. 
 (1) Failure by the party or any Credit Support Provider of such party to comply with
or perform any agreement or obligation to be complied with or performed by it in accordance with any Credit Support Document if such failure is continuing after any applicable grace period has elapsed; 
 (2) the expiration or termination of such Credit Support Document or the failing or ceasing of such Credit Support Document to be in full force and effect
for the purpose of this Agreement (in either case other than in accordance with its terms) prior to the satisfaction of all obligations of such party under each Transaction to which such Credit Support Document relates without the written consent of
the other party; or 
 (3) the party or such Credit Support Provider disaffirms, disclaims, repudiates or rejects, in whole or in part, or
challenges the validity of, such Credit Support Document; 
 (iv) Misrepresentation. A representation (other than a
representation under Section 3(e) or (f)) made or repeated or deemed to have been made or repeated by the party or any Credit Support Provider of such party in this Agreement or any Credit Support Document proves to have been incorrect or
misleading in any material respect when made or repeated or deemed to have been made or repeated; 
 (v) Default under Specified
Transaction. The party, any Credit Support Provider of such party or any applicable Specified Entity of such party (1) defaults under a Specified Transaction and, after giving effect to any applicable notice requirement or grace period,
there occurs a liquidation of, an acceleration of obligations under, or an early termination of, that Specified Transaction, (2) defaults, after giving effect to any applicable notice requirement or grace period, in making any payment or
delivery due on the last payment, delivery or exchange date of, or any payment on early termination of, a Specified Transaction (or such default continues for at least three Local Business Days if there is no applicable notice requirement or grace
period) or (3) disaffirms, disclaims, repudiates or rejects, in whole or in part, a Specified Transaction (or such action is taken by any person or entity appointed or empowered to operate it or act on its behalf); 
 (vi) Cross Default. If “Cross Default” is specified in the Schedule as applying to the party, the occurrence or existence of
(1) a default, event of default or other similar condition or event (however described) in respect of 

  

					
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such party, any Credit Support Provider of such party or any applicable Specified Entity of such party under one or more agreements or instruments relating
to Specified Indebtedness of any of them (individually or collectively) in an aggregate amount of not less than the applicable Threshold Amount (as specified in the Schedule) which has resulted in such Specified Indebtedness becoming, or becoming
capable at such time of being declared, due and payable under such agreements or instruments, before it would otherwise have been due and payable or (2) a default by such party, such Credit Support Provider or such Specified Entity
(individually or collectively) in making one or more payments on the due date thereof in an aggregate amount of not less than the applicable Threshold Amount under such agreements or instruments (after giving effect to any applicable notice
requirement or grace period); 
 (vii) Bankruptcy. The party, any Credit Support Provider of such party or any applicable
Specified Entity of such party:— 
 (1) is dissolved (other than pursuant to a consolidation, amalgamation or merger); (2) becomes
insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due; (3) makes a general assignment, arrangement or composition with or for the benefit of its creditors;
(4) institutes or has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is presented
for its winding-up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition (A) results in a judgment of insolvency or bankruptcy or the entry of an order for relief or
the making of an order for its winding-up or liquidation or (B) is not dismissed, discharged, stayed or restrained in each case within 30 days of the institution or presentation thereof; (5) has a resolution passed for its winding-up,
official management or liquidation (other than pursuant to a consolidation, amalgamation or merger); (6) seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other
similar official for it or for all or substantially all its assets; (7) has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced
or sued on or against all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 30 days thereafter; (8) causes or is subject to
any event with respect to it which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in clauses (1) to (7) (inclusive); or (9) takes any action in furtherance of, or indicating its
consent to, approval of, or acquiescence in, any of the foregoing acts; or 
 (viii) Merger Without Assumption. The party or any
Credit Support Provider of such party consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its assets to, another entity and, at the time of such consolidation, amalgamation, merger or transfer:—

 (1) the resulting, surviving or transferee entity fails to assume all the obligations of such party or such Credit Support Provider under
this Agreement or any Credit Support Document to which it or its predecessor was a party by operation of law or pursuant to an agreement reasonably satisfactory to the other party to this Agreement; or 
 (2) the benefits of any Credit Support Document fail to extend (without the consent of the other party) to the performance by such resulting, surviving or
transferee entity of its obligations under this Agreement. 
 (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):— 
  

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

 (ii) Tax Event. Due to (x) any action taken by a taxing authority, or brought in a court of competent jurisdiction, on
or after the date on which a Transaction is entered into (regardless of whether such action is taken or brought with respect to a party to this Agreement) or (y) a Change in Tax Law, the party (which will be the Affected Party) will, or there
is a substantial likelihood that it will, on the next succeeding Scheduled Payment Date (1) be required to pay to the other party an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of
interest under Section 2(e), 6(d)(ii) or 6(e)) or (2) receive a payment from which an amount is required to be deducted or withheld for or on account of a Tax (except in respect of interest under Section 2(e), 6(d)(ii) or 6(e)) and no
additional amount is required to be paid in respect of such Tax under Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(A) or (B)); 
 (iii) Tax Event Upon Merger. The party (the “Burdened Party”) on the next succeeding Scheduled Payment Date will either (1) be required to pay an additional amount in respect of an
Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest under Section 2(e), 6(d)(ii) or 6(e)) or (2) receive a payment from which an amount has been deducted or withheld for or on account of any Indemnifiable Tax in
respect of which the other party is not required to pay an additional amount (other than by reason of Section 2(d)(i)(4)(A) or (B)), in either case as a result of a party consolidating or amalgamating with, or merging with or into, or
transferring all or substantially all its assets to, another entity (which will be the Affected Party) where such action does not constitute an event described in Section 5(a)(viii); 
 (iv) Credit Event Upon Merger. If “Credit Event Upon Merger” is specified in the Schedule as applying to the party, such party
(“X”), any Credit Support Provider of X or any applicable Specified Entity of X consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its assets to, another entity and such action does not
constitute an event described in Section 5(a)(viii) but the creditworthiness of the resulting, surviving or transferee entity is materially weaker than that of X, such Credit Support Provider or such Specified Entity, as the case may be,
immediately prior to such action (and, in such event, X or its successor or transferee, as appropriate, will be the Affected Party); or 
 (v)
Additional Termination Event. If any “Additional Termination Event” is specified in the Schedule or any Confirmation as applying, the occurrence of such event (and, in such event, the Affected Party or Affected Parties shall
be as specified for such Additional Termination Event in the Schedule or such Confirmation). 
 (c) Event of Default and Illegality. If an
event or circumstance which would otherwise constitute or give rise to an Event of Default also constitutes an Illegality, it will be treated as an Illegality and will not constitute an Event of Default. 
  

	6.	Early Termination 

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

					
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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)(1) or a Tax Event occurs and there is only one
Affected Party, or if a Tax Event Upon Merger occurs and the Burdened Party is the Affected Party, the Affected Party will, as a condition to its right to designate an Early Termination Date under Section 6(b)(iv), use all reasonable efforts
(which will not require such party to incur a loss, excluding immaterial, incidental expenses) to transfer within 20 days after it gives notice under Section 6(b)(i) all its rights and obligations under this Agreement in respect of the Affected
Transactions to another of its Offices or Affiliates so that such Termination Event ceases to exist. 
 If the Affected Party is not able to
make such a transfer it will give notice to the other party to that effect within such 20 day period, whereupon the other party may effect such a transfer within 30 days after the notice is given under Section 6(b)(i). 
 Any such transfer by a party under this Section 6(b)(ii) will be subject to and conditional upon the prior written consent of the other party, which
consent will not be withheld if such other party’s policies in effect at such time would permit it to enter into transactions with the transferee on the terms proposed. 
 (iii) Two Affected Parties. If an Illegality under Section 5(b)(i)(1) or a Tax Event occurs and there are two Affected Parties, each
party will use all reasonable efforts to reach agreement within 30 days after notice thereof is given under Section 6(b)(i) on action to avoid that Termination Event. 
 (iv) Right to Terminate. If:— 
 (1) a transfer under Section 6(b)(ii) or an agreement
under Section 6(b)(iii), as the case may be, has not been effected with respect to all Affected Transactions within 30 days after an Affected Party gives notice under Section 6(b)(i); or 
 (2) an Illegality under Section 5(b)(i)(2), a Credit Event Upon Merger or an Additional Termination Event occurs, or a Tax Event Upon Merger occurs
and the Burdened Party is not the Affected Party, 
 either party in the case of an Illegality, the Burdened Party in the case of a Tax Event
Upon Merger, any Affected Party in the case of a Tax Event or an Additional Termination Event if there is more than one Affected Party, or the party which is not the Affected Party in the case of a Credit Event Upon Merger or an Additional
Termination Event if there is only one Affected Party may, by not more than 20 days notice to the other party and provided that the relevant Termination Event is then continuing, designate a day not earlier than the day such notice is effective as
an Early Termination Date in respect of all Affected Transactions. 
 (c) Effect of Designation. 
 (i) If notice designating an Early Termination Date is given under Section 6(a) or (b), the Early Termination Date will occur on the date so
designated, whether or not the relevant Event of Default or Termination Event is then continuing. 
 (ii) Upon the occurrence or effective
designation of an Early Termination Date, no further payments or deliveries under Section 2(a)(i) or 2(e) in respect of the Terminated Transactions will be required to be made, but without prejudice to the other provisions of this Agreement.
The amount, if any, payable in respect of an Early Termination Date shall be determined pursuant to Section 6(e). 
 (d) Calculations.

 (i) Statement. On or as soon as reasonably practicable following the occurrence of an Early Termination Date, each party will
make the calculations on its part, if any, contemplated by Section 6(e) and will provide to the other party a statement (1) showing, in reasonable detail, such calculations (including all relevant quotations 

  

					
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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. 
 (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. 
  

					
		  	9	  	ISDA®1992

 (2) Two Affected Parties. If there are two Affected Parties:— 
 (A) if Market Quotation applies, each party will determine a Settlement Amount in respect of the Terminated Transactions, and an amount will be payable
equal to (I) the sum of (a) one-half of the difference between the Settlement Amount of the party with the higher Settlement Amount (“X”) and the Settlement Amount of the party with the lower Settlement Amount (“Y”) and
(b) the Termination Currency Equivalent of the Unpaid Amounts owing to X less (II) the Termination Currency Equivalent of the Unpaid Amounts owing to Y; and 
 (B) if Loss applies, each party will determine its Loss in respect of this Agreement (or, if fewer than all the Transactions are being terminated, in respect of all Terminated Transactions) and an amount will be
payable equal to one-half of the difference between the Loss of the party with the higher Loss (“X”) and the Loss of the party with the lower Loss (“Y”). 
 If the amount payable is a positive number, Y will pay it to X; if it is a negative number, X will pay the absolute value of that amount to Y. 

