Document:

Form of Brokerage Agreement

 EXHIBIT 10.23 
  
 CUSTOMER AGREEMENT 
  
 This agreement (“Agreement”) sets forth the terms and conditions under which we, Man Financial Inc., will open and maintain one or more accounts
(collectively, the “account”) in your name and on your behalf and otherwise transact business with you. If this account has been introduced to us, all references to us in this Agreement shall include your broker, and your broker, shall
enjoy all benefits and rights hereunder. 
  
 1. Parties. 
  
 You agree that the parties to this Agreement shall consist of us and you. If this is a joint
account (including a community property account), the term “you” refers to each account holder. Except as disclosed in writing to us, no person other than you has any interest in the account. If this is a joint account, each account holder
has full authority to act on behalf of the account and you authorize us to follow the instructions of any account holder as if such person were the sole account holder. All obligations arising hereunder are joint and several and may be enforced by
us against any or all account holders. Notwithstanding the foregoing, we may require joint action by all account holders with respect to any matter concerning the account, including the giving or cancellation of orders, and the withdrawal of monies,
securities or other property. In the event of the death of either or any of the joint account holders, the surviving joint account holder(s) shall immediately give us written notice thereof, and we may, before or after receiving such notice, take
such action, require such papers and inheritance or estate tax waivers, retain such portion of and/or restrict transactions in the account as we may deem advisable. The surviving joint account holder(s) and the estate of the deceased joint account
holder shall be jointly and severally liable to us for any net debit balance or loss in the account in any way resulting from transactions initiated prior to the receipt by us of the written notice of the death or incurred in the liquidation of the
account or the adjustment of the interests of the respective parties. 
  
 Laws
governing joint ownership of property vary from jurisdiction to jurisdiction. Generally, however, for joint tenants with rights of survivorship, in the event of the death of either tenant, the entire interest in the joint account shall be vested in
the surviving joint tenant(s) on the same terms and conditions. For tenants in common, the interest in the tenancy shall be equal unless specified and in the event of death of either tenant, the interest in their share of the tenancy shall vest in
the decedent’s legal representative. State laws regulating community property vary. Consult your own legal adviser. 
  
 2. Applicable Law and Regulations; Markets. 
  
 All transactions shall be subject to all applicable law and the rules and regulations of all federal, state and self-regulatory agencies including, but not limited to,
the Board of Governors of the Federal Reserve System and the constitution, rules and customs of the exchange or market (and clearing house) where executed. Unless you provide us with specific instructions, we may use our discretion in selecting the
market in which to place your orders. 
  
 3. Deposits on Transactions.

  
 You agree to maintain, without demand from us, such margin, cash or other
acceptable collateral as we in our discretion require from time to time and you agree to pay on demand any debit balances in your account. You will make deposits of such margin or collateral immediately upon our request. You will provide us with any
information we may require for immediate confirmation of wire transfers. 
  
 4.
Security Interest and Lien. 
  
 As security for the payment of all of your
obligations and liabilities to us or any of our affiliates through whom you conduct business, we shall have a continuing security interest in all property in which you have an interest held by or through us or any of our affiliates including, but
not limited to, securities, futures contracts, cash commodities, commercial paper, monies, any after-acquired property and all rights you may have against us or any of our affiliates. In addition, in order to satisfy any such outstanding liabilities
or obligations, we may, at any time and without prior notice to you, use, apply or transfer any of such securities or property interchangeably (including cash 

 
and fully-paid securities). In the event of a breach or default under this Agreement or any other agreement you may have with us or any of our affiliates, we
shall have all rights and remedies available to a secured creditor under any applicable law in addition to the rights and remedies provided herein. 
  
 5. Default. 
  
 Should we deem it desirable for our protection, or should we feel insecure, in each case in our reasonable discretion, or should you be in breach of or violate any of the material terms of this Agreement, we are
authorized to declare (and without the necessity of a call for additional capital) you in default under this and any other agreement you may then have with us or our affiliates, whether heretofore or hereafter entered into. In the event of default,
each of us and our affiliates reserves the right to sell, without prior notice to you, any and all property in which you have an interest held by or through us or our affiliates, to buy any or all property which may have been sold short, to cancel
any or all outstanding transactions and/or to purchase or sell any other property to offset market risk, and to offset any indebtedness or position you may have, including by means of an exchange for physicals transaction, after which you shall be
liable to us, for any remaining deficiencies, losses, costs or expenses sustained by us in connection therewith. We will, however, make reasonable efforts to notify you subsequently should we exercise our rights under this Section without prior
notice to you. Such purchases and/or sales may be effected publicly or privately without notice or advertisement in such manner as we may in our sole discretion determine. At any such sale or purchase, we may purchase or sell the property free of
any right of redemption. In addition, we shall have the right to set off and apply any amount owing from our affiliates to you against any indebtedness in your account, whether matured or unmatured. You are unconditionally obligated to pay to us the
amount of any debit balance in your account, however incurred, at the lesser of the highest rate permitted by applicable law or two percent above the current prime rate as announced from time to time by the banking institutions with which we
normally do business. 
  
 6. Fees and Charges. 
  
 You understand that we will charge commissions and other fees for clearing, execution,
custody, storage, delivery or any other service furnished to you and you agree to pay such commissions, fees and interest on monies owed to us at our then-prevailing rates. You understand further that such commissions, fees and interest rates may be
changed from time to time. You will also be charged a fee for positions transferred to another broker. We may receive remuneration for directing orders to a particular broker or dealer or market center for execution. Such remuneration is considered
compensation to us. We may pay a portion of fees and commissions charged to your Account to third-parties that have introduced your account to us or serviced your account. You understand that we or an affiliate may act as principal in certain
transactions with you, including but not limited to, cash market transactions, forward contracts, or exchanges of physicals for futures (“EFPs”). 
  
 7. Making Delivery; Liquidation Instructions. 
  
 You agree to give us timely notice if you intend to make or take delivery under a contract or to exercise any option contract. If so requested by us, you shall satisfy us
that you can fulfill your obligations to make or take delivery and shall furnish us with property deliverable by you under any contract in accordance with our directions. We shall not have any obligation to exercise any long option contract unless
you have furnished us with timely exercise instructions and sufficient initial margin with respect to each underlying contract. If we sell any property at your direction and you fail for any reasons to supply us with such property, we may (but shall
not be obligated to) borrow or buy for you any property necessary to make such delivery. Under no circumstances shall we be obliged to make any payment or delivery to you except against receipt of payment or delivery by you of monies or other
property requested by us. You shall be responsible for providing insurance coverage for any deliveries made or accepted by you. We do not provide any insurance coverage. If you do not provide insurance coverage, you agree to bear the risk of loss.

  
 8. [OMITTED] 

 9. Reports. 
  
 Reports of execution of orders sent by us to you shall be binding and conclusive on you unless, in the case of a verbal report, you object at the time the report is
received by you or your agent; and in the case of a written report, you object in writing prior to the opening of trading on the business day following the day you have received the report. In addition, if after you have placed an order with us and
have not received a written or verbal confirmation thereof in accordance with our practice, you immediately shall notify us thereof. If you fail to notify us as set forth in this section, you agree that you shall be deemed estopped to object and to
have waived any objection to our execution or failure to execute any transaction. Nothing contained in this section, however, shall bind us with respect to any transaction or price reported (whether verbal or in writing) in error, or prevent us,
upon discovery of any error or omission, from correcting the error or omission, and putting the account in the same position it would have been in if the error or omission had not occurred. 
  
 10. Waiver, Assignment and Notices. 
  
 Neither our failure to insist at any time upon strict compliance with this Agreement or with
any of the terms hereof nor any continued course of such conduct on our part shall constitute or be considered a waiver by us of any of our rights or privileges hereunder. We may assign this Agreement and your account upon notice to you. Any
assignment of your rights and obligations hereunder or interest in any property held by or through us without obtaining the prior written consent of an authorized representative of ours shall be null and void. Notices or other communications,
including margin calls, delivered or mailed, including by facsimile or electronic transmission, to the address provided by you, shall, until we have received notice in writing of a different address, be deemed to have been personally delivered to
you. 
  
 11. Clearance Accounts. 
  
 If your account has been introduced to us by another broker, that broker is acting as your
agent and your broker in this relationship is not an agent of or affiliated with us. Unless we receive from you prior written notice to the contrary, we may accept from such other broker, without any inquiry or investigation: (a) orders for the
purchase or sale of securities and other property in your account on margin or otherwise; and (b) any other instructions concerning your account or the property therein. You understand and agree that our role is limited to execution,
clearing and bookkeeping for transactions made pursuant to instructions from you or your broker, and we generally will not inquire into the circumstances surrounding any transaction for your account. We are not responsible for any acts or omissions
of your broker, including, but not limited to, sales practices, trading practices or recommendations. You agree to look solely to your broker for redress of any loss or damage arising out of circumstances other than our own negligence or willful
misconduct in the execution, clearance or bookkeeping of transactions for your account. You understand and agree that we will pay a substantial portion of the brokerage commissions charged to your account in consideration of introducing and
servicing your account. 
  
 12. Indemnification; Costs of Collection.

  
 You agree to indemnify and hold harmless each of us, our affiliates and
our respective shareholders, directors, officers, employees and agents from and against any liability, damage, cost or expense (including, without limitation, legal fees and expenses, amounts paid in settlement of any claims, interest and any fines
or penalties imposed by any exchange, self-regulatory organization or governmental agency) any of them may incur or be subjected to with respect to you or your Account or any transaction or position therein except to the extent that such liability,
damage, cost or expense arises out of our negligence, willful misconduct or fraud, or as a result of your violation of any of your material representations, agreements or obligations under this Agreement. You agree to pay and authorize us to charge
you for any direct or indirect costs of collection, defense and enforcing any of our rights under this Agreement including, but not limited to, interest, legal fees, court costs and other expenses. 

 13. Free Credit Balances; Transfer Arrangements. 
  
 You hereby direct us to use any free credit balance in your account in accordance with all applicable rules and regulations and you
authorize us, in our discretion, to transfer any free credit balances and cash in your account daily to a non-regulated account. 
  
 14. Restrictions. 
  
 You understand that we may restrict or prohibit trading in, or close, your account. 
  
 15. Credit Information and Investigation. 
  
 You authorize us and, if applicable, your broker, in our or their discretion, to make and
obtain reports concerning your credit standing and business conduct. 
  
 16.
Legally Binding. 
  
 This Agreement shall be binding upon the parties hereto
and their respective successors and assigns and supersedes any prior agreements between the parties with respect to the subject matter hereof. You further agree that all purchases and sales shall be exclusively for your account in accordance with
your oral or written instructions. You hereby waive any and all defenses that any such instruction was not in writing as may be required by the statute of frauds or any similar law, rule or regulation. 
  
 17. Amendment. 
  
 You agree that we may modify the terms of this Agreement at any time upon prior written notice to you. By continuing to accept services from
us, you will have indicated your acceptance of any such modification. If you do not accept any such modification, you must notify us thereof in writing and your account may then be terminated, but you will still be liable thereafter to us for all
remaining liabilities and obligations. Otherwise, this Agreement may not be waived or modified absent a written instrument signed by an authorized representative of ours. No oral agreements or instructions purporting to amend this Agreement will be
recognized or enforceable. 
  
 18. Severability. 
  
 If any provision hereof is or should become or be deemed to be inconsistent with any present
or future law, rule or regulation of any court, arbitral body, sovereign government or regulatory body having jurisdiction over the subject matter of this Agreement, such provision shall be deemed to be rescinded or modified in accordance with any
such law, rule or regulation. In all other respects, this Agreement shall continue to remain in full force and effect. 
  
 19. Limitation of Liability. 
  
 You shall have no claim against us or any of our affiliates for any loss, damage, liability, cost, charge, expense, penalty, fine or tax caused directly or indirectly by:
(a) any law, regulation, rule or order; (b) suspension, or termination of trading; (c) war, civil or labor disturbance; (d) any delays or inaccuracies in the transmission or reporting of orders or
other information due to a breakdown or failure of any transmission or communication facilities for any reason; (e) failure or delay for any reason of any broker, bank, depository or custodian to fulfill its obligations or to pay in full
any amounts owed to us; (f) failure or delay by any entity which, consistent with applicable regulations, is holding customer segregated funds, securities or other property, to pay or deliver same to us; or (g) any other
causes beyond our control. 
  
 We will execute your transactions solely as your
agent. In executing transactions on an exchange, we may use floor brokers (who may be our employees or other agents of ours), but we will not be responsible to you for negligence or misconduct of an independent floor broker if, at the time the floor
broker was selected, the floor broker was authorized to act as such under the rules of the relevant exchange and the appropriate regulatory agency. We will not be responsible to you in the event of error, failure, negligence or misconduct on the
part of any intermediary, commodity trading advisor or other person acting on your behalf and, without limitation, we have no obligation to 

 
investigate the facts surrounding any transaction in your Account(s) which is introduced by such intermediary, commodity trading advisor or other person. You
will indemnify us and hold us harmless from and against any and all liabilities, penalties, losses and expenses, including legal expenses and attorneys’ fees, incurred by us as a result of any error, failure, negligence or misconduct on the
part of any such intermediary, commodity trading advisor or other person acting on your behalf. We shall only be liable for actions or inactions by us which amount to negligence, willful misconduct or fraud. You also agree that we shall not be
liable to you for any losses, costs, expenses or other damages sustained by you in the event of any failure or delay by any exchange, market, clearing house, bank or other depository institution where any of your funds or other assets are
maintained, or a failure or delay by any member, bank or agent of any of the foregoing, or a failure or delay by any of the foregoing to enforce its rules, to fulfill its obligations or to make any payment, for any reason whatsoever. You waive any
claim, cause of action or right as against us, our employees or agents that may arise or occur as a result thereof. 
  
 20. Telephone Conversations. 
  
 For the protection of both you and us, and as a way of correcting misunderstandings, you hereby authorize us, at our discretion and without prior notice to you, to
monitor and/or record (with or without tone warning devices) any or all telephone conversations between you and any of our employees or agents. 
  
 21. Additional Rights and Remedies. 
  
 The rights and remedies granted herein to us are in addition to any other rights and remedies provided to us in any other agreement you may have with us, and you hereby
appoint us as your agent to take any action necessary to perfect ourselves with respect to the security interest granted to us in this Agreement. 
  
 22. Authority. 
  
 You represent that this Agreement has been duly authorized and executed by you and that you have full power and authority to trade futures, physical commodities, currencies, securities and options on the foregoing and
related instruments. By signing this Agreement on behalf of an entity, you represent that the entity on whose behalf you are acting is authorized to enter into this Agreement and that you are duly authorized to sign this Agreement in its name.

  
 23. Customer’s Representations and Warranties. 
  
 You represent to us that all information supplied by you in connection with the opening of
your account, including the Customer Account Application, is accurate and complete, and that we are legally entitled to rely on such information, and you agree to report promptly to us any material change in such information. You represent to us
that you have read and understand all risk disclosure statements that we have provided to you, and understand that all transactions effected for your account are at your risk, and that you are solely liable therefor under all circumstances. You
acknowledge that futures trading is only suitable for persons who are financially able to withstand losses. Such losses may substantially exceed margins or other funds you have deposited with us. You agree to inform us immediately if you cease to be
willing or financially able to sustain such losses. 
  
 24. Pension Accounts.

  
 If you are a Keogh Plan, Pension and Profit Sharing Trust, or other
employee benefit plan as defined by Section 3(3) of the Employee Retirement Income Security Act (Collectively a “Plan”; “ERISA”), the undersigned trustee (“Trustee”) acknowledges that the establishment of the
account and all transactions executed through the account are subject to certain restrictions under Section 404(a) of ERISA, including the requirement that such transactions be prudent, that the investments be diversified, and that there are
certain transactions which the Plan is prohibited from entering into under Section 406 of ERISA and Section 4975 of the Internal Revenue Code (“Code”), regardless of whether such transactions are prudent; and Trustee further
acknowledges that certain transactions if entered into by the Plan may result in the recognition of taxable income under Section 511 of the Code. Trustee represents and warrants that, with respect to each transaction to be executed through the
account, the determination as to whether such transaction complies with the standards of Section 404(a) of ERISA, will constitute a transaction prohibited under Section 406 of ERISA, or Section 4975 of the Code, or will result in the
recognition of taxable income, will be made either by Trustee or by another person who has been determined by Trustee to be either a fiduciary or an 

 
investment manager properly delegated the authority to make, or to advise the Plan as to, such determinations. Trustee understands and agrees that the
individual account plan permits participant-directed investments pursuant to Section 404(c) of ERISA. In no event shall we have any responsibility or authority to make, or to advise the Plan or Trustee as to, such determinations. Trustee
understands and agrees that we are neither a fiduciary nor an investment manager with respect to the Plan as defined in Sections 3(21) and 3(38) of ERISA. Nevertheless, if, contrary to the expectations of the parties, it is ever finally determined
that we are a fiduciary or investment manager, our responsibility and authority in acting in such capacity shall be limited to performing our obligations as specifically set forth herein, and Trustee represents and warrants that such allocation of
fiduciary responsibility is authorized under the instrument pursuant to which you maintained in accordance with Section 402 (c) of ERISA. 
  
