Document:

EX-10.13

 Exhibit 10.13 

EXECUTION 

CONSENT AGREEMENT 

THIS CONSENT AGREEMENT (this “Agreement”) is made as of this 24th
day of July, 2013 (“Effective Date”), by and between: 
 RIF V-JERSEY, LLC, a Delaware limited liability company
(“Borrower”); 
 REXFORD INDUSTRIAL REALTY, INC., a Maryland corporation (the “REIT”); 

REXFORD INDUSTRIAL REALTY, L.P., a Maryland limited partnership (“Rexford LP”, and together with the REIT, “New
Guarantor”); and 
 U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE, SUCCESSOR-IN-INTEREST TO BANK OF AMERICA, N. A., AS TRUSTEE,
SUCCESSOR BY MERGER TO LASALLE BANK, NATIONAL ASSOCIATION, AS TRUSTEE FOR MORGAN STANLEY CAPITAL I INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2005cTOPI7 (“Noteholder”), whose Master Servicer is Wells Fargo Bank,
National Association. 
 BACKGROUND 

A. On or about November 29, 2004, WELLS FARGO BANK, NATIONAL ASSOCIATION (“Original Lender”) made a certain loan and
extended credit in the amount of SIX MILLION AND N0/100 DOLLARS ($6,000,000.00) (the “Loan”) to JERSEY BUSINESS PARK, a California general partnership (“Original Borrower”), as evidenced by those certain documents,
including, but not limited to, the Loan Documents (the “Loan Documents”) more specifically described in Exhibit A attached hereto and incorporated herein for all purposes, in connection with I 0700 Jersey Boulevard,
Rancho Cucamonga, California (the “Property”). 
 B. Pursuant to that certain Assumption Agreement dated November 8,
2011, Original Borrower transferred to Borrower all of its right, title and interest in and to the Loan and the Loan Documents. 
 C. The
parties hereto (other than Noteholder) have requested that Noteholder consent to: (i) the merger of each of Rexford Industrial Fund V, LP, a Delaware limited partnership (“Rexford Fund”) with and into Rexford LP (with Rexford
LP being the surviving entity) (the “Rexford Fund Merger”); (ii} the merger of Rexford. Industrial Fund V REIT, LLC, a Delaware limited liability company (“Rexford Fund V REIT”) with and into the REIT (with the REIT
being the surviving entity) (the “Rexford Fund V Merger,” and together with the Rexford Fund Merger, each a “Merger” and collectively the “Mergers”); (iii) the initial public offering of
Rexford Industrial Realty, Inc., a Maryland limited partnership (the “REIT”), the sole general partner of Rexford LP (the “IPO”); and (iv) the assumption by Rexford LP of all of the obligations of Rexford Fund
and the assumption by the REIT of all of the obligations of Rexford Fund V REIT, in each case as guarantor under the Loan by operation of law as a result of the applicable Merger. 

 TERMS AND CONDITIONS 

NOW, THEREFORE, in consideration of the mutual promises and agreements set forth below, and other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound, Borrower, New Guarantor and Noteholder agree as follows: 

I. Defined Terms. All capitalized terms not otherwise defined herein shall have the meanings given to them in the Deed of Trust
(as defined in Exhibit A attached hereto). 
 2. Ownership of Borrower. 

Prior to the Effective Date, Borrower was owned: 
  

	 	a)	I 00% by RIP V - SPE Owner, LLC, a Delaware limited liability company (“SPE Owner”) and managed by RIF V- SPE Manager, LLC, a California limited liability company (“Manager”);

  

	 	b)	SPE owner was owned 100% by Rexford Fund; and 

  

	 	c)	Rexford Fund was owned 99.13% by Rexford Fund V REIT and 0.87% by Rexford Fund V Manager, LLC, a Delaware limited liability company. 

From and after the Effective Date (but subject to Section 6.15(c)(ii) of the Deed of Trust, as amended), Borrower is owned: 

 

	 	d)	100% by SPE Owner and managed by Manager; 

  

	 	e)	SPE Owner is owned 100% by Rexford LP; and 

  

	 	f)	The REIT is the sole general partner of Rexford LP. 

 3. Consent by Noteholder.
Subject to the terms and conditions contained herein, Noteholder hereby consents to the following: (i) the Mergers; (ii) the IPO; (iii) the assumption by Rexford LP of all of the obligations of the Rexford Fund as guarantor under the Loan by
operation of law as a result of the Rexford Fund Merger; and (iv) the assumption by the REIT of all of the obligations of Rexford Fund V REIT as guarantor under the loan by operation of law as a result of the Rexford Fund V REIT Merger. The
transfers described in paragraphs 2 and 3 are hereinafter referred to as the “Transaction”. Noteholder consents to the Transaction subject to the terms and conditions set forth herein. 