(iii) Adjustment for Bankruptcy. In circumstances where an Early Termination Date occurs because “Automatic Early Termination”
applies in respect of a party, the amount determined under this Section 6(e) will be subject to such adjustments as are appropriate and permitted by law to reflect any payments or deliveries made by one party to the other under this Agreement
(and retained by such other party) during the period from the relevant Early Termination Date to the date for payment determined under Section 6(d)(ii). 
 (iv) Pre-Estimate. The parties agree that if Market Quotation applies an amount recoverable under this Section 6(e) is a reasonable pre-estimate of loss and not a penalty. Such amount is payable for
the loss of bargain and the loss of protection against future risks and except as otherwise provided in this Agreement neither party will be entitled to recover any additional damages as a consequence of such losses. 
  

	7.	Transfer 

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

	8.	Contractual Currency 

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

					
		  	10	  	ISDA®1992

 (b) Judgments. To the extent permitted by applicable law, if any judgment or order expressed in a currency
other than the Contractual Currency is rendered (i) for the payment of any amount owing in respect of this Agreement, (ii) for the payment of any amount relating to any early termination in respect of this Agreement or (iii) in
respect of a judgment or order of another court for the payment of any amount described in (i) or (ii) above, the party seeking recovery, after recovery in full of the aggregate amount to which such party is entitled pursuant to the
judgment or order, will be entitled to receive immediately from the other party the amount of any shortfall of the Contractual Currency received by such party as a consequence of sums paid in such other currency and will refund promptly to the other
party any excess of the Contractual Currency received by such party as a consequence of sums paid in such other currency if such shortfall or such excess arises or results from any variation between the rate of exchange at which the Contractual
Currency is converted into the currency of the judgment or order for the purposes of such judgment or order and the rate of exchange at which such party is able, acting in a reasonable manner and in good faith in converting the currency received
into the Contractual Currency, to purchase the Contractual Currency with the amount of the currency of the judgment or order actually received by such party. The term “rate of exchange” includes, without limitation, any premiums and costs
of exchange payable in connection with the purchase of or conversion into the Contractual Currency. 
 (c) Separate Indemnities. To the extent
permitted by applicable law, these indemnities constitute separate and independent obligations from the other obligations in this Agreement, will be enforceable as separate and independent causes of action, will apply notwithstanding any indulgence
granted by the party to which any payment is owed and will not be affected by judgment being obtained or claim or proof being made for any other sums payable in respect of this Agreement. 
 (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. 
  

					
		  	11	  	ISDA®1992

 (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
organization of such party, the obligations of such party are the same as if it had entered into the Transaction through its head or home office. This representation will be deemed to be repeated by such party on each date on which a Transaction is
entered into. 
 (b) Neither party may change the Office through which it makes and receives payments or deliveries for the purpose of a Transaction without
the prior written consent of the other party. 
 (c) If a party is specified as a Multibranch Party in the Schedule, such Multibranch Party may make and
receive payments or deliveries under any Transaction through any Office listed in the Schedule, and the Office through which it makes and receives payments or deliveries with respect to a Transaction will be specified in the relevant Confirmation.

  

	11.	Expenses 

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

	12.	Notices 

 (a) Effectiveness. Any notice or other
communication in respect of this Agreement may be given in any manner set forth below (except that a notice or other communication under Section 5 or 6 may not be given by facsimile transmission or electronic messaging system) to the address or
number or in accordance with the electronic messaging system details provided (see the Schedule) and will be deemed effective as indicated:— 
 (i) if in writing and delivered in person or by courier, on the date it is delivered; 
 (ii) if sent by telex, on the date the
recipient’s answerback is received; 
 (iii) if sent by facsimile transmission, on the date that transmission is received by a
responsible employee of the recipient in legible form (it being agreed that the burden of proving receipt will be on the sender and will not be met by a transmission report generated by the sender’s facsimile machine); 
 (iv) if sent by certified or registered mail (airmail, if overseas) or the equivalent (return receipt requested), on the date that mail is delivered or
its delivery is attempted; or 
 (v) if sent by electronic messaging system, on the date that electronic message is received, 
 unless the date of that delivery (or attempted delivery) or that receipt, as applicable, is not a Local Business Day or that communication is delivered (or attempted) or
received, as applicable, after the close of business on a Local Business Day, in which case that communication shall be deemed given and effective on the first following day that is a Local Business Day. 
 (b) Change of Addresses. Either party may by notice to the other change the address, telex or facsimile number or electronic messaging system details at
which notices or other communications are to be given to it. 
  

	13.	Governing Law and Jurisdiction 

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

					
		  	12	  	ISDA®1992

 (b) Jurisdiction. With respect to any suit, action or proceedings relating to this Agreement
(“Proceedings”), each party irrevocably:— 
 (i) submits to the jurisdiction of the English courts, if this Agreement is
expressed to be governed by English law, or to the non-exclusive jurisdiction of the courts of the State of New York and the United States District Court located in the Borough of Manhattan in New York City, if this Agreement is expressed to be
governed by the laws of the State of New York; and 
 (ii) waives any objection which it may have at any time to the laying of venue of any
Proceedings brought in any such court, waives any claim that such Proceedings have been brought in an inconvenient forum and further waives the right to object, with respect to such Proceedings, that such court does not have any jurisdiction over
such party. 
 Nothing in this Agreement precludes either party from bringing Proceedings in any other jurisdiction (outside, if this Agreement is expressed
to be governed by English law, the Contracting States, as defined in Section 1(3) of the Civil Jurisdiction and Judgments Act 1982 or any modification, extension or re-enactment thereof 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; 
  

					
		  	13	  	ISDA®1992

 (c) is respect of all other obligations payable or deliverable (or which would have been but for Section 2(a)(iii))
by a Non-defaulting Party, the Non-default Rate; and 
 (d) in all other cases, the Termination Rate. 
 “Burdened Party” has the meaning specified in Section 5(b). 
 “Change in Tax Law” means the enactment, promulgation, execution or ratification of, or any change in or amendment to, any law (or in the application or official interpretation of any law) that
occurs on or after the date on which the relevant Transaction is entered into. 
 “consent” includes a consent, approval, action,
authorisation, exemption, notice, filing, registration or exchange control consent. 
 “Credit Event Upon Merger” has the meaning
specified in Section 5(b). 
 “Credit Support Document” means any agreement or instrument that is specified as such in this
Agreement. 
 “Credit Support Provider” has the meaning specified in the Schedule. 
 “Default Rate” means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the relevant payee (as certified by it)
if it were to fund or of funding the relevant amount plus 1% per annum. 
 “Defaulting Party” has the meaning specified in
Section 6(a). 
 “Early Termination Date” means the date determined in accordance with Section 6(a) or 6(b)(iv).

 “Event of Default” has the meaning specified in Section 5(a) and, if applicable, in the Schedule. 
 “Illegality” has the meaning specified in Section 5(b). 
 “Indemnifiable Tax” means any Tax other than a Tax that would not be imposed in respect of a payment under this Agreement but for a present or former connection between the jurisdiction of the
government or taxation authority imposing such Tax and the recipient of such payment or a person related to such recipient (including, without limitation, a connection arising from such recipient or related person being or having been a citizen or
resident of such jurisdiction, or being or having been organised, present or engaged in a trade or business in such jurisdiction, or having or having had a permanent establishment or fixed place of business in such jurisdiction, but excluding a
connection arising solely from such recipient or related person having executed, delivered, performed its obligations or received a payment under, or enforced, this Agreement or a Credit Support Document). 
 “law” includes any treaty, law, rule or regulation (as modified, in the case of tax matters, by the practice of any relevant governmental revenue
authority) and “lawful” and “unlawful” will be construed accordingly. 
 “Local Business Day” means, subject to the Schedule, a day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) (a) in relation to any obligation
under Section 2(a)(i), in the place(s) specified in the relevant Confirmation or, if not so specified, as otherwise agreed by the parties in writing or determined pursuant to provisions contained, or incorporated by reference, in this
Agreement, (b) in relation to any other payment, in the place where the relevant account is located and, if different, in the principal financial centre, if any, of the currency of such payment, (c) in relation to any notice or other
communication, including notice contemplated under Section 5(a)(i), in the city specified in the address for notice provided by the recipient and, in the case of a notice contemplated by Section 2(b), in the place where the relevant new
account is to be located and (d) in relation to Section 5(a)(v)(2), in the relevant locations for performance with respect to such Specified Transaction. 
 “Loss” means, with respect to this Agreement or one or more Terminated Transactions, as the case may be, and a party, the Termination Currency Equivalent of an amount that party reasonably determines in good faith to
be its total losses and costs (or gain, in which case expressed as a negative number) in connection with this Agreement or that Terminated Transaction or group of Terminated Transactions, as the case may be, including any loss of bargain, cost of
funding or, at the election of such party but without duplication, loss or cost incurred as a result of its terminating, liquidating, 

  

					
		  	14	  	ISDA®1992

 
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.

 “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. 
  

					
		  	15	  	ISDA®1992

 “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). 
 “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. 
  

 16 

 “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. 
  

 17 

 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. 
  

							
	UBS AG	 	WORLD MONITOR TRUST III - SERIES J
			
		 	By:	 	Preferred Investment Solutions Corp.,
		 		 	its Managing Owner
				
	By:	 	  
	 	By:	 	 /s/ Esther E. Goodman

	Name:	 		 	Name:	 	Esther E. Goodman
	Title:	 		 	Title:	 	Senior Executive Vice President and
	Date:	 		 		 	Chief Operating Officer
		 		 	Date:	 	April 9, 2007
				
	By:	 	  
	 		 	
	Name:	 		 		 	
	Title:	 		 		 	
	Date:	 		 		 	

  

					
		  	18	  	ISDA®1992

 SCHEDULE 
 to the Master Agreement 
 dated as of April 9, 2007 
 between 
 UBS AG, 
 a banking corporation organized 
 under the law of Switzerland 
 (“Party A”), 
 and 
 WORLD MONITOR TRUST III - SERIES J 
 (“Party B”), 
 acting by
and through Ortus Capital Management (Cayman) Limited its Trading Advisor, 
 who is acting as agent of Party B and not in the Trading
Advisor’s individual capacity 
 Part 1 
 Termination Provisions 
 In this Agreement: 
 (a) “Specified Entity” means in relation to Party A for the purpose of: 
  

			
	Section 5(a)(v),	  	NONE
	 Section 5(a)(vi),
	  	 NONE

	 Section 5(a)(vii),
	  	 NONE

	 Section 5(b)(iv),
	  	 NONE

 and in relation to Party B for the purpose of: 
  

			
	 Section 5(a)(v),
	  	NONE
	 Section 5(a)(vi),
	  	NONE
	 Section 5(a)(vii),
	  	NONE
	 Section 5(b)(iv),
	  	NONE

 (b) “Specified Transaction” will have the meaning specified in Section 14 of this
Agreement and shall also include any repurchase agreements, reverse repurchase agreements, securities lending agreements, prime brokerage agreements, forward contracts, precious metals transactions, letters of credit reimbursement obligations and
indebtedness for borrowed money (whether or not evidenced by a note or similar instrument) now existing or hereafter entered into between a 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). 
 (c) The “Cross Default” provisions of Section 5(a)(vi) of this Agreement, as modified below, will apply to Party A and to Party B. Section 5(a)(vi) of this Agreement is hereby amended by the addition of the
following at the end thereof: 
 “provided, however, that notwithstanding the foregoing, an Event of Default shall not occur under either
(1) or (2) above if, as demonstrated to the reasonable satisfaction of the other party, (a) the event or condition referred to in (1) or the failure to pay referred to in (2) is a failure to pay caused by an error or
omission of an administrative or operational nature; and (b) funds were available to such party to enable it to make the relevant payment when due; and (c) such relevant payment is made within three Business Days following receipt of
written notice from the other party of such failure to pay.” 
 If such provisions apply: 
  

					
		  	19	  	ISDA®1992

 “Specified Indebtedness” means any obligation (whether present or future,
contingent or otherwise, as principal or surety or otherwise) for the payment or repayment of any money, including without limitation any payment or repayment obligation with respect to any securities lending transaction or agreement or any prime
brokerage transaction or agreement. 
 “Threshold Amount” means 
  

	 	(i)	with respect to Party A, an amount equal to 3% of shareholders’ equity (howsoever described) of Party A as shown on the most recent annual audited financial statements of Party
A, and 

  

	 	(ii)	with respect to Party B, the lesser of U.S. $10 million (or the equivalent in any other currency or currencies) or an amount equal to 3% of the Net Asset Value of Party B, as shown
on the most recent annual audited financial statements of Party B. 

