Document:

blkg_ex108.htm

EXHIBIT 10.8

 

BLACK STALLION OIL & GAS CORP.

633 W. 5TH STREET

26TH FLOOR

LOS ANGELES, CALIFORNIA

90071

 

February 9, 2017

 

Rancho Capital Management

1401 Camino Del Mar, Unit 202

Del Mar, CA 92014

 

RE: Notice of Cancellation of Contractor Agreements 

 

This letter is to notify Rancho Capital Management (“Contractor”) that Black Stallion Oil & Gas Inc. (“Company”) is terminating all Contractor Agreements (“Agreements”) with Contractor. As of the date of this letter, the Company entered into three Agreements with Contractor dated February 9, 2016, April 8, 2016, and July 15, 2016, respectively, all of which are terminated effective immediately.

 

 

Sincerely,

 

/s/ Ira Morris

Ira Morris

Black Stallion Oil & Gas Inc.

President & DirectorFS Investment Corporation IV 8-K

 

  Exhibit 10.1

 

	Citibank,
                                         N.A.

                                         390 Greenwich Street

                                         New York, New York 10013

	 

  

EXECUTION
COPY

	 	 
	Date:	January 19, 2016 (amended and restated as of
    July 19, 2017)
	 	 
	To:	Cheltenham Funding LLC

    c/o FS Investment Corporation IV

    201 Rouse Boulevard

    Philadelphia, PA 19112

    Attention: Gerald F. Stahlecker

    Phone: 215-495-1169

    Fax: 215-222-4649

    Email: credit.notices@fsinvestments.com
	 	 
	From:	Citibank, N.A.

    388 Greenwich Street

    11th Floor

    New York, New York 10013

    Attention: Director Derivative Operations

    Facsimile: 212-615-8594

 

Transaction
Reference Number:  __________

 

CONFIRMATION

 

Ladies
and Gentlemen:

 

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

 

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

 

With
effect from and after the Fifth Amendment Effective Date specified below, this Confirmation amends and restates the prior Confirmation
dated as of January 19, 2016 and amended and restated as of April 12, 2016, June 3, 2016, June 30, 2016 and January 19, 2017 (the
“Original Confirmation”) relating to the Transactions described herein, which Original Confirmation
(with respect to the period from and after the Fifth Amendment Effective Date) is hereby superseded and shall be of no further
force or effect.

 

    	 	 	Page 1

     

    

 

1.          Agreement

 

This
Confirmation supplements, forms a part of and is subject to, the ISDA 2002 Master Agreement, dated as of January 19, 2016 (as
amended, supplemented and otherwise modified and in effect from time to time, the “Master Agreement”),
between Citibank and Counterparty. All provisions contained in the Master Agreement govern this Confirmation except as expressly
modified below.

 

FS
Investment Corporation IV (“Guarantor”) has guaranteed all of the present and future obligations of
Counterparty under the Master Agreement pursuant to a guarantee dated as of the date hereof (the “Guarantee”)
between Guarantor and Citibank. Guarantor will be a Credit Support Provider, and the Guarantee will be a Credit Support Document,
with respect to Counterparty. The obligations of the Guarantor under the Guarantee shall, so long as no Event of Default in relation
to Counterparty as Defaulting Party has occurred and is then continuing and no Early Termination Date has been designated by Citibank,
terminate and be of no further force of effect on the Portfolio Criteria Satisfaction Date.

 

2.          Terms
of Transactions

 

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

 

	General
    Terms:	 
	Trade
    Date:	January
    19, 2016
	Effective
    Date:	January
    19, 2016
	Amendment
    Effective Date:	April
    12, 2016
	Second
    Amendment Effective Date:	June
    3, 2016
	Third
    Amendment Effective Date:	June
    30, 2016
	Fourth
    Amendment Effective Date:	January
    19, 2017
	Fifth
    Amendment Effective Date:	July
    19, 2017
	Scheduled
    Termination Date:	The
    latest date for the final scheduled payment (or, if there is only one scheduled payment, for the scheduled payment) of principal
    of any Reference Obligation at any time included in the Reference Portfolio.
	Termination
    Date:	The
    final Scheduled Settlement Date (as defined in the Master Agreement) with respect to all Transactions (other than (i) any
    Citibank Fixed Amount Payer Payment Date that occurs after the final Obligation Termination Date and (ii) any Counterparty
    Fourth Floating Rate Payer Payment Date). The obligations of the parties to make payments required to be made hereunder shall
    survive the Termination Date.

