Document:

FS 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 June 28, 2019)

 

		To:	Cheltenham
                                         Funding LLC

                                                             c/o
                                         FS Investment Corporation IV

                                                             201
                                         Rouse Boulevard

                                                             Philadelphia,
                                         PA 19112

                                                             Attention:
                                         William Goebel, Chief Financial Officer

                                                             Phone:
                                         215-220-4247

                                                             Fax:
                                         215-222-4649

		Email:	credit.notices@fsinvestments.com

                                                                                FSICIVTeam@fsinvestments.com

                                                                                portfolio_finance@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 Eleventh 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, January 19, 2017, July
19, 2017, September 5, 2017, January 19, 2018, July 19, 2018, January 19, 2019 and April 19, 2019 (the “Original Confirmation”)
relating to the Transactions described herein, which Original Confirmation (with respect to the period from and after the Eleventh
Amendment Effective Date) is hereby superseded and shall be of no further force or effect.

 

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		1.	Agreement

 

This Confirmation
supplements, forms a part of and is subject to, the ISDA 2002 Master Agreement, dated as of 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
	Sixth Amendment Effective Date:	September 5, 2017
	Seventh Amendment Effective Date:	January 19, 2018
	Eighth Amendment Effective Date:	July 19, 2018
	Ninth Amendment Effective Date:	January 19, 2019
	Tenth Amendment Effective Date:	April 19, 2019
	Eleventh Amendment Effective Date:	June 28, 2019

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	Scheduled Termination Date:	The latest date for the final scheduled
    payment (or, if there is only one scheduled payment, for the scheduled payment) of principal of any Reference Obligation at
    any time included in the Reference Portfolio.
	Termination Date:	The final Scheduled Settlement Date (as
    defined in the Master Agreement) with respect to all Transactions (other than (i) any Citibank Fixed Amount Payer Payment
    Date that occurs after the final Obligation Termination Date and (ii) any Counterparty Fourth Floating Rate Payer Payment
    Date).  The obligations of the parties to make payments required to be made hereunder shall survive the Termination
    Date.
	Obligation Termination Date:	(a)
        In relation to any Repaid Obligation, the related Repayment Date; and

         

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

         

	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); 

 

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	 	(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 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.

 

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

                                                           

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

	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.

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

         

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

         

	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).

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	Notional Funded Amount:	In
        relation to any Reference Obligation that is a Committed Obligation (and to the related Transaction) as of any date of
        determination, the greater of (a) zero and (b) the sum of (i) the Outstanding Principal Amount of such
        Reference Obligation as of the Obligation Trade Date multiplied by the Initial Price in relation to such Reference Obligation
        minus (ii) the product of (x) the excess, if any, of the Commitment Amount of such Reference Obligation as of
        the Obligation Trade Date over the Outstanding Principal Amount of such Reference Obligation as of the Obligation Trade
        Date multiplied by (y) 100% minus the Initial Price in relation to such Reference Obligation plus (iii) any
        increase in the Outstanding Principal Amount of such Reference Obligation during the period from but excluding the Obligation
        Trade Date to and including such date of determination minus (iv) any decrease in the Outstanding Principal Amount
        of such Reference Obligation during the period from but excluding the Obligation Trade Date to and including such date
        of determination.

         

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

         

	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.

         

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	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, 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.

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

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	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
	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, (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).

         

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	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.
	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.

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	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.

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	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 scheduled interest payment date occurs.

         

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	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) after giving effect to such termination, no Delivery Amount (as defined in the
                                         Credit Support Annex) would be required under the Credit Support Annex to be transferred
                                         by Counterparty. 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 (i) 100% minus (ii) the Supplemental Independent Amount
                                         Percentage. 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.

 

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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, or

 

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

 

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.
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 October 19, 2019 (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 30 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,
the Supplemental Independent Amount Percentage and the application of the Obligation Criteria and Portfolio Criteria to the Transactions.
If Citibank provides a notice to Counterparty proposing to amend and restate one or more material terms of the Transactions as
provided above and Counterparty does not agree in writing to such amended and restated terms within 10 Business Days after Citibank
provides such notice to Counterparty, each Transaction shall terminate, and the Termination Trade Date shall be such tenth Business
Day. In the event of any such termination, Citibank shall deliver an Accelerated Termination Notice to Counterparty, which shall
specify, as to each Reference Obligation, the amount of the Terminated Obligation, the proposed Termination Trade Date and the
proposed Termination Settlement Date. Even if a Termination Trade Date has been designated with respect to each Transaction pursuant
to this Clause 3(c), such designation will not prevent Citibank or Counterparty from subsequently designating an earlier
Termination Trade Date in relation to any Transaction to the extent Citibank or Counterparty, as the case may be, is entitled
to designate such earlier Termination Trade Date pursuant to this Confirmation. Notwithstanding anything in this Confirmation
to the contrary:

 

     Page 15

     

    

 

		(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),
                                         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
                                         each reference to the day preceding the first day of the Ramp-Down Period in the definitions
                                         of “Counterparty Second Floating Rate Payer Payment Date” and “Counterparty
                                         Third Floating Rate Payer Payment Date”, will instead be a reference to the date
                                         occurring 30 days prior to the Citibank Optional 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 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.

