Document:

FS Investment Corporation III 8-K

Exhibit 10.1

Citibank, N.A.

390 Greenwich Street

New York, New York 10013

EXECUTION COPY

Date: 

June 26, 2014 (as amended and restated as of
June 27, 2017)

To: 

Center City Funding LLC

c/o FS Investment Corporation III

201 Rouse Boulevard

Philadelphia, PA 19112

Attention: Edward T. Gallivan, Jr.

Phone: 215-220-4531

Fax: 215-222-4649

Email: credit.notices@fsinvestments.com

From: 

Citibank, N.A.

388 Greenwich Street

11th Floor

New York, New York 10013

Attention: Director Derivative Operations

Facsimile: 212-615-8594

Transaction Reference Number: _____________

CONFIRMATION

Ladies and Gentlemen:

The purpose of this letter
agreement is to set forth the terms and conditions of the Transactions entered into between Citibank, N.A. (“Citibank”)
and Center City Funding LLC, a limited liability company formed under the laws of the State of Delaware (“Counterparty”),
on the Trade Date specified below (each, a “Transaction” and, collectively, the “Transactions”).
This letter constitutes a “Confirmation” as referred to in the Master Agreement specified below.

The definitions and provisions
contained in the 2000 ISDA Definitions (the “Definitions”), as published by the International Swaps and
Derivatives Association, Inc., are incorporated into this Confirmation. In the event of any inconsistency between the Definitions
and this Confirmation, this Confirmation shall govern. Capitalized terms used but not defined in this Confirmation have the meanings
assigned to them in Annex A. Capitalized terms used but not defined in this Confirmation or in Annex A have the meanings assigned
to them in the Definitions.

With effect from and after
the Seventh Amendment Effective Date referred to below, this Confirmation amends and restates the prior Confirmation dated as of
June 26, 2014 as amended and restated as of August 25, 2014, September 29, 2014, January 28, 2015, June 26, 2015, October 14, 2015
and June 27, 2016 between Citibank and Counterparty (the “Original Confirmation”) relating to the Transactions
described herein, which Original Confirmation is hereby superseded and shall be of no further force or effect.

 

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1.       

AGREEMENT

This Confirmation supplements,
forms a part of and is subject to, the ISDA 2002 Master Agreement, dated as of June 26, 2014 (as amended, supplemented and otherwise
modified and in effect from time to time, the “Master Agreement”), between Citibank and Counterparty.
All provisions contained in the Master Agreement govern this Confirmation except as expressly modified below.

2.       

TERMS OF TRANSACTIONS

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

 

	General Terms:	 
	Trade Date:	June 26, 2014
	Effective Date:	June 26, 2014
	Amendment Effective Date:	August 25, 2014
	Second Amendment Effective Date:	September 29, 2014
	Third Amendment Effective Date:	January 28, 2015
	Fourth Amendment Effective Date:	June 26, 2015
	Fifth Amendment Effective Date:	October 14, 2015
	Sixth Amendment Effective Date:	June 27, 2016
	Seventh Amendment Effective Date:	June 27, 2017
	Scheduled Termination Date:	The latest date for the final scheduled payment (or, if there is only one scheduled payment, for the scheduled payment) of principal of any Reference Obligation at any time included in the Reference Portfolio.
	Termination Date:	The final Scheduled Settlement Date (as defined in the Master Agreement) with respect to all Transactions (other than (i) any Citibank Fixed Amount Payer Payment Date that occurs after the final Obligation Termination Date and (ii) any Counterparty Fourth Floating Rate Payer Payment Date). The obligations of the parties to make payments required to be made hereunder shall survive the Termination Date.
	Obligation Termination Date:	
        (a)       

        In relation
        to any Repaid Obligation, the related Repayment Date; and

        (b)       

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

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

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

        (a)       

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

        (b)       

        on the
        Obligation Trade Date (i) the relevant Reference Obligation satisfies the Obligation Criteria set forth in Annex II and (ii) the
        Portfolio Criteria set forth in Annex II are satisfied (or, if any Portfolio Criterion is not satisfied immediately prior to such
        designation, then the extent of compliance with such Portfolio Criterion is improved); and

        (c)       

        if the
        relevant Reference Obligation would be a Specified Reference Obligation, Counterparty gives notice of such fact to Citibank in
        such notice of designation (provided that any failure to give such notice shall not affect the effectiveness of such designation).

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Without limiting the generality
of the foregoing clause (a), Citibank may withhold its consent to any such designation based on any legal, accounting, tax or other
similar issues that are adverse to Citibank in any material respect and that would or could reasonably be expected to arise as
a result of the entry into such Transaction or any purchase by the Citibank Holder of such Reference Obligation as a hedge for
such Transaction. In the event that Citibank determines not to hold, or cause to be held, all or any portion of any such Reference
Obligation as a hedge for such Transaction on the Obligation Settlement Date for such Transaction, Citibank shall give prompt notice
thereof to Counterparty.

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

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

Once a Reference Obligation
becomes the subject of a Transaction hereunder, Citibank shall promptly prepare and deliver to Counterparty a revised Annex I reflecting
the Reference Portfolio as of the related Obligation Trade Date.

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

 

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	Reference Entity:	The borrower of the Reference Obligation identified as such in Annex I hereto. In addition, “Reference Entity”, unless the context otherwise requires, shall also refer to any guarantor of or other obligor on the Reference Obligation.
	Ramp-Up Period:	The period from and including the Effective Date and ending on and including the date occurring 90 days after the Effective Date.
	Ramp-Down Period:	The period from and including the date 90 days prior to the Scheduled Termination Date and ending on and including the Scheduled Termination Date.
	Portfolio Notional Amount:	As of any date of determination, the sum of the Notional Amounts for all Reference Obligations as of such date.
	Notional Amount:	
        (a)       

        In relation
        to any Transaction (other than with respect to any Terminated Obligation or Repaid Obligation), as of any date of determination,
        the Reference Amount of the related Reference Obligation as of such date multiplied by the Initial Price in relation to
        such Reference Obligation; and

        (b)       

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

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	Outstanding Principal Amount:	In relation to any Reference Obligation as of any date of determination, the outstanding principal amount of such obligation as shown in the then-current Annex I, as increased pursuant to this Clause 2 (or, in the case of any Committed Obligation, pursuant to any borrowing in respect of such Committed Obligation after the Obligation Trade Date) and reduced pursuant to Clauses 3 and 5. Except as otherwise expressly provided below with respect to Counterparty First Floating Amounts, the principal amount of any Committed Obligation outstanding on any date shall include the aggregate stated face amount of all letters of credit, bankers' acceptances and other similar instruments issued in respect of such Committed Obligation to the extent that the holder of such Committed Obligation is obligated to extend credit in respect of any drawing or other similar payment thereunder.
	Commitment Amount:	In relation to any Reference Obligation that is a Committed Obligation (and the related Transaction) as of any date of determination, the maximum outstanding principal amount of such Reference Obligation that a registered holder thereof would on such date be obligated to fund (including all amounts previously funded and outstanding, whether or not such amounts, if repaid, may be reborrowed).
	Notional Funded Amount:	
        In relation to any Reference
        Obligation that is a Committed Obligation (and to the related Transaction) as of any date of determination, the greater of (a)
        zero and (b) the sum of (i) the Outstanding Principal Amount of such Reference Obligation as of the Obligation Trade Date multiplied
        by the Initial Price in relation to such Reference Obligation minus (ii) the product of (x) the excess, if any, of the Commitment
        Amount of such Reference Obligation as of the Obligation Trade Date over the Outstanding Principal Amount of such Reference Obligation
        as of the Obligation Trade Date multiplied by (y) 100% minus the Initial Price in relation to such Reference Obligation plus (iii)
        any increase in the Outstanding Principal Amount of such Reference Obligation during the period from but excluding the Obligation
        Trade Date to and including such date of determination minus (iv) any decrease in the Outstanding Principal Amount of such Reference
        Obligation during the period from but excluding the Obligation Trade Date to and including such date of determination.

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

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	Portfolio Notional Funded Amount:	As of any date of determination, the aggregate of all Notional Funded Amounts with respect to all Reference Obligations in the Reference Portfolio on such date of determination.
	Reference Amount:	In relation to (a) any Term Obligation, the Outstanding Principal Amount thereof and (b) any Committed Obligation, the Commitment Amount thereof.
	Maximum Portfolio Notional Amount:	USD500,000,000
	Utilization Amount:	In relation to any Calculation Period, the daily average of the Portfolio Notional Funded Amount during such Calculation Period.
	Business Day:	New York
	Business Day Convention:	
        Following (which shall apply
        to any date specified herein for the making of any payment or determination or the taking of any action which falls on a day that
        is not a Business Day).