 By signing this Agreement, Trustee agrees to indemnify us for any liability which may be imposed on us including, but not limited to, Section 409 of ERISA or any tax
which may be assessed against us under Section 4975 of the Code, or any other damage or expense which may be suffered by us by reason of your being subject to the provisions of ERISA, including all costs and expense (including attorneys’
fees) incurred by us in defending against the foregoing. The foregoing provision shall also apply to any federal or state fiduciary law governing the investments of employee benefit plans which is supplementary to, or in lieu of the specific
provisions of ERISA referred to herein. 
  
 25. Currency Exchange Rates.

  
 If any transaction is effected in a foreign currency, any profit or loss
arising as a result of a fluctuation in the exchange rate affecting such currency will be entirely for your account and risk. All deposits shall be made in United States currency, unless we request any such deposit in the currency of some other
country, in which case such deposit shall be made in such currency. When any position is liquidated, we shall debit or credit your account in United States currency at the rate of exchange determined by us in our sole discretion on the basis of the
then prevailing money rates for such foreign currency, unless you shall have given us specific written instructions to make such debit or credit in the foreign currency involved. 
  
 26. Funds on Deposit in Non-U.S. Banking Institutions. 
  
 Funds of customers trading on United States contract markets may be held in accounts denominated in a foreign currency with depositories
located outside the United States or its territories if you are domiciled in a foreign country or if the funds are held in connection with contracts priced and settled in a foreign currency. Such accounts are subject to the risk that events could
occur which would hinder or prevent the availability of these funds for distribution to you. Such accounts may also be subject to foreign currency exchange rate risks. 
  
 You authorize the deposit of funds into such foreign depositories. For customers domiciled in the United States, this authorization permits
the holding of funds in regulated accounts offshore only if such funds are used to margin, guarantee, or secure positions in such contracts or accrue as a result of such positions. 
  
 In order to avoid the possible dilution of other customer funds, if you have funds held outside the United States, you further agree that
your claims based on such funds will be subordinated in the unlikely event both of the following conditions are met: (1) Your futures commission merchant is placed in receivership or bankruptcy; and (2) there are insufficient funds
available for distribution denominated in the foreign currency as to which you have a claim to satisfy all claims against those funds. 
  
 You agree that if both of the conditions listed above occur, your claim against our assets attributable to funds held overseas in a particular foreign currency may be
satisfied out of segregated customer funds held in accounts denominated in dollars or other foreign currencies only after each customer whose funds are held in dollars or in such other foreign currencies received its pro-rata portion of such funds.
You further agree that in no event may a customer whose funds are held overseas receive more than its pro-rata share of the aggregate pool consisting of funds held in dollars, funds held in the particular foreign currency, and nonsegregated assets
of the company. 

 27. CFTC Regulations. 
  
 You are aware that CFTC Regulation 1.35(a-2)(2) requires you to create, retain and produce upon the request of the CFTC, the United States Department of Justice and the
applicable exchange, documentation of cash transactions underlying exchanges of futures for cash commodities or exchanges of futures in connection with cash commodity transactions and, if you effect any such exchange of futures, you will comply with
Regulation 1.35 (1-2) (2). If you maintain separate accounts in which, pursuant to CFTC Regulation 1.46(d)(6), offsetting positions are not closed out, you understand that, if held open, offsetting long and short positions in the separate accounts
may result in the charging of additional margins even though offsetting positions will result in no additional market gain or loss. If you are a non-United States person, you acknowledge that: (a) CFTC Regulation 15.05 designates us as the
agent of foreign brokers, customers of foreign brokers, and foreign traders for certain purposes; and (b) CFTC Regulation 21.03 authorizes the CFTC to request, when unusual market circumstances exist, certain account information from us as well
as foreign brokers and traders. 
  
 28. Online Services/Electronic Statements.

  
 If we provide you with access to online brokerage service facilities, you
agree to our posted terms of use, privacy statement and service agreement and the Electronic Order Entry & Account Access Agreement as if the same were set forth in this Agreement. We do not guarantee access to your account at all times,
nor do we guarantee the receipt, acceptance and entry of any order transmitted to us electronically. You further agree that any market data or information provided to you will not be broadcast, retransmitted or commercially exploited and you
acknowledge that exchanges and markets have a proprietary interest in this data and information. If you have agreed to the electronic transmission of information, you understand that we do not guarantee delivery. 
  
 29. Governing Law; Jurisdiction and Venue; Service of Process; Limitation on Actions;
Waiver of Jury Trial. 
  
 In order to induce us to accept this Agreement, and
for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, you hereby agree to the following: 
  
 A. This Agreement is made, upon acceptance by us, in the State of Illinois, and shall be governed by, and the rights and liabilities of the parties shall be determined in
accordance with, the laws of the State of Illinois, without regard to any of its conflicts of laws, principles or rules, and by the laws of the United States. 
  

B. If you have not entered into an arbitration agreement or if arbitration is unavailable, all actions or proceedings, whether initiated by you or us, with respect
to any controversy arising out of or related to this agreement, shall be litigated only in courts whose situs is in the State of Illinois. You hereby submit to the jurisdiction of the United States District Court of the Northern District of
Illinois, Eastern Division, and any other court of competent jurisdiction whose situs is in Chicago, Illinois. If you bring any arbitration (including, but not limited to, NFA arbitrations), administrative or reparations proceedings against us, you
hereby authorize and direct such arbitrators, administrative law judges, or judgment officers to hold any such proceedings in Chicago, Illinois. You hereby waive any right you may have to transfer or change the venue of any litigation you may bring
against us, or that such litigation is brought in an inconvenient forum or that forum is improper. 
  
 C. You agree to accept court service of process by registered or certified mail addressed to you at the address you provided in your customer application, or to such other addresses as you have supplied to us in
writing, and such service shall constitute personal service of process. 
  
 D. You
hereby waive any right you may have to a trial by jury. 

 30. Headings. 
  
 The headings of the provisions hereof are for descriptive purposes only and shall not modify or qualify any of the rights or obligations set forth in
such provisions. 
  
 31. Series Disclaimer. 
  
 We acknowledge and agree that you are a wholly-owned subsidiary of The Frontier Fund, a
Delaware statutory trust (the “Trust”) and that the Trust is organized in series pursuant to Section 3804(a) and 3806(b)(2) of the Delaware Statutory Trust Act. As such, the debts, liabilities, obligations and expenses incurred,
contracted for or otherwise existing with respect to each series of the Trust shall be enforceable against the assets of such series of the Trust only, and not against the assets of the Trust generally or the assets of any other series of the Trust
or against the Trustee of the Trust. We also acknowledge and understand that there may be several series of the Trust created pursuant to the Declaration of Trust and Trust Agreement of the Trust. 
  
 CUSTOMER AGREEMENT 
  
 I acknowledge that this is a contractual agreement. I have read it carefully and, by
signing, I agree to be bound by every term and condition, including the consents relating to jurisdiction, venue, service and limitations on actions set forth in Paragraph 29. No modification of this Agreement is valid unless accepted by us in
writing as provided in Paragraph 17. [I confirm that I have downloaded a full set of account documents from your website and I have not made any alterations or deletions to this agreement or any such documents from the original forms posted on the
website. In the event that there are any alterations or deletions to this agreement or any such documents, such alterations and deletions shall not be binding on you and said original forms shall govern my account relationship with you.]

  

											
	Signature of Customer	 	 	  	Title	  	 	  	Date	  	 
						
	Signature of Customer	 	 	  	Title	  	 	  	Date	  	 
						
	Signature of Customer	 	 	  	Title	  	 	  	Date	  	 
						
	Signature of Customer	 	 	  	Title	  	 	  	Date	  	 

  
 IF A PARTNERSHIP ACCOUNT, EACH GENERAL
PARTNER MUST SIGN; IF A CORPORATE ACCOUNT, AN AUTHORIZED OFFICER MUST SIGN; IF AN L.L.C. ACCOUNT, EACH MANAGING MEMBER MUST SIGN; IF A TRUST ACCOUNT, EACH TRUSTEE MUST SIGN. 

 ACKNOWLEDGEMENT OF RISK 
  
 I hereby acknowledge that I have received, read and understand the CITC Rule 1.55 Risk
Disclosure Statement for Futures and Options on pages 1 and 2 of this booklet. I also understand that you are relying on me to familiarize myself with any disclosures in this booklet that are or may become applicable to my trading. 
  

											
	Signature of Customer	 	 	  	Title	  	 	  	Date	  	 
						
	Signature of Customer	 	 	  	Title	  	 	  	Date	  	 
						
	Signature of Customer	 	 	  	Title	  	 	  	Date	  	 
						
	Signature of Customer	 	 	  	Title	  	 	  	Date	  	 

  
 IF A PARTNERSHIP ACCOUNT, EACH GENERAL
PARTNER MUST SIGN; IF A CORPORATE ACCOUNT, AN AUTHORIZED OFFICER MUST SIGN; IF AN L.L.C. ACCOUNT, EACH MANAGING MEMBER MUST SIGN; IF A TRUST ACCOUNT, EACH TRUSTEE MUST SIGN. 
  
 AUTHORIZATION TO TRANSFER FUNDS 
  
 I authorize you, at any time and without prior notice to me, to transfer any excess funds,
equities, securities or other property which you deem necessary between my Regulated Account (i.e. any account in which there are commodity interests governed by the Commodity Exchange Act) and any other account(s) held by me with you or any of your
affiliates, in order to reduce or satisfy any margin deficiency or deficit. You agree to confirm any such transfer to me in writing, and such confirmation shall be deemed reasonable notice. 
  

											
	Signature of Customer	 	 	  	Title	  	 	  	Date	  	 
						
	Signature of Customer	 	 	  	Title	  	 	  	Date	  	 
						
	Signature of Customer	 	 	  	Title	  	 	  	Date	  	 
						
	Signature of Customer	 	 	  	Title	  	 	  	Date	  	 

  
 IF A PARTNERSHIP ACCOUNT, EACH GENERAL
PARTNER MUST SIGN; IF A CORPORATE ACCOUNT, AN AUTHORIZED OFFICER MUST SIGN; IF AN L.L.C. ACCOUNT, EACH MANAGING MEMBER MUST SIGN; IF A TRUST ACCOUNT, EACH TRUSTEE MUST SIGN. 
  
 PERMISSION TO CROSS TRADES 
  
 I hereby consent to you, your “affiliated persons” (as defined in 17 C.F.R. 155 et
seq., as amended) or any floor broker acting on behalf of you or your customers, taking, directly or indirectly, the other side of any order I place with you, in accordance with the rules of applicable futures exchanges. You are authorized to give
my consent to any such floor broker. 
  

											
	Signature of Customer	 	 	  	Title	  	 	  	Date	  	 
						
	Signature of Customer	 	 	  	Title	  	 	  	Date	  	 
						
	Signature of Customer	 	 	  	Title	  	 	  	Date	  	 
						
	Signature of Customer	 	 	  	Title	  	 	  	Date	  	 

  
 IF A PARTNERSHIP ACCOUNT, EACH GENERAL
PARTNER MUST SIGN; IF A CORPORATE ACCOUNT, AN AUTHORIZED OFFICER MUST SIGN; IF AN L.L.C. ACCOUNT, EACH MANAGING MEMBER MUST SIGN; IF A TRUST ACCOUNT, EACH TRUSTEE MUST SIGN. 
  
 CONSENT TO ELECTRONIC TRANSMISSION OF ACCOUNT
STATEMENTS (OPTIONAL) 
  
 I hereby consent to
your sending to me daily confirmation and purchase and sale statements as well as monthly account statements (collectively “Statements”) relating to my account(s), at no additional cost to me, by electronic media rather than by hard copy
mailing. I may revoke this consent at any time upon written notice to you. 

 I wish to receive electronic transmission of my Statements via e-mail at: 
  

  
 PLEASE PRINT E-MAIL ADDRESS CLEARLY:

  

											
	Signature of Customer	 	 	  	Title	  	 	  	Date	  	 
						
	Signature of Customer	 	 	  	Title	  	 	  	Date	  	 
						
	Signature of Customer	 	 	  	Title	  	 	  	Date	  	 
						
	Signature of Customer	 	 	  	Title	  	 	  	Date	  	 

  
 IF A PARTNERSHIP ACCOUNT, EACH GENERAL
PARTNER MUST SIGN; IF A CORPORATE ACCOUNT, AN AUTHORIZED OFFICER MUST SIGN; IF AN L.L.C. ACCOUNT, EACH MANAGING MEMBER MUST SIGN; IF A TRUST ACCOUNT, EACH TRUSTEE MUST SIGN. 

 ELECTRONIC ORDER ENTRY & ACCOUNT 
 ACCESS AGREEMENT 
  
 1. License Grant
and Right of Use 
  
 This Agreement sets forth the terms and conditions under
which we, Man Financial Inc, shall permit you to have access to one or more terminals, including terminal access through your internet browser, for the electronic transmission of orders for your accounts with us. This Agreement also sets forth the
terms and conditions under which we shall permit you electronically to monitor the activity and positions in your account (collectively, the “Service”). The Service may be a proprietary service offered by us or a third party system offered
by another broker, vendor or exchange. For purposes of this Agreement, the term “Service” includes all software and communication links. By this Agreement, where we are supplying you with software for use with the Service, we grant you
non-exclusive and non-transferable license to use such software subject to the terms hereof. You may use the software solely for your own internal business purposes. Neither the software nor the Service may be used to provide computer time sharing,
third party training, virtual or actual hosting or as a service bureau for any third parties. If your account has been introduced to us, all references to us in this Agreement shall include your broker, and your broker shall enjoy all benefits and
rights hereunder. Nothing in this Agreement alters or modifies the terms of any other agreement between us. If the Service is sponsored by a third party, you agree that we shall enjoy all of the rights and benefits under the terms of any agreements
between the third party Service sponsor and you as if we were a party to such agreement. 
  
 2. Access 
  
 Where access is controlled
by us, we shall provide you with access to the Service. If the Service is sponsored by a third party you may need additional consents in order to access the Service. The Service may be used to transmit, receive and confirm execution of orders,
subject to prevailing market conditions and applicable exchange rules and regulations. We consent to your access and use in reliance upon your having adopted procedures to prevent unauthorized access to and use of the Service, and in any event, you
agree to any financial liability for trades executed through the Service. 
  
 If
permitted by the Service, you may send and receive electronic mail, engage in conferences and chats, download and upload files and otherwise use the Service as permitted herein, our policies, applicable law and, if a third party sponsored Service,
the Service’s terms of use and access agreement. Files that you upload and your activity in conferences and chats are subject to review, modification and deletion without notice to you. We reserve the right in our sole discretion to institute
or change policies at any time. Files uploaded to a bulletin board may be subject to posted limitations on usage, reproduction and/or dissemination, and you are responsible for adhering to such limitations if you download them. 
  
 3. Use of Passwords 
  
 You acknowledge, represent and warrant that: (a) you have received a number, code or other sequence which provides access to the
Service (the “Password”); (b) you are the sole and exclusive owner of the Password; (c) you are the sole and exclusive owner of any identification number, code or other sequence which allows access to the Service via computerized
online service (the “ID”); and (d) you accept full responsibility for use and protection of the Password and the ID as well as for any transaction occurring in an account opened, held or accessed through the ID or the Password.

  
 You shall be legally bound by any electronic order entry and account access
agreement with us upon clicking the “I ACCEPT” button (or other similar indicia of acceptance) after entering the required Password or ID. You represent, warrant and agree that any individual who has possession of any Password or ID is
your duly authorized representative, having the power and authority to legally bind you in this manner. Such acceptance shall be deemed to be as effective as a written signature performed manually by you and shall be deemed to satisfy any writings
requirements of any applicable law despite being written and accepted electronically. Our electronically or other properly stored copy of any such agreement shall be deemed to be the true, complete, valid, authentic and enforceable copy of any such
agreement. Our electronically stored record of the date on which you accept such an 

 
agreement shall be conclusive evidence as to the effective date. Except if there is obvious tampering or loss of data, you shall not contest the
admissibility or enforceability of our copy of any such agreement. 
  
 4.
Warranties and Limitation of Liability 
  
 You accept responsibility for
selection and use of the Service and for any trading and other decisions made by you based on its use. You shall not use any Password or ID we supply to you for clearing any transaction with another broker. 
  
 You accept responsibility for the monitoring of your account. You will immediately notify
your broker and us in writing if you become aware of the following: (a) any loss, theft or unauthorized use of your Password(s), IDs and/or account number(s); or (b) any failure by you to receive a message indicating that an order was
received and/or executed; or (c) any failure by you to receive an accurate confirmation of an execution; or (d) any receipt of confirmation of an order and/or execution which you did not place; or (e) any inaccurate information in
your account balances, positions, or transaction history. 
  
 THE SERVICE IS
PROVIDED “AS IS” AND WE MAKE NO EXPRESS OR IMPLIED REPRESENTATIONS OR WARRANTIES TO YOU REGARDING THE USABILITY, CONDITION OR OPERATION THEREOF. WE MAKE NO REPRESENTATIONS OR WARRANTIES REGARDING THE GOODS OR SERVICES PROVIDED BY ANY THIRD
PARTIES WHO MAY PROVIDE CONTENT OR OFFER OTHER SERVICES. WE DO NOT WARRANT THAT ACCESS TO OR USE OF THE SERVICE WILL BE UNINTERRUPTED OR ERROR-FREE, OR THAT THE SERVICE WILL MEET ANY PARTICULAR CRITERIA OF PERFORMANCE OR QUALITY. WE EXPRESSLY
DISCLAIM ALL IMPLIED WARRANTIES, INCLUDING WITHOUT LIMITATION WARRANTIES OF MERCHANTABILITY, TITLE, FI1NESS FOR A PARTICULAR PURPOSE, NONINFRINGEMENT, COMPATIBILITY, SECURITY OR ACCURACY. 
  