 

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		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, after giving effect
to such termination, a Delivery Amount (as defined in the Credit Support Annex) would be required under the Credit Support Annex
to be transferred by Counterparty. Such notice must be given at least three Business Days prior to the related Termination Settlement
Date in the case of any Terminated Obligation and at least 10 days prior to the Scheduled Termination Date if all Transactions
are to be terminated in connection with the Scheduled Termination Date. Any sale (i) must be to an Approved Buyer or another
buyer approved in advance by Citibank, such approval not to be unreasonably withheld or delayed, and (ii) must be scheduled
to occur no later than the date customary for settlement, substantially in accordance with the then-current market practice in
the principal market for such Terminated Obligation (as determined by the Calculation Agent), following the Termination Trade
Date and prior to the Scheduled Termination Date if all Transactions are to be terminated in connection with the Scheduled Termination
Date. If Counterparty so arranges any sale, the net cash proceeds received from the sale of any Terminated Obligation, net of
the related Costs of Assignment and adjusted by any Delay Compensation as provided in Clause 6(b), shall be the “Final
Price” for that Terminated Obligation.

 

Determination
by Calculation Agent

 

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

 

     Page 17

     

    

 

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

 

If the Calculation
Agent is able to obtain at least one Firm Bid or combination of Firm Bids for all or any portion of the Reference Amount of any
Terminated Obligation, the Final Price for such Terminated Obligation or portion thereof shall be determined by reference to such
Firm Bid or Firm Bids pursuant to the last paragraph of this Clause 4(b). If no Firm Bids are obtained on or before such
second Business Day for all or a portion of the applicable Terminated Obligation, the Final Price shall be deemed to be zero with
respect to each portion of such Terminated Obligation for which no Firm Bid was obtained. The Calculation Agent will conduct the
bid process in accordance with the procedures set forth in this Clause 4(b) and otherwise in good faith and in a commercially
reasonable manner. Other than in the case of a termination pursuant to Clause 3(b) or 3(d), Citibank and Counterparty will make
commercially reasonable efforts to accomplish the assignment to Counterparty (free of payment by Counterparty 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 restricted from obtaining any consent required
                                         for the assignment or transfer of the related Terminated Obligation or portion thereof,
                                         as applicable, to it; and

 

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

 

     Page 18

     

    

 

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

 

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

 

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

 

Early
Termination of Facility

 

(c)           For
the avoidance of doubt (and subject to paragraph (ii) of the last sentence of Clause 3(c) 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 a continuous basis) discounted to such final Termination Trade Date of each Counterparty Second Floating
Amount payable (without regard to the termination of such obligation under the foregoing clause) on each subsequent Second Floating
Rate Payer Payment Date occurring on or prior to the Scheduled Termination Date, at a discount rate per annum equal to the Discount
Rate. For this purpose, the “Discount Rate” means the zero coupon swap rate (as determined by the Calculation
Agent) implied by the fixed rate offered to be paid by Citibank under a fixed for floating interest rate swap transaction with
a remaining Term equal to the period from such final Termination Trade Date to the Scheduled Termination Date in exchange for
the receipt of payments indexed to USD-LIBOR-BBA.

 

     Page 19

     

    

 

		5.	Repayment.

 

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

 

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

 

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

 

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

 

		6.	Adjustments.

 

(a)           If
any Reference Obligation or portion thereof is irreversibly converted or exchanged into or for any securities, obligations or
other assets or property (“Exchange Consideration”), thereafter such Exchange Consideration will constitute
such Reference Obligation or portion thereof, and, unless Citibank shall otherwise agree in writing, (i) if such Exchange
Consideration fails to satisfy the Obligation Criteria, then Clause 3(b)(i) shall apply and (ii) if, 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 Settlement Date to but excluding
the actual settlement of the purchase effected to establish the related hedge (and, during such period, (A) the Counterparty
First Floating Amount shall be calculated by reference to the Spread and not the Floating Rate Option and (B) Interest and
Fee Amounts will be determined without regard to payments in respect of the interest rate index, but will be determined inclusive
of the applicable spread above such interest rate index, used in the Reference Obligation Credit Agreement to calculate interest
payments in respect of the related Reference Obligation and in effect during such period) and (y) in the case of clause (ii) above,
from and including the Termination Settlement Date to but excluding the actual settlement of the sale effected to terminate the
related hedge (and, during such period, (A) the Counterparty First Floating Amount shall be calculated by reference to the
Floating Rate Option and not the Spread and (B) Interest and Fee Amounts shall be reduced by interest accrued during such
period in excess of the interest rate index used in the Reference Obligation Credit Agreement to calculate interest payments in
respect of the related Reference Obligation and in effect during such period). In connection with any adjustment by reason of
Delay Compensation, (i) any initial Payment Date in this Confirmation determined by reference to the “Obligation Settlement
Date” shall be determined as if the Obligation Settlement Date were the actual settlement of the purchase of the related
hedge and (ii) any final Payment Date in this Confirmation determined by reference to the “Termination Settlement Date”
shall be determined as if the Termination Settlement Date were the actual settlement of the termination of the related hedge.

 

     Page 20

     

    

 

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

 

(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

 

		(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.

 

     Page 21

     

    

 

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

 

     Page 22

     

    

 

		(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.

 

(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;

 

     Page 23

     

    

 

		(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.

 

(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.

 

    Page 24 

     

    

 

		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):

 

		(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”.

 

    Page 25 

     

    

 

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

 

	Condition	Independent
    Amount Percentage
	(i) 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 22.5%.
	(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:	17.5%
	(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% minus the Supplemental Independent Amount Percentage) as Citibank shall specify from time to time in its sole discretion in a notice to Counterparty

 

		(c)	With respect to each Transaction to which this Confirmation relates, a single “Supplemental
Independent Amount” shall be applicable to Counterparty in an amount equal to the Notional Amount with respect to such Transaction
multiplied by 2.5% (the “Supplemental Independent Amount Percentage”).