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

	Floating Rate Index:	Whenever in this Confirmation reference is made to any Floating Rate Option or to USD-LIBOR-BBA (each, a “Floating Rate Index”), in no event may such Floating Rate Index be less than zero.
	Monthly Period:	Each period from but excluding the last day of any calendar month to and including the last day of the immediately succeeding calendar month.
	Calculation Agent:	Citibank; provided that, if an Event of Default described in Section 5(a)(i) or Section 5(a)(vii) occurs with respect to Citibank as Defaulting Party and no Event of Default has occurred and is continuing with respect to Counterparty as Defaulting Party, then Counterparty may designate any of Bank of America, NA, The Bank of Montreal, Barclays Bank plc, Canadian Imperial Bank of Commerce, Credit Suisse, Deutsche Bank AG, JPMorgan Chase Bank, N.A., UBS AG and Wells Fargo Bank, National Association as Calculation Agent, which designation shall be effective only (a) if such designated entity accepts such appointment and agrees to perform the duties of the Calculation Agent hereunder and (b) so long as such Event of Default with respect to Citibank as Defaulting Party continues. Unless otherwise specified, the Calculation Agent shall make all determinations, calculations and adjustments required pursuant to this Confirmation in good faith and on a commercially reasonable basis.

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	Calculation Agent City:	New York
	Initial Price:	In relation to any Reference Obligation (and the related Transaction), the Initial Price specified in Annex I. The Initial Price (a) will be expressed exclusive of accrued interest, (b) will be expressed as a percentage of the Reference Amount, (c) will be determined exclusive of Costs of Assignment that would be incurred by a buyer in connection with any purchase of the Reference Obligation and exclusive of any Delay Compensation and (d) will be, as of the related Obligation Trade Date, the “Initial Price” specified by Counterparty to Citibank in the notice of designation referred to above and consented to by Citibank.
	
         

        Payments by Counterparty
	 
	Counterparty First Floating Amounts:	 
	First Floating Amount Payer:	Counterparty
	First Floating Amount:	In relation to any First Floating Rate Payer Payment Date, the sum, for each Transaction, of the products of (a) the First Floating Rate Payer Calculation Amount for such Transaction for the related First Floating Rate Payer Calculation Period multiplied by (b) the Floating Rate Option for such Transaction during the related First Floating Rate Payer Calculation Period plus the Spread multiplied by (c) the Floating Rate Day Count Fraction; provided that, for purposes of the foregoing calculation, the percentage specified in the foregoing clause (b) shall be the Spread (and not the Floating Rate Option plus the Spread) with respect to any portion of a First Floating Rate Payer Calculation Amount constituting the undrawn stated face amount of all letters of credit, bankers' acceptances and other similar instruments issued in respect of a related Committed Obligation.

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	First Floating Rate Payer

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

Calculation Period:	In relation to any Transaction, each Monthly Period, except that (a) the initial First Floating Rate Payer Calculation Period will commence on, and include, the related Obligation Settlement Date and (b) the final First Floating Rate Payer Calculation Period will end on, but exclude, the related Obligation Termination Date.
	First Floating Rate

Payer Payment Date:	
        (a)       

        In relation
        to any Transaction (other than with respect to any Terminated Obligation or Repaid Obligation), the tenth Business Day following
        the last day of any Monthly Period, commencing with the first such date after the Obligation Settlement Date for such Transaction
        and ending with the last such date occurring prior to the related Obligation Termination Date; and

        (b)       

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

	Floating Rate Option:	In relation to any Transaction, USD-LIBOR-BBA.
	Designated Maturity:	In relation to any Transaction, one month.
	Spread:	1.55%
	Floating Rate Day

Count Fraction:	In relation to any Transaction, Actual/360.
	Reset Dates:	The first day of each First Floating Rate Payer Calculation Period.
	Compounding:	Inapplicable
	
         

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

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	 	Notwithstanding the foregoing, no Second Floating Amount shall be payable on any Second Floating Rate Payer Payment Date, and no amount shall be payable under Clause 4(c) on any date after the last day of the Ramp-Up Period, (a) on or following the Termination Date if the Termination Date results from the designation of an Early Termination Date pursuant to Section 6(a) of the Master Agreement by reason of an Event of Default under Section 5(a)(i) or 5(a)(vii) of the Master Agreement in relation to Citibank as the Defaulting Party or (b) on or following any date on which each of the following two conditions has been satisfied: (i) Counterparty has designated at least 20 Designated Reference Obligations to become the subject of Transactions hereunder (as contemplated opposite the caption “Reference Obligation” above) and (ii) the aggregate Notional Amount of all Designated Reference Obligations as to which Citibank has not given its consent to such Designated Reference Obligations becoming the subject of Transactions hereunder (as contemplated opposite the caption “Reference Obligation” above) exceeds 50% of the aggregate Notional Amount of all Designated Reference Obligations that Counterparty has designated are to become the subject of Transactions hereunder (as contemplated opposite the caption “Reference Obligation” above).
	Second Floating Rate Payer

Calculation Amount:	In relation to any Second Floating Rate Payer Calculation Period, the excess, if any, of (a) 80% of the Maximum Portfolio Notional Amount over (b) the Utilization Amount for such Second Floating Rate Payer Calculation Period.
	Second Floating Rate Payer

Calculation Period:	Each Monthly Period; provided that (a) the initial Second Floating Rate Payer Calculation Period shall begin on the first day following the last day of the Ramp-Up Period and (b) the final Second Floating Rate Payer Calculation Period shall end on the last Second Floating Rate Payer Payment Date.
	Second Floating Rate

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

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	Spread:	1.55%.
	Floating Rate Day

Count Fraction:	Actual/360.
	Compounding:	Inapplicable
	
         

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

Calculation Amount:	In relation to any Third Floating Rate Payer Calculation Period, the excess, if any, of (a) the Maximum Portfolio Notional Amount over (b) the greater of (i) 80% of the Maximum Portfolio Notional Amount and (ii) the daily average Portfolio Notional Funded Amount for such Third Floating Rate Payer Calculation Period.
	Third Floating Rate Payer

Calculation Period:	Each Monthly Period; provided that (a) the initial Third Floating Rate Payer Calculation Period shall begin on the first day following the last day of the Ramp-Up Period and (b) the final Third Floating Rate Payer Calculation Period shall end on the last Third Floating Rate Payer Payment Date.
	Third Floating Rate Payer

Payment Dates:	The tenth Business Day following the last day of each Monthly Period; provided that (a) the initial Third Floating Rate Payer Payment Date will be the first such Business Day after the last day of the Ramp-Up Period and (b) the final Third Floating Rate Payer Payment Date will be the day preceding the first day of the Ramp-Down Period.
	Spread:	0.15%.
	Floating Rate Day

Count Fraction:	Actual/360.

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	Compounding:	Inapplicable
	
         

        Counterparty Fourth Floating Amounts:
	 
	Fourth Floating Amount Payer:	Counterparty
	Fourth Floating Amount:	Each Expense or Other Payment.
	Fourth Floating Rate

Payer Payment Dates:	In relation to any Transaction, (a) the tenth Business Day following the last day of each Monthly Period, beginning with the first such Business Day after the Obligation Settlement Date for such Transaction, (b) the related Obligation Termination Date and (c) after the related Obligation Termination Date, the tenth Business Day after notice of a Fourth Floating Amount from Citibank to Counterparty; provided that, prior to the tenth Business Day after the related Obligation Termination Date, if Counterparty has received less than ten Business Days' notice from Citibank that such Fourth Floating Amount is due and payable, such Fourth Floating Rate Payer Payment Date shall be the tenth Business Day following the last day of the next succeeding Monthly Period The obligation of Counterparty to pay Fourth Floating Amounts in respect of any Transaction shall survive the related Obligation Termination Date.
	
         

        Counterparty Fifth Floating Amounts:
	 
	Fifth Floating Amount Payer:	Counterparty
	Fifth Floating Amount:	In relation to any Terminated Obligation or Repaid Obligation, Capital Depreciation, if any.
	Fifth Floating Rate

Payer Payment Dates:	Each Total Return Payment Date.
	
         

        Payments by Citibank:
	 
	Citibank Fixed Amounts:	 
	Fixed Amount Payer:	Citibank
	Fixed Amount:	In relation to any Transaction, the Interest and Fee Amount with respect to such Transaction for the related Fixed Amount Payer Payment Date.

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	Fixed Amount Payer Calculation Periods:	In relation to each Reference Obligation in the Reference Portfolio, each period from and including any date upon which a payment of interest is made on such Reference Obligation to but excluding the next such date; provided that (a) the initial Fixed Amount Payer Calculation Period shall commence on and include the Obligation Settlement Date for such Reference Obligation and (b) the final Fixed Amount Payer Calculation Period shall end on, but exclude, the related Obligation Termination Date.
	Fixed Amount Payer Payment Dates:	
        (a)       

        In relation
        to any Transaction (other than with respect to any Terminated Obligation or Repaid Obligation), the tenth Business Day following
        the last day of any Monthly Period, commencing with the first such date after the Obligation Settlement Date for such Transaction
        and ending with the last such date occurring prior to the related Obligation Termination Date; and

        (b)       

        In relation
        to any Transaction with respect to any Terminated Obligation or Repaid Obligation, the related Total Return Payment Date; provided
        that, if interest on the Reference Obligation is actually paid on the scheduled interest payment date next succeeding the related
        Obligation Termination Date, then the final Fixed Amount Payer Payment Date shall be the tenth Business Day next succeeding the
        last day of the Monthly Period during which such scheduled interest payment date occurs.

	
         

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

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3.       

REFERENCE OBLIGATION REMOVAL;
ACCELERATED TERMINATION.