 UNDER NO CIRCUMSTANCES, INCLUDING NEGLIGENCE, SHALL WE OR ANYONE ELSE INVOLVED IN CREATING, PRODUCING, DELIVERING OR MANAGING THE SERVICE BE
LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL OR CONSEQUENTIAL DAMAGES THAT RESULT FROM THE USE OF OR INABILITY TO USE THE SERVICE, OR OUT OF ANY BREACH OF ANY WARRANTY, INCLUDING, WITHOUT LIMITATION, THOSE FOR BUSINESS INTERRUPTION OR LOSS
OF PROFITS. THIS EXCLUSION OR LIMITATION OF LIABILITY WILL NOT APPLY TO THE EXTENT THAT ANY APPLICABLE STATUTE PROHIBITS SUCH EXCLUSION OR LIMITATION OF LIABILITY. ANY LIABILITY ARISING OUT OF ANY ACTION OR OMISSION BY US SHALL BE LIMITED TO AN
AMOUNT EQUAL TO THE AMOUNT OF USER FEES PAID TO US BY YOU FOR SERVICE ACCESS. 
  
 YOU EXPRESSLY AGREE THAT YOUR USE OF THE SERVICE IS AT YOUR SOLE RISK. YOU ASSUME FULL RESPONSIBILITY AND RISK OF LOSS RESULTING FROM USE OF, OR MATERIALS OBTAINED THROUGH, THE SERVICE. NEITHER WE NOR ANY OF OUR DIRECTORS, OFFICERS,
EMPLOYEES, AGENTS, CONTRACTORS, AFFILIATES, THIRD PARTY VENDORS, FACILITIES, INFORMATION PROVIDERS, LICENSORS, EXCHANGES, CLEARING ORGANIZATIONS OR OTHER SUPPLIERS PROVIDING DATA, INFORMATION, OR SERVICES, INCLUDING BUT NOT LIMITED TO THE NEW YORK
STOCK EXCHANGE, INC. (EACH A “PROVIDER”), WARRANT THAT THE SERVICE WILL BE UNINTERRUPTED OR ERROR FREE; NOR DO WE OR THEY MAKE ANY WARRANTY AS TO THE RESULTS THAT MAY BE OBTAINED FROM THE USE OF THE SERVICE OR AS TO THE TIMELINESS,
SEQUENCE, ACCURACY, COMPLETENESS, RELIABILITY OR CONTENT OF ANY INFORMATION, SERVICE, OR TRANSACTION PROVIDED THROUGH THE SERVICE. 
  
 THIS AGREEMENT DEFINES YOUR SOLE AND EXCLUSIVE REMEDY. 
  
 Neither we nor any Provider shall be liable in any way to you or to any other person for: (a) any inaccuracy, error or delay in, or omission of (i) any such
data, information or message, or (ii) the transmission or delivery of any such data, information or message; or (b) any loss or damage arising from or occasioned by (i) any such inaccuracy, error, delay or omission,
(ii) non-performance, or (iii) interruption in any such data, information or message, due either to any negligent act or omission or to any condition of “force majeure” (e.g., flood, extraordinary weather condition, earthquake or
other act of god, fire, war, insurrection, riot, labor dispute, accident, action of government, 

 
communications or power failure, equipment or software malfunction) or any other cause, whether or not within our or any Provider’s control. 

 
 We shall not be deemed to have received any order or communication electronically
transmitted by you until we have actual knowledge of such order or communication. The terms contained in any confirmation issued to you through the Service are subject to change or correction based on the trade data supplied to us by the relevant
exchange or market on which the trade was transacted. 
  
 The use and storage of
any information including, without limitation, the Password, the ID, portfolio information, transaction activity, account balances and any other information or orders available to you through your use of the Service is your sole risk and
responsibility. You are responsible for providing and maintaining the communications equipment (including personal computers and modems) and telephone or alternative services required for accessing and using the Service, and for all communications
service fees and charges incurred by you in accessing the Service. 
  
 5.
Representations 
  
 You acknowledge that from time to time, and for any
reason, the Service may not be operational or otherwise available for your use due to servicing, hardware malfunction, software defect, service or transmission interruption or other cause, and you agree to hold us and any Provider harmless from
liability or any damage which results from the unavailability of the Service. You acknowledge that you have alternative arrangements which will remain in place for the transmission and execution of your orders, by telephone, facsimile transmission,
or otherwise, in the event, for any reason, circumstances prevent the transmission and execution of all, or any portion of, your orders through the Service. In the event the Service is not operational, you agree to contact your account executive to
make alternative order entry arrangements. 
  
 You are responsible for your
communications via the Service. You may not, under any circumstances, do any of the following: (a) publish, post, distribute or disseminate defamatory, infringing, obscene or other unlawful or offensive material or information via the Service;
(b) use the Service to threaten, harass, stalk, abuse, or otherwise violate the legal rights (including rights of privacy and publicity) of others; (c) intercept or attempt to intercept electronic mail; (d) upload files that contain
software or other material protected by intellectual property laws (or by rights of privacy or publicity) unless you own or control the rights thereto or have received all necessary consents; (e) upload files that contain a virus or corrupted
data; (f) delete any author attributions, legal notices or proprietary designations or labels in a file that you upload to a bulletin board; (g) falsify the source or origin of software or other material contained in a file that you upload
to a bulletin board; (h) use the Service in a manner that adversely affects the availability of its resources to other members; (i) send electronic mail to other users of the Service for any purpose other than personal communication,
including to advertise or offer to sell goods or services (except as otherwise expressly permitted by us); (j) download a file that you know (or reasonably should know) cannot be legally distributed via the Service (a file may have been
uploaded notwithstanding such illegality); or (k) act, or fail to act, in your use of the Service, in a manner that is contrary to applicable law or regulation. Your failure to observe any of the foregoing limitations may result in civil or
criminal liability, as well as termination of your use of the Service. 
  
 You
represent and warrant that you are fully authorized to enter into this Agreement and are under no legal disability which would prevent you from trading, and that you are and shall remain in compliance with all laws, rules and regulations applicable
to your business. You agree that you are familiar with and will abide by any rules or procedures adopted by us and any Provider in connection with use of the Service. Finally, you agree that you shall permit no person access to the Service until you
have provided necessary training in its use. 
  
 You shall not (and shall not
permit any third party) to copy, use, analyze, modify, decompile, disassemble, reverse engineer, translate or convert any software provided to you in connection with use of the Service or distribute the software or the Service to any third party.

  
 6. Termination of Access and License 
  
 We may, in our sole discretion, terminate or restrict your access to the Service, and may
terminate this Agreement at any time. Upon termination, any software license granted to you herein shall automatically terminate and you shall 

 
return to us promptly any hardware, software, manuals or other items provided to you by us in connection with Service access. You will remain responsible for
the payment of all charges incurred before termination becomes effective. 
  
 7. Indemnity 
  
 You agree to indemnify and hold harmless us and
each Provider and their respective principals, affiliates and agents from and against all claims, demands, proceedings, suits and actions and all losses (direct, indirect or otherwise), liabilities, costs and expenses (including attorney’s fees
and disbursements), paid in settlement, incurred or suffered by us and/or a Provider and/or our or their respective principals, affiliates and agents arising from or relating to your use of the Service or the transactions contemplated hereunder.
This indemnity provision shall survive termination of this Agreement. 
  
 8.
Miscellaneous 
  
 (a) You may not amend the terms of this Agreement. We may
amend the terms of this Agreement upon notice to you (including by electronic delivery), or if this Agreement is contained as part of a web site by posting the amended terms to that web site. By continued access to and use of the Service, you agree
to any such amendments to this Agreement. 
  
 (b) You shall permit us by any
reasonable and appropriate means to verify that you have complied with the terms of this agreement and you agree to cooperate fully with any such verification process. 
  
 (c) This Agreement is the entire agreement between the parties relating to the subject hereof, and, except with respect to the brokerage
agreement between the parties, all prior negotiations and understandings between the parties, whether written or oral, are hereby merged into this Agreement. Nothing in this Agreement shall be deemed to supersede or modify a party’s rights and
obligations under the brokerage agreement. 
  
 (d) This Agreement shall be
governed by the laws of the State of Illinois (USA) without reference to its conflict of laws principles. 
  
 Location of Terminals: 
  

	
	 
	
	 
	
	 
	
	 

 Each of the undersigned hereby agrees to the terms and conditions as set forth in this Electronic Order
Entry & Account Access Agreement. 
  

											
	Signature of Customer	 	 	  	Title	  	 	  	Date	  	 
						
	Signature of Customer	 	 	  	Title	  	 	  	Date	  	 
						
	Signature of Customer	 	 	  	Title	  	 	  	Date	  	 
						
	Signature of Customer	 	 	  	Title	  	 	  	Date	  	 

  
 IF A PARTNERSHIP ACCOUNT, EACH GENERAL
PARTNER MUST SIGN; IF A CORPORATE ACCOUNT, AN AUTHORIZED OFFICER MUST SIGN; IF AN L.L.C. ACCOUNT, EACH MANAGING MEMBER MUST SIGN; IF A TRUST ACCOUNT, EACH TRUSTEE MUST SIGN.Form of International Swaps and Derivatives Association Master Agreement

 EXHIBIT 10.31 
  
 (Multicurrency — Cross Border) 
  
 ISDA® 
 International Swap Dealers Association, Inc. 
  
 MASTER AGREEMENT 
  
 dated as of
                                        
     
  
                                       
                                        
   and
                                        
                                        
                 
  
 have entered and/or anticipate entering into one or more transactions (each a “Transaction”) that are or will be governed by this Master Agreement, which includes the schedule (the “Schedule”), and
the documents and other confirming evidence (each a “Confirmation”) exchanged between the parties confirming those Transactions. 
  
 Accordingly, the parties agree as follows:— 
  

	1.	Interpretation 

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

	2.	Obligations 

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

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

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

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

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

  

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

  
 (ii) Liability.
If:— 
  
 (1) X is required by any applicable
law, as modified by the practice of any relevant governmental revenue authority, to make any deduction or withholding in respect of which X would not be required to pay an additional amount to Y under Section 2(d)(i)(4); 
  
 (2) X does not so deduct or withhold; and 
  
 (3) a liability resulting from such Tax is assessed directly
against X, 
  
 then, except to the extent Y has satisfied or then
satisfies the liability resulting from such Tax, Y will promptly pay to X the amount of such liability (including any related liability for interest, but including any related liability for penalties only if Y has failed to comply with or perform
any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d)). 
  
 (e)
Default Interest; Other Amounts. Prior to the occurrence or effective designation of an Early Termination Date in respect of the relevant Transaction, a party that defaults in the performance of any payment obligation will, to the
extent permitted by law and 

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

	3.	Representations 

  
 Each party represents to the other party (which representations will be deemed to be repeated by each party on each date on which a Transaction is entered into and, in the case of the representations in
Section 3(f), at all times until the termination of this Agreement) that:— 
  
 (a) Basic Representations. 
  
 (i)
Status. It is duly organised and validly existing under the laws of the jurisdiction of its organisation or incorporation and, if relevant under such laws, in good standing; 
  
 (ii) Powers. It has the power to execute this Agreement and any other documentation relating to this Agreement
to which it is a party, to deliver this Agreement and any other documentation relating to this Agreement that it is required by this Agreement to deliver and to perform its obligations under this Agreement and any obligations it has under any Credit
Support Document to which it is a party and has taken all necessary action to authorise such execution, delivery and performance; 
  
 (iii) No Violation or Conflict. Such execution, delivery and performance do not violate or conflict with any law applicable to it, any
provision of its constitutional documents, any order or judgment of any court or other agency of government applicable to it or any of its assets or any contractual restriction binding on or affecting it or any of its assets; 
  
 (iv) Consents. All governmental and other consents that are
required to have been obtained by it with respect to this Agreement or any Credit Support Document to which it is a party have been obtained and are in full force and effect and all conditions of any such consents have been complied with; and

  
 (v) Obligations Binding. Its obligations under
this Agreement and any Credit Support Document to which it is a party constitute its legal, valid and binding obligations, enforceable in accordance with their respective terms (subject to applicable bankruptcy, reorganisation, insolvency,
moratorium or similar laws affecting creditors’ rights generally and subject, as to enforceability, to equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law)). 

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

	4.	Agreements 

  
 Each party agrees with the other that, so long as either party has or may have any obligation under this Agreement or under any Credit Support Document to which it is a party:— 
  
 (a) Furnish Specified Information. It will deliver to the other party or, in
certain cases under subparagraph (iii) below, to such government or taxing authority as the other party reasonably directs:— 
  
 (i) any forms, documents or certificates relating to taxation specified in the Schedule or any Confirmation; 
  
 (ii) any other documents specified in the Schedule or any Confirmation; and

  
 (iii) upon reasonable demand by such other party, any form or
document that may be required or reasonably requested in writing in order to allow such other party or its Credit Support Provider to make a payment under this Agreement or any applicable Credit Support Document without any deduction or withholding
for or on account of any Tax or with such deduction or withholding at a reduced rate (so long as the completion, execution or submission of such form or document would not materially prejudice the legal or commercial position of the party in receipt
of such demand), with any such form or document to be accurate and completed in a manner reasonably satisfactory to such other party and to be executed and to be delivered with any reasonably required certification, in each case by the date
specified in the Schedule or such Confirmation or, if none is specified, as soon as reasonably practicable. 
  
 (b) Maintain Authorisations. It will use all reasonable efforts to maintain in full force and effect all consents of any governmental or other authority that are required to be obtained by it with
respect to this Agreement or any Credit Support Document to which it is a party and will use all reasonable efforts to obtain any that may become necessary in the future. 
  
 (c) Comply with Laws. It will comply in all material respects with all applicable laws and orders to which it may be subject
if failure so to comply would materially impair its ability to perform its obligations under this Agreement or any Credit Support Document to which it is a party. 
  
 (d) Tax Agreement. It will give notice of any failure of a representation made by it under Section 3(f) to be accurate
and true promptly upon learning of such failure. 
  
 (e) Payment of Stamp
Tax. Subject to Section 11, it will pay any Stamp Tax levied or imposed upon it or in respect of its execution or performance of this Agreement by a jurisdiction in which it is incorporated, organised, managed and controlled, or
considered to have its seat, or in which a branch or office through which it is acting for the purpose of this Agreement is located (“Stamp Tax Jurisdiction”) and will indemnify the other party against any Stamp Tax levied or imposed upon
the other party or in respect of the other party’s execution or performance of this Agreement by any such Stamp Tax Jurisdiction which is not also a Stamp Tax Jurisdiction with respect to the other party. 
  

	5.	Events of Default and Termination Events 

  
 (a) Events of Default. The occurrence at any time with respect to a party or, if applicable, any Credit Support Provider of such party or any Specified
Entity of such party of any of the following events constitutes an event of default (an “Event of Default”) with respect to such party:— 
  
 (i) Failure to Pay or Deliver. Failure by the party to make, when due, any payment under this Agreement or delivery under
Section 2(a)(i) or 2(e) required to be made by it if such failure is not remedied on or before the third Local Business Day after notice of such failure is given to the party; 
  
 (ii) Breach of Agreement. Failure by the party to comply with or perform any agreement or obligation (other
than an obligation to make any payment under this Agreement or delivery under Section 2(a)(i) or 2(e) or to give notice of a Termination Event or any agreement or obligation under Section 4(a)(i), 4(a)(iii) or 4(d)) to be complied with or
performed by the party in accordance with this Agreement if such failure is not remedied on or before the thirtieth day after notice of such failure is given to the party; 
  
 (iii) Credit Support Default. 
  