 (d) The “Credit Event Upon Merger” provisions of
Section 5(b)(iv) will not apply to Party A and Party B. 
 (e) The “Automatic Early Termination” provision of Section 6(a)
will not apply to Party A or Party B. 
 (f) “Payments on Early Termination”. For the purpose of Section 6(e) of this Agreement:

  

	 	(i)	Loss will apply. 

  

	 	(ii)	The Second Method will apply. 

 (g) “Termination Currency”
means one of the currencies in which payments are required to be made pursuant to a Confirmation in respect of a Terminated Transaction selected by the Non-defaulting Party or the non-Affected Party, as the case may be, or, in the
circumstances where there are two Affected Parties, as agreed between the parties or, failing such agreement, if the currency so selected is not freely available and transferable, the Termination Currency shall be U.S. Dollars. 
 (h) “Additional Termination Event” will apply. If any of the following events occurs with respect to Party B, such shall constitute an Additional
Termination Event (in which case the Affected Party shall be Party B): 
  

	 	(i)	Decline in Net Asset Value. (i) a 10% or greater decline in Party B’s Net Asset Value compared to Party B’s Net Asset Value reported to Party A
(verbally or in writing) on any business day within the preceding 30 days or (ii) a 15% or greater decline in Party B’s Net Asset Value compared to Party B’s Net Asset Value reported to Party A (verbally or in writing) on any business
day within the preceding 90 days or (iii) a 35% or greater decline in Party B’s Net Asset Value compared to Party B’s Net Asset Value reported to Party A (verbally or in writing) on any business day within the preceding 365 days.

  

	 	(ii)	Minimum Net Asset Value. The Net Asset Value of Party B shall be at any time equal to or less than the greater of: (x) 50% of the Net Asset Value of Party
B as of the last day of the previous fiscal year (as reflected in Party B’s annual audited financial statements for such fiscal year); and (y) $10,000,000. 

  

	 	(iii)	Change of Managing Owner. Preferred Investment Solutions Corp., or an Affiliate thereof, acceptable in Party A’s sole discretion, ceases to be the Managing
Owner to Party B. 

  

	 	(iv)	Change in Trading Advisor. Ortus Capital Management (Cayman) Limited ceases to be a Trading Advisor to Party B. 

  

	 	(v)	Change in Management. If both Kenneth A. Shewer and Marc S. Goodman cease to be actively involved in and responsible for the management of
Preferred Investment Solutions Corp. 

  

	 	(vi)	Failure to Deliver Net Asset Value Statement. Party B shall fail to deliver a statement of its Net Asset Value on or before the
fifth Local Business Day following the required delivery date specified in Part 3 of this Schedule. 

  

					
		  	20	  	ISDA®1992

 Part 2 
 Tax Representations 
 (i) Payer Tax Representation. For the purpose of Section 3(e), Party A
and Party B hereby 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)) to be made by it to the other party under this Agreement. In making this representation, it may rely on: (A) the accuracy of any
representation made by the other party pursuant to Section 3(f); (B) the satisfaction of the agreement of the other party contained in Section 4(a)(i) or 4(a)(iii) and the accuracy and effectiveness of any document provided by the
other party pursuant to Section 4(a)(i) or 4(a)(iii); and (C) the satisfaction of the agreement of the other party contained in Section 4(d); provided that it shall not be a breach of this representation where reliance is placed on
clause (B) 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. 
 (ii) Payee Tax Representations. For the purpose of Section 3(f) of this Agreement, Party A makes the following representations to Party B: 
  

	 	(1)	Party A is a banking corporation organized under the laws of Switzerland, and will provide Party B with the appropriate U.S. federal income tax form as listed in Part 3 of this
Agreement. 

  

	 	(2)	Payments under this Agreement received from Party B by Party A in respect of Transactions with respect to which Party A is acting through a branch or office located outside the
United States are not effectively connected with the conduct of a trade or business in the United States by Party A. 

  

	 	(3)	Payments under this Agreement received from Party B by Party A in respect of Transactions with respect to which Party A is acting through a branch or office located within the
United States are effectively connected with the conduct of a trade or business in the United States by Party A. 

 (iii) Payee Tax
Representations. For the purpose of Section 3(f) of this Agreement, Party B makes the following representation to Party A: 
  

	 	(4)	Party B is a statutory trust organized under the laws of the State of Delaware, and will provide Party A with the appropriate U.S. federal income tax form as listed in Part 3 of
this Agreement. 

  

	 	(5)	Payments received from Party A under this Agreement are not effectively connected with the conduct of a trade or business in the United States by Party B. 

Part 3 
 Agreement to Deliver
Documents 
 For the purpose of Sections 4(a) (i) and (ii) of this Agreement, each party agrees to deliver the following documents, as
applicable: 
 (a) Tax forms, documents or certificates to be delivered are: 
 Each party agrees to complete, accurately and in a manner reasonably satisfactory to the other party (or any Specified Entity of the other party), and to execute, arrange for any required certification of, and deliver
to the other party (or such Specified Entity) (or to such government or taxing authority as the other party (or such Specified Entity) reasonably directs), any form or document that may be required or reasonably requested in order to allow the other
party (or such Specified Entity) to make a payment under this Agreement (or a Credit Support Document of the other party or a Specified Entity thereof) without any deduction or withholding for or on account of any Tax or with such deduction or
withholding at a reduced rate, promptly upon the earlier of (i) reasonable demand by the other party (or such Specified Entity) and (ii) learning that the form or document is required. 
  

					
		  	21	  	ISDA®1992

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

	 Party A
	  	 With respect to each Transaction
 that is entered into under this
 Agreement through an Office of
 Party A that is located in the U.S.,
 one duly executed and completed
 U.S. Internal Revenue Service Form
 W-8ECI (or successor
thereto).
	  	 (i) Upon execution and delivery of this
 Agreement, with such form to be updated at the
 beginning of each succeeding three calendar year
 period beginning after execution of this
 Agreement, or as otherwise required
under then
 applicable U.S. Treasury Regulations; (ii)
 promptly
upon reasonable demand by Party B; and
 (iii) promptly upon learning that any Form W-
 8ECI (or any successor thereto) has become
 obsolete or incorrect.

			
	 Party A
	  	 With respect to each Transaction
 that is entered into under this
 Agreement through an Office of
 Party A that is not located in the
 U.S., one duly executed and
 completed U.S. Internal Revenue
 Service Form W-8BEN (or
 successor thereto).
	  	 (i) Upon execution and delivery of this
 Agreement, with such form to be updated at the
 beginning of each succeeding three calendar year
 period beginning after execution of this
 Agreement, or as otherwise required
under then
 applicable U.S. Treasury Regulations; (ii)
 promptly
upon reasonable demand by Party B; and
 (iii) promptly upon learning that any Form W-
 8BEN (or any successor thereto) has become
 obsolete or incorrect.

			
	 Party B
	  	 A duly completed and executed
 U.S. Internal Revenue
Service Form
 W-9.
	  	 (i) Upon execution and delivery of this
 Agreement, (ii) promptly upon reasonable
 demand by Party A, and (iii) promptly upon
 learning that any such Form previously provided
 by Party B has become obsolete or incorrect.

	
	 (b)    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) Representation

	Party A and Party B	  	 Evidence of the authority and true
 signatures of each
official or
 representative signing this
 Agreement or, as the case may be, a
 Confirmation, on its behalf.
	  	 On or before
 execution of this
 Agreement and each
 Confirmation forming
 a part of this
 Agreement.
	  	YES
				
	Party B	  	 Oral reports of its estimated Net
 Asset
Value
	  	Upon request	  	YES
				
	Party B	  	 Written reports of its Net Asset
 Value
	  	 Monthly (within 15
 days after the end of
 the applicable month)
 and upon reasonable
 request by Party A
	  	YES
				
	Party B	  	Annual audited financial statement	  	 Within 120 days of
 the last Business Day
 of Party B’s fiscal
 year end
	  	YES

  

					
		  	22	  	ISDA®1992

							
	Party B	  	Copy of the prospectus, offering memorandum or other disclosure document to be delivered to prospective investors in Party B	    	On or before execution of this Agreement	  	YES
				
	Party B	  	Trading Advisor Agreement (or equivalent authorizing documentation) authorizing the execution and delivery of this Agreement, Transactions (and confirmations thereof) and performance of its
obligations thereunder by the Trading Advisor	    	On or before execution of this Agreement	  	YES
				
	Party B	  	Copy (certified by an officer) of the board resolution (or equivalent authorizing documentation) authorizing the execution and delivery of this Agreement, Transactions (and confirmations
thereof) and performance of its obligations thereunder	    	On or before execution of this Agreement	  	YES
				
	Party B	  	Copy of the constitutive documents of Party B (certificate of formation, certificate of designation or the equivalent) certified by an officer or the relevant public authority where on
file	    	On or before execution of this Agreement	  	YES
				
	Party B	  	Credit Support Document described in Part 4(f)	    	On or before execution of this Agreement	  	YES

 Part 4 
 Miscellaneous 
 (a) Addresses for Notices. For the purposes of Section 12(a) of this Agreement:

  

	 	(i)	All notices or communications to Party A shall, with respect to a particular Transaction, be sent to the address or facsimile number reflected in the Confirmation of that
Transaction, and any notice for purposes of Sections 5 or 6 shall be sent to: 

 Address: UBS AG, Stamford Branch, 677
Washington Boulevard, Stamford, CT 06901 
 Attention: Legal Department 
 Facsimile: (203) 719-0680 
  

	 	(ii)	All notices or communications to Party B shall be sent care of the Managing Member with a copy to the Advisor, to the address or facsimile number reflected below, and Party B
specifically confirms Advisor’s authority to receive notices and communications and to provide payment instructions on Party B’s behalf in relation to all Transactions hereunder: 

  

	
	 World Monitor Trust III – Series J

	 c/o Preferred Investment Solutions Corp.