Reference Obligation Removal

(a)       

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

(i)       

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

(ii)       

Following the occurrence of
a Credit Event (as determined by the Calculation Agent) with respect to the related Reference Entity (including any guarantor or
other obligor referred to in the definition thereof), Citibank will have the right, but not the obligation, to request that Counterparty
agree to increase the Independent Amount Percentage with respect to the related Transaction to 100%. If Counterparty does not agree
to such request within one Business Day after notice of such request from Citibank, then Citibank will have the right, but not
the obligation, to terminate the related Transaction by delivering an Accelerated Termination Notice to Counterparty no less than
10 days prior to the proposed Termination Trade Date. The Accelerated Termination Notice shall specify the Reference Obligation
that is the subject of such Accelerated Termination, the amount of the Terminated Obligation, the proposed Termination Trade Date
and the proposed Termination Settlement Date.

Elective Termination by Citibank
due to Certain Events

(b)       

If:

(i)       

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

(ii)       

the Portfolio
Criteria are not satisfied at any time,

(iii)       

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

(iv)       

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

 

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then Citibank may notify Counterparty
in writing of such event. In the case of the foregoing clause (i), if such event continues for 30 days following the delivery of
such notice, then Citibank will have the right but not the obligation to terminate the related Transaction. In the case of the
foregoing clause (ii), if such event continues for 30 days following the delivery of such notice, then Citibank will have the right
but not the obligation to terminate each Transaction that is the subject of this Confirmation. In the case of the foregoing clause
(iii) or (iv), Citibank will have the immediate right but not the obligation to terminate each Transaction that is the subject
of this Confirmation (so long as the relevant event is continuing on the date of the related Accelerated Termination Notice). Citibank
may exercise this termination right with respect to each Terminated Obligation by delivering an Accelerated Termination Notice
to Counterparty that is given, as to any Terminated Obligation, (1) on the proposed Termination Trade Date and (2) no less than
10 days prior to the proposed Termination Settlement Date for the related Terminated Obligation. The Accelerated Termination Notice
shall specify each Reference Obligation that is the subject of such Accelerated Termination and, with respect to each such Reference
Obligation, the amount of the Terminated Obligation, the proposed Termination Trade Date and the proposed Termination Settlement
Date.

Citibank Optional Termination
Date

(c)       

Citibank
will have the right, but not the obligation, to terminate each Transaction that is the subject of this Confirmation, effective
on any Business Day occurring on or after September 30, 2017 (such date, the “Citibank Optional Termination Date”).
Citibank can exercise this termination right by delivering an Accelerated Termination Notice to Counterparty that is given no less
than 15 days prior to the first proposed Termination Trade Date specified in the related Accelerated Termination Notice. The Accelerated
Termination Notice shall specify, as to each Reference Obligation, the amount of the Terminated Obligation, the proposed Termination
Trade Date and the proposed Termination Settlement Date. If Citibank does not exercise its right to terminate each Transaction
that is the subject of this Confirmation on or before the date occurring 30 days prior to the Citibank Optional Termination Date,
then Citibank will have the right, but not the obligation, to propose, by notice to Counterparty, to amend and restate one or more
material terms of the Transactions, including, without limitation, the Spread, the Independent Amount Percentage and the application
of the Obligation Criteria and Portfolio Criteria to the Transactions. If Citibank provides a notice to Counterparty proposing
to amend and restate one or more material terms of the Transactions as provided above and Counterparty does not agree in writing
to such amended and restated terms within 10 Business Days after Citibank provides such notice to Counterparty, each Transaction
shall terminate, and the Termination Trade Date shall be such tenth Business Day. In the event of any such termination, Citibank
shall deliver an Accelerated Termination Notice to Counterparty, which shall specify, as to each Reference Obligation, the amount
of the Terminated Obligation, the proposed Termination Trade Date and the proposed Termination Settlement Date. Even if a Termination
Trade Date has been designated with respect to each Transaction pursuant to this Clause 3(c), such designation will not prevent
Citibank or Counterparty from subsequently designating an earlier Termination Trade Date in relation to any Transaction to the
extent Citibank or Counterparty, as the case may be, is entitled to designate such earlier Termination Trade Date pursuant to this
Confirmation. Notwithstanding anything in this Confirmation to the contrary:

(i)       

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

(ii)       

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

 

    	Page 15

    	 

    

Early Termination Date under
Master Agreement

(d)       

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

Effect of Termination

(e)       

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

 

    	Page 16

    	 

    

4.       

FINAL PRICE DETERMINATION

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

Determination by Counterparty

(a)       

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

Determination by Calculation
Agent

(b)       

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

 

    	Page 17

    	 

    

If the Calculation Agent is unable
to obtain from Dealers at least one Firm Bid or combination of Firm Bids for all of the Reference Amount of any Terminated Obligation
with respect to the relevant Termination Trade Date, the Calculation Agent will attempt to obtain a Firm Bid or combination of
Firm Bids for all of the Reference Amount of such Terminated Obligation from two or more Dealers until the earlier of (i) the second
Business Day (inclusive) following such Termination Trade Date and (ii) the date a Firm Bid or combination of Firm Bids is obtained
for all of the Reference Amount of such Terminated Obligation.

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

Notwithstanding anything to the contrary
herein,

(i)       

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

(ii)       

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

 

    	Page 18

    	 

    

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

If Citibank transfers, or causes
the transfer of, all or any portion of the Terminated Obligation to the Dealer or Dealers providing the highest Firm Bid or highest
combination of Firm Bids for such Terminated Obligation (or portion thereof) or to such other party as provided above, the net
cash proceeds received from the sale of such Terminated Obligation or portion thereof (which sale shall be scheduled to settle
substantially in accordance with the then-current market practice in the principal market for the related Reference Obligation
as determined by the Calculation Agent), net of the related Costs of Assignment and adjusted by any Delay Compensation as provided
in Clause 6(b), shall be the “Final Price” for that Terminated Obligation (or the portion thereof that
is sold).

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

Early Termination of Facility

(c)       

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

 

    	Page 19

    	 

    

5.       

REPAYMENT.

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

(a)       

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

(b)       

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

(c)       

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

6.       

ADJUSTMENTS.

(a)       

If any Reference
Obligation or portion thereof is irreversibly converted or exchanged into or for any securities, obligations or other assets or
property (“Exchange Consideration”), thereafter such Exchange Consideration will constitute such Reference
Obligation or portion thereof, and, unless Citibank shall otherwise agree in writing, (i) if such Exchange Consideration fails
to satisfy the Obligation Criteria, then Clause 3(b)(i) shall apply and (ii) if the Portfolio Criteria set forth in Annex II would
not be satisfied after giving effect to such exchange, then Clause 3(b)(ii) shall apply.

(b)       

Delay Compensation
(as defined below) shall result in an adjustment (i) as contemplated by the definition of “Interest and Fee Amount”
in connection with the establishment by the Citibank Holder of a related hedge in respect of a Transaction, if the actual settlement
of the purchase of the related hedge occurs after the Obligation Settlement Date and (ii) of a Final Price with respect to a Terminated
Obligation in connection with the termination by the Citibank Holder of a related hedge, if the actual settlement of the sale of
the related hedge occurs after the Termination Settlement Date. “Delay Compensation” shall accrue (x)
in the case of clause (i) above, from and including the Obligation Settlement Date to but excluding the actual settlement of the
purchase effected to establish the related hedge (and, during such period, (A) the Counterparty First Floating Amount shall be
calculated by reference to the Spread and not the Floating Rate Option and (B) Interest and Fee Amounts will be determined without
regard to payments in respect of the interest rate index, but will be determined inclusive of the applicable spread above such
interest rate index, used in the Reference Obligation Credit Agreement to calculate interest payments in respect of the related
Reference Obligation and in effect during such period) and (y) in the case of clause (ii) above, from and including the Termination
Settlement Date to but excluding the actual settlement of the sale effected to terminate the related hedge (and, during such period,
(A) the Counterparty First Floating Amount shall be calculated by reference to the Floating Rate Option and not the Spread and
(B) Interest and Fee Amounts shall be reduced by interest accrued during such period in excess of the interest rate index used
in the Reference Obligation Credit Agreement to calculate interest payments in respect of the related Reference Obligation and
in effect during such period). In connection with any adjustment by reason of Delay Compensation, (i) any initial Payment Date
in this Confirmation determined by reference to the “Obligation Settlement Date” shall be determined as if the Obligation
Settlement Date were the actual settlement of the purchase of the related hedge and (ii) any final Payment Date in this Confirmation
determined by reference to the “Termination Settlement Date” shall be determined as if the Termination Settlement Date
were the actual settlement of the termination of the related hedge.

 

    	Page 20

    	 

    

(c)       

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

7.       

REPRESENTATIONS, WARRANTIES AND
AGREEMENTS.