 

    	 	 	Page 2

     

    

 

	Obligation
    Termination Date:	(a)
                                          In relation to any Repaid Obligation, the related Repayment Date; and

         

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

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

         

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

         

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

         

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

         

        (c)          if
the relevant Reference Obligation would be a Specified Reference Obligation, Counterparty gives  

 

    	 	 	Page 3

     

    

 

	 	notice of such fact to Citibank in such notice of designation (provided that any failure to give such notice shall not affect the effectiveness of such designation).

                                                 

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

                                                 

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

                                                 

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

                                                 

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

                                                 

                                                If any payment of interest on a Reference Obligation that would otherwise
                                         be made during the period from and including the Obligation Trade Date to but excluding
                                         the Termination Trade Date is not made but 

 

    	 	 	Page 4

     

    

 

	 	is
    capitalized as additional principal (without default), then the amount of interest so capitalized as principal shall become
    a new Transaction hereunder (a “PIK Transaction”) having the same terms and conditions as the Transaction
    relating to the Reference Obligation in respect of which such interest is capitalized, except that (1) the Initial Price in
    relation to such PIK Transaction shall be zero, (2) the Obligation Trade Date and Obligation Settlement Date for such PIK
    Transaction shall be the date on which such interest is capitalized and (3) the Reference Amount of such PIK Transaction will
    be the amount of interest so capitalized as principal. Citibank shall give notice to Counterparty after a PIK Transaction
    becomes outstanding as provided above, which notice shall set forth the information in the foregoing clauses (2) and (3).
	Reference
    Entity:	The
    borrower of the Reference Obligation identified as such in Annex I hereto. In addition, “Reference Entity”, unless
    the context otherwise requires, shall also refer to any guarantor of or other obligor on the Reference Obligation.
	Ramp-Up
    Period:	The
    period from and including the Effective Date and ending on and including the date occurring 90 days after the Effective Date.
	Ramp-Down
    Period:	The
    period from and including the date 30 days prior to the Scheduled Termination Date and ending on and including the Scheduled
    Termination Date.
	Portfolio
    Notional Amount:	As
    of any date of determination, the sum of the Notional Amounts for all Reference Obligations as of such date.
	Notional
    Amount:	(a)
                                         In relation to any Transaction (other than with respect to any Terminated Obligation
                                         or Repaid Obligation), as of any date of determination, the Reference Amount of the related
                                         Reference Obligation as of such date multiplied by the Initial Price in relation
                                         to such Reference Obligation; and

         

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

 

    	 	 	Page 5

     

    

 

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

 

    	 	 	Page 6

     

    

 

	 	determination.

                                                                      

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

	Portfolio
    Notional Funded Amount:	As
    of any date of determination, the aggregate of all Notional Funded Amounts with respect to all Reference Obligations in the
    Reference Portfolio on such date of determination.
	Reference
    Amount:	In
    relation to (a) any Term Obligation, the Outstanding Principal Amount thereof and (b) any Committed Obligation, the Commitment
    Amount thereof.
	Maximum
    Portfolio Notional Amount:	USD175,000,000
	Minimum
    Portfolio Notional Amount:	85%
    of the Maximum Portfolio Notional Amount
	Utilization
    Amount:	In
    relation to any Calculation Period, the daily average of the Portfolio Notional Funded Amount during such Calculation Period.
	Business
    Day:	New
    York
	Business
    Day Convention:	Following
                                         (which shall apply to any date specified herein for the making of any payment or determination
                                         or the taking of any action which falls on a day that is not a Business Day).