	 900 King Street, Suite 100

	 Rye Brook, New York 10573

	 Attention: Lawrence S. Block

	 Senior Vice President and General Counsel

  

					
		  	23	  	ISDA®1992

	
	 Facsimile: (914) 307-4045

	 Telephone: (914) 307-7020

	 Email: lblock@kenmar-us.com

 (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) of this Agreement will
apply to Party A and Party B. 
 (d) Multibranch Party. For the purpose of Section 10(c) of this Agreement: 
  

	 	(i)	Party A is a Multibranch Party and may act through its branches in any of the following territories or countries: Australia, England and Wales, Hong Kong, United States of
America, Singapore, and Switzerland. 

  

	 	(ii)	Party B is not a Multibranch Party. 

 (e) Calculation
Agent. The Calculation Agent is Party A, unless otherwise specified in a Confirmation in relation to the relevant Transaction. 
 (f) Credit
Support Document. The Credit Support Annex attached hereto is a Credit Support Document with respect to Party B for all purposes hereunder and is incorporated herein by this reference. 
  

	(g)	Credit Support Provider. Credit Support Provider means: 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) Netting of Payments. Subparagraph (ii) of Section 2(c) of this Agreement will apply, except the following groups of Transactions: (1) foreign exchange transactions and currency
options, in which case subparagraph (ii) of Section 2(c) of this Agreement will not apply. 
 (j) “Affiliate” will have the
meaning specified in Section 14 of this Agreement; provided that in no event shall any separate series deemed to be an “Affiliate” of any other separate series. 
 Part 5 
 Other Provisions 
 (a) Set-off. The following provision shall be added as Section 6(f): 
 “(f) Without affecting the provisions of the Agreement requiring the calculation of certain net payment amounts, all payments under this Agreement
will be made without set-off or counterclaim; provided, however, that upon the designation of any Early Termination Date, in addition to and not in limitation of any other right or remedy (including any right to set off, counterclaim, or otherwise
withhold payment or any recourse to any Credit Support Document) under applicable law the Non-defaulting Party or Non-affected Party (in either case, “X”) may without prior notice to any person set off any sum or obligation (whether or not
arising under this Agreement and whether matured or unmatured, whether or not contingent and irrespective of the currency, place of payment or booking office of the sum or obligation) owed by the Defaulting Party or Affected Party (in either case,
“Y”) to X or any Affiliate of X against any sum or obligation (whether or not arising under this Agreement, whether matured or unmatured, whether or not contingent and irrespective of the currency, place of payment or booking office of the
sum or obligation) owed by X or any Affiliate of X to Y and, for this purpose, may convert one currency into another at a market rate determined by X. If any sum or obligation is unascertained, X may in good faith estimate that sum or obligation and
set-off in respect of that estimate, subject to X or Y, as the case may be, accounting to the other party when such sum or obligation is ascertained. 
 If any obligation to be set-off pursuant to these provision is unmatured and set-off of the entire amount of the obligation at the date of set-off (discounted from the scheduled payment date of the obligation in a
commercially reasonable manner by the person effecting the set-off) shall be set-off, but the set-off will 

  

					
		  	24	  	ISDA®1992

 
fully discharge the full amount of the unmatured obligation so reduced to its present value. 
 Nothing in this Section 6(f) shall be effective to create a charge or other security interest. This Section 5(a) 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).” 
 (b) Representations, Warranties and Covenants. Each applicable party represents and warrants to and for the benefit of each
other applicable party as of the date hereof, and shall be deemed to represent and warrant to and for the benefit of that party as of the date of each Transaction, as follows: 
  

	 	(i)	Party A and Party B Representations. 

 (A) No Agency. It is entering into this Agreement and each Transaction as principal (and not as agent or in any other capacity, fiduciary or otherwise). 
 (B) Eligible Contract Participant. It is an “eligible contract participant” as that term is defined in Section 1a(12) of the
Commodity Exchange Act, as amended.” 
 (C) Non-Public Information. Each party represents and warrants that, in effecting a
Transaction referenced to a security, it will not be aware of any material non-public information or non-public price sensitive information with respect to any security related to a Transaction that, under applicable securities laws, it would have
to disclose in advance to a party effecting a purchase or sale with the Offeree of such security. 
  

	 	(ii)	Party B Representations. 

 (A) Managing Owner’s Authority. Managing Owner is duly authorized to execute and deliver this Agreement, and to enter into Transactions, on Party B’s behalf, and unless it has received written notice of termination
of such authority, or absent manifest error, Party A shall be entitled to rely upon any and all instructions or notices received from Managing Owner with respect to this Agreement or any Transaction, and Party A shall be under no duty to determine
whether the giving of any notice or instruction, or the entry into any Transaction (including without limitation its nature and its amount), on behalf of Party B is within the authority of Managing Owner. 
 (B) Trading Advisor’s Authority. The Trading Advisor is duly authorized to enter into Transactions on behalf of the respective CTA
Fund, and unless it has received written notice of termination of such authority, Party A shall be entitled to rely upon any and all instructions or notices received from the Trading Advisor with respect to the Transactions, and Party A shall be
under no duty to determine whether the giving of any notice or instruction, or the entry into any Transaction (including without limitation its nature and its amount), on behalf of Party B is within the authority of such Trading Advisor. 

(C) Compliance with Applicable Internal Policies. Each Transaction entered into under this Agreement will be entered into in accordance
with and will at all times comply with applicable internal policies, guidelines or other requirements (including without limitation any investment policy) of Party B (if any, as may be adopted or amended from time to time by Party B) that may affect
the due authorization or validity of any Transaction or the Agreement.” 
  

	 	(iii)	Managing Owner/Trading Advisor Representations. 

  

	 	(A)	The Trading Advisor, on behalf of Party B, has the power to execute Confirmations relating to this Agreement and to deliver any other documentation relating to this Agreement that
it is required by this Agreement to deliver; 

  

	 	(B)	The Managing Owner, on behalf of Party B, is authorized to enter into and perform the Transactions contemplated by this Agreement and to bind Party B in connection with all
obligations in connection therewith and under this Agreement, including without limitation any Credit Support Documents; 

  

					
		  	25	  	ISDA®1992

	 	(C)	Such execution, delivery and performance by the Managing Owner on behalf of Party B does not conflict with any law or regulation applicable to the Managing Owner, any provision of
the constituent documents of the Managing Owner, any order or judgment of any court or other agency of government applicable to the Managing Owner or any of the assets of the Managing Owner or any contractual restriction binding on or affecting the
Managing Owner or any assets of the Managing Owner; 

  

	 	(D)	Each Transaction entered into in connection with this Agreement on behalf of Party B is suitable and appropriate and in accordance with the investment objectives and guidelines for
Party B on the date such Transaction is entered into; and 

  

	 	(E)	All governmental and other consents that are required to have been obtained by the Managing Owner with respect to this Agreement have been obtained and are in full force and effect
and all conditions of any such consents have been complied with. 

 (c) Reliance on Authority. Party
A will incur no liability from operating pursuant to the then current provisions of this Agreement unless and until it has received written notice of any change in the authority of the Managing Owner to act on behalf of Party B, provided, however,
that no such change shall affect the validity of any Transaction entered into prior to such change. 
 (d) Additional Notification
Requirements 
  

	 	(i)	Notice of Termination of Managing Owner, or Trading Advisor Relationship; Reliance on Notices. Party B shall notify Party A immediately in the event that
either: Managing Owner’s authority with respect to Party B and the Company’s Limited Liability Company Agreement or (ii) Trading Advisor’s Trading Advisory Agreement with Party B is terminated. Except as otherwise stated herein,
each party shall be entitled to rely upon any oral or written notices and instructions reasonably believed to be originated from the other party hereto or the Managing Owner or Trading Advisor and neither party shall incur any liability to the other
party in acting in accordance with such notices and instructions. 

  

	 	(ii)	Notice of Decline in Net Asset Value. Party B shall notify Party A within one (1) Business Day if the Net Asset Value of Party B decreases by an amount that would
trigger an Additional Termination Event specified in paragraph h (i) or (ii) in Part 1 of this Schedule. 

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

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

  

	 	(ii)	Assessment and Understanding. It is capable of assessing the merits of and understanding (on its own behalf or through independent professional advice), and
understands and accepts the terms, conditions and risks of that Transaction. It is also capable of assuming, and assumes, the risks of that Transaction. 

  

	 	(iii)	Status of Parties. The other party is not acting as a fiduciary for or an adviser to it in respect of that Transaction. 

 (f) Waiver of Jury Trial. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY SUIT, ACTION
OR PROCEEDING ARISING OUT OF OR RELATING TO 

  

					
		  	26	  	ISDA®1992

 
THIS AGREEMENT OR ANY TRANSACTION AND ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO THE OTHER PARTY’S ENTERING INTO THIS AGREEMENT.

 (g) Consent to Recording. Each Party (i) consents to the recording of all telephone conversations between trading,
operations and marketing personnel of the parties and their Affiliates in connection with this Agreement or any potential Transaction; (ii) agrees to give notice to such personnel of it and its Affiliates that their calls will be recorded; and
(iii) agrees that in any Proceedings, it will not object to the introduction of such recordings in evidence on grounds that consent was not properly given. 
 (h) Scope of Agreement. Upon the effectiveness of this Agreement, unless otherwise agreed to in writing by the parties to this Agreement with respect to specific Specified Transactions, all Specified Transactions then
outstanding or any future Specified Transactions between Offices of the parties listed in Part 4(d) shall be subject to the terms hereof, with the exception of repurchase agreements, reverse repurchase agreements, securities lending agreements,
letters of credit reimbursement obligations and indebtedness for borrowed money, and each such Specified Transaction shall be a “Transaction” for purposes of this Agreement. 
 (i) Agreements. Section 4 of this Agreement is hereby amended by the addition of Section 4(f) as follows: 
 “(f) Physical Delivery. In respect of any physically settled Transactions, it will, at the time of delivery, be the legal and beneficial owner, free of liens and other encumbrances, of any
securities or commodities it delivers to the other party; and, in addition, with respect to any breach of this Section 4(f), Section 5(a)(ii) of this Agreement is hereby amended by the insertion of a period after “Agreement” on
the fifth line and the deletion of the remainder of the Section.” 
 (j) ISDA Definitions. The provisions of the 1998 FX and
Currency Option Definitions (as published by the International Swaps and Derivatives Association, Inc., the Emerging Markets Traders Association and the Foreign Exchange Committee) (the “1998 FX Definitions”) are hereby incorporated in
their entirety and shall (unless, in relation to a particular Transaction, as otherwise specified in the relevant Confirmation) apply to any FX Transaction or Currency Option entered into by the parties hereto. In relation to any such FX Transaction
or Currency Option and in the event of any inconsistency between the provisions of the 1998 FX Definitions and the provisions of the 1992 ISDA FX and Currency Option Definitions as published by the International Swaps and Derivatives Association,
Inc. (the “1992 FX Definitions”), the 1998 FX Definitions shall prevail (such 1992 FX Definitions and 1998 FX Definitions collectively referred to herein as the “FX Definitions”). 
 (k) Additional Covenants Relating to Payments to any Managing Owner and Transactions Executed by any Managing Owner or Trading Advisor. In addition
to its agreements under Section 4, Party B agrees with Party A that, so long as either party has or may have any obligations under this Agreement: (i) Any amounts payable by Party A under this Agreement shall be deemed satisfied when paid
by Party A to the Managing Owner; and (ii) Party B shall be bound as principal of any Transaction executed by the Managing Owner or Trading Advisor (or any other person representing or purporting to represent the Managing Owner or Trading
Advisor that Party A reasonably believes to represent the Managing Owner or Trading Advisor) as its agent, notwithstanding any lack of authority or power to act on the part of the Managing Owner or Trading Advisor or such other person. 