 (1) Failure by the party or any Credit Support Provider of such party to comply with or perform any
agreement or obligation to be complied with or performed by it in accordance with any Credit Support Document if such failure is continuing after any applicable grace period has elapsed; 
  
 (2) the expiration or termination of such Credit Support Document or the failing or ceasing of such Credit
Support Document to be in full force and effect for the purpose of this Agreement (in either case other than in accordance with its terms) prior to the satisfaction of all obligations of such party under each Transaction to which such Credit Support
Document relates without the written consent of the other party; or 

 (3) the party or such Credit Support Provider disaffirms, disclaims, repudiates or
rejects, in whole or in part, or challenges the validity of, such Credit Support Document; 
  
 (iv) Misrepresentation. A representation (other than a representation under Section 3(e) or (f)) made or repeated or deemed to have been made or repeated by the party or any Credit Support Provider
of such party in this Agreement or any Credit Support Document proves to have been incorrect or misleading in any material respect when made or repeated or deemed to have been made or repeated; 
  
 (v) Default under Specified Transaction. The party, any Credit
Support Provider of such party or any applicable Specified Entity of such party (1) defaults under a Specified Transaction and, after giving effect to any applicable notice requirement or grace period, there occurs a liquidation of, an
acceleration of obligations under, or an early termination of, that Specified Transaction, (2) defaults, after giving effect to any applicable notice requirement or grace period, in making any payment or delivery due on the last payment,
delivery or exchange date of, or any payment on early termination of, a Specified Transaction (or such default continues for at least three Local Business Days if there is no applicable notice requirement or grace period) or (3) disaffirms,
disclaims, repudiates or rejects, in whole or in part, a Specified Transaction (or such action is taken by any person or entity appointed or empowered to operate it or act on its behalf); 
  
 (vi) Cross Default. If “Cross Default” is specified in the Schedule as applying to the party, the
occurrence or existence of (1) a default, event of default or other similar condition or event (however described) in respect of such party, any Credit Support Provider of such party or any applicable Specified Entity of such party under one or
more agreements or instruments relating to Specified Indebtedness of any of them (individually or collectively) in an aggregate amount of not less than the applicable Threshold Amount (as specified in the Schedule) which has resulted in such
Specified Indebtedness becoming, or becoming capable at such time of being declared, due and payable under such agreements or instruments, before it would otherwise have been due and payable or (2) a default by such party, such Credit Support
Provider or such Specified Entity (individually or collectively) in making one or more payments on the due date thereof in an aggregate amount of not less than the applicable Threshold Amount under such agreements or instruments (after giving effect
to any applicable notice requirement or grace period); 
  
 (vii)
Bankruptcy. The party, any Credit Support Provider of such party or any applicable Specified Entity of such party:— 
  
 (1) is dissolved (other than pursuant to a consolidation, amalgamation or merger); (2) becomes insolvent or is unable to pay its
debts or fails or admits in writing its inability generally to pay its debts as they become due; (3) makes a general assignment, arrangement or composition with or for the benefit of its creditors; (4) institutes or has instituted against
it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is presented for its winding-up or liquidation, and, in
the case of any such proceeding or petition instituted or presented against it, such proceeding or petition (A) results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up
or liquidation or (B) is not dismissed, discharged, stayed or restrained in each case within 30 days of the institution or presentation thereof; (5) has a resolution passed for its winding-up, official management or liquidation (other than
pursuant to a consolidation, amalgamation or merger); (6) seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or
substantially all its assets; (7) has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or
substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 30 days thereafter; (8) causes or is subject to any event with respect to it
which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in clauses (1) to (7) (inclusive); or (9) takes any action in furtherance of, or indicating its consent to, approval of, or
acquiescence in, any of the foregoing acts; or 
  
 (viii)
Merger Without Assumption. The party or any Credit Support Provider of such party consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its assets to, another entity and, at the time of such
consolidation, amalgamation, merger or transfer:— 
  
 (1) the resulting, surviving or transferee entity fails to assume all the obligations of such party or such Credit Support Provider under this Agreement or any Credit Support Document to which it or its predecessor was a party by operation
of law or pursuant to an agreement reasonably satisfactory to the other party to this Agreement; or 
  
 (2) the benefits of any Credit Support Document fail to extend (without the consent of the other party) to the performance by such
resulting, surviving or transferee entity of its obligations under this Agreement. 

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

	6.	Early Termination 

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

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

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

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

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

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

  

	 	(B)	if Loss applies, each party will determine its Loss in respect of this Agreement (or, if fewer than all the Transactions are being terminated, in respect of all Terminated
Transactions) and an amount will be payable equal to one-half of the difference between the Loss of the party with the higher Loss (“X”) and the Loss of the party with the lower Loss (“Y”). 

  
 If the amount payable is a positive number, Y will pay it to X; if it is a
negative number, X will pay the absolute value of that amount to Y. 

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

	7.	Transfer 

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

  
 (b) a party may make such a transfer of all or any part of its interest in any
amount payable to it from a Defaulting Party under Section 6(e). 
  
 Any purported transfer that is not in compliance with this Section will be void. 
  

	8.	Contractual Currency 

  
 (a) Payment in the Contractual Currency. Each payment under this Agreement will be made in the relevant currency specified in this Agreement for that payment (the “Contractual Currency”). To
the extent permitted by applicable law, any obligation to make payments under this Agreement in the Contractual Currency will not be discharged or satisfied by any tender in any currency other than the Contractual Currency, except to the extent such
tender results in the actual receipt by the party to which payment is owed, acting in a reasonable manner and in good faith in converting the currency so tendered into the Contractual Currency, of the full amount in the Contractual Currency of all
amounts payable in respect of this Agreement. If for any reason the amount in the Contractual Currency so received falls short of the amount in the Contractual Currency payable in respect of this Agreement, the party required to make the payment
will, to the extent permitted by applicable law, immediately pay such additional amount in the Contractual Currency as may be necessary to compensate for the shortfall. If for any reason the amount in the Contractual Currency so received exceeds the
amount in the Contractual Currency payable in respect of this Agreement, the party receiving the payment will refund promptly the amount of such excess. 
  
 (b) Judgments. To the extent permitted by applicable law, if any judgment or order expressed in a currency other than the Contractual Currency is rendered
(i) for the payment of any amount owing in respect of this Agreement, (ii) for the payment of any amount relating to any early termination in respect of this Agreement or (iii) in respect of a judgment or order of another court for
the payment of any amount described in (i) or (ii) above, the party seeking recovery, after recovery in full of the aggregate amount to which such party is entitled pursuant to the judgment or order, will be entitled to receive immediately
from the other party the amount of any shortfall of the Contractual Currency received by such party as a consequence of sums paid in such other currency and will refund promptly to the other party any excess of the Contractual Currency received by
such party as a consequence of sums paid in such other currency if such shortfall or such excess arises or results from any variation between the rate of exchange at which the Contractual Currency is converted into the currency of the judgment or
order for the purposes of such judgment or order and the rate of exchange at which such party is able, acting in a reasonable manner and in good faith in converting the currency received into the Contractual Currency, to purchase the Contractual
Currency with the amount of the currency of the judgment or order actually received by such party. The term “rate of exchange” includes, without limitation, any premiums and costs of exchange payable in connection with the purchase of or
conversion into the Contractual Currency. 
  
 (c) Separate
Indemnities. To the extent permitted by applicable law, these indemnities constitute separate and independent obligations from the other obligations in this Agreement, will be enforceable as separate and independent causes of action, will
apply notwithstanding any indulgence granted by the party to which any payment is owed and will not be affected by judgment being obtained or claim or proof being made for any other sums payable in respect of this Agreement. 
  
 (d) Evidence of Loss. For the purpose of this Section 8, it will be
sufficient for a party to demonstrate that it would have suffered a loss had an actual exchange or purchase been made. 

	9.	Miscellaneous 

  
 (a) Entire Agreement. This Agreement constitutes the entire agreement and understanding of the parties with respect to its subject matter and supersedes all oral communication and prior writings with
respect thereto. 
  
 (b) Amendments. No amendment, modification or
waiver in respect of this Agreement will be effective unless in writing (including a writing evidenced by a facsimile transmission) and executed by each of the parties or confirmed by an exchange of telexes or electronic messages on an electronic
messaging system. 
  
 (c) Survival of Obligations. Without prejudice
to Sections 2(a)(iii) and 6(c)(ii), the obligations of the parties under this Agreement will survive the termination of any Transaction. 
  
 (d) Remedies Cumulative. Except as provided in this Agreement, the rights, powers, remedies and privileges provided in this Agreement are cumulative and not
exclusive of any rights, powers, remedies and privileges provided by law. 
  
 (e)
Counterparts and Confirmations. 
  
 (i) This
Agreement (and each amendment, modification and waiver in respect of it) may be executed and delivered in counterparts (including by facsimile transmission), each of which will be deemed an original. 
  
 (ii) The parties intend that they are legally bound by the terms of each
Transaction from the moment they agree to those terms (whether orally or otherwise). A Confirmation shall be entered into as soon as practicable and may be executed and delivered in counterparts (including by facsimile transmission) or be created by
an exchange of telexes or by an exchange of electronic messages on an electronic messaging system, which in each case will be sufficient for all purposes to evidence a binding supplement to this Agreement. The parties will specify therein or through
another effective means that any such counterpart, telex or electronic message constitutes a Confirmation. 
  
 (f) No Waiver of Rights. A failure or delay in exercising any right, power or privilege in respect of this Agreement will not be presumed to operate as a waiver, and a single or partial exercise of any
right, power or privilege will not be presumed to preclude any subsequent or further exercise, of that right, power or privilege or the exercise of any other right, power or privilege. 
  
 (g) Headings. The headings used in this Agreement are for convenience of reference only and are not to affect the construction
of or to be taken into consideration in interpreting this Agreement. 
  

	10.	Offices; Multibranch Parties 

  
 (a) If Section 10(a) is specified in the Schedule as applying, each party that enters into a Transaction through an Office other than its head or home office
represents to the other party that, notwithstanding the place of booking office or jurisdiction of incorporation or organisation of such party, the obligations of such party are the same as if it had entered into the Transaction through its head or
home office. This representation will be deemed to be repeated by such party on each date on which a Transaction is entered into. 
  
 (b) Neither party may change the Office through which it makes and receives payments or deliveries for the purpose of a Transaction without the prior written consent of
the other party. 
  
 (c) If a party is specified as a Multibranch Party in the
Schedule, such Multibranch Party may make and receive payments or deliveries under any Transaction through any Office listed in the Schedule, and the Office through which it makes and receives payments or deliveries with respect to a Transaction
will be specified in the relevant Confirmation. 
  

	11.	Expenses 

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

	12.	Notices 

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

	13.	Governing Law and Jurisdiction 

  
 (a) Governing Law. This Agreement will be governed by and construed in accordance with the law specified in the Schedule. 
  
 (b) Jurisdiction. With respect to any suit, action or proceedings
relating to this Agreement (“Proceedings”), each party irrevocably:— 
  
 (i) submits to the jurisdiction of the English courts, if this Agreement is expressed to be governed by English law, or to the non-exclusive jurisdiction of the courts of the State of New York and the United States
District Court located in the Borough of Manhattan in New York City, if this Agreement is expressed to be governed by the laws of the State of New York; and 
  
 (ii) waives any objection which it may have at any time to the laying of venue of any Proceedings brought in any such court, waives any claim that such
Proceedings have been brought in an inconvenient forum and further waives the right to object, with respect to such Proceedings, that such court does not have any jurisdiction over such party. 
  
 Nothing in this Agreement precludes either party from bringing Proceedings in any other
jurisdiction (outside, if this Agreement is expressed to be governed by English law, the Contracting States, as defined in Section 1(3) of the Civil Jurisdiction and Judgments Act 1982 or any modification, extension or re-enactment thereof for
the time being in force) nor will the bringing of Proceedings in anyone or more jurisdictions preclude the bringing of Proceedings in any other jurisdiction. 
  
 (c) Service of Process. Each party irrevocably appoints the Process Agent (if any) specified opposite its name in the Schedule to receive, for it and on its
behalf, service of process in any Proceedings. If for any reason any party’s Process Agent is unable to act as such, such party will promptly notify the other party and within 30 days appoint a substitute process agent acceptable to the other
party. The parties irrevocably consent to service of process given in the manner provided for notices in Section 12. Nothing in this Agreement will affect the right of either party to serve process in any other manner permitted by law.

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

	14.	Definitions 

  
 As used in this Agreement:— 
  
 “Additional Termination Event” has the meaning specified in Section 5(b). 
  
 “Affected Party” has the meaning specified in Section 5(b). 
  
 “Affected Transactions” means (a) with respect to any
Termination Event consisting of an Illegality, Tax Event or Tax Event Upon Merger, all Transactions affected by the occurrence of such Termination Event and (b) with respect to any other Termination Event, all Transactions. 
  
 “Affiliate” means, subject to the Schedule, in relation to any
person, any entity controlled, directly or indirectly, by the person, any entity that controls, directly or indirectly, the person or any entity directly or indirectly under common control with the person. For this purpose, “control” of
any entity or person means ownership of a majority of the voting power of the entity or person. 
  
 “Applicable Rate” means:— 
  
 (a) in respect of obligations payable or deliverable (or which would have been but for Section 2(a)(iii)) by a Defaulting Party, the Default Rate; 
  

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

“Illegality” has the meaning specified in Section 5(b). 
  
 “Indemnifiable Tax” means any Tax other than a Tax that would not be imposed in respect of a payment under this
Agreement but for a present or former connection between the jurisdiction of the government or taxation authority imposing such Tax and the recipient of such payment or a person related to such recipient (including, without limitation, a connection
arising from such recipient or related person being or having been a citizen or resident of such jurisdiction, or being or having been organised, present or engaged in a trade or business in such jurisdiction, or having or having had a permanent
establishment or fixed place of business in such jurisdiction, but excluding a connection arising solely from such recipient or related person having executed, delivered, performed its obligations or received a payment under, or enforced, this
Agreement or a Credit Support Document). 

 “law” includes any treaty, law, rule or regulation (as modified, in the case of tax matters, by
the practice of any relevant governmental revenue authority) and “lawful” and “unlawful” will be construed accordingly. 
  
 “Local Business Day” means, subject to the Schedule, a day on which
commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) (a) in relation to any obligation under Section 2(a)(i), in the place(s) specified in the relevant Confirmation or, if not so
specified, as otherwise agreed by the parties in writing or determined pursuant to provisions contained, or incorporated by reference, in this Agreement, (b) in relation to any other payment, in the place where the relevant account is located
and, if different, in the principal financial centre, if any, of the currency of such payment, (c) in relation to any notice or other communication, including notice contemplated under Section 5(a)(i), in the city specified in the address
for notice provided by the recipient and, in the case of a notice contemplated by Section 2(b), in the place where the relevant new account is to be located and (d) in relation to Section 5(a)(v)(2), in the relevant locations for
performance with respect to such Specified Transaction. 
  
 “Loss”
means, with respect to this Agreement or one or more Terminated Transactions, as the case may be, and a party, the Termination Currency Equivalent of an amount that party reasonably determines in good faith to be its total losses and costs
(or gain, in which case expressed as a negative number) in connection with this Agreement or that Terminated Transaction or group of Terminated Transactions, as the case may be, including any loss of bargain, cost of funding or, at the election of
such party but without duplication, loss or cost incurred as a result of its terminating, liquidating, obtaining or reestablishing any hedge or related trading position (or any gain resulting from any of them). Loss includes losses and costs (or
gains) in respect of any payment or delivery required to have been made (assuming satisfaction of each applicable condition precedent) on or before the relevant Early Termination Date and not made, except, so as to avoid duplication, if
Section 6(e)(i)(1) or (3) or 6(e)(ii)(2)(A) applies. Loss does not include a party’s legal fees and out-of-pocket expenses referred to under Section 11. A party will determine its Loss as of the relevant Early Termination Date,
or, if that is not reasonably practicable, as of the earliest date thereafter as is reasonably practicable. A party may (but need not) determine its Loss by reference to quotations of relevant rates or prices from one or more leading dealers in the
relevant markets. 
  
 “Market Quotation” means, with
respect to one or more Terminated Transactions and a party making the determination, an amount determined on the basis of quotations from Reference Market-makers. Each quotation will be for an amount, if any, that would be paid to such party
(expressed as a negative number) or by such party (expressed as a positive number) in consideration of an agreement between such party (taking into account any existing Credit Support Document with respect to the obligations of such party) and the
quoting Reference Market-maker to enter into a transaction (the “Replacement Transaction”) that would have the effect of preserving for such party the economic equivalent of any payment or delivery (whether the underlying obligation was
absolute or contingent and assuming the satisfaction of each applicable condition precedent) by the parties under Section 2(a)(i) in respect of such Terminated Transaction or group of Terminated Transactions that would, but for the occurrence
of the relevant Early Termination Date, have been required after that date. For this purpose, Unpaid Amounts in respect of the Terminated Transaction or group of Terminated Transactions are to be excluded but, without limitation, any payment or
delivery that would, but for the relevant Early Termination Date, have been required (assuming satisfaction of each applicable condition precedent) after that Early Termination Date is to be included. The Replacement Transaction would be subject to
such documentation as such party and the Reference Market-maker may, in good faith, agree. The party making the determination (or its agent) will request each Reference Market-maker to provide its quotation to the extent reasonably practicable as of
the same day and time (without regard to different time zones) on or as soon as reasonably practicable after the relevant Early Termination Date. The day and time as of which those quotations are to be obtained will be selected in good faith by the
party obliged to make a determination under Section 6(e), and, if each party is so obliged, after consultation with the other. If more than three quotations are provided, the Market Quotation will be the arithmetic mean of the quotations,
without regard to the quotations having the highest and lowest values. If exactly three such quotations are provided, the Market Quotation will be the quotation remaining after disregarding the highest and lowest quotations. For this purpose, if
more than one quotation has the same highest value or lowest value, then one of such quotations shall be disregarded. If fewer than three quotations are provided, it will be deemed that the Market Quotation in respect of such Terminated Transaction
or group of Terminated Transactions cannot be determined. 
  
 “Non-default Rate” means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the Non-defaulting Party (as certified by it) if it were to fund the relevant amount. 
  
 “Non-defaulting Party” has the meaning specified in
Section 6(a). 
  
 “Office” means a branch or office
of a party, which may be such party’s head or home office. 
  
 “Potential Event of Default” means any event which, with the giving of notice or the lapse of time or both, would constitute an Event of Default. 

 “Reference Market-makers” means four leading dealers in the relevant market selected by the party
determining a Market Quotation in good faith (a) from among dealers of the highest credit standing which satisfy all the criteria that such party applies generally at the time in deciding whether to offer or to make an extension of credit and
(b) to the extent practicable, from among such dealers having an office in the same city. 
  
 “Relevant Jurisdiction” means, with respect to a party, the jurisdictions (a) in which the party is incorporated, organised, managed and controlled or considered to have its seat,
(b) where an Office through which the party is acting for purposes of this Agreement is located, (c) in which the party executes this Agreement and (d) in relation to any payment, from or through which such payment is made.