         

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

	Floating
    Rate Index:	Whenever
    in this Confirmation reference is made to USD-LIBOR-BBA (a “Floating Rate Index”), in no event may
    such Floating Rate Index be less than zero
	Monthly
    Period:	Each
    period from but excluding the last day of any calendar month to and including the last day of the immediately succeeding calendar
    month.
	Calculation
    Agent:	Citibank;
    provided that, if an Event of Default described in Section 5(a)(i) or Section 5(a)(vii) occurs with respect to Citibank
    as Defaulting Party and no Event of Default has occurred and is continuing with respect to Counterparty as Defaulting Party,
    then Counterparty may designate any of Bank of America, 

 

    	 	 	Page 7

     

    

 

	 	NA,
    The Bank of Montreal, Barclays Bank plc, Canadian Imperial Bank of Commerce, Credit Suisse, Deutsche Bank AG, JPMorgan Chase
    Bank, N.A., UBS AG and Wells Fargo Bank, National Association as Calculation Agent, which designation shall be effective only
    (a) if such designated entity accepts such appointment and agrees to perform the duties of the Calculation Agent hereunder
    and (b) so long as such Event of Default with respect to Citibank as Defaulting Party continues. Unless otherwise specified,
    the Calculation Agent shall make all determinations, calculations and adjustments required pursuant to this Confirmation in
    good faith and on a commercially reasonable basis.
	Calculation
    Agent City:	New
    York
	Initial
    Price:	In
    relation to any Reference Obligation (and the related Transaction), the Initial Price specified in Annex I. The Initial Price
    (a) will be expressed exclusive of accrued interest, (b) will be expressed as a percentage of the Reference Amount, (c) will
    be determined exclusive of Costs of Assignment that would be incurred by a buyer in connection with any purchase of the Reference
    Obligation and exclusive of any Delay Compensation and (d) will be, as of the related Obligation Trade Date, the “Initial
    Price” specified by Counterparty to Citibank in the notice of designation referred to above and consented to by Citibank.
	Payments
    by Counterparty	 
	Counterparty
    First Floating Amounts:	 
	First
    Floating Amount Payer:	Counterparty
	First
    Floating Amount:	In
    relation to any First Floating Rate Payer Payment Date, the sum, for each Transaction, of the products of (a) the First Floating
    Rate Payer Calculation Amount for such Transaction for the related First Floating Rate Payer Calculation Period multiplied
    by (b) the Floating Rate Option for such Transaction during the related First Floating Rate Payer Calculation Period plus
    the Spread multiplied by (c) the Floating Rate Day Count Fraction; provided that, for purposes of the foregoing
    calculation, the percentage specified in the foregoing clause (b) shall be the Spread (and not the Floating Rate Option plus
    

 

    	 	 	Page 8

     

    

 

	 	the
    Spread) with respect to any portion of a First Floating Rate Payer Calculation Amount constituting the undrawn stated face
    amount of all letters of credit, bankers’ acceptances and other similar instruments issued in respect of a related Committed
    Obligation.
	First
                                         Floating Rate Payer

        Calculation
        Amount:

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

        Calculation
        Period:

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

        Payer
        Payment Date:

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

         

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

	Floating
    Rate Option:	In
    relation to any Transaction, USD-LIBOR-BBA.
	Designated
    Maturity:	In
    relation to any Transaction, one month.
	Spread:	(a)
    Prior to the Portfolio Criteria Satisfaction Date, 1.60%; and (b) on or after the Portfolio Criteria Satisfaction Date, 1.50%.
	Floating
                                         Rate Day

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

 

    	 	 	Page 9

     

    

 

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

         

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

	Second
                                         Floating Rate Payer

        Calculation
        Amount:

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

 

    	 	 	Page 10

     

    

 

	Second
                                         Floating Rate Payer

        Calculation
        Period:

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

        Payer
        Payment Dates:

         
	The
    tenth Business Day following the last day of each Monthly Period; provided that (a) the initial Second Floating Rate
    Payer Payment Date will be the first such Business Day after the last day of the Ramp-Up Period and (b) the final Second Floating
    Rate Payer Payment Date will be the day preceding the first day of the Ramp-Down Period.
	Spread:	(a)
    Prior to the Portfolio Criteria Satisfaction Date, 1.60%; and (b) on or after the Portfolio Criteria Satisfaction Date, 1.50%.
	Floating
                                         Rate Day

        Count
Fraction: 
	Actual/360.
	Compounding:	Inapplicable
	Counterparty
    Third Floating Amounts:	 
	Third
    Floating Amount Payer:	Counterparty
	Third
    Floating Amount:	In
    relation to any Third Floating Rate Payer Payment Date, the product of (a) the Third Floating Rate Payer Calculation Amount
    for the related Third Floating Rate Payer Calculation Period multiplied by (b) the Spread multiplied by (c)
    the Floating Rate Day Count Fraction.
	Third
                                         Floating Rate Payer