(l) Definitions. Section 14 is hereby amended to include the following definitions in their appropriate alphabetical order: 
 “Investment Manager” or “Managing Owner” means Preferred Investment Solutions Corp. 
 “Trading Advisor” means Ortus Capital Management (Cayman) Limited. 
 “Net Asset Value” means the result in U.S. Dollars of subtracting the total value of all liabilities (including but not limited to the
aggregate mark-to-market value of all trading positions constituting liabilities) from the total value of all assets (including but not limited to cash, deposit accounts and instruments, securities, and the aggregate mark-to-market value of all
trading positions constituting assets). For purposes of this computation, amounts denominated in a currency other than U.S. Dollars shall be converted to U.S. Dollars at the spot rate for such currency prevailing on the date of determination of the
Net Asset Value.” 
  

					
		  	27	  	ISDA®1992

 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. 
  

											
	UBS AG	 		 	WORLD MONITOR TRUST III – SERIES J
						
	By:	 	  
	 		 	By:	 		 	Preferred Investment Solutions Corp.,
	Name:	 		 		 		 		 	its Managing Owner
	Title:	 		 		 		 		 	
	Date:	 		 		 		 		 	
						
	By:	 	  
	 		 	By:	 		 	 /s/ Esther E. Goodman

	Name:	 		 		 	Name:	 		 	Esther E. Goodman
	Title:	 		 		 	Title:	 		 	Senior Executive Vice President and Chief Operating Officer
	Date:	 		 		 	Date:	 		 	April 9, 2007
				
	PREFERRED INVESTMENT SOLUTIONS CORP.,	 		 	By:	 	Preferred Investment Solutions Corp.,
	as Managing Owner for Party B and in its individual capacity and solely with respect to Part 5(b)(iii)	 		 		 	its Managing Owner
						
	By:	 	 /s/ Esther E. Goodman
	 		 	By:	 		 	 /s/ Esther E. Goodman

	Name:	 	Esther E. Goodman	 		 	Name:	 		 	Esther E. Goodman
	Title:	 	Senior Executive Vice President and Chief Operating Officer	 		 	Title:	 		 	Senior Executive Vice President and Chief Operating Officer
	Date:	 	April 9, 2007	 		 	Date:	 		 	April 9, 2007
		 		 		 		 		 	

  

					
		  	28	  	ISDA®1992

 ISDA 
 CREDIT SUPPORT ANNEX 
 to the Schedule 
 to the Master Agreement 
 dated as of April 9, 2007 
 between 
 UBS AG, 
 a banking corporation organized 
 under the laws
of Switzerland 
 (“Party A”), 
 and 
 World Monitor Trust III—Series J, 
 (“Party B”), 
 acting by and through its Trading Advisor except as otherwise indicated,

 who is acting as agent of Party B and not in such Trading Advisor’s individual capacity 
 Paragraph 13. Elections and Variables 
  

	(a)	Security Interest for “Obligations.” The term “Obligations” as used in this Annex includes the following additional obligations:

 With respect to Party A:            None 
 With respect to Party B:            None 
  

	(b)	Credit Support Obligations. 

  

	 	(i)	Delivery Amount, Return Amount and Credit Support Amount. 

  

	 	(A)	“Delivery Amount” has the meaning specified in Paragraph 3(a). 

  

	 	(B)	“Return Amount” has the meaning specified in Paragraph 3(b). 

  

	 	(C)	“Credit Support Amount” means, for any Valuation Date (i) the Secured Party’s Exposure for that Valuation Date plus (ii) the aggregate of all
Independent Amounts applicable to the Pledgor, if any, minus (iii) the Pledgor’s Threshold; provided, however, that (x) in the case where the sum of the Independent Amounts applicable to the Pledgor exceeds zero, the
Credit Support Amount will not be less than the sum of all Independent Amounts applicable to the Pledgor and (y) in all other cases, the Credit Support Amount will be deemed to be zero whenever the calculation of Credit Support Amount yields an
amount less than zero. 

  

	 	(ii)	Eligible Collateral. The following items will qualify as “Eligible Collateral” for the party specified: 

  

					
		  	29	  	ISDA®1992

									
	 	  	 	  	Party A	  	Party B	  	 Valuation
 Percentage

	 (A)
	  	Cash	  	N/A	  	X	  	100%
					
	 (B)
	  	Negotiable debt obligations (other than interest-only securities) issued by the U.S. Treasury Department having a remaining maturity of not more than one year	  	N/A	  	X	  	98%
					
	 (C)
	  	Negotiable debt obligations (other than interest-only securities) issued by the U.S. Treasury Department having a remaining maturity of more than one year but not more than 5
years	  	N/A	  	X	  	96%
					
	 (D)
	  	Negotiable debt obligations (other than interest-only securities) issued by the U.S. Treasury Department having a remaining maturity of more than 5 years	  	N/A	  	X	  	94%

  

	 	(iii)	Other Eligible Support. The following items will qualify as “Other Eligible Support” for the party specified: None 

  

	 	(iv)	Thresholds. 

  

	 	(A)	“Independent Amount” means with respect to Party A: N/A  

 “Independent Amount” means, with respect to Party B, for all FX Transactions and Currency Option Transactions, on a particular
Local Business Day, the sum of (i), (ii), (iii), (iv) and (v) below: 
  

	 	(i)	5% of the Net Open Position calculated for Transactions (as defined in the FXPB Agreement) involving currencies considered by UBS, in its sole discretion, to possess low volatility
; 

  

	 	(ii)	7% of the Net Open Position calculated for Transactions involving currencies considered by UBS, in its sole discretion, to possess normal volatility ; 

  

	 	(iii)	10% of the Net Open Position calculated for Transactions involving currencies considered by UBS, in its sole discretion, to possess medium volatility; 

  

	 	(iv)	25% of the Net Open Position calculated for Transactions involving currencies considered by UBS, in its sole discretion, to possess enhanced volatility; 

  

	 	(v)	100% of the Net Open Position calculated for Transactions involving currencies considered by UBS, in its sole discretion, to possess high volatility. 

  

	 	(b)	for all Exotic Options (as defined in the FXPB Agreement), on a particular Local Business Day, the sum of (i), (ii),(iii), (iv) and (v) above, if any, plus
(vi) below: 

  

	 	(vi)	the Risk Add-On for all Exotic Options in aggregate, as calculated pursuant to the FXPB Agreement. 

 For all other Transactions, as specified in the Confirmation for such Transaction. 
 Notwithstanding Section 9(b) of the Agreement, Party A may amend or modify Section 13(b)(iv)(A) of the Credit Support Annex (the
“Independent Amount”) with respect to FX Transactions and Currency Option Transactions, at 

  

					
		  	30	  	ISDA®1992

 
any time in its sole discretion without the consent of Party B, and any such amendment or modification shall be effective solely upon notice to Party B.

  

	 	(B)	“Threshold” means with respect to Party A: $1,000,000 

 “Threshold” means with respect to Party B: Zero 
  

	 	(C)	“Minimum Transfer Amount” means with respect to Party A: $250,000 

 “Minimum Transfer Amount” means with respect to Party B: $250,000 
  

	 	(D)	Rounding. The Delivery Amount and the Return Amount will be rounded up and down to the nearest integral multiple of $10,000, respectively. 

  

	(c)	Valuation and Timing. 

  

	 	(i)	“Valuation Agent” means, for the purposes of Paragraphs 3 and 5, the party making the demand under Paragraph 3, and, for the purposes of Paragraphs 4(d) and
6(d), the Secured Party. 

  

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

  

	 	(iii)	“Valuation Time” means the close of business on the Local Business Day before the Valuation Date or date of calculation, as applicable; provided that
the calculations of Value and Exposure will be made as of approximately the same time on the same date. 

  

	 	(iv)	“Notification Time” means 10:00 a.m., New York time, on a Local Business Day. 

  

	 	(v)	“Transfer Timing” The terms of Paragraph 4(b) are deleted and the following substituted therefor: 

 “Subject to Paragraphs 4(a) and 5, and unless otherwise specified, if a demand for the Transfer of Eligible Credit Support or Posted Credit Support
is made by the Notification Time, then the relevant Transfer will be made by the close of business New York time. If such demand is made after the Notification Time, then the relevant Transfer will be made the next Local Business Day. 
  

	(d)	Conditions Precedent and Secured Party’s Rights and Remedies. 

  

	 	(i)	The following Termination Events will be a “Specified Condition” for Party A: None. 

  

	 	(ii)	The following Termination Events will be a “Specified Condition” for Party B: Illegality, Tax Event, Tax Event Upon Merger and Additional Termination Event.

  

	(e)	Substitution. 

  

	 	(i)	Substitution Date. Paragraph 4(d)(ii) is deleted and the following substituted therefor: 

 “(ii) subject to Paragraph 4(a), the Secured Party will transfer to the Pledgor the items of Posted Credit Support specified by the Pledgor in its
notice not later than the Local Business Day following the date on which the Secured Party receives the Substitute Credit Support (the “Substitution Date”) so long as Pledgor gives such notice by 2:00 p.m. New York time (the
“Substitution Notification Time”) on the day preceding the Substitution Date. If such demand is made after the Substitution Notification Time, then the Substitution Date shall be the second Local Business Day following Secured Party’s
receipt of such notice. Notwithstanding the foregoing, the Secured Party will only be obligated to Transfer Posted Credit Support with a Value as of the date of Transfer of that Posted Credit Support equal to the Value as of that date of the
Substitute Credit Support, as calculated by the Valuation Agent.” 
  

	 	(ii)	Consent. If specified here as applicable, then Pledgor must obtain the Secured Party’s consent for any substitution pursuant to Paragraph 4(d): N/A

  

					
		  	31	  	ISDA®1992

	(f)	Dispute Resolution. 

  

	 	(i)	“Resolution Time” means 1:00 p.m., New York time, on the Local Business Day following the date on which the notice of the dispute is given under Paragraph 5.

  

	 	(ii)	Value. For the purpose of Paragraphs 5(i)(C) and 5(ii), the Value of Posted Credit Support of the type described in Paragraph 13(b)(ii)(B), (C) or
(D) (referred to herein as “Government Obligations”) will equal the Valuation Percentage multiplied by the sum of (A) either (1) the mean of the high bid and low asked prices quoted on such date by any principal market maker
for such Government Obligations, which market maker shall be selected by the Disputing Party in good faith and in a commercially reasonable manner, or (2) if no such quotations are available from a principal market maker for such date, the mean
of such high bid and low asked prices as of the day next preceding such date, on which such quotations were available, and (B) accrued interest on such Government Obligations (except to the extent included in the applicable price referred to in
clause (A) above). 