 

		(d)	For purposes of calculating “Exposure” with respect to any Transaction to which this
Confirmation relates, (i) Citibank shall be the sole Valuation Agent and shall determine any Close-out Amount in relation
to such Transaction, (ii) such Close-out Amount will be determined by the Valuation Agent using its estimate of the amount
that would be paid to or by the Secured Party based on the application of Section 6(e)(ii)(1) of the Master Agreement, (iii) such
Close-out Amount may from time to time be determined by the Valuation Agent in its sole discretion and without notice to Counterparty
solely in respect of payments in respect of Capital Appreciation or Capital Depreciation that would have been required in respect
of a Transaction after the relevant Early Termination Date (provided that the Valuation Agent will not thereafter be precluded
from making such determination with respect to all payments and deliveries that would have been required after the relevant Early
Termination Date, regardless of the absence of notice thereof to Counterparty) and (iv) if Counterparty disputes the calculation
of Exposure with respect to such Transaction, the Valuation Agent will recalculate Exposure for such Transaction on the basis that
the market value of the related Reference Obligation is equal to its Current Price.

 

		(e)	Neither party shall have any rights under Paragraph 5 of the Credit Support Annex with respect
to the determination of “Exposure” in respect of any Transaction to which this Confirmation relates. The foregoing will
not limit the rights of Counterparty as provided in the definition of “Current Price” set forth in this Confirmation.

 

    Page 26 

     

    

 

		(f)	Notwithstanding anything in this Confirmation to the contrary, a Secured Party’s Exposure with
respect to any Terminated Transaction will, during the period from and including the related Termination Trade Date to but excluding
the date on which the amount required to be paid on the related Total Return Payment Date is actually paid, be equal to the amount
of Capital Appreciation or Capital Depreciation, if any, that would be payable on such Total Return Payment Date to the Secured
Party (expressed as a positive number) or by the Secured Party (expressed as a negative number).

 

		10.	Notice
                                         and Account Details.

 

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

        390 Greenwich Street, 4th Floor 

        New York, New York 10013 

        Tel: (212) 723-6181 

        Fax: (646) 291-5779 

        Attn: Mitali Sohoni

         

        with a copy to:

         

        Office of the General Counsel 

        Fixed Income and Derivatives Sales
and Trading 

        Citibank, N.A., New York Branch 

        388 Greenwich Street, 17th Floor 

        New York, New York 10013 

        Tel: (212) 816-2121 

        Fax: (646) 862-8431 

        Attn: Craig Seledee

         

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

        ABA No.: 021-000-089 

        Account No.: 00167679 

        Ref: Financial Futures

         

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

 

    Page 27 

     

    

 

		11.	Offices.

 

		(a)	The Office of Citibank for each Transaction:

 

 New York, NY

 

(b)           The
Office of Counterparty for each Transaction:

 

 Philadelphia, PA

 

    Page 28 

     

    

 

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/ Donald Merritt	 
	 	Name: Donald Merritt	 
	 	Title: Vice President	 

 

CONFIRMED AND AGREED

AS OF THE DATE FIRST ABOVE WRITTEN:

 

CHELTENHAM
FUNDING LLC

 

	By:	/s/ William Goebel	 
	 	Name: William Goebel	 
	 	Title: Chief Financial
Officer	 

 

TRS Confirmation – Signature Page

 

     

     

    

 

ANNEX A

 

ADDITIONAL
DEFINITIONS

 

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

 

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

 

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

 

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

 

Final Price – Applicable Notional
Amount

 

where

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    Page 31 

     

    

 

“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.

 

“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.

 

“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.

 

    Page 32 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    Page 33 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    Page 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.

 

“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 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.

 

    Page 35 

     

    

 

“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

 

    Page 36 

     

    

 

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

 

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

 

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

 

    Page 38 

     

    

 

		(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.

 

    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
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 41 

     

    

 

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 (A) in the case of termination of all Transactions by Counterparty
pursuant to Clause 3(a)(i) or by Citibank pursuant to its election to exercise its rights under Clause 3(c), the first proposed
Termination Trade Date specified in the related Accelerated Termination Notice and (B) otherwise, 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 42 

     

    

 

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 43 

     

    

 

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 44 

     

    

 

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 45FS Investment Corporation IV 8-K 

 

Exhibit 10.2

 

EXECUTION COPY

 

SCHEDULE

 

to the

 

ISDA 2002 Master Agreement

 

dated as of January 19, 2016

(amended and restated as of June 28, 2019)

 

between

 

CITIBANK, N.A., 

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

(“Party A”)

 

and

 

CHELTENHAM FUNDING LLC, 

a limited liability company formed 

under the laws of the State of Delaware 

(“Party B”)

 

With effect from and after June 28, 2019
(the “Amendment Effective Date”), this Schedule to the ISDA 2002 Master Agreement (without the Credit Support
Annex thereto) amends and restates the prior Schedule to the Master Agreement dated as of January 19, 2016 (without the Credit
Support Annex thereto, the “Original Schedule”), which Original Schedule (with respect to the period from
and after the Amendment Effective Date) is hereby superseded and shall be of no further force or effect. The Original Schedule,
as amended and restated hereby, is the Schedule to the Master Agreement dated as of January 19, 2016 between Party A and Party
B. Except as expressly provided in this amended and restated Schedule, said Master Agreement shall remain unchanged and in full
force and effect. Any reference to the “Schedule” or words of similar import in said Master Agreement or any Confirmation
exchanged thereunder shall be a reference to the Original Schedule, as amended and restated hereby, and as the same may be further
amended, supplemented and otherwise modified and in effect from time to time.