        Calculation
        Amount:

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

 

    	 	 	Page 11

     

    

 

	Third
                                         Floating Rate Payer

        Calculation
        Period:

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

        Payer
        Payment Dates:

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

        Count
Fraction: 
	Actual/360.
	Compounding:	Inapplicable
	Counterparty
    Fourth Floating Amounts:	 
	Fourth
    Floating Amount Payer:	Counterparty
	Fourth
    Floating Amount:	Each
    Expense or Other Payment.
	Fourth
                                         Floating Rate

        Payer
        Payment Dates:

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

 

    	 	 	Page 12

     

    

 

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

        Payer
Payment Dates: 
	Each
    Total Return Payment Date.
	Payments
    by Citibank:	 
	Citibank
    Fixed Amounts:	 
	Fixed
    Amount Payer:	Citibank
	Fixed
    Amount:	In
    relation to any Transaction, the Interest and Fee Amount with respect to such Transaction for the related Fixed Amount Payer
    Payment Date.
	Fixed
    Amount Payer Calculation Periods:	In
    relation to each Reference Obligation in the Reference Portfolio, each period from and including any date upon which a payment
    of interest is made on such Reference Obligation to but excluding the next such date; provided that (a) the initial
    Fixed Amount Payer Calculation Period shall commence on and include the Obligation Settlement Date for such Reference Obligation
    and (b) the final Fixed Amount Payer Calculation Period shall end on, but exclude, the related Obligation Termination Date.
	Fixed
    Amount Payer Payment Dates:	(a)
                                         In relation to any Transaction (other than with respect to any Terminated Obligation
                                         or Repaid Obligation), the tenth Business Day following the last day of any Monthly Period,
                                         commencing with the first such date after the Obligation Settlement Date for such Transaction
                                         and ending with the last such date occurring prior to the related Obligation Termination
                                         Date; and

         

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

 

    	 	 	Page 13

     

    

 

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

  

3.            Reference
Obligation Removal; Accelerated Termination.

 

Reference
Obligation Removal

 

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

 

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

 

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

 

    	 	 	Page 14

     

    

 

Elective
Termination by Citibank due to Certain Events

 

(b)       If:

 

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

 

		(ii)	the
Portfolio Criteria are not satisfied at any time on or after the Portfolio Criteria Satisfaction Date,

 

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

 

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

 

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

 

Citibank
Optional Termination Date

 

(c)            Citibank
will have the right, but not the obligation, to terminate each Transaction that is the subject of this Confirmation, effective
on any Business Day occurring on or after the date that is six months after the Fifth Amendment Effective Date (such date, the
“Citibank Optional Termination Date”). Citibank can exercise this termination right by delivering an
Accelerated Termination Notice to Counterparty that is given no less than 15 days prior to the first proposed Termination Trade
Date specified in the related Accelerated Termination Notice. The Accelerated Termination Notice shall specify, as to each Reference
Obligation, the amount of the Terminated Obligation, the proposed Termination Trade Date and the proposed Termination Settlement
Date. If Citibank does not exercise its right to terminate each Transaction that is the subject of this Confirmation on or before
the date occurring 30 days prior to the Citibank Optional Termination Date, then Citibank will have the right, but not the obligation,
to propose, by notice to Counterparty, to amend and restate one or more material terms of the Transactions, including, without
limitation, the Spread, the Independent Amount Percentage and the application of the Obligation Criteria and Portfolio Criteria
to the Transactions. If Citibank provides a notice to Counterparty proposing to amend and restate one or more material terms of
the Transactions as provided above and Counterparty does not agree in writing to such amended and restated terms within 10 Business
Days after Citibank provides such notice to Counterparty, each Transaction shall terminate, and the Termination Trade Date shall
be such tenth Business Day. In the event of any such termination, Citibank shall deliver an Accelerated Termination Notice to
Counterparty, which shall specify, as to each

 

    Page 15

     

    

 

Reference Obligation, the amount of the Terminated Obligation, the proposed Termination
Trade Date and the proposed Termination Settlement Date. Even if a Termination Trade Date has been designated with respect to
each Transaction pursuant to this Clause 3(c), such designation will not prevent Citibank or Counterparty from subsequently designating
an earlier Termination Trade Date in relation to any Transaction to the extent Citibank or Counterparty, as the case may be, is
entitled to designate such earlier Termination Trade Date pursuant to this Confirmation. Notwithstanding anything in this Confirmation
to the contrary:

 

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

 

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

 

Early
Termination Date under Master Agreement

 

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

 

Effect
of Termination

 

(e)            With
respect to any Transaction terminated in whole pursuant to this Clause 3, (i) as of the relevant Termination Trade Date the Reference
Amount shall, for all purposes hereof (including the determination of the “Maximum Portfolio Notional Amount”) other
than calculating Rate Payments, be reduced to zero (and, in the case of a Committed Obligation, the Outstanding Principal Amount
thereof shall be reduced to zero) and (ii) as of the relevant Termination Settlement Date the Reference Amount, for purposes of
calculating Rate Payments, shall be reduced to zero (and, in the case of a Committed Obligation, the Outstanding Principal Amount
thereof shall be reduced to zero). With respect to any

 

    Page 16

     

    

 

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

 

4.             Final
Price Determination

 

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

 

Determination
by Counterparty

 

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

 

Determination
by Calculation Agent

 

(b)            If
the Final Price for any Terminated Obligation is not determined according to Clause 4(a), the Calculation Agent shall attempt
to obtain Firm Bids for such Terminated Obligation with respect to the

 

    Page 17

     

    

 

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

 

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

 

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

 

Notwithstanding
anything to the contrary herein,

 

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

 

    Page 18

     

    

 

	 	restricted
                                         from obtaining any consent required for the assignment or transfer of the related Terminated
                                         Obligation or portion thereof, as applicable, to it; and

 

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

 

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

 

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

 

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

 

Early
Termination of Facility

 

(c)            For
the avoidance of doubt (and subject to paragraph (ii) of the last sentence of Clause 3(c) and the definition of “Second
Floating Amount” above), if the Termination Date occurs prior to the Citibank Optional Termination Date, each Counterparty
Second Floating Amount shall continue to be payable by Counterparty on each subsequent Second Floating Rate Payer Payment Date
occurring on or prior to the Scheduled Termination Date; provided that, if either party shall so specify in writing to
the other party prior to any final Termination Trade Date, then on such final Termination Trade Date (i) the obligation of Counterparty
to continue to pay each Counterparty Second Floating Amount on each subsequent Second Floating Rate Payer Payment Date occurring
on or prior to the Scheduled Termination Date shall terminate and be replaced by the obligation in the following clause and (ii)
Counterparty shall pay to Citibank an amount equal to the present value (as calculated by the Calculation Agent with discounting
on

 

    Page 19

     

    

 

a continuous basis) discounted to such final Termination Trade Date of each Counterparty Second Floating Amount payable (without
regard to the termination of such obligation under the foregoing clause) on each subsequent Second Floating Rate Payer Payment
Date occurring on or prior to the Scheduled Termination Date, at a discount rate per annum equal to the Discount Rate. For this
purpose, the “Discount Rate” means the zero coupon swap rate (as determined by the Calculation Agent)
implied by the fixed rate offered to be paid by Citibank under a fixed for floating interest rate swap transaction with a remaining
Term equal to the period from such final Termination Trade Date to the Scheduled Termination Date in exchange for the receipt
of payments indexed to USD-LIBOR-BBA.

 

5.             Repayment.

 

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

 

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

 

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

 

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

 

6.             Adjustments.

 

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

 

(b)           Delay
Compensation (as defined below) shall result in an adjustment (i) as contemplated by the definition of “Interest and Fee
Amount” in connection with the establishment by the Citibank Holder of a related hedge in respect of a Transaction, if the
actual settlement of the purchase of the related hedge occurs after the Obligation Settlement Date and (ii) of a Final Price with
respect to a Terminated Obligation in connection with the termination by the Citibank Holder of a related hedge, if the actual
settlement of the sale of the related hedge occurs after the Termination Settlement Date. “Delay Compensation”
shall accrue (x) in the case of clause (i) above, from and including the Obligation

 

    Page 20

     

    

 

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

 

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

 

(d)           Counterparty
will give prompt notice to Citibank of the occurrence of the Portfolio Criteria Satisfaction Date (which notice shall specify
such date).