  

	 	(iii)	Alternative. The provision of Paragraph 5 will apply. 

  

	(g)	Holding and Using Posted Collateral. 

  

	 	(i)	Eligibility to Hold Posted Collateral; Custodians. Party A and any Custodian appointed by Party A will be entitled to hold Posted Collateral pursuant to Paragraph
6(b); provided that the following conditions applicable to it are satisfied: 

  

	 	(A)	In the event Party A acts as its own custodian, it is not a Defaulting Party and is a commercial bank or trust company organized under the laws of the United States or a political
subdivision thereof or a U.S. branch of a bank organized under the laws of Switzerland, having assets of at least $10 billion and a long term debt or deposit rating of at least “A3” from Moody’s and “A-” from S&P.

  

	 	(B)	Any Custodian appointed by Party A must be a commercial bank or trust company organized under the laws of the United States or a political subdivision thereof having assets of at
least $10 billion and a long term debt or deposit rating of at least “A3” from Moody’s and “A-” from S&P. 

  

	 	(C)	Posted Collateral may only be held in one or more accounts in the State of Connecticut or the State of New York and any account established by Party A or its Custodian to hold
Posted Collateral shall be established and maintained for the sole purpose of receiving deliveries of and holding Posted Collateral. 

  

	 	(D)	If Party A itself or its Custodian at any time may not hold Posted Collateral consistent with this Paragraph 13(g) or elects not to do so, Party A shall promptly give notice to
Party B. 

 Initially, the Custodian for Party A is: N/A 
  

	 	(ii)	Use of Posted Collateral. The provisions of Paragraph 6(c) will apply to Party A and Party B. 

  

	(h)	Distributions and Interest Amount. 

  

	 	(i)	Interest Rate. The “Interest Rate” will be the rate per annum equal to the overnight Federal Funds Rate for each day cash is held by the
Secured Party as reported In Federal Reserve Publication H.15-519. 

  

	 	(ii)	Transfer of Interest Amount. The Transfer of the Interest Amount will be made on the first Local Business Day of each calendar month. 

  

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

  

	(i)	Additional Representation(s). NONE 

  

					
		  	32	  	ISDA®1992

	(j)	Other Eligible Support and Other Posted Support. 

  

	 	(i)	“Value” shall have no meaning with respect to Other Eligible Support. 

  

	 	(ii)	“Transfer” shall have no meaning with respect to Other Eligible Support. 

  

	(k)	Demands and Notices. Any demand, specification or notice under this Annex will be made in accordance with the Notices Section of this Agreement. All Notices shall be
delivered to the following addresses: 

  

	
	with respect to Party A:
	
	UBS AG, Stamford Branch
	Collateral Management
	677 Washington Boulevard, Stamford, CT, 06901
	Attention: Margin Specialist
	Telephone: (203) 719-6116, Fax: (203) 719-4955
	E-mail: DL-COLL-STM-OTC@ubs.com
	
	with respect to Party B:
	
	World Monitor Trust III—Series J
	c/o Preferred Investment Solutions Corp.
	900 King Street, Suite 100
	Rye Brook, New York 10573
	Attention: Lawrence S. Block
	Facsimile: (914) 307-4045
	Telephone: (914) 307-7020
	Email: lblock@kenmar-us.com

  

	(l)	Addresses for Transfers. Addresses for Transfers of Collateral for each party shall be supplied on or before the date of initial Transfer hereunder.

  

	(m)	Other Provisions. 

 Agreement as to Single Secured
Party and Pledgor. Party A and Party B agree that, notwithstanding anything to the contrary in the recital to this Annex, Paragraph 1(b) or Paragraph 2 or the definitions in Paragraph 12, (a) the term “Secured
Party” as used in this Annex means only Party A, (b) the term “Pledgor” as used in this Annex means only Party B, and (c) only Party B makes the pledge and grant in
Paragraph 2, the acknowledgment in the final sentence of Paragraph 8(a) and the representations in Paragraph 9. 
 Paragraph 5. Dispute Resolution.
Paragraph 5 of the Credit Support Annex is hereby amended by deleting clause (2) in its entirety and inserting in lieu thereof the following: 
 “(2) subject to Paragraph 4(a), the appropriate party will Transfer the Delivery Amount or the Return Amount, as applicable, to the other party not later than (X) the time delivery otherwise would have been due if no dispute had
existed in the case of (l) above, or (Y) the close of business on the Local Business Day following the date of Transfer in the case of (II) above,” 
 Paragraph 7. Event of Default. Subparagraph (i) of Paragraph 7 of the Credit Support Annex is hereby amended by deleting the phrase “two Local Business Days” and inserting in lieu thereof the phrase “one Local
Business Day.” 
 Paragraph 12. Definitions. Paragraph 12 of the Credit Support Annex is hereby amended as follows: 
 The definition of “Local Business Day” is hereby amended by inserting the following in lieu thereof: “Local Business Day
means a day on which commercial banks in New York City are open for business (including dealings in foreign exchange and foreign currency deposits)”; 
  

					
		  	33	  	ISDA®1992

 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. 
  

									
	UBS AG	 	 	 	WORLD MONITOR TRUST III – SERIES J
				
	 	 	 	 	By:	 	Preferred Investment Solutions Corp.,
		 		 		 		 	its Managing Owner
					
	By:	 	  
	 		 	By:	 	 /s/ Esther E. Goodman

	Name:	 		 		 	Name:	 	Esther E. Goodman
	Title:	 		 		 	Title:	 	Senior Executive Vice President and Chief Operating Officer
	Date:	 		 		 	Date:	 	April 9, 2007
					
	By:	 	  
	 		 		 	
	Name:	 		 		 		 	
	Title:	 		 		 		 	
	Date:	 		 		 		 	

  

					
		  	34	  	ISDA®1992Amendment No.10 to Agreement of Lease

 Exhibit 10.1 
 AMENDMENT NO. 10 TO AGREEMENT OF LEASE 
 This Amendment No. 10 to Agreement of Lease, dated as
of July 24, 2006 (this “Amendment”), is between RREEF AMERICA REIT II CORP. PPP, a Maryland corporation, by RREEF Management Company, a Delaware corporation, Authorized Agent (“Landlord”), and PEGASYSTEMS INC.,
a Massachusetts corporation (“Tenant”), for certain premises in the building located at 101 Main Street, Cambridge, MA 02142 (“Building”). 
 RECITALS: 
 A. Pursuant to the provisions of that certain Lease dated as of February 26, 1993
between Riverfront Office Park Joint Venture, a predecessor in interest of Landlord, and Tenant, as amended by Amendment No. 1 to Agreement of Lease dated as of August 17, 1994, Amendment No. 2 to Agreement of Lease dated as of
February 28, 1997, Amendment No. 3 to Agreement of Lease dated as of March 31, 1998, Amendment No. 4 to Agreement of Lease dated as of September 9, 1998, Amendment No. 5 to Agreement of Lease dated as of
November 30, 1998, Amendment No. 6 to Agreement of Lease dated June 30, 2000, Amendment No. 7 to Agreement of Lease dated as of November 15, 2001, Amendment No. 8 to Agreement of Lease dated as of July 31, 2002,
and Amendment No. 9 to Agreement of Lease dated as of August 5, 2004 (as so amended, the “Lease”), Tenant leases from Landlord and Landlord leases to Tenant certain premises (the “Demised Premises”) and
certain other areas in the Building. 
 B. Landlord and Tenant desire to enter into this Amendment No. 10 to add certain additional
space on terms and conditions set forth herein. 
 C. All terms, covenants and conditions contained in this Amendment shall have the same
meaning as in the Lease, except that the Letter of Credit will not be increased as a result of adding the Additional Space (hereinafter defined), and, shall govern should a conflict exist with previous terms and conditions. 
 AGREEMENT: 
 NOW, THEREFORE, in
consideration of the foregoing recitals and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant hereby agree as follows: 
 1. Defined Terms. All terms defined in the Lease retain their meaning herein, unless specified herein to the contrary. 
 2. Additional Space. Tenant wishes to lease from Landlord, and Landlord wishes to lease to Tenant, in addition to the Demised Premises,
approximately 23,350 rentable square feet of space on Floor 11, as approximately depicted on Exhibit A, attached hereto and incorporated herein (the “Additional Space”) in the Building. Effective January 1, 2007, the Demised
Premises subject to the Lease shall consist of the Demised Premises as expanded to include the Additional Space less the Temporary Space as hereinafter defined, and all references in the Lease to the “Demised Premises” shall refer to such
expanded space less the Temporary Space, except as otherwise provided in this Amendment. 

 3. Rent Schedule. Effective January 1, 2007, Yearly Fixed Rent for the Additional Space shall
be payable as follows, net of Tenant electricity: 
  

														
	 Period
	 	 Rentable Square
 Footage
	 	 Annual Rent
 Per Square Foot
	 	 Annual Rent
	 	 Monthly Installment
 of Rent

	 from
	 	 to
	 	 	 	 
	 1/1/2007
	 	12/31/2010	 	23,350	 	$	32.00	 	$	747,200.00	 	$	62,266.67
	 1/1/2011
	 	5/31/2013	 	23,350	 	$	36.00	 	$	840,600.00	 	$	70,050.00

 4. Tenant’s Proportionate Share. Effective January 1, 2007, Tenant’s
Proportionate Share for the Demised Premises shall be 
 29.0885%. 
 5. Condition of Premises and Reimbursement of Relocation Costs. 
 (a) Tenant acknowledges that Landlord shall have no obligation to perform any construction or make any additional improvements or
alterations, or to afford any allowance to Tenant for improvements or alterations, in connection with this Amendment, other than as is set forth in this Paragraph 5 and Paragraph 11 and Exhibits B, C and D hereto. Except as is provided in
this Paragraph 5, Tenant accepts the Additional Space in its “as is” condition. 
 (b) Landlord shall tender
possession of the Additional Space to Tenant no later than July 1, 2006 in order for Tenant to commence and diligently pursue its work to completion pursuant to Exhibit B to this Lease. 
 (c) Any entry by Tenant to the Additional space pursuant to Section 5(b) above shall be at no additional cost to Tenant until
January 1, 2007, except for its use of utilities, and such entry, use or occupancy shall be subject to all the provisions of this Lease other than the payment of any increase in rent pursuant to this Amendment. 
 6. Temporary Space. Landlord will make available up to February 28, 2007, subject to force majeure delays or Landlord’s Delays
(hereinafter defined), Tenant’s existing 9,413 square foot space on Floor 12 (“Temporary Space”). Tenant shall continue to be obligated to meet all of its obligations, including the payment of all rent, on the Temporary Space through
October 31, 2006. Thereafter, except for the payment of its electrical usage, Tenant shall not be responsible for any rent accruing thereafter on the Temporary Space, except as hereinafter provided. Occupancy of the Temporary Space after
October 31, 2006 shall be subject to all of the terms, conditions and covenants of this Lease, other than the payment of rent for use of such space. Tenant will be responsible to return the Temporary Space to the Landlord by March 1, 2007
in the condition that is required under the Lease for the surrender of the Demised Premises. If Tenant fails to vacate the Temporary Space before March 1, 2007, subject to force majeure delays or Landlord’s Delays, Tenant shall be liable
for rent on the Temporary Space per diem at the annual rate of $32.00 per square foot effective March 1, 2007 until the return of such Temporary Space to Landlord. 
 7. Parking. Effective as of January 1, 2007, Article 1(10) of the Lease shall be amended to read in its entirety as follows: 
 “(10) Parking Spaces: One hundred forty-two (142).” 
  