 

Part 1

Termination Provisions

 

In this Agreement:

 

(a)           “Specified
Entity” means:

 

(i)       in
relation to Party A, for the purpose of Section 5(a)(v) of this Agreement, Citigroup Global Markets Limited, Citigroup
Global Markets Inc., Citigroup Global Markets Commercial Corp., Citicorp Securities Services, Inc., Citibank Europe PLC, Citigroup
Global Markets Deutschland AG, Citigroup Energy Inc., Citibank Japan Ltd., Citibank Canada, Citigroup Energy Canada ULC and Citigroup
Financial Products Inc. (individually a “Section 5(a)(v) Affiliate”), and for all other purposes not
applicable; and

 

    1 

     

    

 

(ii)       in
relation to Party B, for the purpose of Sections 5(a)(v), 5(a)(vi), 5(a)(vii) and 5(b)(v) of this Agreement, FS Investment
Corporation IV, a Maryland corporation (the “Party B Investor”).

 

(b)          “Specified
Transaction” will have the meaning specified in Section 14 of this Agreement. For purposes of clause (c) of
such definition, Specified Transaction includes any securities options, margin loans, short sales, and any other similar transaction
now existing or hereafter entered into between Party A or any Section 5(a)(v) Affiliate, on the one hand, and Party B
or any Specified Entity of Party B, on the other hand.

 

(c)          The
“Cross Default” provisions of Section 5(a)(vi) will apply to Party A and will apply to Party B; provided
that, notwithstanding the foregoing, an Event of Default shall not occur under either (1) or (2) therein if (a) the
event or condition referred to in (1) or the failure to pay referred to in (2) is a failure to pay caused by an error
or omission of an administrative or operational nature; (b) funds were available to such party to enable it to make the relevant
payment when due; and (c) such relevant payment is made within three Local Business Days following the discovery of the error
or failure.

 

For purposes of Section 5(a)(vi),
the following provisions apply:

 

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

 

“Threshold Amount”
means

 

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

(ii) with respect to Party B,
USD100,000; and 

(iii) with respect to the Party B
Investor, the lesser of USD10,000,000 and 2% of the Net Asset Value of the Party B Investor;

 

including the U.S. Dollar equivalent
on the date of any default, event of default or other similar condition or event of any obligation stated in any other currency.

 

For purposes of the above, stockholders’
equity shall be determined by reference to the relevant party’s most recent consolidated (quarterly, in the case of a U.S. organized
party) balance sheet and shall include, in the case of a U.S. organized party, legal capital, paid-in capital, retained earnings
and cumulative translation adjustments. Such balance sheet shall be prepared in accordance with accounting principles that are
generally accepted in such party’s country of organization.

 

    2 

     

    

 

For purposes of the above, “Net
Asset Value” means, in relation to the Party B Investor, its net asset value calculated in accordance with the
requirements of the Investment Company Act of 1940, as amended, and all applicable rules and regulations promulgated under the
U.S. Federal securities laws, including Regulation S-X.

 

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

 

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

 

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

 

(g)         “Additional
Termination Event”: The following shall constitute Additional Termination Events (and, with respect to each such Additional
Termination Event other than that provided under clause (14) below, Party B will be the sole Affected Party, and all Transactions
will be Affected Transactions):

 

(1)          Without
Party A’s prior written consent, (x) the Party B Investor changes its jurisdiction of organization and/or organizational
form from a corporation incorporated under the laws of the State of Maryland or (y) any amendment, supplement or other modification
is made to the articles of incorporation or bylaws of the Party B Investor, in each case, to the extent such change, amendment,
supplement or other modification has, or could reasonably be expected to have, a Material Adverse Effect.

 

(2)          Without
Party A’s prior written consent, (x) Party B changes its jurisdiction of organization and/or organizational form
from a limited liability company formed under the laws of the State of Delaware or (y) any amendment, supplement or other
modification is made to the limited liability company agreement of Party B, in each case, to the extent such change, amendment,
supplement or other modification has, or could reasonably be expected to have, a Material Adverse Effect.

 

(3)          The
Party B Investor ceases to be the sole owner, beneficially and of record, of all of the equity ownership interests issued by Party
B.

 

(4)          The
Party B Investor or any legal successor thereto (the “Manager”) ceases to be the manager of Party B
or ceases to have authority to enter into transactions pursuant to this Agreement on behalf of Party B and shall not have
been replaced by another person or entity as to which Party A has not made an objection, having a reasonable basis, in writing
within 10 Business Days following notice.

 

    3 

     

    

 

(5)          The
Party B Investor fails to maintain FSIC IV Advisor, LLC, or a successor thereto acceptable to Party A in its sole discretion (the
“Investment Advisor”) as its sole investment adviser.

 

(6)          [Intentionally
Omitted].

 

(7)          Party B
fails to comply with its investment strategies and/or restrictions as in effect on the date hereof to the extent such non-compliance
has, or could reasonably be expected to have, a Material Adverse Effect.

 

(8)          Party
B incurs, assumes or otherwise becomes liable in respect of any Specified Indebtedness (other than any Specified Indebtedness arising
under any Transaction hereunder).

 

(9)          The
Party B Investor or Party B shall dissolve or liquidate.

 

(10)       There
occurs any material change to or departure from a Fundamental Policy of the Party B Investor or Party B that relates to Party B’s
performance of its obligations under this Agreement without the prior consent of Party A (which consent shall not be unreasonably
withheld).

 

(11)       The
Party B Investor violates Section 18, as modified by Section 61, of the 1940 Act.