  
 “Scheduled Payment Date” means a date on which a
payment or delivery is to be made under Section 2(a)(i) with respect to a Transaction. 
  
 “Set-off” means set-off, offset, combination of accounts, right of retention or withholding or similar right or requirement to which the payer of an amount under Section 6 is entitled or
subject (whether arising under this Agreement, another contract, applicable law or otherwise) that is exercised by, or imposed on, such payer. 
  
 “Settlement Amount” means, with respect to a party and any Early Termination Date, the sum of:— 
  
 (a) the Termination Currency Equivalent of the Market Quotations (whether positive or
negative) for each Terminated Transaction or group of Terminated Transactions for which a Market Quotation is determined; and 
  
 (b) such party’s Loss (whether positive or negative and without reference to any Unpaid Amounts) for each Terminated Transaction or group of Terminated Transactions
for which a Market Quotation cannot be determined or would not (in the reasonable belief of the party making the determination) produce a commercially reasonable result. 
  
 “Specified Entity” has the meanings specified in the Schedule. 
  
 “Specified Indebtedness” means, subject to the Schedule, any
obligation (whether present or future, contingent or otherwise, as principal or surety or otherwise) in respect of borrowed money. 
  
 “Specified Transaction” means, subject to the Schedule, (a) any transaction (including an agreement with respect thereto) now existing or
hereafter entered into between one party to this Agreement (or any Credit Support Provider of such party or any applicable Specified Entity of such party) and the other party to this Agreement (or any Credit Support Provider of such other party or
any applicable Specified Entity of such other party) which is a rate swap transaction, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate
option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option or any other similar transaction (including any option with respect to any
of these transactions), (b) any combination of these transactions and (c) any other transaction identified as a Specified Transaction in this Agreement or the relevant confirmation. 
  
 “Stamp Tax” means any stamp, registration, documentation or similar
tax. 
  
 “Tax” means any present or future tax, levy,
impost, duty, charge, assessment or fee of any nature (including interest, penalties and additions thereto) that is imposed by any government or other taxing authority in respect of any payment under this Agreement other than a stamp, registration,
documentation or similar tax. 
  
 “Tax Event” has the
meaning specified in Section 5(b). 
  
 “Tax Event Upon
Merger” has the meaning specified in Section 5(b). 
  
 “Terminated Transactions” means with respect to any Early Termination Date (a) if resulting from a Termination Event, all Affected Transactions and (b) if resulting from an Event of Default, all
Transactions (in either case) in effect immediately before the effectiveness of the notice designating that Early Termination Date (or, if “Automatic Early Termination” applies, immediately before that Early Termination Date). 

 
 “Termination Currency” has the meaning specified in the Schedule.

  
 “Termination Currency Equivalent” means, in respect of
any amount denominated in the Termination Currency, such Termination Currency amount and, in respect of any amount denominated in a currency other than the Termination Currency (the “Other 

 
Currency”), the amount in the Termination Currency determined by the party making the relevant determination as being required to purchase such amount
of such Other Currency as at the relevant Early Termination Date, or, if the relevant Market Quotation or Loss (as the case may be), is determined as of a later date, that later date, with the Termination Currency at the rate equal to the spot
exchange rate of the foreign exchange agent (selected as provided below) for the purchase of such Other Currency with the Termination Currency at or about 11:00 a.m. (in the city in which such foreign exchange agent is located) on such date as would
be customary for the determination of such a rate for the purchase of such Other Currency for value on the relevant Early Termination Date or that later date. The foreign exchange agent will, if only one party is obliged to make a determination
under Section 6(e), be selected in good faith by that party and otherwise will be agreed by the parties. 
  
 “Termination Event” means an Illegality, a Tax Event or a Tax Event Upon Merger or, if specified to be applicable, a Credit Event Upon Merger or an Additional Termination Event. 
  
 “Termination Rate” means a rate per annum equal to the arithmetic
mean of the cost (without proof or evidence of any actual cost) to each party (as certified by such party) if it were to fund or of funding such amounts. 
  
 “Unpaid Amounts” owing to any party means, with respect to an Early Termination Date, the aggregate of (a) in respect of all Terminated
Transactions, the amounts that became payable (or that would have become payable but for Section 2(a)(iii)) to such party under Section 2(a)(i) on or prior to such Early Termination Date and which remain unpaid as at such Early Termination
Date and (b) in respect of each Terminated Transaction, for each obligation under Section 2(a)(i) which was (or would have been but for Section 2(a)(iii)) required to be settled by delivery to such party on or prior to such Early
Termination Date and which has not been so settled as at such Early Termination Date, an amount equal to the fair market value of that which was (or would have been) required to be delivered as of the originally scheduled date for delivery, in each
case together with (to the extent permitted under applicable law) interest, in the currency of such amounts, from (and including) the date such amounts or obligations were or would have been required to have been paid or performed to (but excluding)
such Early Termination Date, at the Applicable Rate. Such amounts of interest will be calculated on the basis of daily compounding and the actual number of days elapsed. The fair market value of any obligation referred to in clause (b) above
shall be reasonably determined by the party obliged to make the determination under Section 6(e) or, if each party is so obliged, it shall be the average of the Termination Currency Equivalents of the fair market values reasonably determined by
both parties. 
  
 IN WITNESS WHEREOF the parties have executed this document on
the respective dates specified below with effect from the date specified on the first page of this document. 
  

									
			
	 	 	 	 	 
	(Name of Party)	 	 	 	 	 	(Name of Party)
					
	By:	 	 	 	 	 	By:	 	 
	Name:	 	 	 	 	 	Name:	 	 
	Title:	 	 	 	 	 	Title:	 	 
	Date:	 	 	 	 	 	Date:	 	 

 (Multicurrency - Cross Border) 
  
 ISDA 
  
 SCHEDULE 
  
 to the 
  
 Master Agreement 
  
 dated as of                     , 2005 
  
 between Jefferies Financial Products, LLC, a limited liability company organized under the laws of Delaware (“Party A”),

 and 
 Frontier Trading Company VIII, LLC,
a limited liability company organized under the laws of the State of Delaware (“Party B”). 
  
 Part 1. Termination Provisions. 
  

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

  

			
	 Section 5(a)(v) (Default under Specified Transactions),
	 	Jefferies Group, Inc.
	 Section 5(a)(vi) (Cross Default),
	 	Jefferies Group, Inc.
	 Section 5(a)(vii) (Bankruptcy),
	 	            Jefferies Group, Inc.
	 Section 5(b)(iv) (Credit Event Upon Merger),
	 	            Jefferies Group, Inc.

  
 and in
relation to Party B for the purpose of: 
  

			
	 Section 5(a)(v) (Default under Specified Transactions),
	 	            None.
	 Section 5(a)(vi) (Cross Default),
	 	None.
	 Section 5(a)(vii) (Bankruptcy),
	 	None.
	 Section 5(b)(iv) (Credit Event Upon Merger),
	 	            None.

  

	(b)	“Specified Transaction” means, in lieu of the meaning specified in Section 14, any contract or transaction, including an agreement with respect thereto
(whether or not documented under or effected pursuant to a master agreement) now existing or hereafter entered into between one party to this Agreement (or any Credit Support Provider of such party or any applicable Specified Entity of such party)
and the other party to this Agreement (or any Credit Support Provider of such party or any application Specified Entity of such party). 

  

	(c)	The “Cross Default” provisions of Section 5(a)(vi) will apply to Party A and to Party B. 

  
 “Specified Indebtedness”, will have the meaning
specified in Section 14. 
  
 “Threshold
Amount” means in respect of Party A, 3% of the Stockholders’ Equity of its Credit Support Provider or its equivalent in any currency, and in respect of Party B, 3% of its Net Asset Value or its equivalent in any currency.

  

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

  

	(e)	The “Automatic Early Termination” provisions of Section 6(a) will not apply to Party A or to Party B. 

  

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

  

	 	(i)	Loss will apply; provided, however, that for purposes of calculating Loss, Loss shall only include out of pocket losses which were actually and reasonably incurred in good faith;
and provided, further, that Loss shall not include any amounts for any lost profits, special, punitive, consequential or indirect damages, or loss of the benefit of the bargain or re-establishing any trading or hedging position.

  

	 	(ii)	Second Method will apply. 

	*	Delete as applicable 

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

  

	(h)	“Additional Termination Event” will apply. The following shall constitute Additional Termination Events with respect to Party B:

  

	 	(i)	Decline in Net Assets. As of the close of business on any Business Day, the Net Asset Value of Party B (as defined below) declines by 50% from the Net Asset Value as of the calendar
month-end that is twelve months prior to the immediately preceding month-end. For purposes of the foregoing Termination Event, Party B shall be the Affected Party and all Transactions shall be Affected Transactions. 

  

	 	(ii)	Failure to Provide Interim Net Asset Value Calculation. Party B fails to notify Party A in writing of the Net Asset Value in accordance with the terms of Part 3 of this Schedule and
such failure is not remedied on or before the third Local Business Day after notice of such failure. 

  
 Part 2. Tax Representations. 
  

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

  
 It is not required by any applicable law, as
modified by the practice of any relevant governmental revenue authority, of any Relevant Jurisdiction to make any deduction or withholding for or on account of any Tax from any payment (other than interest under Section 2(e), 6(d)(ii) or 6(e)
of this Agreement) to be made by it to the other party under this Agreement. In making this representation, it may rely on: (i) the accuracy of any representations made by the other party pursuant to Section 3(f) of this Agreement,
(ii) the satisfaction of the agreement contained in Section 4(a)(i) or 4(a)(iii) of this Agreement and the accuracy and effectiveness of any document provided by the other party pursuant to Section 4(a)(i) or 4(a)(iii) of this
Agreement, and (iii) the satisfaction of the agreement of the other party contained in Section 4(d) of this Agreement, provided that it shall not be a breach of this representation where reliance is placed on clause (ii) and the other
party does not deliver a form or document under Section 4(a)(iii) by reason of material prejudice to its legal or commercial position. 
  

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

  

	 	(i)	Party A represents that it is a limited liability company organized under the laws of Delaware and that its United States taxpayer identification number is 270-070-930. Party A
further represents that it is a US person for US federal income tax purposes. 

  

	 	(ii)	Party B represents that it is a limited liability company organized under the laws of the State of Delaware and that its United States taxpayer identification number is 20-3445630.
Party B further represents that it is a U.S. person for U.S. federal income tax purposes. 

  
 Part 3. Agreement to Deliver Documents. 
  
 For the purpose of Section 4(a)(i) and (ii) of this Agreement, each party agrees to deliver the following documents, as applicable: 
  

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

  

					
	 Party required to
deliver document

	 	 Form/Document/ Certificate

	 	 Date by which to be delivered

	 Party A
	 	IRS Form W-9	 	At execution and thereafter upon request
	 Party B
	 	IRS Form W-9	 	At execution and thereafter upon request

	*	Delete as applicable 

	(b)	Other documents to be delivered are: 

  

							
	 Party required to
deliver document

	 	 Form/Document/ Certificate

	 	 Date by which to be
delivered

	 	 Covered by
Section 3(d)
Representation

				
	 Party A
	 	 Guarantee of Jefferies Group, Inc. in form and substance satisfactory to Party B.
	 	 At execution
	 	 Yes

				
	 Party A and
Party B
	 	Evidence of the authority and genuineness of signature of the individual executing this Agreement.	 	At execution	 	Yes
				
	 Party A and
Party B
	 	Certified resolutions of its board of directors or other governing body.	 	At execution	 	Yes
				
	 Party B
	 	A copy of organizational documents, constituent documents, investment policies, procedures, restrictions or guidelines or other documents evidencing the authority of Party B to enter into and to
perform its obligation under this Agreement and each Transaction.	 	At execution	 	Yes
				
	 Party B
	 	Trading Authorization issued in favor of the Asset Manager	 	At execution	 	Yes
				
	 Party B
	 	Monthly Net Asset Value Report of the Long Only Commodity Series - Class 1 Units of The Frontier Fund	 	Within 10 days after the end of each such calendar month	 	Yes

  
 Part 4. Miscellaneous

  

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

  
 Address for notices or communications to Party A with respect to notices pursuant to Sections 5 and 6 of the Agreement (other than notices
under Section 5(a)(i): 
  

			
	 Address: Jefferies Financial Products, LLC

	 The Metro Center
	 	 
	 	 	One Station Place, Three North
	 	 	Stamford, CT 06902
	 Attention:
	 	General Counsel
	 Telephone:
	 	203.708.6500
	 Facsimile:
	 	203.708.6529

	*	Delete as applicable 

 With respect to all other notices or communications: 
  

			
	 Address: Jefferies Financial Products, LLC

	 The Metro Center
	 	 
	 One Station Place, Three North

	 Stamford, CT 06902

	 Attention:
	 	Operations
	 Telephone:
	 	203.708.6509
	 Facsimile:
	 	203.708.6529

  
 Address for notices or communications
to Party B: 
  

			
	 Address: Frontier Trading Company VIII, LLC

	 c/o Equinox Fund Management, LLC

	 1660 Lincoln Street, Suite 100

	 Denver, Co 80264

	 Attention:
	 	Richard Bornhoft and Ron Montano
	 Telephone:
	 	303.837.0600
	 Facsimile:
	 	303.832.9354

  
 With
a mandatory copy to 
  

			
	 Address: Arnold & Porter LLP

	 	 	399 Park Avenue
	 	 	New York, NY 10022
	 Attention:
	 	Michael F. Griffin and J.P. Bruynes
	 Telephone:
	 	212.715.1000
	 Facsimile:
	 	212.715.1399

  
 Electronic Messaging
System Details: None until mutually agreed otherwise. 
  

	(b)	Process Agent. For the purpose of Section 13(c) of this Agreement: Party A irrevocably appoints as its Process Agent: 

  
 Jefferies Group, Inc. 
 Attention: General Counsel 
 520 Madison
Avenue 
 New York, NY 10022 
  
 Party B irrevocably appoints as its Process Agent: 
  
 [ADD] 
  
 ______________________________ 
  
 ______________________________ 
  
 ______________________________ 
  
 ______________________________ 
  

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

  

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

  
 Party A is not a Multibranch Party. 
 Party B is not a Multibranch Party. 
  

	(e)	Calculation Agent. The Calculation Agent is Party A, unless otherwise specified in a Confirmation in relation to the relevant Transaction or unless Party A
becomes a Defaulting Party in which case the Calculation Agent shall be Party B; provided, however, that in the event that a calculation or determination by the Calculation Agent is disputed and there is an undisputed amount, the relevant party
shall promptly pay the undisputed amount, if any, owed by it and the parties shall promptly 

	*	Delete as applicable 

 endeavor to resolve such dispute. If they are unable to do so, the parties shall promptly select mutually
a dealer in the applicable market to act as Calculation Agent with respect to the issue in dispute. If they are unable to so select such a dealer, then each party will select a dealer in the applicable market, who, in turn, shall promptly select a
dealer in the applicable market to act as Calculation Agent with respect to the issue in dispute. 
  

	(f)	Credit Support Document. The Credit Support Annex appended hereto and a part hereof and the Guarantee of Jefferies Group, Inc., substantially in the form
attached, to be delivered by Party A to Party B. 

  

	(g)	Credit Support Provider. Credit Support Provider means in relation to Party A, Jefferies Group, Inc. and means, in relation to Party B, Not Applicable.

  

	(h)	Governing Law. This Agreement will be governed by and construed in accordance with the laws of the State of New York (without reference to choice of law
doctrine). Section 13(b) is amended by (1) deleting “non-” from the second line of clause (i); and (2) deleting the final paragraph. 

  

	(i)	Netting of Payments. Subparagraph (ii) of Section 2(c) of this Agreement will apply to all Transactions. 

  

	(j)	“Affiliate” will have the meaning specified in Section 14 of this Agreement in relation to Party A; notwithstanding any inconsistent or contrary
provision of this Agreement, the Credit Support Annex, or any Confirmation, Party B will be deemed not to have any Affiliates. 

  
 Part 5. Other Provisions. 
  

	(a)	Scope of Agreement — Incorporation of Existing and Future Transactions. Unless specifically agreed to the contrary in writing by the parties as to a
specific transaction, each and every existing and future Specified Transaction between Party A and Party B, whether or not reference is made to this Agreement in the trade call or confirmation thereof, is incorporated herein and is subject to,
governed by and construed in accordance with the terms of this Agreement and each such Specified Transaction shall be a “Transaction” for purposes of this Agreement. 

  

	(b)	ISDA Definitions and Inconsistency. Unless otherwise expressly specified in a Confirmation, this Agreement incorporates, and is subject to and governed by, the
2000 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. (“ISDA”) and the 1993 ISDA Commodity Derivatives Definitions as supplemented by the 2000 Supplement to the 1993 ISDA Commodity Derivatives
Definitions (except Sections 7.4, 7.5, and 7.6 thereof), as published by ISDA (together, the “Definitions”). In the event of any inconsistency between the provisions contained in this Agreement (which includes the Schedule, Credit Support
Annex and any Confirmation) and those contained in any of the Definitions, whether incorporated by reference in this Schedule or in a Confirmation, the provisions contained in this Agreement will prevail. In the event of any inconsistency between
the provisions of any Confirmation, this Agreement, and the Definitions, such Confirmation will prevail for the purpose of the relevant Transaction. 

  

	(c)	Additional Representations. The parties agree to amend Section 3 by adding new Sections 3(g), (h), (i), and (j) as follows: 

 

	 	(g)	Eligible Contract Participant. It is an “eligible contract participant” as defined in the U.S. Commodity Exchange Act. 