 2 

 8. Commissions. Each of the parties represents and warrants that it has not dealt with any broker
or finder in connection with this Amendment. 
 9. Tenant’s Authority. Each of the persons executing this Amendment on behalf of
Tenant represents and warrants that such entity has been and is qualified to do business in the state in which the Building is located, that the entity has full right and authority to enter into this Amendment, and that all persons signing on behalf
of the entity were authorized to do so by appropriate actions. 
 10. Incorporation. Except as modified herein, all other terms and
conditions of the Lease shall continue in full force and effect and Tenant hereby ratifies and confirms its obligations thereunder. Each party acknowledges that, as of the date of the Amendment, the other party (i) is not in default under the
terms of the Lease; (ii) has no defense, set off or counterclaim to the enforcement by the other party of the terms of the Lease; and (iii) is not aware of any action or inaction by the other party that would constitute an Event of Default
by the other party under the Lease. 
 11. Landlord’s Work. Landlord hereby covenants and represents that Landlord’s Work
(hereinafter defined) is a critical element of Tenant’s entering into this Lease Amendment and covenants and agrees to endeavor to perform Landlord Work on or before October 1, 2006, but no later than November 1, 2006. Landlord’s
Work shall consist of the following: 
 (a) Landlord shall renovate the existing public restrooms on Floor 1 of the Building
to be “building standard” or equivalent with finishes to be selected by the Landlord, subject to the reasonable approval of Tenant. As part of the renovation, Landlord will provide three (3) stall fixtures in the women’s restroom
and one (1) stall and three(3) urinals in the men’s restroom as indicated in Exhibit C; and 
 (b) Landlord
shall supply for Tenant’s installation any required heat pumps to replace any failing heat pumps with respect to the renovation of the Floor 1 premises. 
 In addition, Landlord’s payment of Tenant’s allowance (“Allowance” as defined in Exhibit “D”, which is annexed hereto and made a part hereof), is a pivotal element of this Lease Amendment. Landlord’s
failure to make the Allowance payments pursuant to the terms of Exhibit “D” in a timely manner shall entitle Tenant to offset such amounts that are then currently due against the next rents due under the Lease until recouped. 

12. Limitation of Landlord’s Liability. Redress for any claims against Landlord under the Lease or this Amendment shall only be made
against Landlord to the extent of Landlord’s interest in the property to which the Premises are a part (Landlord’s interest shall include, without limitation, insurance proceeds, condemnation awards, rents and profits from the property of
which the Premises is a part). The obligations of Landlord under the Lease shall not be personally binding on, nor shall any resort be had to the private properties of, any of its trustees or board of directors and officers, as the case may be, the
general partners thereof or any beneficiaries, stockholders, employees or agents of Landlord, or the investment manager. In no case shall Landlord be liable to Tenant hereunder for any lost profits, damage to business, or any form of special,
indirect or consequential damages. 
  

 3 

 IN WITNESS WHEREOF, Landlord and Tenant have executed this Amendment as of the day and year first written above.

  

									
	LANDLORD:	 		 	TENANT:
			
	 RREEF AMERICA REIT II CORP.
 PPP, a Maryland corporation
	 		 	 PEGASYSTEMS INC., a Massachusetts
 corporation

					
	By:	 	 RREEF Management Company, a
 Delaware corporation,
Authorized
 Agent
	 		 		 	

									
					
	By:	 	  	 		 	By:	 	  
	Name:	 	David Crane	 		 	Name:	 	Jo Hoppe
	Title:	 	Vice President, District Manager	 		 	Title:	 	Vice President, Chief Information Officer
		 		 		 		 	

									
				
	Dated:
                                , 2006	 		 	By:	 	  
		 		 		 	Name:	 	Shawn Hoyt
		 		 		 	Title:	 	Vice President and General Counsel

									
					
		 		 		 	By:	 	  
		 		 		 	Name:	 	Alan Trefler
		 		 		 	Title:	 	Chief Executive Officer
				
		 		 		 	Dated:
                                , 2006

  

 4 

 EXHIBIT A 
 attached to and made a part of First Amendment to Lease 
 dated of April 24, 2006 between

 RREEF AMERICA REIT II CORP. PPP, as Landlord and 
 PEGASYSTEMS INC., as Tenant 
 101 Main Street, Cambridge, Massachusetts 
 ADDITIONAL SPACE 
 

 
  

			
	  	 	  
	Initials

  

 A-1 

 EXHIBIT B 
 attached to and made a part of First Amendment to Lease 
 dated of April 24, 2006 between

 RREEF AMERICA REIT II CORP. PPP, as Landlord and 
 PEGASYSTEMS INC., as Tenant 
 101 Main Street, Cambridge, Massachusetts 
 TENANT’S WORK 
  

	1.	Delivery of Additional Space. Landlord shall deliver the Additional Space to Tenant on or before July 1, 2006 in accordance with Section 5(b) of this
Amendment. The Additional Space shall be delivered “as is” with no additional improvements, repairs or alterations. Tenant acknowledges that it has inspected the Additional Space and agrees to accept the Additional Space in its existing
condition and that Landlord shall have no obligation to construct any improvements therein. 

  

	2.	Plans and Specifications. 

  

	 	2.1	Tenant shall employ the following persons (“Consultants”) for preparation of the necessary architectural, mechanical and electrical plans, drawings and specifications
pertaining to the construction work which Tenant intends to perform in the Additional Space in connection with Tenant’s initial occupancy (the “Work”): 

 Space Planning Drawings - Cubellis Associates Inc. 
 Architectural Working Drawings - Cubellis Associates Inc. 
 Mechanical Working Drawings - Cubellis Associates Inc. 
 Electrical Working Drawings - Cubellis Associates Inc. 
 or such other consultants designated by Tenant from time to time, with the approval of Landlord, which shall not be unreasonably withheld or delayed. Tenant, at its expense, shall furnish Landlord with architectural
and design plans and specifications (the “Tenant’s Plans”) prepared first in preliminary form (“Preliminary Plans”), and thereafter in working form (“Working Drawings”), and covering the Work. Tenant shall pay all
costs and expenses relating to Tenant’s Plans. All Tenant’s Plans shall meet the requirements set forth in Schedule I. Tenant shall deliver the completed Plans to Landlord. 
  

			
	  	 	  
	Initials

  

 B-1 

	 	2.2	Upon submittal of any portion of Tenant’s Plans, Landlord shall review Tenant’s Plans and shall either approve Tenant’s Plans or advise Tenant in writing of any
aspect of the design, engineering, construction or installation which is not acceptable to Landlord. Landlord shall advise Tenant of its approval or comments on the Tenant’s Plans within 10 days after Landlord’s receipt of the
Tenant’s Plans. In the event that Landlord shall disapprove of any portion of Tenant’s Plans, Tenant shall have 10 business days after Landlord’s notification of its disapproval to revise Tenant’s Plans and resubmit them to
Landlord. In the event Landlord fails to approve or disapprove Tenant’s Plans or any changes thereto within the time period set forth above, and if such failure continues thereafter for five (5) business days after Landlord’s receipt
of notice from Tenant requesting action on Tenant’s Plans, Tenant’s Plans or the changes shall be deemed to be approved. 

  

	 	2.3	After approval of Tenant’s Plans or any portion thereof, Tenant shall not in any way modify, revise or change such Plans without the prior written consent of Landlord, which
consent shall not be unreasonably withheld or delayed. If Landlord approves such request, the entire cost of such change, including the cost of revising Tenant’s Plans or preparing new plans, shall be borne by Tenant and any delay occasioned
thereby shall not delay the Commencement Date. 

  

	 	2.4	Except for such matters, if any, as shall have been required by Landlord and not requested by Tenant, it shall be Tenant’s responsibility that the Plans comply with all
applicable governmental and municipal codes and regulations and to procure and deliver to Landlord upon request all such licenses, permits and approvals from all governmental authorities as are necessary to permit the Work to be commenced and
continued to completion and the so constructed Premises to be occupied. 

  

	3.	Cost Estimates and Payment Protection. Prior to commencing any of the Work, Tenant shall submit to Landlord a written estimate of the cost of the Work, based
upon competitive bids or a fixed-price contract (an “Estimate”). 

  

	4.	Contracts and Contractors for the Work. Tenant shall make all such contracts and arrangements as shall be necessary or desirable for the construction and installation
of the Work. Tenant agrees to retain contractors, subcontractors and materialmen who are of good reputation and experienced in and favorably known for the construction of space comparable to the Additional Space in the metropolitan area where the
Building is located and that are properly licensed for the work they are to perform. Tenant shall provide Landlord with a list of all contractors, subcontractors and materialmen to be utilized by or for Tenant with respect to the Work and provide
true, correct and complete copies of all contracts relating to the Work. Such contractors, subcontractors, materialmen and contracts must be satisfactory to Landlord in Landlord’s reasonable discretion, and shall not be

  

			
	  	 	  
	Initials

  

 B-2 

	 	 
employed or executed, as the case may be, without Landlord’s written approval first obtained, which approval shall be given (or the specific reasons for
denial given) within three (3) business days of written request, or the same (i.e. approval) shall be deemed given. Tenant and Tenant’s contractors shall use qualified craftsmen and laborers who are compatible with the trade unions
operating in the Building (if any) and Tenant shall take promptly upon Landlord’s demand all measures necessary to avoid labor unrest in the Additional Space and in the Building which is caused by Tenant or Tenant’s contractors.

  

	5.	Construction. Promptly upon Landlord’s approval of the Plans, Tenant shall apply for, and Landlord shall reasonably cooperate with Tenant, and supply to Landlord
upon issuance, a building permit and any other required governmental permits, licenses or approvals. Upon issuance of such approvals, Tenant shall commence the Work and shall diligently prosecute the Work to completion. Tenant agrees to use its
reasonable good faith, diligent efforts to complete the Work on or before December 31, 2006. Tenant agrees to cause the Work to be constructed in a good and workmanlike manner using first-class quality materials, at its sole cost and expense in
accordance with the provisions of the Lease. Any costs incurred by Landlord in providing utilities, or other services, except for management/supervision services, needed for the accomplishment of the Work shall be reimbursed by Tenant to Landlord.
Upon completion of the Work, Tenant shall provide to Landlord: (i) an architect’s certificate of final completion; (ii) copies of all necessary governmental permits, including, but not limited to, a certificate of occupancy;
(iii) the sworn statement of the general contractor; (iv) final lien waivers from all contractors, subcontractors and materialmen; and (v) any other information or documentation reasonably requested by Landlord to evidence lien-free
completion of construction and payment of all of the cost thereof. Landlord shall have the right to observe the performance of the Work and Tenant shall take all such actions with respect thereto as Landlord may, in its good faith determination,
deem advisable from time to time to assure that the Work and the manner of performance thereof shall not be injurious to the engineering and construction of the Building or the electrical, plumbing, heating, mechanical, ventilating or
air-conditioning systems of the Building and shall be in accordance with the Plans and the provisions of this Lease. 