 

7.             Representations,
Warranties and Agreements.

 

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

 

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

 

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

 

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

 

    Page 21

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    Page 22

     

    

 

	 	confidential
                                    (except as required by law) all information unless the other party has consented in writing
                                    to the disclosure of such information;

 

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

 

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

 

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

 

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

 

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

 

    Page 23

     

    

 

(d)           Counterparty
hereby represents to Citibank that:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		(viii)	it
                                         is not an Affiliate of the Reference Entity.

 

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

 

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

 

    Page 24

     

    

 

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

 

8.             Adjustments
Relating to Certain Unpaid or Rescinded Payments.

 

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

 

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

 

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

 

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

 

9.            Credit
Support.

 

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

 

    Page 25

     

    

 

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

 

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

 

	Condition	Independent
    Amount Percentage
	(i)
    Prior to the Portfolio Criteria Satisfaction Date:	Such
    percentage as Citibank shall specify on or prior to the Obligation Trade Date for such Transaction; provided that such
    percentage specified shall not be less than 25%.
	(ii)
    Except as provided in clause (iv) below, on or after the Portfolio Criteria Satisfaction Date, with respect to any Transaction
    not relating to a Specified Reference Obligation:	20%
	(iii)
    Except as indicated in clause (iv) below, on or after the Portfolio Criteria Satisfaction Date, with respect to any Transaction
    relating to a Specified Reference Obligation:	Such
    percentage as Citibank shall specify for such Transaction on or within five Business Days after Counterparty gives notice
    to Citibank of the occurrence of the Portfolio Criteria Satisfaction Date
	(iv)
    On or after the Portfolio Criteria Satisfaction Date, with respect to any Transaction relating to a Reference Obligation whose
    Reference Entity is the subject of a Credit Event:	Such
    percentage (not to exceed 100%) as Citibank shall specify from time to time in its sole discretion in a notice to Counterparty

 

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

 

		(d)	Solely
                                         for the purpose of determining any Delivery Amount or Return Amount pursuant to the Credit
                                         Support Annex, (i) in no event shall Counterparty as a Secured Party have any positive 

 

    Page 26

     

    

 

	 	 	“Exposure” to Citibank with respect to the Transactions (in aggregate) to
                                         which this Confirmation relates or (ii) without limiting Clause 3(b) or 9(e), in no event
                                         shall Citibank as a Secured Party have any positive “Exposure” to Counterparty
                                         with respect to the Transactions (in aggregate) to which this Confirmation relates.

 

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

 

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

 

		(g)	Each
                                         Business Day shall be a Valuation Date.

 

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

 

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

 

    Page 27

     

    

 

10.       Notice
and Account Details.

 

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

        390
        Greenwich Street, 4th Floor

        New
        York, New York 10013

        Tel:
        (212) 723-6181

        Fax:
        (646) 291-5779

        Attn:
        Mitali Sohoni

         

        with
        a copy to:

         

        Office
        of the General Counsel

        Fixed
        Income and Derivatives Sales and Trading

        Citibank,
        N.A., New York Branch

        388
        Greenwich Street, 17th Floor

        New
        York, New York 10013

        Tel:
        (212) 816-2121

        Fax:
        (646) 862-8431

        Attn:
        Craig Seledee

         

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

        ABA
        No.: 021-000-089

        Account
        No.: 00167679

        Ref:
        Financial Futures

         

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

 

11.       Offices.

 

		(a)	The
                                         Office of Citibank for each Transaction:

 

New
York, NY

 

(b)         The
Office of Counterparty for each Transaction:

 

Philadelphia,
PA

 

    Page 28

     

    

 

	Citibank,
                                         N.A. 

        390
        Greenwich Street

        

        New
        York, New York 10013

         
	

 

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

 

Very
truly yours,

 

CITIBANK,
N.A.

 

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

 

CONFIRMED
AND AGREED

AS OF THE DATE FIRST ABOVE WRITTEN:

 

CHELTENHAM
FUNDING LLC

 

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

  

    

     

    

 

 

ANNEX
A

 

ADDITIONAL
DEFINITIONS

 

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

 

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

 

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

 

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

 

Final
Price – Applicable Notional Amount

 

where

 

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

 

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

 

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

 

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

 

“Costs
of Assignment” means, in the case of any Terminated Obligation, the sum of (a) any actual costs of transfer or assignment
paid by the seller under the terms of any Terminated Obligation or otherwise

 

    Page 30

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

“Expense
or Other Payment” means the aggregate amount of any payments (other than extensions of credit) due from the lender(s)
in respect of any Reference Obligation, including, without limitation, (a) any expense associated with any amendment, modification
or waiver of the provisions of a credit agreement, (b) any reimbursement of any agents under the provisions of a credit agreement,
and (c) any

 

    Page 31

     

    

 

indemnity or other similar payment, including amounts owed on or after the related Obligation Termination Date in
respect of amounts incurred or any event that occurred before the related Obligation Termination Date.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    Page 32

     

    

 

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

 

“LSTA”
means The Loan Syndications and Trading Association, Inc. and any successor thereto.