  

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

	*	Delete as applicable 

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

  

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

  

	(d)	Recording of Telephone Conversations. Each party (i) consents to the recording of the telephone conversations of personnel of the parties and their
Affiliates in connection with this Agreement or any potential Transaction; (ii) agrees to obtain any necessary consent of, and give notice of such recordings to, such personnel of it and its Affiliates; and (iii) agrees that the recordings
may be submitted in evidence in any Proceedings under this Agreement. 

  

	(e)	Set-off. Section 6 is hereby amended by adding the following additional clause: 

  
 “(f) Upon the occurrence of an Event of Default with respect to a party
(“X”), the other party (“Y”) will have the right (but not be obliged) without prior notice to X or any other person to set-off or apply any obligation of X owed to Y (whether or not matured or contingent and whether or not
arising under this Agreement, and regardless of the currency, place of payment or booking office of the obligation) against any obligation of Y owed to X (whether or not matured or contingent and whether or not arising under this Agreement, and
regardless of the currency, place of payment or booking office of the obligation). Y will give notice to the other party of any set-off effected under this Section 6(f). 
  
 Amounts (or the relevant portion of such amounts) subject to set-off may be converted by Y into the Termination Currency at
the rate of exchange at which such party would be able, acting in a reasonable manner and in good faith, to purchase the relevant amount of such currency. 
  
 If any obligation is unascertained, Y may in good faith estimate that obligation and set-off in respect of the estimate, subject to the relevant party
accounting to the other when the obligation is ascertained. 
  
 Nothing in this Section 6(f) shall be effective to create a charge or other security interest. This Section 6(f) shall be without prejudice and in addition to any right of set-off, combination of accounts, lien or other right to
which any party is at any time otherwise entitled (whether by operation of law, contract or otherwise).” 
  

	(f)	Confirmations. Counterparty shall be deemed to have agreed to the terms contained in any Confirmation (as amended and revised) sent by Party A to Party B unless
Party B objects to such terms within three (3) Business Days of receipt, absent manifest error. 

  

	(g)	Service of Process. With respect to the provisions of Section 13(c) of the Agreement, the reference therein to Section 12 to the contrary
notwithstanding, no consent is given by either party to service of process by telex, facsimile transmission or electronic messaging system. 

  

	(h)	Additional Covenants of Party B. Party B hereby covenants and agrees that it will, and that each Transaction entered into hereunder will, at all times, comply
with: 

  

	 	(i)	Any policies, guidelines, restrictions or limitations imposed on Transactions by the constituent documents or management of Party B, and 

  

	 	(ii)	Any rules, regulations, laws, restrictions or limitations imposed on Transactions by a commission, regulatory body or other agency of government applicable to it or any of its
assets. 

  
 Party B further covenants and agrees
that: 
  

	 	(i)	It is not, nor will it be at any time, an investment company required to be registered under the Investment Company Act of 1940, as amended; 

  

	 	(ii)	None of the assets of Party B are, or will be at any time while any Transactions are outstanding hereunder, deemed to be the assets of any “plan” as defined in Title I of
ERISA or Section 4975 of the Internal Revenue Code of 1986, as amended, or under United States Department of Labor regulation 29 C.F.R. § 2510.3-101; 

	*	Delete as applicable 

	 	(iii)	Asset Manager is, and at all times will be, fully authorized to act as the agent of Party B and to bind Party B with respect to all the assets of Party B as to any Transaction
contemplated hereunder, including without limitation entering into Transactions on behalf of Party B, negotiation and execution of agreements and Confirmations on behalf of Party B, delivery of Confirmations on behalf of Party B and the receipt of
payments and making of transfers on behalf of Party B; 

  

	 	(iv)	The appointment by Party B of the Asset Manager as an agent of Party B with the authority to take all actions necessary to enter into and perform the Transactions hereunder on
behalf of Party B does not, and will not conflict with any agreement, charter, constitutional document, statute, regulation or other authority to which Party B is subject; 

  

	 	(v)	Party A shall not be under any obligation to inquire, as to the authority of the Asset Manager (or any employee or agent of Advisor named on the list of individuals provided by
Party B pursuant to Part 3 hereof) to bind Party B; 

  

	 	(vi)	Any action taken or purported to be taken by the Asset Manager on behalf of Party B, shall be binding on Party B; and 

  

	 	(vii)	Party B will indemnify, defend and hold harmless Party A in respect of any and all actions taken or purported to be taken (including, without limitation, in respect of any
Transaction) on behalf of Party B by Asset Manager (or any employee or agent of Asset Manager named on the list of individuals provided by Party B pursuant to Part 3 hereof) in connection with this Agreement that exceed the authority of Asset
Manager or such employee or agent. 

  

	(i)	Definitions. Section 14 is hereby amended by adding the following definitions in their appropriate alphabetical order: 

  
 “Asset Manager” means Equinox Fund Management, LLC.

  
 “Net Asset Value” means, as of any date of
determination, an amount equal to the gross assets minus the aggregate amount of liabilities, including all absolute and contingent liabilities of any kind, calculated in accordance with generally accepted accounting principles. 
  
 “Stockholders’ Equity” means with respect to any
entity, at any time, the sum at such time of (i) its capital stock (including preferred stock) outstanding, taken at par value, (ii) its capital surplus and (iii) its retained earnings, minus (iv) treasury stock, each to be
determined in accordance with generally accepted accounting principles. 
  
 “Trading Authorization” means the Asset Management Agreement or analogous agreement between Party B and the Asset Manager authorizing the Asset Manager to act on behalf of Party B in entering into
Transactions hereunder. 
  

	(j)	Inter Series Limitation on Liability. Party A acknowledges and agrees that Party B is a wholly-owned subsidiary of The Frontier Fund, a Delaware statutory trust (the
“Trust”) which is organized in series pursuant to Sections 3804(a) and 3806(b)(2) of the Delaware Statutory Trust Act. As such, the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to
each series of the Trust shall be enforceable against the assets of such series of the Trust only, and not against the assets of the Trust generally or the assets of any other series of the Trust or against the Trustee of the Trust. There may be
several series of the Trust created pursuant to the Declaration of Trust and Trust Agreement of the Trust. 

  

	(k)	Optional Early Termination. Notwithstanding anything to the contrary in the Definitions or the Agreement, the parties hereby agree to the following Optional Early Termination
provisions: 

  
 Party B shall have the right (but
not the obligation) to terminate any Transaction hereunder, in whole or in part, effective as of any Business Day (the “Optional Early Termination Date”), by providing Party A with notice of its exercise of this right one Business Days
prior to the Optional Early Termination Date. This notice shall be irrevocable and may be given orally, including by telephone. Such notice shall be followed by a written confirmation confirming the substance of any telephonic notice before the
close of business on the Business Day that telephonic notice is provided. 
  
 Such Transaction shall be terminated in accordance with Section 6(e)(ii)(1) (without the occurrence of a Termination Event or an Event of Default) such that the amount payable (the “Cash Settlement
Amount”) will be determined by the Calculation Agent as if the party electing to terminate such Transaction were the sole Affected Party. The Calculation Agent shall determine such Cash Settlement Amount in good faith and in a commercially
reasonable manner in accordance with normal market practice in the relevant market, taking into account market conditions at such time. Party B acknowledges and agrees 

	*	Delete as applicable 

 that market value used to calculate such Cash Settlement Amount may not correspond with closing prices of
a commodity index or the futures components of a commodity index, particularly during a period of disrupted market conditions. Such determination shall be made on the Optional Early Termination Date. Party A or Party B (as determined by the
Calculation Agent) shall pay to the other party the Cash Settlement Amount on the second Business Day following the Optional Early Termination Date. Once the Cash Settlement Amount has been fully and finally paid, then all rights, duties and
obligations of the parties under and with respect to such Transaction, or part of such Transaction, as applicable, shall terminate. 
  
 Part 6. Terms of Transactions 
  

	(a)	Fallback Price, Etc. 

  

	 	(i)	With respect to Transactions with a Calculation Period consisting of eight or more Commodity Business Days, if a Commodity Reference Price that would normally be determinable is not
available or would not produce a commercially reasonable result on any Commodity Business Day, then the Commodity Reference Price shall be the Commodity Reference Price published on the next Commodity Business Day, provided that if the Commodity
Reference Price is not available for eight (8) consecutive Commodity Business Days in that Calculation Period, then the Commodity Reference Price shall be calculated on the basis of the fallback price, if any, specified in the applicable
Confirmation (the “Fallback Price”). If no such Fallback Price is specified, the parties shall promptly endeavor to agree on an alternative source for determination of such Commodity Reference Price for that day. If such agreement is not
reached by the parties within three (3) business days, Party A shall determine such Commodity Reference Prices by taking the average of the price quotations for the relevant Commodity and the relevant Commodity Business Days obtained from at
least two and no more than four internationally recognized dealers in such Commodity, as mutually agreed by the parties. 

  

	 	(ii)	With respect to Transactions with a Calculation Period consisting of less than eight Commodity Business Days, if a Commodity Reference Price that would normally be determinable is
not available or would not produce a commercially reasonable result on any Commodity Business Day, then the Commodity Reference Price shall be calculated on the basis of the Fallback Price, if any, specified in the applicable Confirmation. If no
such Fallback Price is specified, the parties shall promptly endeavor to agree on an alternative source for determination of such Commodity Reference Price for that day. If such agreement is not reached by the parties within three (3) business
days, Party A shall determine such Commodity Reference Prices by taking the average of the price quotations for the relevant Commodity and the relevant Commodity Business Days obtained from at least two and no more than four internationally
recognized dealers in such Commodity, as mutually agreed by the parties. 

  
 IN WITNESS WHEREOF, the parties have executed this Schedule as of the date specified on the first page hereof. 
  

			
	 JEFFERIES FINANCIAL PRODUCTS, LLC

		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 
	
	 FRONTIER TRADING COMPANY VIII, LLC

		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 

	*	Delete as applicable 

			
	 (Bilateral Form)
	  	ISDA Agreements Subject to New York Law Only)

  
 ISDA® 
 International Swaps and Derivatives Association, Inc. 
  
 CREDIT SUPPORT ANNEX 
 to the Schedule
to the 
  
 _________________________________________

  
 dated as of ________________ 
  
 between 
  

					
	 	 	and 	 	 
	(“Party A”)	 	 	 	(“Party B”)

  
 This Annex supplements, forms part of,
and is subject to, the above-referenced Agreement, is part of its Schedule and is a Credit Support Document under this Agreement with respect to each party. 
  
 Accordingly, the parties agree as follows: — 
  
 Paragraph 1. Interpretation 
  
 (a) Definitions and Inconsistency. Capitalized terms not otherwise defined herein or elsewhere in this Agreement have the meanings specified pursuant
to Paragraph 12, and all references in this Annex to Paragraphs are to Paragraphs of this Annex. In the event of any inconsistency between this Annex and the other provisions of this Schedule, this Annex will prevail, and in the event of any
inconsistency between Paragraph 13 and the other provisions of this Annex, Paragraph 13 will prevail. 
  
 (b) Secured Party and Pledgor. All references in this Annex to the “Secured Party” will be to either party when acting in that capacity and all corresponding references to the
“Pledgor” will be to the other party when acting in that capacity; provided, however, that if Other Posted Support is held by a party to this Annex, all references herein to that party as the Secured Party with respect to that Other
Posted Support will be to that party as the beneficiary thereof and will not subject that support or that party as the beneficiary thereof to provisions of law generally relating to security interests and secured parties. 
  
 Paragraph 2. Security Interest 
  
 Each party, as the Pledgor, hereby pledges to the other party, as the Secured Party, as
security for its Obligations, and grants to the Secured Party a first priority continuing security interest in, lien on and right of Set-off against all Posted Collateral Transferred to or received by the Secured Party hereunder. Upon the Transfer
by the Secured Party to the Pledgor of Posted Collateral, the security interest and lien granted hereunder on that Posted Collateral will be released immediately and, to the extent possible, without any further action by either party. 
  
 Paragraph 3. Credit Support Obligations 
  
 (a) Delivery Amount. Subject to Paragraphs 4 and 5, upon
demand made by the Secured Party on or promptly following a Valuation Date, if the Delivery Amount for that Valuation Date equals or exceeds the Pledgor’s Minimum Transfer Amount, then the Pledgor will Transfer to the Secured Party Eligible
Credit Support having a Value as of the date of Transfer at least equal to the applicable Delivery Amount (rounded pursuant to Paragraph 13). Unless otherwise specified in Paragraph 13, the “Delivery Amount”
applicable to the Pledgor for any Valuation Date will equal the amount by which: 
  
 (i) the Credit Support Amount 
  
 exceeds 
  
 (ii) the Value as of that Valuation Date of all Posted Credit Support held by the Secured Party. 

 (b) Return Amount. Subject to Paragraphs 4 and 5, upon a demand made by the Pledgor on or promptly
following a Valuation Date, if the Return Amount for that Valuation Date equals or exceeds the Secured Party’s Minimum Transfer Amount, then the Secured Party will Transfer to the Pledgor Posted Credit Support specified by the Pledgor in that
demand having a Value as of the date of Transfer as close as practicable to the applicable Return Amount (rounded pursuant to Paragraph 13). Unless otherwise specified in Paragraph 13, the “Return Amount”
applicable to the Secured Party for any Valuation Date will equal the amount by which: 
  
 (i) the Value as of that Valuation Date of all Posted Credit Support held by the Secured Party 
  
 exceeds 
  
 (ii) the Credit Support Amount. 
  
 “Credit Support Amount” means, unless otherwise specified in Paragraph 13, for any Valuation Date
(i) the Secured Party’s Exposure for that Valuation Date plus (ii) the aggregate of all Independent Amounts applicable to the Pledgor, if any, minus (iii) all Independent Amounts applicable to the Secured Party, if any, minus
(iv) the Pledgor’s Threshold; provided, however, that the Credit Support Amount will be deemed to be zero whenever the calculation of Credit Support Amount yields a number less than zero. 
  
 Paragraph 4. Conditions Precedent, Transfer Timing, Calculations and Substitutions

  
 (a) Conditions Precedent. Each Transfer obligation
of the Pledgor under Paragraphs 3 and 5 and of the Secured Party under Paragraphs 3, 4(d)(ii), 5 and 6(d) is subject to the conditions precedent that: 
  
 (i) no Event of Default, Potential Event of Default or Specified Condition has occurred and is continuing with respect to the other party; and 

 
 (ii) no Early Termination Date for which any unsatisfied payment
obligations exist has occurred or been designated as the result of an Event of Default or Specified Condition with respect to the other party. 
  
 (b) Transfer Timing. Subject to Paragraphs 4(a) and 5 and unless otherwise specified, if a demand for the Transfer of Eligible Credit Support or
Posted Credit Support is made by the Notification Time, then the relevant Transfer will be made not later than the close of business on the next Local Business Day; if a demand is made after the Notification Time, then the relevant Transfer will be
made not later than the close of business on the second Local Business Day thereafter. 
  
 (c) Calculations. All calculations of Value and Exposure for purposes of Paragraphs 3 and 6(d) will be made by the Valuation Agent as of the Valuation Time. The Valuation Agent will notify each party (or the other
party, if the Valuation Agent is a party) of its calculations not later than the Notification Time on the Local Business Day following the applicable Valuation Date (or in the case of Paragraph 6(d), following the date of calculation). 

 
 (d) Substitutions. 
  
 (i) Unless otherwise specified in Paragraph 13, upon notice to the Second
Party specifying the items of Posted Credit Support to be exchanged, the Pledgor may, on any Local Business Day, Transfer to the Secured Party substitute Eligible Credit Support (the “Substitute Credit Support”); and 
  
 (ii) subject to Paragraph 4(a), the Secured Party will Transfer to the
Pledgor the items of Posted Credit Support specified by the Pledgor in its notice not later than the Local Business Day following the date on which the Secured Party receives the Substitute Credit Support, unless otherwise specified in Paragraph 13
(the “Substitution Date”); provided that the Secured Party will only be obligated to Transfer Posted Credit Support with a Value as of the date of Transfer of that Posted Credit Support equal to the Value as of that date of the
Substitute Credit Support. 

 Paragraph 5. Dispute Resolution 
  
 If a party (a “Disputing Party”) disputes (I) the Valuation Agent’s calculation of a Delivery Amount or a Return Amount
or (II) the Value of any Transfer of Eligible Credit Support or Posted Credit Support, then (1) the Disputing Party will notify the other party and the Valuation Agent (if the Valuation Agent is not the other party) not later than the close of
business on the Local Business Day following (X) the date that the demand is made under Paragraph 3 in case of (I) above or (Y) the date of Transfer in the case of (II) above, (2) subject to Paragraph 4(a), the appropriate party
will Transfer the undisputed amount to the other party not later than the close of business on the Local Business Day following (X) the date that the demand is made under Paragraph 3 in the case of (I) above or (Y) the date of
Transfer in the case of (II) above, (3) the parties will consult with each other in an attempt to resolve the dispute and (4) if they fail to resolve the dispute by the Resolution Time, then: 
  
 (i) In the case of a dispute involving a Delivery Amount or Return Amount,
unless otherwise specified in Paragraph 13, the Valuation Agent will recalculate the Exposure and the Value as of the Recalculation Date by: 
  
 (A) utilizing any calculations of Exposure for the Transactions (or Swap Transactions) that the parties have agreed are not in dispute;

  
 (B) Calculating the Exposure for the
Transactions (or Swap Transactions) in dispute by seeking four actual quotations at mid-market from Reference Market-makers for purposes of calculating Market Quotation, and taking the arithmetic average of those obtained; provided that if
four quotations are not available for a particular Transaction (or Swap Transaction), then fewer than four quotations may be used for that Transaction (or Swap Transaction); and if no quotations are available for a particular Transaction (or Swap
Transaction), then the Valuation Agent’s original calculations will be used for that Transaction (or Swap Transaction); 
  
 (C) utilizing the procedures specified in Paragraph 13 for calculating the Value, if disputed, of Posted Credit Support. 
  