 

(12)       The
Party B Investor violates Section 55(a) of the 1940 Act.

 

(13)       The
Party B Investor’s election to be subject to the provisions of Sections 55 through 65 of the 1940 Act pursuant to Section
54(a) of the 1940 Act is revoked by order of the Securities and Exchange Commission or is withdrawn by the Party B Investor pursuant
to Section 54(c) of the 1940 Act.

 

(14)        If,
after the parties hereto have entered into one or more Transactions, (x) due to the adoption of or any change in any applicable
law or regulation (including, without limitation, a change with respect to Section 18 of the 1940 Act or any rule or regulation
promulgated thereunder) or (y) due to the announcement of or any change in the interpretation by any court, tribunal or regulatory
authority with competent jurisdiction of any applicable law or regulation (including any action taken by the U.S. Securities Exchange
Commission), Party B determines that it will, or has, become illegal for Party B or materially detrimental to Party B’s interests
to perform its obligations in respect of one or more such Transactions. For purposes of this Additional Termination Event, both
parties hereto will be the Affected Parties and all Transactions will be Affected Transactions.

 

Notwithstanding the foregoing,
(i) a merger of the Party B Investor with or into FS KKR Capital Corp., FS Investment Corporation II, FS Investment Corporation
IV or Corporate Capital Trust II (each a “Permitted BDC”) or other fundamental change transaction the result
of which effectively combines the ownership and/or assets of the Party B Investor and one or more Permitted BDCs and (ii) any publicly
announced other transaction or series of transactions, the result of which is that Party B is a direct or indirect wholly-owned
subsidiary of a business development company advised by a joint venture entity between (x) KKR Credit Advisors (US) LLC (and any
successor entity thereto) or its Affiliate and (y) Franklin Square Holdings, L.P. (and any successor entity thereto) or its Affiliate,
shall not constitute a Termination Event or an Additional Termination Event.

 

    4 

     

    

 

As used herein:

 

“1940 Act”
means the Investment Company Act of 1940, as amended.

 

“Fundamental Policy”
means any policies of the Party B Investor that may not be changed without the vote of the owners of shares of common stock
of the Party B Investor.

 

“Material Adverse
Effect” means a material adverse effect on (a) the ability of Party B or its Credit Support Provider to
perform any of its obligations under this Agreement or any Credit Support Document to which Party B or its Credit Support
Provider is a party, (b) the rights of or benefits available to Party A under this Agreement or any Credit Support Document
to which Party B or its Credit Support Provider is a party, (c) the authority of the Manager to act as Party B’s
agent in entering into and confirming Transactions and in receiving notices to Party B under this Agreement or (d) whether
any Transaction shall be consistent with the then-current and applicable investment policies, trading strategies and/or restrictions
of Party B and the Party B Investor.

 

Part 2

Tax Representations

 

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

 

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

 

    5 

     

    

 

(b)       Payee
Representations. For the purpose of Section 3(f) of this Agreement, Party A and Party B make the representations
specified below, if any:

 

The following
representations will apply to Party A:

 

It is a national
banking association organized under the laws of the United States, and its U.S. taxpayer identification number is 13-5266470.

 

It is “exempt”
within the meaning of Treasury Regulation sections 1.6041-3(p) and 1.6049-4(c) from information reporting on Form 1099 and backup
withholding.

 

The following representations
will apply to Party B:

 

Party B is
a limited liability company organized under the laws of the State of Delaware.

 

Party B is a disregarded
entity for U.S. Federal income tax purposes.

 

The Party B
Investor is a corporation incorporated under the laws of the State of Maryland, and its U.S. taxpayer identification number is
47-3258730.

 

The Party B
Investor is a regulated investment company for U.S. Federal income tax purposes.

 

Part 3 

Agreement to Deliver Documents

 

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

 

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

 

	Party required to

        deliver document 
	Form/Document/

        Certificate 
	Date by which to 

        Be delivered 

	 	 	 
	Party A	An executed IRS Form W-9 (or any successor form) (together with any required attachments) with respect to Party A.	Upon execution and delivery of this Agreement; and promptly upon learning that any form previously provided by such party has become obsolete or incorrect.
	 	 	 
	Party B	An executed IRS Form W-9 (or any successor form) (together with any required attachments) with respect to the Party B Investor, indicating Party B as the disregarded entity name with respect to the Party B Investor.	Upon execution and delivery of this Agreement; and promptly upon learning that any form previously provided by such party has become obsolete or incorrect.

 

    6 

     

    

 

II. Other documents to be delivered are:

 

	Party required 

        to deliver 

        document 
	Form/Document/ 

        Certificate
	Date by which to 

        be delivered 
	Covered by 

        Section 3(d)

	 	 	 	 
	Party A and Party B	
        Evidence reasonably satisfactory to the other party of the (i) authority
        of such party to enter into this Agreement, each Credit Support Document to which it is a party and any Transactions and (ii) the
        authority and genuine signature of the individual signing this Agreement on behalf of such party to execute the same.

         
	
        Upon execution and delivery of this Agreement and, if requested
        by the other party, as soon as practicable after execution of any Confirmation of any other Transaction.

         
	Yes
	Party B	
        Evidence reasonably satisfactory to the other party of the (i) authority
        of such party to enter into the Party B Investor Guarantee and (ii) the authority and genuine signature of the individual
        signing the Party B Investor Guarantee on behalf of such party to execute the same.

         
	
        Upon execution and delivery of this Agreement.