 

“Moody’s”
means Moody’s Investors Service, Inc. or any successor thereto.

 

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

 

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

 

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

 

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

 

 

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

 

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

 

 

		(iv)	if
                                         the foregoing paragraphs are not applicable, but there is a rating by Moody’s on
                                         an unsecured obligation of the Reference Entity (or, failing that, an obligation that
                                         is a Second Lien Obligation) 

 

    Page 33

     

    

 

	 	 	but is not Subordinate (the “other obligation”),
                                         the rating specified in the applicable row of the table below under “Relevant Rating”
                                         opposite the row in the table below that describes such Reference Obligation:

 

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

 

 

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

 

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

 

 

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

 

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

 

    Page 34

     

    

 

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

 

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

 

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

 

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

 

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

 

“Portfolio
Criteria Satisfaction Date” means the first date on which the Reference Portfolio satisfies the Portfolio Criteria;
provided that, solely for purposes of this definition, the Portfolio Target Amount shall at all times be equal to the Portfolio
Notional Amount.

 

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

 

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

 

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

 

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

 

    Page 35

     

    

 

Obligation
expire or are terminated or reduced to zero, such Reference Obligation shall cease to be a Revolving Reference Obligation.

 

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

 

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

 

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

 

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

 

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

 

 

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

 

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

 

 

		(iv)	if
                                         the foregoing paragraphs are not applicable, but there is a rating by S&P on an unsecured
                                         obligation of the Reference Entity (or, failing that, an obligation that is a Second
                                         Lien Obligation) but is not Subordinate (the “other obligation”), the rating
                                         specified in the applicable row of the 

 

    Page 36

     

    

 

	 	 	table below under “Relevant Rating”
                                         opposite the row in the table below that describes such Reference Obligation:

 

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

 

 

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

 

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

 

 

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

 

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

 

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

 

    Page 37

     

    

 

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

 

“Specified
Reference Obligation” means any Reference Obligation whose inclusion in the Reference Portfolio (other than as a
“Specified Reference Obligation”) would not on the related Obligation Trade Date satisfy:

 

(a)
         prior to the Portfolio Criteria Satisfaction Date, clause (xiii) of the Obligation Criteria;
and

 

		(b)	on
                                         or after the Portfolio Criteria Satisfaction Date, one or more of clauses (ix) through
                                         (xiii) of the Obligation Criteria.

 

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

 

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

 

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

 

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

 

“Termination
Threshold” means:

 

		(a)	prior
                                         to the Portfolio Criteria Satisfaction Date, the Initial Margin Threshold; and

 

		(b)	on
                                         or after the Portfolio Criteria Satisfaction Date, (i) the Initial Margin Threshold minus
                                         (ii) 2.5%.

 

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

 

    Page 38

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    Page 39

     

    

 

ANNEX
I

 

	Reference
    

Obligation	Reference
    

Entity	Reference
    

Amount	Outstanding
    

Principal 

Amount	Initial
    

Price 

(%)	Obligation
    

Trade Date	Obligation
    

Settlement 

Date
	 	 	 	 	 	 	 

 

    Page 40

     

    

 

ANNEX
II

 

Obligation
Criteria

 

The
“Obligation Criteria” are as follows:

 

		(i)	The
                                         obligation is a Loan.

 

		(ii)	The
                                         obligation is denominated in USD.

 

		(iii)	The
                                         obligation is secured.