 (ii) In the case of a dispute involving the Value of any Transfer of Eligible
Credit Support or Posted Credit Support, the Valuation Agent will recalculate the Value as of the date of Transfer pursuant to Paragraph 13. 
  
 Following a recalculation pursuant to this Paragraph, the Valuation Agent will notify each party (or the other party, if the Valuation Agent is a party) not later than
the Notification Time on the Local Business Day following the Resolution Time. The appropriate party will, upon demand following that notice by the Valuation Agent or a resolution pursuant to (3) above and subject to Paragraphs 4(a) and 4(b),
make the appropriate Transfer. 
  
 Paragraph 6. Holding and Using Posted
Collateral 
  
 (a) Care of Posted Collateral. Without
limiting the Secured Party’s rights under Paragraph 6(c), the Secured Party will exercise reasonable care to assure the safe custody of all Posted Collateral to the extent required by applicable law, and in any event the Secured Party will be
deemed to have exercised reasonable care if it exercises at least the same degree of care as it would exercise with respect to its own property. Except as specified in the preceding sentence, the Secured Party will have no duty with respect to
Posted Collateral, including, without limitation, any duty to collect any Distributions, or enforce or preserve any rights pertaining thereto. 
  
 (b) Eligibility to Hold Posted Collateral; Custodians. 
  
 (i) General. Subject to the satisfaction of any conditions specified in Paragraph 13 for holding Posted Collateral, the Secured Party
will be entitled to hold Posted Collateral or to appoint an agent (a “Custodian”) to hold Posted Collateral for the Secured Party. Upon notice by the Secured Party to the Pledgor of the appointment of a Custodian, the Pledgor’s
obligations to make any Transfer will be discharged by making the Transfer to that Custodian. The holding of Posted Collateral by a Custodian will be deemed to be the holding of that Posted Collateral by the Secured Party for which the Custodian is
acting. 
  
 (ii) Failure to Satisfy
Conditions. If the Secured Party or its Custodian fails to satisfy conditions for holding Posted Collateral, then upon a demand made by the Pledgor, the Secured Party will, not later than five Local Business Days after the demand,
Transfer or cause its Custodian to Transfer all Posted Collateral held by it to a Custodian that satisfies those conditions or to the Secured Party if it satisfies those conditions. 
  
 (iii) Liability. The Secured Party will be liable for the acts or omissions of its Custodian to the
same extent that the Secured Party would be liable hereunder for its own acts or omissions. 

 (c) Use of Posted Collateral. Unless otherwise specified in Paragraph 13 and without limiting the
rights and obligations of the parties under Paragraphs 3, 4(d)(ii), 5, 6(d) and 8, if the Secured Party is not a Defaulting Party or an Affected Party with respect to a Specified Condition and no Early Termination Date has occurred or been
designated as the result of an Event of Default or Specified Condition with respect to the Secured Party, then the Secured Party will, notwithstanding Section 9-207 of the New York Uniform Commercial Code, have the right to: 
  
 (i) sell, pledge, rehypothecate, assign, invest, use, commingle or otherwise
dispose of, or otherwise use in its business any Posted Collateral it holds, free from any claim or right of any nature whatsoever of the Pledgor, including any equity or right of redemption by the Pledgor; and 
  
 (ii) register any Posted Collateral in the name of the Secured Party, its
Custodian or a nominee for either. 
  
 For purposes of the obligation to Transfer
Eligible Credit Support or Posted Credit Support pursuant to Paragraphs 3 and 5 and any rights or remedies authorized under this Agreement, the Secured Party will be deemed to continue to hold all Posted Collateral and to receive Distributions made
thereon, regardless of whether the Secured Party has exercised any rights with respect to any Posted Collateral pursuant to (i) or (ii) above. 
  
 (d) Distributions and Interest Amount. 
  
 (i) Distributions. Subject to Paragraph 4(a), if the Secured Party receives or is deemed to receive Distributions on a Local Business
Day, it will Transfer to the Pledgor not later than the following Business Day any Distributions it receives or is deemed to receive to the extent that a Delivery Amount would not be created or increased by that Transfer, as calculated by the
Valuation Agent (and the date of calculation will be deemed to be a Valuation Date for this purpose). 
  
 (ii) Interest Amount. Unless otherwise specified in Paragraph 13 and subject to Paragraph 4(a), in lieu of any interest, dividends or
other amounts paid or deemed to have been paid with respect to Posted Collateral in the form of Cash (all of which may be retained by the Secured Party), the Secured Party will Transfer to the Pledgor at the times specified in Paragraph 13 the
Interest Amount to the extent that a Delivery Amount would not be created or increased by that Transfer, as calculated by the Valuation Agent (and the date of calculation will be deemed to be a Valuation Date for this purpose). The Interest Amount
or portion thereof not Transferred pursuant to this Paragraph will constitute Posted Collateral in the form of Cash and will be subject to the security interest granted under Paragraph 2. 
  
 Paragraph 7. Events of Default 
  
 For purposes of Section 5(a)(iii)(1) of this Agreement, an Event of Default will exist with respect to a party if: 
  
 (i) that party fails (or fails to cause its Custodian) to make, when due, any
Transfer of Eligible Collateral, Posted Collateral or the Interest Amount, as applicable, required to be made by it and that failure continues for two Local Business Days after notice of that failure is given to that party; 
  
 (ii) that party fails to comply with any restriction or prohibition specified
in this Annex with respect to any of the rights specified in Paragraph 6(c) and that failure continues for five Local Business Days after notice of that failure is given to that party; or 
  
 (iii) that party fails to comply with or perform any agreement or obligation other than those specified in Paragraphs 7(i)
and 7(ii) and that failure continues for 30 days after notice of that failure is given to that party. 
  
 Paragraph 8. Certain Rights and Remedies 
  
 (a) Secured Party’s Rights and Remedies. If at any time (1) an Event of Default or Specified Condition with respect to the Pledgor has occurred and is continuing or (2) an Early Termination Date has
occurred or been designated as the result of an Event of Default or Specified Condition with respect to the Pledgor, then, unless the Pledgor has paid in full all of its Obligations that are then due, the Secured Party may exercise one or more of
the following rights and remedies: 
  
 (i) all rights and remedies
available to a secured party under applicable law with respect to Posted Collateral held by the Secured Party; 
  
 (ii) any other rights and remedies available to the Secured Party under the terms of Other Posted Support, if any; 

 (iii) the right to Set-off any amounts payable by the Pledgor with respect to any Obligations against any
Posted Collateral or the Cash equivalent of any Posted Collateral held by the Secured Party (or any obligation of the Secured Party to Transfer that Posted Collateral); and 
  
 (iv) the right to liquidate any Posted Collateral held by the Secured Party through one or more public or private sales or
other dispositions with such notice, if any, as may be required under applicable law, free from any claim or right of any nature whatsoever of the Pledgor, including any equity or right of redemption by the Pledgor (with the Secured Party having the
right to purchase any or all of the Posted Collateral to be sold) and to apply the proceeds (or the Cash equivalent thereof) from the liquidation of the Posted Collateral to any amounts payable by the Pledgor with respect to any Obligations in that
order as the Secured Party may elect. 
  
 Each party acknowledges and agrees that
Posted Collateral in the form of securities may decline speedily in value and is of a type customarily sold on a recognized market, and, accordingly, the Pledgor is not entitled to prior notice of any sale of that Posted Collateral by the Secured
Party, except any notice that is required under applicable law and cannot be waived. 
  
 (b) Pledgor’s Rights and Remedies. If at any time an Early Termination Date has occurred or been designated as the result of an Event of Default or Specified Condition with respect to the Secured Party, then
(except in the case of an Early Termination Date relating to less than all Transactions (or Swap Transactions) where the Secured Party has paid in full all of its obligations that are then due under Section 6(e) of this Agreement): 

 
 (i) the Pledgor may exercise all rights and remedies available to a
Pledgor under applicable law with respect to Posted Collateral held by the Secured Party; 
  
 (ii) the Pledgor may exercise any other rights and remedies available to the Pledgor under the terms of Other Posted Support, if any; 
  
 (iii) the Secured Party will be obligated immediately to Transfer all Posted Collateral and the Interest Amount to the
Pledgor; and 
  
 (iv) to the extent that Posted Collateral or the
Interest Amount is not so Transferred pursuant to (iii) above, the Pledgor may: 
  
 (A) Set-off any amounts payable by the Pledgor with respect to any Obligations against any Posted Collateral or the Cash equivalent of any
Posted Collateral held by the Secured Party (or any obligation of the Secured Party to Transfer that Posted Collateral); and 
  
 (B) to the extent that the Pledgor does not Set-off under (iv)(A) above, withhold payment of any remaining amounts payable by the Pledgor
with respect to any Obligations, up to the Value of any remaining Posted Collateral held by the Secured Party, until that Posted Collateral is Transferred to the Pledgor. 
  
 (c) Deficiencies and Excess Proceeds. The Secured Party will Transfer to the Pledgor any proceeds and Posted Credit
Support remaining after liquidation, Set-off and/or application under Paragraphs 8(a) and 8(b) after satisfaction in full of all amounts payable by the Pledgor with respect to any Obligations; the Pledgor in all events will remain liable for any
amounts remaining unpaid after any liquidation, Set-off and/or application under Paragraphs 8(a) and 8(b). 
  
 (d) Final Returns. When no amounts are or thereafter may become payable by the Pledgor with respect to any Obligations (except for any potential liability under Section 2(d) of this
Agreement), the Secured Party will Transfer to the Pledgor all Posted Credit Support and the Interest Amount, if any. 
  
 Paragraph 9. Representations 
  
 Each party represents to the other party (which representation will be deemed to be repeated as of each date on which it, as the Pledgor, Transfers Eligible Collateral)
that: 
  
 (i) it has the power to grant a security interest in and
lien on any Eligible Collateral it Transfers as the Pledgor and has taken all necessary actions to authorize the granting of that security interest and lien; 

 (ii) it is the sole owner of or otherwise has the right to Transfer all Eligible Collateral it Transfers
to the Secured Party hereunder, free and clear of any security interest, lien, encumbrance or other restrictions other than the security interest and lien granted under Paragraph 2; 
  
 (iii) upon the Transfer of any Eligible Collateral to the Secured Party under the terms of this Annex, the Secured Party
will have a valid and perfected first priority security interest therein (assuming that any central clearing corporation or any third-party financial intermediary or other entity not within the control of the Pledgor involved in the Transfer of that
Eligible Collateral gives the notices and takes the action required of it under applicable law for perfection of that interest); and 
  
 (iv) the performance by it of its obligations under this Annex will not result in the creation of any security interest, lien or other encumbrance on any
Posted Collateral other than the security interest and lien granted under Paragraph 2. 
  
 Paragraph 10. Expenses 
  
 (a) General.
Except as otherwise provided in Paragraphs 10(b) and 10(c), each party will pay its own costs and expenses in connection with performing its obligations under this Annex and neither party will be liable for any costs and expenses incurred by the
other party in connection herewith. 
  
 (b) Posted Credit
Support. The Pledgor will promptly pay when due all taxes, assessments or charges of any nature that are imposed with respect to Posted Credit Support held by the Secured Party upon becoming aware of the same, regardless of whether
any portion of that Posted Credit Support is subsequently disposed of under Paragraph 6(c), except for those taxes, assessments and charges that result from the exercise of the Secured Party’s rights under paragraph 6(c). 
  
 (c) Liquidation/Application of Posted Credit Support. All reasonable costs and
expenses incurred by or on behalf of the Secured Party or the Pledgor in connection with the liquidation and/or application of any Posted Credit Support under Paragraph 8 will be payable, on demand and pursuant to the Expenses Section of this
Agreement, by the Defaulting Party or, if there is no Defaulting Party, equally by the parties. 
  
 Paragraph 11. Miscellaneous 
  
 (a)
Default Interest. A Secured Party that fails to make, when due, any Transfer of Posted Collateral or the Interest Amount will be obliged to pay the Pledgor (to the extent permitted under applicable law) an amount equal to
interest at the Default Rate multiplied by the Value of the items of property that were required to be Transferred, from (and including) the date that Posted Collateral or Interest Amount was required to be Transferred to (but excluding) the date of
Transfer of that Posted Collateral or Interest Amount. This interest will be calculated on the basis of daily compounding and the actual number of days elapsed. 
  

(b) Further Assurances. Promptly following a demand made by a party, the other party will execute, deliver, file and record any financing
statement, specific assignment or other document and take any other action that may be necessary or desirable and reasonably requested by that party to create, preserve, perfect or validate any security interest or lien granted under Paragraph 2, to
enable that party to exercise or enforce its rights under this Annex with respect to Posted Credit Support or an Interest Amount or to effect or document a release of a security interest on Posted Collateral or an Interest Amount. 
  
 (c) Further Protection. The Pledgor will promptly give notice to the
Secured Party of, and defend against, any suit, action, proceeding or lien that involves Posted Credit Support Transferred by the Pledgor or that could adversely affect the security interest and lien granted by it under Paragraph 2, unless that
suit, action, proceeding or lien results from the exercise of the Secured Party’s rights under Paragraph 6(c). 
  
 (d) Good Faith and Commercially Reasonable Manner. Performance of all obligations under this Annex, including, but not limited to, all calculations,
valuations and determinations made by either party, will be made in good faith and in a commercially reasonable manner. 
  
 (e) Demands and Notices. All demands and notices given by a party under this Annex will be made as specified in the Notices Section of this Agreement,
except as otherwise provided in Paragraph 13. 
  
 (f) Specifications of
Certain Matters. Anything referred to in this Annex as being specified in Paragraph 13 also may be specified in one or more Confirmations or other documents and this Annex will be construed accordingly. 

 Paragraph 12. Definitions 
  
 As used in this Annex: — 
  
 “Cash” means the lawful currency of the United States of America. 
  
 “Credit Support Amount” has the meaning specified in Paragraph 3. 
  
 “Custodian” has the meaning specified in Paragraphs
6(b)(i) and 13. 
  
 “Delivery Amount” has
the meaning specified in Paragraph 3(a). 
  
 “Disputing
Party” has the meaning specified in Paragraph 5. 
  
 “Distributions” means, with respect to Posted Collateral other than Cash, all principal, interest and other payments and distributions of cash or other property with respect thereto, regardless of
whether the Secured Party has disposed of that Posted Collateral under Paragraph 6(c). Distributions will not include any item of property acquired by the Secured Party upon any disposition or liquidation of Posted Collateral or, with respect to any
Posted Collateral in the form of Cash, any distributions on that collateral, unless otherwise specified herein. 
  
 “Eligible Collateral” means, with respect to a party, the items, if any, specified as such for that party in Paragraph 13.

  
 “Eligible Credit Support” means Eligible
Collateral and Other Eligible Support. 
  
 “Exposure” means for any Valuation Date or other date for which Exposure is calculated and subject to Paragraph 5 in the case of a dispute, the amount, if any, that would be payable to a party that is
the Secured Party by the other party (expressed as a positive number) or by a party that is the Secured Party to the other party (expressed as a negative number) pursuant to Section 6(e)(ii)(2)(A) of this Agreement as if all Transactions (or Swap
Transactions) were being terminated as of the relevant Valuation Time; provided that Market Quotation will be determined by the Valuation Agent using its estimates at mid-market of the amounts that would be paid for Replacement Transactions
(as that term is defined in the definition of “Market Quotation”). 
  
 “Independent Amount” means, with respect to party, the amount specified as such for that party in Paragraph 13; if no amount is specified, zero. 
  
 “Interest Amount” means, with respect to an Interest
Period, the aggregate sum of the amounts of interest calculated for each day in that Interest Period on the principal amount of Posted Collateral in the form of Cash held by the Secured Party on that day, determined by the Secured Party for each
such day as follows: 
  

	 	(x)	the amount of Cash on that day; multiplied by 

  

	 	(y)	the Interest Rate in effect for that day; divided by 

  

	 	(z)	360. 

  
 “Interest Period” means the period from (and including) the last Local Business Day on which an Interest Amount was Transferred (or, if no Interest Amount has yet been Transferred, the Local Business
Day on which Posted Collateral in the form of Cash was Transferred to or received by the Secured Party) to (but excluding) the Local Business Day on which the current Interest Amount is to be Transferred. 
  
 “Interest Rate” means the rate specified in Paragraph
13. 
  
 “Local Business Day”, unless
otherwise specified in Paragraph 13, has the meaning specified in the Definitions Section of this Agreement, except that references to a payment in clause (b) thereof will be deemed to include a Transfer under this Annex. 
  
 “Minimum Transfer Amount” means, with respect to a
party, the amount specified as such for that party in Paragraph 13; if no amount is specified, zero. 
  
 “Notification Time” has the meaning specified in Paragraph 13. 

 “Obligations” means, with respect to a party, all present and future obligations of
that party under this Agreement and any additional obligations specified for that party in Paragraph 13. 
  