(a)       

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

(i)       

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

(ii)       

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

(iii)       

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

(iv)       

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

(b)       

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

(i)       

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

(ii)       

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

 

    	Page 21

    	 

    

(iii)       

except as provided in Clause
7(d)(iii), each party and its Affiliates and the Calculation Agent may, whether by virtue of the types of relationships described
herein or otherwise, at the date hereof or at any time hereafter, be in possession of information regarding any Reference Entity
or any Affiliate of any Reference Entity that is or may be material in the context of such Transaction and that may or may not
be publicly available or known to the other party. In addition, except as provided in Clause 7(b)(vii), this Confirmation does
not create any obligation on the part of such party and its Affiliates to disclose to the other party any such relationship or
information (whether or not confidential);

(iv)       

neither Citibank nor any of
its Affiliates shall be under any obligation to hedge such Transaction or to own or hold any Reference Obligation as a result of
such Transaction, and Citibank and its Affiliates may establish, maintain, modify, terminate or re-establish any hedge position
or any methodology for hedging at any time without regard to Counterparty. Counterparty acknowledges and agrees that it is not
relying on any representation, warranty or statement by Citibank or any of its Affiliates as to whether, at what times, in what
manner or by what method Citibank or any of its Affiliates may engage in any hedging activities;

(v)       

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

(vi)       

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

 

    	Page 22

    	 

    

(vii)       

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

(c)       

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

(i)       

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

(ii)       

(x) it is an “eligible
contract participant” as defined in Section 1a(18) of the U.S. Commodity Exchange Act, as amended (the “CEA”),
(y) the Master Agreement and each Transaction are subject to individual negotiation by each party, and (z) neither the Master Agreement
nor any Transaction will be executed or traded on a “trading facility” within the meaning of Section 1a(51) of the
CEA.

(d)       

Counterparty hereby represents to Citibank that:

(i)       

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

(ii)       

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

(iii)       

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

 

    	Page 23

    	 

    

(iv)       

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

(v)       

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

(vi)       

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

(vii)       

it is not, for U.S. Federal income
tax purposes, a tax-exempt organization; and

(viii)       

it is not an Affiliate of the Reference
Entity.

(e)       

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

(f)       

Multiple
Transaction Payment Netting under Section 2(c) of the Master Agreement will apply to the Transactions to which this Confirmation
relates.

(g)       

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

8.       

ADJUSTMENTS RELATING TO CERTAIN
UNPAID OR RESCINDED PAYMENTS.

(a)       

If (i) Citibank
makes any payment to Counterparty as provided under Clause 2 and the corresponding Interest and Fee Amount is not paid (in whole
or in part) when due or (ii) any Interest and Fee Amount in respect of a Reference Obligation is required to be returned (in whole
or in part) by a holder of such Reference Obligation (including, without limitation, the Citibank Holder) to the applicable Reference
Entity or paid to any other person or entity or is otherwise rescinded pursuant to any bankruptcy or insolvency law or any other
applicable law, then Counterparty will pay to Citibank, upon request by Citibank, such amount (or portion thereof) so not paid
or so required to be returned, paid or otherwise rescinded. If such returned, paid or otherwise rescinded amount is subsequently
paid, Citibank shall pay such amount (subject to Clause 8(c)) to Counterparty within ten Business Days after the date of such subsequent
payment.

 

    	Page 24

    	 

    

 

(b)       

If, with
respect to any Repaid Obligation, the corresponding payment of principal of the Repaid Obligation is required to be returned (in
whole or in part) by a holder thereof (including, without limitation, the Citibank Holder) to the applicable Reference Entity or
paid to any other person or entity or is otherwise rescinded pursuant to any bankruptcy or insolvency law or any other applicable
law, then (i) the parties hereto shall be restored severally and respectively to their former positions hereunder and thereafter
all rights and obligations of the parties hereunder shall continue as though no Repayment had occurred and (ii) without limiting
the generality of the foregoing, if either party has made a payment to the other party in respect of Capital Appreciation or Capital
Depreciation related to such Repayment as provided under Clause 2, then the party that received the payment in respect of such
Capital Appreciation or Capital Depreciation, as applicable, shall repay such amount (subject to Clause 8(c)) to the other party.
If such returned, paid or otherwise rescinded amount is subsequently paid by the related Reference Entity or any such other person
or entity, then the relevant party shall pay the amount of such Capital Appreciation or Capital Depreciation, as applicable, within
ten Business Days after the date of such subsequent payment.

(c)       

Amounts payable
pursuant to this Clause 8 shall be subject to adjustment by the Calculation Agent in good faith and on a commercially reasonable
basis, as agreed by Citibank and Counterparty, in order to preserve for the parties the intended economic risks and benefits of
the relevant Transaction.

(d)       

The payment
obligations of Citibank and Counterparty pursuant to this Clause 8 shall survive the termination of all Transactions.

9.       

CREDIT SUPPORT.

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

(a)       

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

 

    	Page 25

    	 

    

(b)       

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

	Condition	Independent Amount Percentage
	(i) With respect to any Transaction not relating to a Specified Reference Obligation:	20%
	(ii) With respect to any Transaction relating to a Specified Reference Obligation:	Such percentage as Citibank shall specify on or prior to the Obligation Trade Date for such Transaction

 

(c)       

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

(d)       

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

(e)       

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

(f)       

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

(g)       

Each Business Day shall be a Valuation Date.

(h)       

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

 

    	Page 26

    	 

    

 

(i)       

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

10.       

NOTICE AND ACCOUNT DETAILS.

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

390 Greenwich
        Street, 4th Floor

New York, New York 10013

        Tel: (212) 723-6181

        Fax: (646) 291-5779

        Attn: Mitali Sohoni

        with a copy to:

        Office of the General Counsel

        Fixed Income and Derivatives Sales and Trading

        Citibank, N.A., New York Branch

        388 Greenwich Street, 17th Floor

        New York, New York 10013

        Tel: (212) 816-2121

        Fax: (646) 862-8431

        Attn: Craig Seledee

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

ABA No.: 021-000-089

Account No.: 00167679

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

    	Page 27

    	 

    

11.       

OFFICES.

(a)       

The Office of Citibank for each Transaction:

New York, NY

(b)       

The Office of Counterparty for each Transaction:

Philadelphia, PA

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

Very truly yours,

CITIBANK, N.A.

	By:  	/s/ David Santos
	 	Name: David Santos
	 	Title: Vice President

 

CONFIRMED AND AGREED

AS OF THE DATE FIRST ABOVE WRITTEN:

CENTER CITY FUNDING LLC

	By:  	/s/ Edward T. Gallivan, Jr.
	 	Name: Edward T. Gallivan, Jr.
	 	Title: Chief Financial Officer

 

 

    	Page 28

    	 

    

ANNEX
A

ADDITIONAL DEFINITIONS

“Adjusted Notional
Funded Amount” means (A) in relation to any Reference Obligation that is a Committed Obligation (and the related
Transaction) as of any date of determination, the greater of (a) zero and (b) the sum
of (i) the Outstanding Principal Amount of such Reference Obligation as of such date of determination multiplied by the
Current Price minus (ii) the product of (x) the excess, if any, of the Commitment Amount of such Reference Obligation as
of such date over the Outstanding Principal Amount of such Reference Obligation as of such date multiplied by (y) 100%
minus the Current Price; and (B) in relation to any Reference Obligation that is a Term Obligation (and the related Transaction)
as of any date of determination, the Reference Amount of the related Reference Obligation as of such date multiplied by the
Current Price in relation to such Reference Obligation.

“Affiliate”,
for purposes of this Confirmation only, has the meaning given to such term in Rule 405 under the Securities Act of 1933, as amended.

“Approved Buyer”
means (a) any entity listed in Annex III hereto (as such Annex may be amended by mutual written consent of the parties hereto from
time to time) so long as its long-term unsecured and unsubordinated debt obligations on the “trade date” for the related
purchase or submission of a Firm Bid contemplated hereby are rated at least “A2” by Moody's and at least “A”
by S&P and (b) if an entity listed in Annex III hereto is not the principal banking or securities Affiliate within a financial
holding company group, the principal banking or securities Affiliate of such listed entity within such financial holding company
group so long as such obligations of such Affiliate have the rating indicated in clause (a) above.

“Capital Appreciation”
and “Capital Depreciation” mean, for any Total Return Payment Date, the amount determined according to
the following formula for the applicable Terminated Obligation or Repaid Obligation:

Final Price – Applicable Notional Amount

where

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

“Applicable Notional
Amount” means the Notional Funded Amount (determined immediately prior to the related Repayment Date or Termination
Trade Date) for such Terminated Obligation or Repaid Obligation, as applicable.

If such amount is positive, such
amount is “Capital Appreciation” and if such amount is negative, the absolute value of such amount is
“Capital Depreciation”.

“Committed Obligation”
means (a) any Delayed Drawdown Reference Obligation and (b) any Revolving Reference Obligation.

“Costs of Assignment”
means, in the case of any Terminated Obligation, the sum of (a) any actual costs of transfer or assignment paid by the seller under
the terms of any Terminated Obligation or otherwise actually imposed on the seller by any applicable administrative agent, borrower
or obligor incurred in connection with the sale of such Terminated Obligation and (b) any reasonable expenses incurred by the seller
in connection with such sale and, if transfers of the Terminated Obligation are subject to the Standard Terms and Conditions for
Distressed Trade Confirmations, as published by the LSTA and as in effect on the Obligation Trade Date, reasonable legal costs
incurred by the seller in connection with such sale, in each case to the extent not already reflected in the Final Price.

 

    	Page 29

    	 

    

“Credit Event”
means the occurrence of a Bankruptcy or Failure to Pay. For purposes of the determination of whether a Credit Event has occurred,
the Obligation Category will be Borrowed Money, the Payment Requirement will be USD1,000,000 and no Obligation Characteristics
will be specified. Capitalized terms used in this definition but not defined in this Confirmation shall have the meanings specified
in the 2003 ISDA Credit Derivatives Definitions.