  

	6.	Tenant’s Default. If Tenant shall fail to comply with any term, provision or agreement hereunder, and if any such matter is not remedied or resolved within
fifteen (15) days following written notice to Tenant, then, in addition to any other remedies granted Landlord under the Lease in the case of default by Tenant and any other remedies available at law or equity, Landlord may elect, upon notice
to Tenant, to: 

  

	 	6.1.	require Tenant to comply therewith, and Tenant’s obligation to pay rent shall commence as of the Scheduled Commencement Date, without any abatement on account of any delay in
connection with any work relating to the Additional Space; or 

  

			
	  	 	  
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	 	6.2.	complete the construction of the Work pursuant to the Plans, tendering possession to Tenant upon substantial completion thereof, and Tenant shall immediately upon demand reimburse
Landlord, as additional rent, for Landlord’s actual, out-of-pocket costs of completing the Work in accordance with Tenant’s construction contract; or 

  

	7.	Miscellaneous 

  

	 	7.1	All rights and remedies of Landlord or Tenant herein created or otherwise existing at law or equity are cumulative, and the exercise of one or more such rights or remedies shall not
be deemed to exclude or waive the right to the exercise of any other rights or remedies. All such rights and remedies may be exercised and enforced concurrently and whenever and as often as deemed desirable. 

  

	 	7.2	Tenant shall, before commencing any of the Work, and for so long as any Work shall continue, comply with the insurance requirements in Schedule II. In the event Tenant fails
to so comply, Landlord shall have the option, but not the obligation to procure the required insurance and charge Tenant the cost of such compliance as additional rent. 

  

	8.	Landlord Delay. In the event Landlord, its employees, contractors or agents interfere with, impede or delay (i) approvals; (ii) services or utilities, or
(iii) providing reasonable cooperation , including, without limitation, access to or use of the Additional Space or Temporary Space, any delay resulting therefrom shall constitute a “Landlord Delay”. 

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 SCHEDULE I 
 STANDARDS FOR PLANS 
  

	1.	The space plan shall contain the following information: 

 (a) A layout of the Additional Space showing demising, corridor and exterior walls in relationship to the Building core. The locations of exterior window mullions, columns, stairways and other building features shall
also be shown on the Space Plans. 
 (b) The location and composition of all walls. Non-standard improvements, such as walls
requiring insulation, half walls, vinyl wall coverings or walls requiring special construction must be clearly noted on the Space Plans. Sectional details must be provided to adequately describe the construction of any non-standard wall. 

(c) The location, size and swing of all doors. All doors shall conform with Landlord’s standard door specifications, unless
otherwise noted on the Space Plans. 
 (d) A description of flooring materials. 
 (e) A reflected ceiling plan showing the layout of lighting fixtures, switches, and any other non-standard improvements which are to be
located within the ceiling system. 
 (f) The location of all telephone and electrical outlets. Non-standard improvements,
such as outlets to be located more than twelve (12) inches above the floor, dedicated circuit outlets or high amperage/voltage outlets must be clearly noted on the Space Plans. 
  

	2.	The working drawings shall be prepared at a scale of not less than 1/8”=1 foot and in accordance with Landlord’s design/build specification. 

  

	3.	All working drawings shall be prepared based upon the use of Landlord’s Building Standard Improvements as set forth in Schedule 1 attached hereto. All Improvements must conform
to Landlord’s design/build specifications. 

  

	4.	The Plans shall contain sufficient notations, specifications and details to describe all Improvements, including but not limited to: 

 (a) Insulated walls, special wall coverings, graphics, special painting or special wall materials such as plate glass or glass block.

 (b) Door dimensions, thickness, hardware or locks. 
  

			
	  	 	  
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 (c) Flooring materials. 
 (d) Electrical outlets requiring a dedicated circuit, more than 120 volts or more than 15 amperes. 
 (e) Telephone outlets requiring more than 3/4 inch diameter conduit. 
 (f) Light fixtures, exhaust fans, ceiling heights, or ceiling designs using non-standard materials. 
 (g) Any special conduits, receptacles or electrical devices necessary to serve communications equipment, computers or other facilities to
be installed by Tenant. 
 (h) Any special requirements to accommodate handicapped employees of Tenant within the Premises.

 (i) Any requirements for fire protection of computers, other equipment or materials installed by Tenant. 
 (j) Any requirements for special fire detection or life safety equipment not required by applicable building codes in effect at the time
of construction. 
 (k) Any special reinforcing of the floor system which will be necessary to support computers, filing
systems, equipment or furnishings having a load exceeding fifty pounds per square foot of floor area. 
 (l) Any special
requirements for humidity control, temperature control, extra air-conditioning capacity, ventilation or heating which would not be provided by Landlord’s standard building systems. Such special requirements may arise as a result of
Tenant’s desire to install a computer or other equipment which generates heat, food preparation facilities, bathrooms, laboratories, microfilm storage or other special facilities, equipment or products. 
 (m) Any private bathrooms, wet-bars, kitchens, vending machines or other installations requiring plumbing work or ventilation. 

(n) Any cabinetry, wood paneling, reception desks, built-in shelving or furniture. 
 (o) Any improvement which will require modification of the Building’s structural, mechanical or electrical components. 
 (p) Sufficient details, specifications and other information as may be necessary for accurate pricing of any other non-standard
Improvements. 
  

			
	  	 	  
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 SCHEDULE II 
 INSURANCE REQUIREMENTS 
 1. Tenant shall cause to be maintained for Landlord’s benefit insurance in an
insurance company or companies which are “A” rated, Class VII or better in Best’s Key Rating Guide or such lesser standard as shall be acceptable to Landlord and authorized to transact business in the state in which the Building is
located, protecting Landlord against liabilities arising out of the operations of subcontractors and sub-subcontractors as well as Tenant’s contractor (“Contractor”) with respect to all the Work, including at least and in amounts not
less than: 
 (a) Worker’s Compensation & Employers Liability: Statutory limits required by applicable Worker’s Compensation Law
and $500,000 per occurrence for Employers Liability, without limitation including all liability arising under any applicable structural work act and any other statute for the protection of employees. 
 (b) Commercial or Comprehensive Liability including Landlord’s and Contractor’s Protective, products, and completed operations coverage, contractual
liability including Contractor’s indemnity agreements contained in the Contract Documents, personal injury (employees’ exclusion deleted) $5,000,000 per occurrence Bodily Injury and Property Damage, $5,000,000 combined single limit.
Landlord may require deletion of the “x, c, u” exclusion, if applicable. 
 (c) Comprehensive Auto Liability including owned, non-owned, or
hired vehicles coverage: $1,000,000 per occurrence Bodily Injury and Property Damage Liability (Combined Single Limit). 
 (d) Builder’s Risk in
an “all risk” form covering the Tenant Work against loss by fire and other casualty in an amount equal to the full insurable value of the Tenant Work. 
 Notwithstanding the foregoing, upon Tenant’s request Landlord shall provide the coverages set forth in subparagraph (d) above and Tenant shall reimburse Landlord for the actual cost thereof. 
 2. Contractor shall either have the Landlord added as an additional named insured to the preceding Commercial or Comprehensive General Liability insurance policy
or shall supply a separate Landlord’s Protective policy, with limits as specified, naming the Landlord as named insured, and said General Liability or Landlord’s Protective policy shall be maintained in force until the completion of the
Work. 
  

			
	  	 	  
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 3. Each insurance policy shall be written to cover all claims arising out of occurrences taking place within the
period of coverage; insurance written to cover only claims made within the policy period is not acceptable without the express advance written consent of Landlord. To the extent the policy is not a Landlord’s Protective policy, it shall be
endorsed to indicate that it is primary as respects Landlord, not contributory with any other insurance available to the Landlord and not subject to reduction of coverage as to Landlord by reason of any claim asserted against Contractor other than
in connection with the Work or by reason of any misstatement, act or omission of any party other than Landlord applying for or insured by such insurance. 
 4. Each insurance policy and any certificate furnished in lieu of a policy shall state that it will not be cancelled, reduced or materially changed without twenty (20) days’ prior written notice to Landlord. In the event
Tenant fails to provide replacement coverage at least fifteen (15) days prior to the expiration of any policy of insurance, Landlord may at its option secure such insurance and Tenant shall reimburse Landlord for the cost thereof as additional
rent; but Landlord shall not have any obligation to secure any such insurance. 
 5. If and so long as any monies shall be or be about to be owed to
any lender upon the security of an interest in the Premises or the Building, at Landlord’s request any insurance required hereunder for Landlord’s protection shall also protect Landlord’s mortgagee and whenever Landlord is to be an
additional insured, Landlord’s mortgagee shall also be so insured. 
 6. Each of the aforesaid insurance coverages shall be placed into effect
before any of the Work is commenced and shall be maintained in force at all times while and for at least so long as any of the Work is carried on, including without limitation, any and all activities performed in fulfillment of any obligation of
Contractor or any Subcontractor to correct defects in the Work or under any other warranty. Before commencing any of the Work, and as often thereafter as reasonably requested by Landlord, Tenant shall supply Landlord with either the policies
themselves or certificates of insurance satisfactory to Landlord, evidencing compliance with all the foregoing requirements. 
 7. No insurance policy
purporting to insure Landlord or Landlord’s lender, as the case may be, shall without the prior written consent of said party be so written as to limit or condition any of the insurer’s obligations to said party with respect to any insured
loss or liability by any condition or requirement that said party bear, assume or pay any portion of such loss or liability before the insurer’s obligation to said party shall come into effect. 
  

			
	  	 	  
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 EXHIBIT C 
 

 
  

			
	  	 	  
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 EXHIBIT D 
 TENANT ALLOWANCE PAYMENT 
 Provided the Lease is in full force and effect and Tenant is not in default
thereunder beyond any applicable cure period, Landlord hereby agrees to pay to Tenant an amount equal to $863,950.00 (the “Allowance”). Landlord shall pay Tenant draws against the Allowance making their best efforts to do so within 15 days
but no later than thirty (30) days of each written staged request or demand for payment from Tenant, which accompanies with it (i) lien waivers applicable to the work performed for which payment is requested; (ii) copies of paid
invoices for such work; (iii) copies of checks issued to vendors or contractor for such work; and (iv) any other information or documentation reasonably requested by Landlord to evidence lien-free completion of such work and payment of all
of the cost thereof. The final draw will be paid by the Landlord with the last to occur of: (w) Tenant’s occupying the Additional Space for office purposes; (x) completion of the Work; and (y) satisfaction of the provisions of
Paragraph 5 of Exhibit B. 
  

			
	  	 	  
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