 “Other Eligible Support” means, with respect to a party, the items, if any, specified as such for that party in Paragraph 13. 
  
 “Other Posted Support” means all Other Eligible Support
Transferred to the Secured Party that remains in effect for the benefit of that Secured Party. 
  
 “Pledgor” means either party, when that party (i) receives a demand for or is required to Transfer Eligible Credit Support under Paragraph 3(a) or (ii) has Transferred
Eligible Credit Support under Paragraph 3(a). 
  
 “Posted
Collateral” means all Eligible Collateral, other property, Distributions, and all proceeds thereof that have been Transferred to or received by the Secured Party under this Annex and not Transferred to the Pledgor pursuant to
Paragraph 3(b), 4(d)(ii) or 6(d)(i) or released by the Secured Party under Paragraph 8. Any Interest Amount or portion thereof not Transferred pursuant to Paragraph 6(d)(ii) will constitute Posted Collateral in the form of Cash. 
  
 “Posted Credit Support” means Posted Collateral and
Other Posted Support. 
  
 “Recalculation Date”
means the Valuation Date that gives rise to the dispute under Paragraph 5; provided, however, that if a subsequent Valuation Date occurs under Paragraph 3 prior to the resolution of the dispute, then the “Recalculation Date” means
the most recent Valuation Date under Paragraph 3. 
  
 “Resolution Time” has the meaning specified in Paragraph 13. 
  
 “Return Amount” has the meaning specified in Paragraph 3(b). 
  
 “Secured Party” means either party, when that party (i) makes a demand for or is entitled to receive Eligible Credit Support
under Paragraph 3(a) or (ii) holds or is deemed to hold Posted Credit Support. 
  
 “Specified Condition” means, with respect to a party, any event specified as such for that party in Paragraph 13. 
  

“Substitute Credit Support” has the meaning specified in Paragraph 4(d)(i). 
  
 “Substitution Date” has the meaning specified in
Paragraph 4(d)(ii). 
  
 “Threshold” means,
with respect to a party, the amount specified as such for that party in Paragraph 13; if no amount is specified, zero. 
  
 “Transfer” means, with respect to any Eligible Credit Support, Posted Credit Support or Interest Amount, and in accordance with the
instructions of the Secured Party, Pledgor or Custodian, as applicable: 
  
 (i) in the case of Cash, payment or delivery by wire transfer into one or more bank accounts specified by the recipient; 
  
 (ii) in the case of certificated securities that cannot be paid or delivered by book-entry, payment or delivery in appropriate physical form to the
recipient or its account accompanied by any duly executed instruments of transfer, assignments in blank, transfer tax stamps and any other documents necessary to constitute a legally valid transfer to the recipient; 
  
 (iii) in the case of securities that can be paid or delivered by book-entry,
the giving of written instruments to the relevant depository institution or other entity specified by the recipient, together with a written copy thereof to the recipient, sufficient if complied with to result in a legally effective transfer of the
relevant interest to the recipient; and 
  
 (iv) in the case of
Other Eligible Support or Other Posted Support, as specified in Paragraph 13. 
  
 “Valuation Agent” has the meaning specified in Paragraph 13. 
  
 “Valuation Date” means each date specified in or otherwise determined pursuant to Paragraph 13. 
  
 “Valuation Percentage” means, for any item of Eligible Collateral, the percentage specified in
Paragraph 13. 

 “Valuation Time” has the meaning specified in Paragraph 13. 
  
 “Value” means for any Valuation Date or other date for
which Value is calculated, and subject to Paragraph 5 in the case of a dispute, with respect to: 
  
 (i) Eligible Collateral or Posted Collateral that is: 
  
 (A) Cash, the amount thereof; and 
  
 (B) a security, the bid price obtained by the Valuation Agent multiplied by the applicable Valuation Percentage, if any; 
  
 (ii) Posted Collateral that consists of items that are not specified as
Eligible Collateral, zero; and 
  
 (iii) Other Eligible Support
and Other Posted Support, as specified in Paragraph 13. 
  
 (iv)
Thresholds. 
  

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

	 	 	“Independent Amount” means with respect to Party B: $
                                 

  

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

	 	 	“Threshold” means with respect to Party B: $
                                        
           

  

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

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

  

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

  
 (c) Valuation and Timing. 
  
 (i) “Valuation Agent” means, for purposes of Paragraphs 3 and 5, the party making the demand under Paragraph 3, and,
for purposes of Paragraph 6(d), the Secured Party receiving or deemed to receive the Distributions or the Interest Amount, as applicable, unless otherwise specified here:
                                        
                                        
             
  
 (ii) “Valuation Date” means
                                        
                                        
         
  
 (iii)
“Valuation Time” means 
  
  ̈ the close of business in the city of the Valuation Agent on the Valuation Date or date of calculation, as applicable; 
  
  ̈ the close of business on the Local Business Day before the Valuation Date or date of calculation, as applicable; 
  
 provided that the calculations of Value and Exposure will be made as of approximately the same time
on the same date. 
  
 (iv) “Notification
Time” means 1:00 p.m., New York time, on a Local Business Day, unless otherwise specified here:
                                        
                                        
                                     
  
 (d) Conditions Precedent and Secured Party’s Rights and Remedies.
The following Termination Event(s) will be a “Specified Condition” for the party specified (that party being the Affected Party if the Termination Event occurs with respect to that party): 
  

					
	 	  	Party A

	  	Party B

	 Illegality
	  	 ̈	  	 ̈
	 Tax Event
	  	 ̈	  	 ̈
	 Tax Event Upon Merger
	  	 ̈	  	 ̈
	 Credit Event Upon Merger
	  	 ̈	  	 ̈
	 Additional Termination Event(s):1
	  	 ̈	  	 ̈
	 _____________________________
	  	 ̈	  	 ̈
	 _____________________________
	  	 ̈	  	 ̈

	*	Delete as applicable. 

 (e) Substitution. 
  
 (i) “Substitution Date” has the meaning specified in Paragraph 4(d)(ii), unless
otherwise specified here:
                                        
                                        
                                        
                     
  
 (ii) Consent. If specified here as applicable, then the Pledgor must obtain the Secured Party’s consent for any substitution
pursuant to Paragraph 4(d): [applicable/inapplicable*]2 
  
 (f) Dispute Resolution. 
  
 (i) “Resolution Time” means 1:00 p.m., New York time, on the Local Business Day following the date on which the notice is given that gives rise to a dispute under Paragraph 5, unless otherwise specified
here:                                  
  
 (ii) Value. For the purpose of Paragraphs 5(i)(C) and
5(ii), the Value of Posted Credit Support will be calculated as follows:
                                        
                                        
                                        
                     
  
 (iii) Alternative. The provisions of Paragraph 5 will apply, unless an alternative dispute resolution procedure is specified here:
                                        
                                        
                                        
                     
  
 (g) Holding and Using Posted Collateral. 
  
 (i) Eligibility to Hold Posted Collateral; Custodians. Party A and its Custodian will be entitled to hold Posted Collateral pursuant
to Paragraph 6(b); provided that the following conditions applicable to it are satisfied:
                             
  
 (1) Party A is not a Defaulting Party. 
  
 (2) Posted Collateral may be held only in the following jurisdictions:
                                        

  
 (3) Initially, the Custodian for Party
A is
                                        
                                        
     
  
 Party B and its Custodian will be
entitled to hold Posted Collateral pursuant to Paragraph 6(b); provided that the following conditions applicable to it are satisfied: 
  
 (1) Party B is not a Defaulting Party. 
  
 (2) Posted Collateral may be held only in the following jurisdictions:
                                        

  
 (3) Initially, the Custodian for Party
B is
                                        
                                        
     
  
 (ii) Use of Posted
Collateral. The provisions of Paragraph 6(c) will not apply to the [party/parties*] specified here:

  
  ̈ Party A 
  
  ̈ Party B 
  
 And [that party/those parties*] will not be permitted to:
                                        
                                 
  

	*	Delete as applicable. 

  

	1	If the parties elect to designate an Additional Termination Event as a “Specified Condition”, then they should only designate one or more Additional
Termination Events that are designated as such in their Schedule. 

  

	2	Parties should consider selecting “applicable” where substitution without consent could give rise to a registration requirement to perfect properly the
security interest in Posted Collateral (e.g., where a party to the Annex is the New York branch of an English bank). 

 (h) Distributions and Interest Amount. 
  
 (i) Interest Rate. The “Interest Rate” will be:
                                        
                                        
     
  
 (ii) Transfer of Interest Amount.
The Transfer of the Interest Amount will be made on the last Local Business Day of each calendar month and on any Local Business Day that Posted Collateral in the form of Cash is Transferred to the Pledgor pursuant to Paragraph 3(b), unless
otherwise specified here:
                                        
                                        
                                        
                                        
                                        
     
  
 (iii) Alternative to
Interest Amount. The provisions of Paragraph 6(d)(ii) will apply, unless otherwise specified here:
                                        
                        
                                        
                                        
                     
  
 (i) Additional Representation(s). 
  
 [Party A/Party B*] represents to the
other party (which representation(s) will be deemed to be repeated as of each date on which it, as the Pledgor, Transfers Eligible Collateral) that: 
  
 (i)
                                        
                                        
                                        
                                        
                     
  
 (ii)
                                        
                                        
                                        
                                        
                     
  
 (j) Other Eligible Support and Other Posted Support. 
  
 (i) “Value” with respect to Other Eligible Support and Other Posted Support means:
................... 
  
 (ii)
“Transfer” with respect to Other Eligible Support and Other Posted Support means: ................ 
  
 (k) Demands and Notices. 
  
 All demands, specifications and notices under this Annex will be made pursuant to the Notices Section of this Agreement, unless otherwise specified here: 
  
 Part A:
________________________________________________________________________ 
 ______________________________________________________________________________ 
  
 Part B: ________________________________________________________________________ 
 ______________________________________________________________________________ 
  
 (l) Addresses for Transfers. 
  
 Part A: ________________________________________________________________________ 
 ______________________________________________________________________________ 
  
 Part B: ________________________________________________________________________ 
 ______________________________________________________________________________ 
  
 (m) Other Provisions. 

	*	Delete as applicable. 

 EXHIBIT A 
  

For the purposes of Annex I of the Agreement to which this Exhibit is attached and made a part, each of the following shall be an Eligible Account:- 
  
 [Description of Eligible Accounts (entity, account type, number and owner name)] 

 Elections and Variables 
 to the ISDA Credit Support Annex 
 dated as of
                    , 2005 
 between 
  
 Jefferies Financial Products,
LLC 
 (“Party A”) 
  
 and 
  
 Frontier Trading Company VIII, LLC 
 (“Party B”) 
  
 Paragraph 13. Elections and Variables 
  

	(a)	Security Interest for “Obligations.” The term “Obligations” as used in this Annex has the meaning specified in
Paragraph 12 and includes no additional obligations with respect to either Party A or Party B. 

  

	(b)	Credit Support Obligations. 

  

	(i)	“Delivery Amount,” “Return Amount” and “Credit Support Amount” have the meanings
specified in Paragraph 3(a), Paragraph 3(b), and the final sentence of Paragraph 3, respectively. 

  

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

  

					
	 ICAD Code

	 	 Remaining Maturity

	  	 Valuation
 Percentage

	 US-CASH
	 	 	  	100%
	 US-TBILL
	 	 	  	99%
	 US-TNOTE
	 	- One (1) year or under	  	99%

  
 (iii) Other Eligible
Support. There will be no “Other Eligible Support” for Party A or Party B. 
  
 (iv) Thresholds. 
  

	(A)	“Independent Amount” means with respect to Party A: None, unless otherwise specified in a Confirmation. “Independent Amount” means with respect to
Party B: For any Valuation Date, ten percent (10%) of the Fixed Swap Notional Amounts. “Fixed Swap Notional Amount” means the absolute value of the product of (A) the fixed price for such Transaction, and (B) the notional
volume covered by such Transaction. 

  

	(B)	“Threshold” means $0 with respect to both Party A and Party B. 

  

	(C)	“Minimum Transfer Amount” means as to Party A and Party B: $250,000. 

  

	(D)	Rounding. The Delivery Amount will be rounded up and the Return Amount down in each case to the nearest integral multiple of $250,000. 

  

	(c)	Valuation and Timing. 

  

	(i)	“Valuation Agent” means, for purposes of this Annex, Party A. 

  

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

  

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

	(iv)	“Notification Time” means 12:00 noon New York time, on a Local Business Day. 

  

	(d)	Conditions Precedent and Secured Party’s Rights and Remedies. The following Termination Event(s) will be a “Specified Condition” for both
Party A and Party B (that party being the Affected Party if the Termination Event occurs with respect to that party): 

  

			
	 Illegality
	  	x
	 Tax Event
	  	 ̈
	 Tax Event Upon Merger
	  	 ̈
	 Credit Event Upon Merger
	  	x

  

	(e)	Substitution. 

  

	(i)	“Substitution Date” has the meaning specified in Paragraph 4(d)(ii). 

  

	(ii)	Consent. Pledgor need not obtain the Secured Party’s consent for any substitution pursuant to Paragraph 4(d). 

  

	(f)	Dispute Resolution. 

  

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

  

	(ii)	Value. For the purpose of Paragraphs 5(i)(C) and 5(ii), disputes over Value will be resolved by the Valuation Agent seeking three mid-market quotes as of the Valuation
Date or date of Transfer from parties that regularly act as dealers in the securities or properties in question. The Value will be the arithmetic mean of the quotes received by the Valuation Agent. 

  

	(iii)	Alternative. The provisions of Paragraph 5 will apply; provided, however, that notwithstanding the contrary provision of Paragraph 5, the undisputed amount of
each Delivery Amount as calculated by the Valuation Agent shall be transferred by the Pledgor to the Secured Party in accordance with the provisions of 4(b) and 13(c)(iv). 

  

	(g)	Holding and Using Posted Collateral. 

  

	(i)	Eligibility to Hold Posted Collateral; Custodian. 

  
 Party A and its Custodian will be entitled to hold Posted Collateral pursuant to Paragraph 6(b); provided that the following conditions applicable to it are
satisfied: 
  

	(1)	Party A is not a Defaulting Party. 

  

	(2)	Posted Collateral is held only in the State of New York. 

  
 Initially, the Custodian for Party A is: Jefferies & Co., Inc. 
  
 Party B and its Custodian will be entitled to hold Posted Collateral pursuant to Paragraph 6(b); provided that the following
conditions applicable to it are satisfied: 
  

	(1)	Party B is not a Defaulting Party. 

  

	(2)	Posted Collateral is held only in the States of New York. 

  

	(3)	The long-term unsecured debt of such Custodian is rated at least in the “A” category by Standard & Poor’s Rating Group, a division of McGraw Hill Companies,
Inc. or Moody’s Investor Services, Inc. 

  
 Initially, the Custodian for Party B is
                                        .

  

	(ii)	Use of Posted Collateral. The provisions of Paragraph 6(c) will apply to each party. 

  

	(h)	Distributions and Interest Amount. 

	(i)	Interest Rate. The “Interest Rate” will be the federal funds overnight rate as published by the Board of Governors of the Federal Reserve
System in the H15 (519) or its successor publication, or such other rate as the parties may agree from time to time. 

  

	(ii)	Transfer of Interest Amount. The Transfer of the Interest Amount will be made on the first Local Business Day of each calendar month and on any Local Business Day that
Posted Collateral in the form of Cash is transferred to the Pledgor pursuant to Paragraph 3(b). 

  

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

  

	(i)	Additional Representation(s). None. 

  

	(j)	Other Eligible Support and Other Posted Support. None. 

  

	(k)	Demands and Notices. 

  
 All demands, specifications and notices under this Annex will be made pursuant to the Notices Section of this Agreement, unless otherwise specified here: 
  
 Party A: As specified in Part 4(a) of the Schedule to the Master Agreement. 
  
 Party B: [ADD] 
  

	(l)	Addresses for Transfers. 

  
 Party A: To be provided by Party A. 
  
 Party B: To be advised prior to time transfer required. 
  

	(m)	Other Provisions. 

  

	(i)	Transfer Timing. With respect to any Transfer of Eligible Credit Support demanded under Paragraph 3(a), Paragraph 4(b) shall be modified and amended as follows:
(i) replace the word “next” in the third line thereof with the word “same” and (ii) replace the word “second” in the last line thereof with the word “next.” 

  

	(ii)	Amendment to Paragraph 7 Events of Default. Paragraph 7 of this Credit Support Annex is amended by substituting in clause (i) the words “one Local Business
Day” in place of “two Local Business Days”; by inserting in clause (iii) the words “under this Annex” immediately after the words “or obligation”; and by substituting in clause (iii) “10 days”
in place of “30 days.” 

  

	(iv)	Collateral Asset Definitions. The definitions and provisions contained in the Collateral Asset Definitions First Edition - June 2003 (the “Collateral Asset
Definitions”), as published by the International Swaps and Derivatives Association, Inc. (“ISDA”), are incorporated into this Annex. In the event of any inconsistency between any of the following, the first listed shall prevail
(i) this Annex, (ii) the Agreement and (iii) the Collateral Asset Definitions. 

  

			
	 Accepted and Agreed:

	
	Jefferies Financial Products, LLC
		
	 By:
	 	 
		
	 Name:
	 	 
		
	 Title:
	 	 
		
	 Date:
	 	 
	
	Frontier Trading Company VIII, LLC
		
	 By:
	 	 
		
	 Name:
	 	 
		
	 Title:
	 	 
		
	 Date:

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