“Current Price”
means, with respect to any Reference Obligation on any date of determination, the Calculation Agent's determination of the net
cash proceeds that would be received from the sale on such date of determination of such Reference Obligation, net of the related
Costs of Assignment. If Counterparty disputes the Calculation Agent's determination of the Current Price of any Reference Obligation,
then Counterparty may, no later than two hours after Counterparty is given notice of such determination, (a) designate up to two
entities, each of which shall be either (i) an Approved Buyer or (ii) a Dealer of credit standing acceptable to Citibank in the
exercise of its reasonable discretion and (b) provide to Citibank within such two-hour
period with respect to each such Approved Buyer or Dealer a Firm Bid with respect to the entire Reference Amount of the Reference
Obligation. The higher of such two Firm Bids will be the Current Price. The “Current Price” shall be expressed as
a percentage of par and will be determined exclusive of accrued interest.

“Dealer”
means (a) any nationally recognized independent dealer in the related Reference Obligation chosen by the Calculation Agent or its
designated Affiliate, (b) any Approved Buyer or other entity designated by the Calculation Agent and having a credit standing acceptable
to Citibank and (c) any Approved Buyer designated by Counterparty pursuant to Clause 4(b).

“Delayed Drawdown
Reference Obligation” means a Reference Obligation that (a) requires the holder thereof to make one or more future
advances to the borrower under the instrument or agreement pursuant to which such Reference Obligation was issued or created, (b)
specifies a maximum amount that can be borrowed on one or more fixed borrowing dates and (c) does not permit the re-borrowing of
any amount previously repaid; provided that, on any date on which all commitments by the holder thereof to make advances
to the borrower under such Delayed Drawdown Reference Obligation expire or are terminated or reduced to zero, such Reference Obligation
shall cease to be a Delayed Drawdown Reference Obligation.

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

“Expense or Other
Payment” means the aggregate amount of any payments (other than extensions of credit) due from the lender(s) in respect
of any Reference Obligation, including, without limitation, (a) any expense associated with any amendment, modification or waiver
of the provisions of a credit agreement, (b) any reimbursement of any agents under the provisions of a credit agreement, and (c)
any indemnity or other similar payment, including amounts owed on or after the related Obligation Termination Date in respect of
amounts incurred or any event that occurred before the related Obligation Termination Date.

 

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“Financial Sponsor”
means any entity, including any subsidiary of another entity, whose principal business activity is acquiring, holding and selling
investments (including controlling interests) in otherwise unrelated companies that each are distinct legal entities with separate
management, books and records and bank accounts, whose operations are not integrated one with another and whose financial condition
and creditworthiness are independent of the other companies so owned by such entity.

“Initial Margin Threshold”
means, on any date of determination, (a) the sum, aggregated for all Transactions, of the product of (i) the Initial Margin Percentage
applicable to such Transaction multiplied by (ii) the Notional Amount of such Transaction on such date divided by (b) the Portfolio
Notional Amount on such date.

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

(a)       

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

(b)       

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

(c)       

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

(d)       

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

(e)       

with respect to any Terminated
Transaction, if any interest on the Terminated Obligation accrued prior to the related Obligation Termination Date is actually
paid on the scheduled interest payment date next succeeding the Obligation Termination Date, then the Interest and Fee Amount shall
include the portion of such interest so paid (as determined by the Calculation Agent) that accrued with respect to the period ending
on but excluding the Obligation Termination Date.

 

    	Page 31

    	 

    

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

“LSTA”
means The Loan Syndications and Trading Association, Inc. and any successor thereto. “Moody's” means
Moody's Investors Service, Inc. or any successor thereto.

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

(i)       

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

(ii)       

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

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

 

(iii)       

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

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

 

 

    	Page 32

    	 

    

(iv)       

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

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

 

(v)       

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

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

 

(vi)       

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

(A)       

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

 

    	Page 33

    	 

    

(B)       

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

(C)       

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

For purposes of the foregoing,
a “private rating” shall refer to a rating obtained by Citibank, by Counterparty or by or on behalf of an obligor on
a Reference Obligation that is not disseminated publicly; whereas a “shadow rating” shall refer to a credit estimate
obtained upon application of Counterparty or a holder of a Reference Obligation. Any private rating or shadow rating shall be required
to be refreshed annually. If Counterparty applies to Moody's for a shadow rating or public rating of a Reference Obligation, Counterparty
shall provide evidence to Citibank of such application and shall notify Citibank of the expected rating. Counterparty shall notify
Citibank of the shadow rating or public rating assigned by Moody's to a Reference Obligation.

“Net Collateral
Value” means, as of any date of determination, an amount equal to (a) the aggregate Value (as defined in the Credit
Support Annex) on such date of all Posted Credit Support (as so defined) held by Citibank as Secured Party (as so defined) plus
(b) the aggregate of all Unrealized Capital Gains on such date with respect to the Reference Portfolio minus (c) the aggregate
of all Unrealized Capital Losses on such date with respect to the Reference Portfolio.

“Net Collateral Value
Percentage” means, as of any date of determination, an amount (expressed as a percentage) equal to (a) the Net Collateral
Value on such date divided by (b) the Portfolio Notional Amount on such date.

“Portfolio Target
Amount” means (a) during the Ramp-Up Period and the Ramp-Down Period, the Maximum Portfolio Notional Amount and (b)
at any other time, the Portfolio Notional Amount.

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

“Reference Obligation
Credit Agreement” means any term loan agreement, revolving loan agreement or other similar credit agreement governing
a Reference Obligation.

“Revolving Reference
Obligation” means a Reference Obligation that (a) requires the holder thereof to make one or more future advances
to the borrower under the instrument or agreement pursuant to which such Reference Obligation was issued or created, (b) specifies
a maximum aggregate amount that can be borrowed and (c) permits, during any period on or after the date on which the holder thereof
acquires such Reference Obligation, the re-borrowing of any amount previously repaid; provided that, on the date that all
commitments by the holder thereof to make advances to the borrower under such Revolving Reference Obligation expire or are terminated
or reduced to zero, such Reference Obligation shall cease to be a Revolving Reference Obligation.

 

    	Page 34

    	 

    

“S&P” means Standard
& Poor's Ratings Services, a division of The McGraw-Hill Companies, or any successor thereto.

“S&P Rating” means, with
respect to a Reference Obligation:

(i)       

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

(ii)       

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

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

 

(iii)       

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

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

 

(iv)       

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

 

    	Page 35

    	 

    

 

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

 

(v)       

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

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

 

(vi)       

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

(A)       

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

(B)       

for up to
10% of the Portfolio Target Amount, the S&P Rating may be determined in accordance with the methodologies for establishing
the Moody's Rating except that the S&P Rating of such obligation will be (1) one sub-category below the S&P equivalent
of the Moody's Rating if such Moody's Rating is “Baa3” or higher and (2) two sub-categories below the S&P equivalent
of the Moody's Rating if such Moody's Rating is “Ba1” or lower.

 

    	Page 36

    	 

    

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

“Specified Reference
Obligation” means any Reference Obligation whose inclusion in the Reference Portfolio (other than as a “Specified
Reference Obligation”) would not on the related Obligation Trade Date satisfy one or more of clauses (ix) through (xiii)
of the Obligation Criteria.

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

“Term Obligation”
means any Reference Obligation that is not a Committed Obligation.

“Terminated Obligation”
means any Reference Obligation or portion of any Reference Obligation that is terminated pursuant to Clause 3.

“Termination Settlement
Date” means, for any Terminated Obligation, the date customary for settlement, substantially in accordance with the
then-current market practice in the principal market for such Terminated Obligation (as determined by the Calculation Agent), of
the sale of such Terminated Obligation with the trade date for such sale occurring on the related Termination Trade Date.

“Termination Threshold”
means (a) the Initial Margin Threshold minus (b) 2.5%.

“Termination Trade
Date” means, with respect to any Terminated Obligation, the date so designated in the related Accelerated Termination
Notice; provided that:

(a)       

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

(b)       

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

 

    	Page 37

    	 

    

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

“Total Return Payment
Date” means, with respect to any Terminated Obligation or Repaid Obligation, the tenth Business Day next succeeding
the last day of the Monthly Period during which the related Obligation Termination Date occurs.

“Unrealized Capital
Gain” means, with respect to any Reference Obligation on any date of determination, if (a) the Adjusted Notional
Funded Amount on such date of determination exceeds (b) the Notional Funded Amount on such date of determination, then an amount
equal to such excess; and, otherwise, zero. For purposes of computing any Unrealized Capital Gain, a Repaid Obligation or Terminated
Obligation will be deemed to continue to be outstanding in an amount equal to its Reference Amount until (but excluding) the related
Total Return Payment Date (and after the determination of the related Final Price will have a Current Price equal to such Final
Price, expressed as a percentage of the related Outstanding Principal Amount).

“Unrealized Capital
Loss” means, with respect to any Reference Obligation on any date of determination, if (a) the Notional Funded Amount
on such date of determination exceeds (b) the Adjusted Notional Funded Amount on such date of determination, then an amount equal
to such excess; and, otherwise, zero. For purposes of computing any Unrealized Capital Loss, a Repaid Obligation or Terminated
Obligation will be deemed to continue to be outstanding in an amount equal to its Reference Amount until (but excluding) the related
Total Return Payment Date (and after the determination of the related Final Price will have a Current Price equal to such Final
Price, expressed as a percentage of the related Outstanding Principal Amount).