         
	Yes

 

    7 

     

    

 

	Party B	
        The annual report of the Party B Investor containing audited
        consolidated financial statements prepared in accordance with accounting principles that are generally accepted in the United States
        of America and certified by independent certified public accountants for each fiscal year.

         
	As soon as available and in any event within 120 days (or as soon as practicable after becoming publicly available) after the end of each of the Party B Investor’s fiscal years.	
        Yes; provided that the phrase “is, as of the date
        of the information, true, accurate and complete in every material respect” in Section 3(d) shall be deleted and the phrase
        “fairly presents, in all material respects, the financial condition and results of operations as of their respective dates
        and for the respective periods covered thereby” shall be inserted in lieu thereof.

         

	Party B	
        The unaudited consolidated financial statements, the consolidated
        balance sheet and related statements of income of the Party B Investor for each of the first three fiscal quarters of each
        fiscal year prepared in accordance with accounting principles that are generally accepted in the United States of America.

         
	As soon as available and in any event within 60 days (or as soon as practicable after becoming publicly available) after the end of each of the Party B Investor’s fiscal quarters.	
        Yes; provided that the phrase “is, as of the date
        of the information, true, accurate and complete in every material respect” in Section 3(d) shall be deleted and the phrase
        “fairly presents, in all material respects, the financial condition and results of operations as of their respective dates
        and for the respective periods covered thereby” shall be inserted in lieu thereof.

         

 

    8 

     

    

 

	Party B	
        Certified copies of (a) the articles of incorporation and
        bylaws of the Party B Investor; (b) the limited liability company agreement of Party B, (c) the Investment Management
        Agreement between Party B and the Manager and (d) the Investment Advisory and Administrative Services Agreement dated September
        21, 2015 between the Party B Investor and the Investment Advisor.

         
	
        Upon execution and delivery of this Agreement and as soon as
        practicable after any amendment, supplement or other modification of any thereof.

         
	Yes
	Party B	
        A confirmation, addressed to Party A, from the Investment Advisor
        to the effect that no advice given by Party A or its Affiliates shall form a primary basis for any investment advice provided by
        it relating to any Transaction under or in connection with this Agreement, that neither Party A nor any of its Affiliates is or
        shall be a fiduciary or advisor with respect to the Party B Investor or Party B and that no amounts paid or to be paid to Party
        A or its Affiliates are attributable to any advice provided by Party A or its Affiliates.

         
	Upon execution and delivery of this Agreement.	Yes
	Party A	
        A duly executed copy of each Credit Support Document in relation
        to Party A specified in Part 4(f) of this Schedule.

         
	Upon execution and delivery of this Agreement.	No

 

    9 

     

    

 

	Party B	
        A duly executed copy of each Credit Support Document in relation
        to Party B specified in Part 4(f) of this Schedule.

         
	Upon execution and delivery of this Agreement.	No
	Party B	Such other documents that may be reasonably requested by Party A from time to time.	As per written request by Party A.	Yes

 

    10 

     

    

 

Part 4 

Miscellaneous

 

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

 

Address for notices or communications
to Party A:

 

		Address:	Capital Markets Documentation Unit

388 Greenwich Street,
17th Floor

New York, New York 10013

 

Attention:         Director
Derivatives Operations

 

Facsimile No.:  212-816-5550

 

(For
all purposes)

 

Address for notices or communications
to Party B:

 

		Address:	Cheltenham Funding LLC 

c/o FS Investment Corporation IV 

201 Rouse Boulevard 

Philadelphia, PA 19112

Attention: William Goebel 

Phone: 215-220-4247 

Fax: 215-339-1931 

Email: Bill.Goebel@fsinvestments.com

 

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

 

Party A appoints as its
Process Agent: Not Applicable

Party B appoints as its
Process Agent: Not Applicable

 

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

 

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

 

Party A is a Multibranch
Party and may enter into a Transaction through any of the following offices: New York, London, Singapore and Sydney.

 

Party B is not a Multibranch
Party.

 

(e)          Calculation
Agent. The Calculation Agent will be Party A unless otherwise specified in a Confirmation in reference to the relevant
Transaction.

 

    11 

     

    

 

(f)           Credit
Support Document.

 

(i)        In
relation to Party A, the Credit Support Annex dated as of the date hereof and attached hereto between the parties hereto;
and

 

(ii)        In
relation to Party B, (1) the Credit Support Annex dated as of the date hereof and attached hereto between the parties
hereto, (2) the Account Control Agreement referred to in said Credit Support Annex and (3) the guarantee dated as of the date
hereof (the “Party B Investor Guarantee”) made by the Party B Investor in favor of Party A.

 

(g)          Credit
Support Provider.

 

(i) In relation to
Party A, none; and

 

(ii) In relation to
Party B, so long as the Party B Investor Guarantee remains in effect, the Party B Investor.

 

(h)          Governing
Law. This Agreement shall be construed in accordance with, and this Agreement and all matters arising out of or relating in
any way whatsoever to this Agreement (whether in contract, tort or otherwise) shall be governed by, the law of the State of New
York.

 

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

 

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

 

(k)         Absence
of Litigation. For the purpose of Section 3(c), “Specified Entity” means in relation to Party A, any Affiliate
of Party A, and in relation to Party B, each Specified Entity referred to in Part 1 of this Schedule.

 

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

 

(m)        Additional
Representation will apply. Section 3(a) of this Agreement is hereby amended by the deletion of “and” at the
end of Section 3(a)(iv); the substitution of a semi-colon for the period at the end of Section 3(a)(v) and the addition
of Sections 3(a)(vi) to (viii), as follows:

 

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

 

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

 

    12 

     

    

 

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

 

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

 

(vii)        Eligible
Contract Participant. At the time of each Transaction entered into under this Agreement, each of Party A and Party B represents
to the other that it is an eligible contract participant as defined in Section 1a(18) of the U.S. Commodity Exchange Act (“CEA”)
and CFTC Regulations promulgated thereunder (an “ECP”).