 

		(iv)	The
                                         obligation is not Subordinate.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		(xiii)	Except
                                         for any Specified Reference Obligation,

 

		(I)	prior
                                         to the Portfolio Criteria Satisfaction Date, the obligation is on the Obligation Trade
                                         Date the subject of at least three bid quotations from nationally recognized independent
                                         dealers in the related obligation as reported on a nationally recognized pricing service;
                                         and

 

		(II)	on
                                         or after the Portfolio Criteria Satisfaction Date, either (x) the obligation is on the
                                         Obligation Trade Date the subject of at least two bid quotations from nationally recognized
                                         independent dealers in the related obligation as reported on a nationally recognized
                                         pricing service or (y) the obligation satisfies each of the following four

 

    Page 41

     

    

 

		 	conditions:
                                         (A) the obligation was originated not more than 30 days prior to the Obligation Trade
                                         Date, (B) the obligation is on the Obligation Trade Date the subject of at least one
                                         bid quotation from a nationally recognized independent dealer in the related obligation
                                         as reported on a nationally recognized pricing service, (C) on the Obligation Trade Date
                                         the obligation is part of a fungible class of debt obligations (as to issuance date and
                                         all economic terms) of at least USD150,000,000 and (D) the obligation has as of the Obligation
                                         Trade Date a Moody’s Rating of at least B2 and an S&P Rating of at least B.

 

    Page 42

     

    

 

Portfolio
Criteria

 

The
“Portfolio Criteria” are as follows:

 

		(i)	The
                                         Portfolio Notional Amount does not exceed the Maximum Portfolio Notional Amount.

 

		(ii)	The
                                         sum of the Notional Amounts for all Reference Obligations that are Specified Reference
                                         Obligations does not exceed 20% of the Portfolio Target Amount.

 

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

 

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

 

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

 

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

 

		(vii)	Prior
                                         to the Portfolio Criteria Satisfaction Date, the Reference Portfolio contains Reference
                                         Obligations of at least three separate Reference Entities (and, for this purpose, a Reference
                                         Entity and its Affiliates will be deemed to constitute a single Reference Entity).

 

For
purposes hereof:

 

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

 

“Weighted
Average Rating” means, as of any date of determination, the number obtained by (a) multiplying the Notional Amount
of each Reference Obligation by the applicable Rating Factor (as set forth in Table 2 below) for the related Reference Entity;
(b) summing the products obtained in clause (a) for all Reference Obligations; and (c) dividing the sum obtained in clause (b)
by the aggregate of the Notional Amounts of all Reference Obligations.

 

    Page 43

     

    

 

Table
1

 

Moody’s
Industry Classification Groups

 

Aerospace
& Defense

Automotive

Banking,
Finance, Insurance and Real Estate

Beverage,
Food, & Tobacco

Capital
Equipment

Chemicals,
Plastics, & Rubber

Construction
& Building

Consumer
goods: durable

Consumer
goods: non-durable

Containers,
Packaging, & Glass

Energy:
Electricity

Energy:
Oil & Gas

Environmental
Industries

Forest
Products & Paper

Healthcare
& Pharmaceuticals

High
Tech Industries

Hotel,
Gaming, & Leisure

Media:
Advertising, Printing & Publishing

Media:
Broadcasting & Subscription

Media:
Diversified & Production

Metals
& Mining

Retail

Services:
Business

Services:
Consumer

Sovereign
& Public Finance

Telecommunications

Transportation:
Cargo

Transportation:
Consumer

Utilities:
Electric

Utilities:
Oil & Gas

Utilities:
Water

Wholesale

 

    Page 44

     

    

Table
2

 

Rating
Factors

 

 

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

 

    Page 45

     

    

 

Annex
III

 

Approved
Buyers

 

Bank
of America, NA

The
Bank of Montreal

The
Bank of New York Mellon, N.A.

Barclays
Bank plc

BNP
Paribas

Calyon

Canadian
Imperial Bank of Commerce

Citibank,
N.A.

Credit
Agricole S.A.

Credit
Suisse

Deutsche
Bank AG

Dresdner
Bank AG

Goldman
Sachs & Co.

HSBC
Bank

JPMorgan
Chase Bank, N.A.

Merrill
Lynch, Pierce, Fenner & Smith Incorporated

Morgan
Stanley & Co.

Natixis

Northern
Trust Company

Royal
Bank of Canada

The
Royal Bank of Scotland plc

Societe
Generale

The
Toronto-Dominion Bank

UBS
AG

U.S.
Bank, National Association

Wachovia
Bank National Association

Wells
Fargo Bank, National Association

 

    Page 46

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00272-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00272-of-00352.parquet"}]]