 

    	Page 38

    	 

    

ANNEX I

	Reference

Obligation	Reference

Entity	Reference

Amount	Outstanding

Principal

Amount	Initial

Price

(%)	Obligation

Trade Date	Obligation

Settlement

Date
	 

                                                                                 
	 	 	 	 	 	 

 

 

    	Page 39

    	 

    

ANNEX
II

OBLIGATION CRITERIA

The “Obligation Criteria”
are as follows:

(i)       

The obligation is a Loan.

(ii)       

The obligation is denominated in USD.

(iii)       

The obligation is secured.

(iv)       

The obligation is not Subordinate.

(v)       

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

(vi)       

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

(vii)       

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

(viii)       

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

(ix)       

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

(x)       

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

(xi)       

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

(xii)       

Except for any Specified
Reference Obligation, the obligation has an Initial Price as of the Obligation Trade Date of at least 80%.

(xiii)       

Except for any Specified
Reference Obligation, either (x) the obligation is on the Obligation Trade Date the subject of at least two bid quotations from
nationally recognized independent dealers in the related obligation as reported on a nationally recognized pricing service or (y)
the obligation satisfies each of the following four conditions: (A) the obligation was originated not more than 30 days prior to
the Obligation Trade Date, (B) the obligation is on the Obligation Trade Date the subject of at least one bid quotation from a
nationally recognized independent dealer in the related obligation as reported on a nationally recognized pricing service, (C)
on the Obligation Trade Date the obligation is part of a fungible class of debt obligations (as to issuance date and all economic
terms) of at least USD150,000,000 and (D) the obligation has as of the Obligation Trade Date a Moody's Rating of at least B2 and
an S&P Rating of at least B.

 

    	Page 40

    	 

    

PORTFOLIO CRITERIA

The “Portfolio Criteria” are
as follows:

(i)       

The Portfolio Notional Amount does not exceed the Maximum
Portfolio Notional Amount.

(ii)       

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

(iii)       

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

(iv)       

The sum of the Notional Amounts
for Reference Obligations of any single Reference Entity or any of its Affiliates does not exceed 5% of the Portfolio Target Amount;
provided that sum of the Notional Amounts for Reference Obligations of up to three single Reference Entities or any of its
Affiliates may be up to 7.5% of the Portfolio Target Amount.

(v)       

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

(vi)       

After the Ramp-Up Period and
prior to the Ramp-Down Period, the Reference Portfolio has a Weighted Average Rating of at most 2,720.

For purposes hereof:

“Moody's Industry Classification
Groups” means each of the categories set forth in Table 1 below.

“Weighted Average Rating”
means, as of any date of determination, the number obtained by (a) multiplying the Notional Amount of each Reference Obligation
that is not a Specified Reference Obligation by the applicable Rating Factor (as set forth in Table 2 below) for the related Reference
Entity; (b) summing the products obtained in clause (a) for all Reference Obligations that are not Specified Reference Obligations;
and (c) dividing the sum obtained in clause (b) by the aggregate of the Notional Amounts of all Reference Obligations that are
not Specified Reference Obligations.

 

    	Page 41

    	 

    

TABLE 1

MOODY'S INDUSTRY CLASSIFICATION
GROUPS

Aerospace & Defense

Automotive

Banking, Finance, Insurance and Real Estate

Beverage, Food, & Tobacco

Capital Equipment

Chemicals, Plastics, & Rubber

Construction & Building

Consumer goods: durable

Consumer goods: non-durable

Containers, Packaging, & Glass

Energy: Electricity

Energy: Oil & Gas

Environmental Industries

Forest Products & Paper

Healthcare & Pharmaceuticals

High Tech Industries

Hotel, Gaming, & Leisure

Media: Advertising, Printing & Publishing

Media: Broadcasting & Subscription

Media: Diversified & Production

Metals & Mining Retail

Services: Business

Services: Consumer

Sovereign & Public Finance

Telecommunications

Transportation: Cargo

Transportation: Consumer

Utilities: Electric

Utilities: Oil & Gas

Utilities: Water

Wholesale

 

 

    	Page 42

    	 

    

TABLE
2

RATING FACTORS

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

 

 

    	Page 43

    	 

    

ANNEX III

APPROVED
BUYERS

Bank of America, NA

The Bank of Montreal

The Bank of New York Mellon, N.A.

Barclays Bank plc

BNP Paribas

Calyon

Canadian Imperial Bank of Commerce

Citibank, N.A.

Credit Agricole S.A.

Credit Suisse

Deutsche Bank AG

Dresdner Bank AG

Goldman Sachs & Co.

HSBC Bank

JPMorgan Chase Bank, N.A.

Merrill Lynch, Pierce, Fenner & Smith Incorporated

Morgan Stanley & Co.

Natixis

Northern Trust Company

Royal Bank of Canada

The Royal Bank of Scotland plc

Societe Generale

The Toronto-Dominion Bank

UBS AG

U.S. Bank, National Association

Wachovia Bank National Association

Wells Fargo Bank, National Association

 

    	Page 44Exhibit 10.32

 

Execution Version

 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

 

This Amended and Restated Employment Agreement (this “Agreement”) is made as of  December 12, 2011 (the “Effective Date”), between US LBM Holdings, LLC, a Delaware limited liability company (the “Company”), and L.T. Gibson (“Executive”).

 

WHEREAS, the Company and Executive are parties to that certain Employment Agreement, dated as of October 30, 2009 (the “Prior Agreement”).

 

WHEREAS, the Company and Executive hereby desire to amend and restate the Prior Agreement in its entirety and replace the Prior Agreement with this Agreement.

 

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

 

1.             Employment.  The Company employs Executive, and Executive accepts employment with the Company, upon the terms and conditions set forth in this Agreement for the period beginning on the Effective Date and ending as provided in Section 4 hereof (the “Employment Period”).

 

2.             Position and Duties.

 

(a)           During the Employment Period, Executive shall serve as President and Chief Executive Officer of the Company, subject to the power and authority of the board of managers of the Company (the “Board”) to expand or limit the duties, responsibilities, functions and authority, and to overrule actions, of officers of the Company.  During the Employment Period, Executive shall report to the Board.

 

(b)           During the Employment Period, Executive shall, at all times, devote Executive’s entire working time, attention, energies, efforts and skills to the business and affairs of the Company and its Subsidiaries and shall not, directly or indirectly, engage in any other business activity, whether or not for profit, gain or other pecuniary advantages, without the express written permission of the Board.  Executive shall perform Executive’s duties, responsibilities and functions to the Company and its Subsidiaries hereunder to the best of Executive’s abilities in a diligent, conscientious, trustworthy, professional and efficient manner and shall comply with the Company’s and its Subsidiaries’ policies and procedures.  In performing Executive’s duties and exercising Executive’s authority under this Agreement, Executive shall support and implement the business and strategic plans approved from time to time by the Board, shall support and cooperate with the Company’s and its Subsidiaries’ efforts to expand their businesses and operate profitably and in conformity with the business and strategic plans approved by the Board.

 

 

(c)           For purposes of this Agreement, the following terms shall have the following meanings:

 

(i)            “Cause” shall mean with respect to Executive one or more of the following:  (1) the commission of a felony or other crime involving moral turpitude or, as reasonably determined by the Board, the commission of any other act or omission involving dishonesty, disloyalty or fraud with respect to the Company or any of its Subsidiaries or any of their customers or suppliers, (2) reporting to work under the influence of alcohol or illegal drugs, the use of illegal drugs (whether or not at the workplace) or other repeated conduct causing the Company or any of its Subsidiaries substantial public disgrace or disrepute or economic harm, (3) substantial and repeated failure to perform duties reasonably directed by the Board, (4) any act or omission aiding or abetting a competitor, supplier, or customer of the Company or any of its Subsidiaries to the material disadvantage or detriment of the Company or any of its Subsidiaries, (5) breach of fiduciary duty, gross negligence or willful misconduct with respect to the Company or any of its Subsidiaries or affiliates or (6) any other material breach of this Agreement.

 

(ii)           “Disability” shall mean Executive’s inability to perform the essential duties, responsibilities and functions of Executive’s position with the Company and its Subsidiaries as a result of any mental or physical disability or incapacity even with reasonable accommodations of such disability or incapacity provided by the Company and its Subsidiaries or if providing such accommodations would be unreasonable, all as determined by the Board in its reasonable good faith judgment.  Executive shall cooperate in all respects with the Company if a question arises as to whether Executive has become disabled (including, without limitation, submitting to an examination by a medical doctor or other health care specialists selected by the Company and authorizing such medical doctor or such other health care specialist to discuss Executive’s condition with the Company).

 

(iii)          “Good Reason” shall mean if Executive resigns from employment with the Company and its Subsidiaries prior to the end of the Employment Period as a result of the Company either (i) reducing the amount of Executive’s Base Salary by more than 10% (other than as a result of or in connection with an overall reduction in salary or compensation which affects other employees of the Company or its Subsidiaries) or (ii) a material demotion (except in connection with the termination of Executive’s employment for Cause or as a result of Executive’s death, Disability, or temporarily as a result of Executive’s illness or other absence); provided that written notice of Executive’s resignation for Good Reason must be delivered to the Company within 30 days after the occurrence of any such event in order for Executive’s resignation with Good Reason to be effective hereunder.