 

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

 

(n)         “Netting
of Payments” Either party may notify the other in writing, not less than one Local Business Day in advance of one or more
Scheduled Payment Dates, that with regard to payments due on that date, Multiple Transaction Payment Netting will apply; provided
that no such notice shall be required with respect to any Transaction if the related Confirmation expressly provides that Multiple
Transaction Payment Netting will apply. Except to the extent that such advance written notice shall have been given or as is specified
in a related Confirmation, subparagraph Multiple Transaction Payment Netting will not apply for purposes of Section 2(c) of
this Agreement.

 

    13 

     

    

 

Part 5

Other Provisions

 

(a)       Waiver
of Right to Trial by Jury. EACH PARTY HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT THAT
IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY PROCEEDING. Each party hereby (i) certifies that no representative, agent
or attorney of the other has represented, expressly or otherwise, that the other would not, in the event of a Proceeding, seek
to enforce the foregoing waiver and (ii) acknowledges that it has been induced to enter into this Agreement by, among other
things, the mutual waivers and certifications in this paragraph.

 

(b)       Severability.
Except as otherwise provided in Sections 5(b)(i) or 5(b)(ii) in the event that any one or more of the provisions contained in this
Agreement should be held invalid, illegal, or unenforceable in any jurisdiction, the validity, legality and enforceability of the
remaining provisions contained herein shall not in any way be affected or impaired thereby. The parties shall endeavor, in good
faith negotiations, to replace the invalid, illegal or unenforceable provisions with valid provisions, the economic effect of which
comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 

(c)       Netting.
In the event that any Terminated Transaction cannot be aggregated and netted against all other Terminated Transactions under
Section 6(e) of this Agreement, such excluded Terminated Transactions shall be aggregated and netted amongst themselves to
the fullest extent permitted by law.

 

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

 

(e)       Recording
of Conversations. Each party hereto consents to the recording of its telephone conversations relating to this Agreement or
any potential Transaction.

 

    14 

     

    

 

(f)         [Intentionally
Omitted]

 

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

 

(h) Additional Party B Representations.
Section 3 of this Agreement is hereby amended by the addition of the following representations (which shall be made solely
by Party B to Party A):

 

(h)      Compliance
with Investment Policies. The execution, delivery, and performance by Party B of this Agreement and each Confirmation
does not conflict with or violate the investment policies, trading strategies and/or restrictions of the Party B Investor
as set forth in the offering and organizational documents, in each case as in effect from time to time, of the Party B Investor.

 

(i)       Manager
Authorized as Agent. The Manager is duly authorized to act as Party B’s agent in entering into and confirming Transactions
and receiving notices to Party B under this Agreement, and the Manager’s entering into or confirmation of any Transaction
shall be sufficient to bind Party B, with the result that Party B’s signature shall not be required on any Confirmation.

 

(j)       Compliance
with 1940 Act. The Party B Investor has elected to be subject to the provisions of Sections 55 through 65 of the 1940
Act pursuant to Section 54(a) of the 1940 Act. Party B will enter into any Transaction in compliance with its investment policies;
the execution of this Agreement by Party B, the entry by Party B into any Transaction hereunder, and the performance
of its obligations hereunder and under each Transaction, will not result in a violation by the Party B Investor of any provision
of the 1940 Act applicable to business development companies. The Party B Investor has disclosed in its prospectus or other
offering documents that it may enter into transactions of the type contemplated by this Agreement, to the extent required by applicable
laws and regulations. The Board of Directors of the Party B Investor, or its equivalent, has given all necessary approvals
for the Party B Investor (either directly or through a subsidiary) to enter into this Agreement and any Transaction. The Party B
Investor is not a person of which Party A is an “affiliated person”, or an affiliated person of an affiliated person,
within the meaning of Section 2(a)(3) of the 1940 Act.

 

(k)       Assets
of Party B. All of the assets of Party B are available to satisfy the obligations of Party B under this Agreement.

 

(l)       Obligations
Pari Passu. The obligations of Party B to Party A under this Agreement rank at least pari passu with all other senior
unsecured indebtedness of Party B.

 

    15 

     

    

 

Party B covenants that (i) it will
not take any action during the term of any Transaction that would render any of the representations and warranties in this Part
5(h) untrue and (ii) it will take all necessary action during the term of each Transaction to cause such representations and warranties
to continue at all times to be true.

 

(i)           Manager
Representations. The following representations shall be made by the Manager in accordance with Section 3 of this Agreement
as if the Manager was a party to this Agreement:

 

“(i) Manager Representations.
The Manager represents and warrants to Party A (x) that it is duly authorized to act as Party B’s agent in entering
into and confirming Transactions and in receiving notices to Party B under this Agreement, and (y) that any Transaction
shall be entered into in accordance with the applicable investment policies, trading strategies and/or restrictions of Party B
and the Party B Investor as are then in effect.

 

(ii) No Investment Advice
from Party A. The Manager represents and agrees that no advice given by Party A or its Affiliates shall form a primary
basis for any decision by or on behalf of the Manager relating to any Transaction under or in connection with this Agreement, that
neither Party A nor any of its Affiliates is or shall be a fiduciary or advisor with respect to the Manager or Party B
and that no amounts paid or to be paid to Party A or its Affiliates are attributable to any advice provided by Party A
or its Affiliates.”

 

(j)           Additional
Party B Covenant. For purposes of Section 4 of this Agreement, the following shall be added immediately following
paragraph (e) thereof:

 

“(f) Notification Requirements.
Party B shall notify Party A in writing immediately upon the occurrence of any of the following: (i) any Additional Termination
Event in relation to Party B, (ii) a material change in the investment policies of Party B or the Party B Investor as they relate
to derivatives transactions, borrowing, leverage or other matters arising under Section 18 of the 1940 Act (as modified by Section 61
of the 1940 Act) and Section 55(a) of the 1940 Act; (iii) the entry by Party B, the Party B Investor or the Manager into an agreement
that would result in the merger, change in control or reorganization of Party B, the Party B Investor or the Manager; (iv) Party
B or the Party B Investor or the Manager becomes aware of the commencement of litigation or regulatory action against Party B,
the Party B Investor or the Manager that has, or could reasonably be expected to have, a Material Adverse Effect; or (v) the independent
public accountant of the Party B Investor resigns, is dismissed, or issues a report on the Party B Investor’s financial statements
that contains an adverse opinion or disclaimer of opinion, or issues an opinion that is qualified or modified as to uncertainty,
audit scope or audit principles.”

 

(k)       [Intentionally
Omitted].

 

    16 

     

    

 

(l)         Recourse
Limited to Party B. Notwithstanding anything to the contrary contained in this Agreement, the Schedule or any Confirmation
or other document issued or delivered in connection with any Transaction entered into under this Agreement, any amounts owed or
liabilities incurred by Party B hereunder or in respect of any Transaction entered into under this Agreement, shall be satisfied
solely from the assets of Party B and no recourse whether by set-off or otherwise, shall be had to the assets of the Manager or
any director, officer or employee or partner of Party B or the Manager or any of their Affiliates, except that the foregoing will
not limit service of process on Party B by delivery of notice on its behalf to Party B.

 

(m)       Limitation
on Liability. No party shall be required to pay or be liable to the other party for any consequential, indirect or punitive
damages, opportunity costs or lost profits; provided that the foregoing shall not limit any party’s obligation to
make any amount otherwise payable in accordance with the express provisions of this Agreement.

 

(n)       Foreign
Account Tax Compliance Act. The parties agree that the definitions and provisions contained in the ISDA 2012 FATCA Protocol
as published by the International Swaps and Derivatives Association, Inc. on August 15, 2012, are incorporated into and apply to
this Agreement as if set forth in full herein.

 

(o)       ISDA
HIRE Act Protocols. The parties agree that solely as between Party A and Party B, the definitions and provisions contained
in the (x) Attachment to the ISDA 2010 Short Form HIRE Act Protocol published by the International Swaps and Derivatives Association,
Inc. on November 30, 2010 (“Short Form Protocol Attachment”) and (y) 2015 Section 871(m) Protocol published
by the International Swaps and Derivatives Association, Inc. on November 2, 2015, will be deemed to be incorporated herein, mutatis
mutandis, as though such definitions and provisions were set out in full herein, with any such conforming changes as are necessary
to deal with what would otherwise be inappropriate or incorrect cross references. The parties further agree that the Implementation
Date (as such term is defined in the Short Form Protocol Attachment) shall be the date of execution of this Agreement.

 

(p)       Notification
of Right To Segregate Independent Amounts. With respect to funds or other property provided to margin, guarantee or secure
obligations for Uncleared Swaps entered into under this Agreement, to the extent mandated by the Dodd-Frank Act, Party B has the
right to require segregation of such funds or other property (other than variation margin) at an independent third party custodian.
This notification is deemed repeated each time Party B enters into an Uncleared Swap with Party A. For purposes of this paragraph,
the term “Uncleared Swap” means a Transaction that is a “swap” as defined in the CEA section 1(a)(47) and
CFTC regulation 1.3(xxx) that is not subject to the CFTC’s mandatory clearing requirement under CEA section 2(h) and CFTC
regulations promulgated thereunder.

 

(q)       ISDA
2018 U.S. Resolution Stay Protocol. The parties agree that the definitions and provisions contained in the ISDA 2018 U.S. Resolution
Stay Protocol and Attachment thereto (“U.S. Stay Protocol”) as published by the International Swaps and
Derivatives Association, Inc. on July 31, 2018 are hereby incorporated into and apply to this Agreement as if set forth in full
in this Schedule.  For these purposes, the following terms as used in the U.S. Stay Protocol shall have the following meanings:
“Regulated Entity” shall mean Party A and “Protocol Covered Agreement” or “Covered Agreement”, as
applicable, shall mean this Agreement.

 

[Signature Page Follows.]

 

    17 

     

    

 

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

 

	CITIBANK, N.A.	 	CHELTENHAM FUNDING LLC
	 	 	 	 	 
	By:	/s/ Candice E. Somerville	 	By:	/s/ William Goebel
	 	Name: Candice E. Somerville	 	 	Name: William Goebel
	 	Title: Assistant General
        Counsel	 	 	Title: Chief Financial
        Officer
	 	 	 	 	 
	 	 	 	FS INVESTMENT CORPORATION IV, in its individual capacity in respect
    of the representations made by the Manager in Part 5(i) of this Schedule.
	 	 	 	 	 
	 	 	 	By:	/s/ William Goebel
	 	 	 	 	Name: William Goebel
	 	 	 	 	Title: Chief Financial Officer
	 	 	 	 	 
	 	 	 	Date: 6/28/2019

 

ISDA Master Schedule

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