 

(iv)          “Subsidiaries” means, with respect to any Person, any corporation, partnership, limited liability company, association or other business entity of

 

2

 

which (1) if a corporation, a majority of the economic interests or total voting power of shares of stock entitled (irrespective of whether, at the time, stock of any other class or classes of such corporation shall have or might have voting power by reason of the happening of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (2) if a partnership, limited liability company, association or other business entity, either (A) a majority of the partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more Subsidiaries of that Person or a combination thereof, or (B) such Person is a general partner, managing member or managing director of such partnership, limited liability company, association or other entity.

 

(v)           “Person” means an individual, corporation, limited liability company, partnership, joint venture, association, trust, unincorporated organization or other entity.

 

3.             Compensation and Benefits.

 

(a)           During the Employment Period, Executive’s base salary shall be $325,000 per annum (the “Base Salary”), which salary shall be payable by the Company in regular installments in accordance with the Company’s general payroll practices (in effect from time to time).

 

(b)           In addition to the Base Salary, Executive will be eligible to receive bonus compensation during the Employment Period for meeting certain annual performance targets established by the Board from time to time and payable in accordance with such terms and conditions as determined by the Board (the “Annual Bonus”).  Executive’s Annual Bonus would be up to 100% of Executive’s Base Salary.

 

(c)           During the Employment Period, Executive will be entitled to participate in the equity incentive plan of the Company.  The terms of such participation will be set forth in a separate executive grant agreement to be entered into between Executive and the Company.

 

(d)           During the Employment Period, Executive shall be entitled to participate in all benefit programs for which senior executives of the Company and its Subsidiaries are generally eligible, including any 401(k) plans, health insurance, life insurance, disability insurance and D&O insurance offered by the Company.

 

(e)           During the Employment Period, the Company shall reimburse Executive for all reasonable business expenses incurred by Executive in the course of performing Executive’s duties and responsibilities under this Agreement which are consistent with the Company’s policies in effect, from time to time, with respect to travel,

 

3

 

entertainment and other business expenses, subject to the Company’s requirements with respect to reporting and documentation of such expenses.

 

(f)            All amounts payable to Executive as compensation hereunder shall be subject to all required and customary withholding by the Company.

 

4.             Term.

 

(a)           The Employment Period will continue until the earlier of:

 

(i)            Executive’s death or Disability;

 

(ii)           the termination by the Company at any time for Cause;

 

(iii)          the termination by the Company at any time without Cause;

 

(iv)          the resignation by Executive with Good Reason;

 

(v)           the resignation by Executive without Good Reason; and

 

(vi)          the third anniversary of the Effective Date (the “Initial Term”).

 

(b)           Following the Initial Term, the Employment Period will be automatically renewed for successive one-year periods, unless (i) otherwise terminated as set forth in this Agreement or (ii) upon 30 days prior written notice by either the Company or Executive prior to the end of the Initial Term or any successive anniversary date.  Notwithstanding anything contained in this Agreement to the contrary, Executive acknowledges and agrees that Executive’s employment with the Company is on an at-will basis, and the Company may terminate Executive’s employment with the Company at anytime for any reason.

 

(c)           If the Employment Period is terminated as provided in Sections 4(a)(iii), 4(a)(iv) or the Company provides Executive with a notice of non-renewal as contemplated under Section 4(b)(ii) above (unless such notice is delivered in connection with a termination for Cause event), Executive shall be entitled, from the date of termination and for period thereafter equal to:  (A) twenty-four months less (B) the number of months that have elapsed from the Effective Date until the date of Executive’s termination (such difference shall be referred to as, the “Severance Period”); provided, that in no event will the Severance Period be less than twelve months, to continue to receive Executive’s Base Salary through such date, payable periodically in the same amounts and at the same intervals as if the Employment Period had not ended, if and only if Executive has executed and delivered to the Company a general release in form and substance satisfactory to the Company and only so long as Executive has not breached the provisions of Sections 5 and 6 hereof, and Executive shall not be entitled to any other

 

4

 

salary, compensation or benefits after termination of the Employment Period, except as specifically provided for in the Company’s employee benefit plans or as otherwise expressly required by applicable law.  The Base Salary payable pursuant to this Section 4(b) shall be payable in regular installments in accordance with the Company’s general payroll practices.  The amounts payable and benefits provided pursuant to this Section 4(c) shall be reduced (but in no event by more than 50%) by the amount of any compensation Executive receives with respect to any other employment during the Severance Period.  Upon request from time to time, Executive shall furnish the Company with a true and complete certificate specifying any such compensation earned or benefits received by Executive during the Severance Period.

 

(d)           If the Employment Period is terminated as provided in Sections 4(a)(i), 4(a)(ii), 4(a)(v), 4(a)(vi) or Executive provides the Company with a notice of non-renewal as contemplated under Section 4(b)(ii) above (unless such notice is delivered in connection with a resignation for Good Reason event), Executive shall only be entitled to receive Executive’s Base Salary through the date of termination and shall not be entitled to any other salary, compensation or benefits from the Company or its Subsidiaries thereafter, except as otherwise specifically provided for under the Company’s employee benefit plans or as otherwise expressly required by applicable law.

 

(e)           Except as otherwise expressly provided herein, all of Executive’s rights to salary, bonuses, employee benefits and other compensation hereunder which would have accrued or become payable after the termination or expiration of the Employment Period shall cease upon such termination or expiration, other than those expressly required under applicable law.  The Company may offset any amounts Executive owes it or its Subsidiaries against any amounts it or its Subsidiaries owes Executive hereunder.

 

(f)            In all cases of termination set forth above in Section 4(a), Executive agrees to return to the Company or its Subsidiaries, as applicable, any business equipment (including but not limited to credit cards, computers, printers, fax machines and telephones) that Executive may have received from the Company or such Subsidiaries for use during Executive’s employment.

 

5.             Confidentiality; Non-Competition; Non-Solicitation; Non-Disparagement.

 

(a)           Executive recognizes and acknowledges that Executive has certain confidential and proprietary information and trade secrets of the Company and its Subsidiaries including, without limitation, customer information, pricing information, financial plans, business plans, business concepts, supplier information, know-how and intellectual property and materials related thereto (the “Confidential Information”).  Executive agrees that Executive will not, directly or indirectly, take commercial or proprietary advantage of or profit from any Confidential Information or disclose Confidential Information to any Person for any reason or purpose whatsoever, except in connection with carrying out Executive’s duties as an employee of the Company, and as

 

5

 

is required to be disclosed by an order or by applicable law; provided, that Executive shall be required to provide the Company prompt notice of any such disclosure and shall use commercially reasonable efforts to limit the extent of such disclosure.

 

(b)           Executive hereby acknowledges that Executive is familiar with the Company’s Confidential Information.  Executive acknowledges and agrees that the Company and its Subsidiaries would be irreparably damaged if Executive were to provide services to any Person competing with the Company or its Subsidiaries or engaged in a similar business and that such competition by Executive would result in a significant loss of goodwill by the Company and its Subsidiaries.  Therefore, Executive agrees that during the period commencing on the date hereof and ending on the later of (x) the one year anniversary of the date of termination of the Employment Period or (y) the expiration of the Severance Period, Executive shall not directly or indirectly own any interest in, manage, control, participate in (whether as an officer, director, manager, employee, partner, equity holder, member, agent, representative or otherwise), consult with, render services for, or in any other manner engage in any business engaged directly or indirectly, within 100 miles of any location in which the business of the Company or its Subsidiaries is currently conducted or as will be conducted during the term of this Agreement.

 

(c)           During the period commencing on the date hereof and ending on the second anniversary of the date of termination of the Employment Period, Executive shall not directly, or indirectly through another Person, (i) induce or attempt to induce any employee or consultant of the Company or any of its Subsidiaries to leave the employ or services of the Company or any of its Subsidiaries, or in any way interfere with the relationship between the Company or any of its Subsidiaries and any employee or consultant thereof, (ii) hire any person who was an employee of the Company or any of its Subsidiaries at any time during the six (6) month period immediately prior to the date on which such hiring would take place (it being conclusively presumed by the parties so as to avoid any disputes under this Section 5(c) that any such hiring within such six (6) month period is in violation of clause (i) above) or (iii) call on, solicit or service any customer, supplier, licensee, licensor or other business relation of the Company or its Subsidiaries in order to induce or attempt to induce such Person to cease doing business with, or reduce the amount of business conducted with, the Company or its Subsidiaries, or in any way interfere with the relationship between any such customer, supplier, licensee or business relation of the Company or its Subsidiaries.

 

(d)           During the period commencing on the date hereof and ending on the second anniversary of the date of termination of the Employment Period, Executive shall not, in any communications with the press or other media or any communications with any customer, client or supplier of the Company or any of its Subsidiaries criticize, ridicule or make any statement which disparages or is derogatory of the Company or any of its Subsidiaries or any of their respective directors, managers, or officers.  Executive shall not engage in any form of conduct or make any statements or representations that

 

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disparage, portray in a negative light, or otherwise impair the reputation, goodwill or commercial interests of the Company, or its past, present and future Subsidiaries, divisions, affiliates, successors, officers, directors, managers, attorneys, agents or employees.

 

(e)           If, at the time of enforcement of the covenants contained in this Section 5 (the “Restrictive Covenants”), a court shall hold that the duration, scope or area restrictions stated herein are unreasonable under circumstances then existing, the parties agree that the maximum duration, scope or area reasonable under such circumstances shall be substituted for the stated duration, scope or area and that the court shall be allowed and directed to revise the restrictions contained herein to cover the maximum period, scope and area permitted by law.  Executive has consulted with legal counsel regarding the Restrictive Covenants and based on such consultation has determined and hereby acknowledges that the Restrictive Covenants are reasonable in terms of duration, scope and area restrictions and are necessary to protect the goodwill of the Company and its Subsidiaries.

 

(f)            If Executive breaches any of the Restrictive Covenants, the Company shall have the following rights and remedies, each of which rights and remedies shall be independent of the others and severally enforceable, and each of which is in addition to, and not in lieu of, any other rights and remedies available to the Company at law or in equity: (i) the right and remedy to have the Restrictive Covenants specifically enforced by any court of competent jurisdiction (without posting bond), it being agreed that any breach or threatened breach of the Restrictive Covenants would cause irreparable injury to the Company and its Subsidiaries and that money damages would not provide an adequate remedy to Purchaser; and (ii) the right and remedy to require such Person to account for and pay over to the Company and its Subsidiaries any profits, monies, accruals, increments or other benefits derived or received by such Person as the result of any transactions constituting a breach of the Restrictive Covenants.  In the event of any breach or violation by Executive of any of the Restrictive Covenants, the time period of such covenant with respect to such Person shall be tolled until such breach or violation is resolved.

 

6.             Inventions and Patents.  Executive acknowledges that all discoveries, concepts, ideas, inventions, innovations, improvements, developments, methods, designs, analyses, drawings, reports, patent applications, copyrightable work and mask work (whether or not including any Confidential Information) and all registrations or applications related thereto, all other proprietary information and all similar or related information (whether or not patentable) which relate to the Company’s or any of its Subsidiaries’ actual or anticipated business, research and development or existing or future products or services and which are conceived, developed or made by Executive (whether above or jointly with others) while employed by the Company or any of its Subsidiaries, after October 30, 2009 (“Work Product”), belong to the Company or such

 

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Subsidiary and Executive hereby assigns, and agrees to assign, all of the above Work Product to the Company or such Subsidiary.

 

7.             Executive’s Representations.  Executive hereby represents and warrants to the Company that (i) the execution, delivery and performance of this Agreement by Executive do not and shall not conflict with, breach, violate or cause a default under any contract, agreement, instrument, order, judgment or decree to which Executive is a party or by which Executive is bound, (ii) Executive is not a party to or bound by any employment agreement, non-compete agreement or confidentiality agreement with any other person or entity and (iii) upon the execution and delivery of this Agreement by the Company, this Agreement shall be the valid and binding obligation of Executive, enforceable in accordance with its terms.  Executive hereby acknowledges and represents that Executive has consulted with independent legal counsel regarding Executive’s rights and obligations under this Agreement and that Executive fully understands the terms and conditions contained herein..

 

8.             Survival.  Sections 3 through 6 and 8 through 21 shall continue to be in full force following the expiration or termination of the Employment Period.

 

9.             Notices.  All notices, requests, consents and other communications hereunder to any party shall be deemed to be sufficient if delivered in writing in person or by telecopy (or similar electronic means with a copy following by nationally recognized overnight courier) or sent by nationally-recognized overnight courier or first class registered or certified mail, return receipt requested, postage prepaid, addressed to such party at the address set forth below or at such other address as may hereafter be designated in writing by such party to the other parties.

 

Notices to Executive:

 

L.T. Gibson
 7939 Country Brook Court
 Springboro, OH 45066

 

Notices to the Company:

 

US LBM Holdings, LLC
 c/o BlackEagle Partners, L.L.C.
 6905 Telegraph Road, Suite 205
 Bloomfield Hills, MI 48301
 Telephone No:  (313) 647-5347
 Facsimile No:  (313) 922-2934
 Attn:  Jason Runco and Bryan Tolles

 

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with a copy to:

 

Honigman Miller Schwartz and Cohn LLP
 2290 First National Building
 660 Woodward Avenue
 Detroit, MI 48226
 Telephone No:  (313) 465-7392
 Facsimile No:  (313) 465-7393
 Attn:  Michael D. DuBay

 

or such other address or to the attention of such other person as the recipient party shall have specified by prior written notice to the sending party.  Any notice under this Agreement shall be deemed to have been given when so delivered, sent or mailed.

 

10.          Severability.  Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.

 

11.          Complete Agreement.  This Agreement, those documents expressly referred to herein and other documents executed on the date of the Prior Agreement embody the complete agreement and understanding among the parties and supersede and preempt all prior understandings, agreements or representations by or among the parties or any Subsidiary of the Company and Executive, written or oral, which may have related to the subject matter hereof in any way.

 

12.          No Strict Construction.  The language used in this Agreement shall be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction shall be applied against any party.

 

13.          Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same Agreement.  Facsimile counterpart signatures to this Agreement shall be binding and enforceable.

 

14.          Assignment.  Executive may not assign any of its rights or delegate any of Executive’s performance under this Agreement, except with the prior written consent of the Company, which may be withheld in the Company’s sole discretion.  Any purported assignment of rights or delegation of performance in violation of this Section is void.

 

15.          Choice of Law.  All issues and questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by, and

 

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construed in accordance with, the laws of the State of Delaware without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware.

 

16.          Amendment and Waiver.  The provisions of this Agreement may be amended or waived only with the prior written consent of the Company (as approved by the Board) and Executive, and no course of conduct or course of dealing or failure or delay by any party hereto in enforcing or exercising any of the provisions of this Agreement (including, without limitation, the Company’s right to terminate the Employment Period for Cause) shall affect the validity, binding effect or enforceability of this Agreement or be deemed to be an implied waiver of any provision of this Agreement.

 

17.          Insurance.  The Company may, at its discretion, apply for and procure in its own name and for its own benefit life and/or disability insurance on Executive in any amount or amounts considered advisable.  Executive agrees to cooperate in any medical or other examination, supply any information and execute and deliver any applications or other instruments in writing as may be reasonably necessary to obtain and constitute such insurance.  Executive hereby represents that Executive has no reason to believe that Executive’s life is not insurable at rates now prevailing for healthy men or women, as applicable, of Executive’s age.

 

18.          Indemnification and Reimbursement of Payments on Behalf of Executive.  The Company and its respective Subsidiaries shall be entitled to deduct or withhold from any amounts owing from the Company or any of its Subsidiaries to Executive any federal, state, local or foreign withholding taxes, excise tax, or employment taxes (“Taxes”) imposed with respect to Executive’s compensation or other payments from the Company or any of its Subsidiaries or Executive’s ownership interest in the Company (including, without limitation, wages, bonuses, dividends, the receipt or exercise of equity options and/or the receipt or vesting of restricted equity).  In the event the Company or any of its Subsidiaries does not make such deductions or withholdings, Executive shall indemnify the Company and its Subsidiaries for any amounts paid with respect to any such Taxes, together with any interest, penalties and related expenses thereto.

 

19.          Executive’s Cooperation.  During the Employment Period, Executive shall cooperate with the Company and its Subsidiaries in any internal investigation or administrative, regulatory or judicial proceeding as reasonably requested by the Company (including, without limitation, Executive being available to the Company upon reasonable notice for interviews and factual investigations, appearing at the Company’s request to give testimony without requiring service of a subpoena or other legal process, volunteering to the Company all pertinent information and turning over to the Company all relevant documents which are or may come into Executive’s possession, all at times and on schedules that are reasonably consistent with Executive’s other permitted

 

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activities and commitments).  In the event the Company requires Executive’s cooperation in accordance with this Section, the Company shall reimburse Executive solely for reasonable travel expenses (including lodging and meals, upon submission of receipts).

 

20.          Remedies.  Each of the parties to this Agreement shall be entitled to enforce its rights under this Agreement specifically, to recover damages and costs (including reasonable attorney’s fees) caused by any breach of any provision of this Agreement and to exercise all other rights existing in its favor.  The parties hereto agree and acknowledge that money damages would not be an adequate remedy for Executive’s breach of any term or provision of this Agreement and that the Company in its sole discretion may apply to any court of law or equity of competent jurisdiction (without posting any bond or deposit) for specific performance and/or other injunctive relief in order to enforce or prevent any violations of the provisions of this Agreement.

 

21.          Third-Party Beneficiaries.  Nothing herein, expressed or implied, shall create or establish any third party beneficiary hereto nor confer upon any person not a party to this Agreement, any rights or remedies, including without limitation, any right to employment or continued employment for any specified period, of any nature or kind whatsoever, under or by reason of this Agreement.

 

(Signature page follows)

 

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IN WITNESS WHEREOF, the parties hereto have executed this Amended and Restated Employment Agreement as of the date first written above.

 

	
 
    	
Company:
    
	
 
    	
 
    
	
 
    	
US LBM Holdings, LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/ Jason Runco
    
	
 
    	
Name: Jason Runco
    
	
 
    	
Title: Vice President
    
	
 
    	
 
    
	
 
    	
Executive:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/ L.T. Gibson
    
	
 
    	
L.T. Gibson,   individually
    

 

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