4. No Release of Borrower; Ratification. As a further condition to Noteholder entering into this Agreement and giving its consent
to the Transaction, Noteholder has required Borrower to ratify its liabilities and obligations under Loan Documents. Borrower hereby ratifies and confirms all of its obligations and liabilities under the Note and the Loan Documents. 

5. No Release of Guarantor; Ratification. As a further condition to Noteholder entering into this Agreement and giving its
consent to the Transaction, Noteholder has required Rexford LP, as successor of Rexford Fund, and the REIT, as successor of Rexford Fund V REIT, in each case by operation of law as a result of the applicable Merger, to ratify and confirm that it

  
 2 

 
has assumed all liabilities and obligations of Rexford Fund and Rexford Fund V REIT, as applicable, under the Existing Guaranty (as defined in Exhibit A attached hereto). Rexford LP hereby
ratifies and confirms that, as a result of the Rexford Fund Merger, Rexford LP has assumed liabilities and obligations of the Rexford Fund under the Existing Guaranty, as amended pursuant to Section 9 below. The REIT hereby ratifies and
confirms that, as a result of the Rexford Fund V REIT Merger, the REIT has assumed the liabilities and obligations of Rexford Fund V REIT under the Existing Guaranty, as amended pursuant to Section 9 below. 

6. Borrower’s Representation and Warranties. To induce the Noteholder to enter into this Agreement, the Borrower hereby
represents and warrants to the Noteholder that: 
 (a) Borrower is validly existing under the laws of the state of its organization and has
full power and authority to enter into this Agreement, to execute and deliver all documents and instruments required hereunder, and to incur and perform the obligations provided for herein and therein, and to perform and carry out the terms of the
Loan Documents, all of which have been duly authorized by all necessary entity action of the Borrower, and no consent or approval of any third party (other than the Noteholder, whose consent and approval is given pursuant to the terms of this
Agreement) is required as a condition to the validity or enforceability hereof or thereof; except for the amendments set forth in Section 8 below, this Agreement has not affected any obligations and liabilities of Borrower under the Loan
Documents; 
 (b) the current financial position of Borrower has not materially. or adversely changed from that reflected in the financial
statements most recently provided to Noteholder; 
 (c) [intentionally omitted]; 

(d) this Agreement has been duly executed and delivered by the Borrower; 

(e) this Agreement will constitute the valid and legally binding obligation of the Borrower, enforceable against the Borrower in accordance
with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar Laws and equitable principles relating to or limiting creditors’ rights generally; 

(f) the execution, delivery and performance by the Borrower of this Agreement will not violate (i) any provision of law or any order, rule
or regulation of any court or governmental authority, or (ii) any instrument, contract, agreement, indenture, mortgage, deed of trust or other material document or obligation to which the Borrower is a party or by which the Property is bound;

 (g) there is no action, suit, proceeding or investigation pending or, to Borrower’s knowledge, threatened that challenges the
validity or enforceability of this Agreement or any of the Loan Documents, or any action required to be taken pursuant hereto or thereto; 

(h) no Default has occurred and is continuing under the Note and/or the Loan · Documents; and 

  
 3 

 (i) Borrower further represents and warrants to Noteholder that Borrower is not, and none of the
principals, affiliates or, to Borrower’s knowledge, other persons holding direct or indirect interests in Borrower are “Non-Qualified Persons” or “Embargoed Persons” as those terms are more particularly defined
on Exhibit “B” attached hereto and made a part hereof. 
 7. REIT’s and Rexford LP’s Representation and
Warranties. To induce the Noteholder to enter into this Agreement, each of the REIT and Rexford LP hereby represents and warrants to the Noteholder that: 

(a) Such entity is or on the Effective Date will be validly existing under the laws of the state of its organization and has full power and
authority to enter into this Agreement, to execute and deliver all documents and instruments required hereunder, and to incur and perform the obligations provided for herein and therein, and to perform and carry out the terms of the Loan Documents
to which it is a party, all of which have been duly authorized by all necessary entity action of such party, and no consent or approval of any third party (other than the Noteholder, whose consent and approval is given pursuant to the terms of this
Agreement) is required as a condition to the validity or enforceability hereof or thereof; 
 (b) after giving effect to the Mergers
and the IPO, the financial position of such party shall not be materially and adversely different from that reflected in the proforma financial statements most recently provided to Noteholder; 

(c) [intentionally omitted]; 
 (d)
this Agreement has been duly executed and delivered by such party; 
 (e) this Agreement will constitute the valid and legally binding
obligation of Rexford LP, enforceable against the Rexford LP in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar Laws and equitable principles relating to or limiting
creditors’ rights generally; 
 (f) the execution, delivery and performance by such party of this Agreement will not violate
(i) any provision of law or any order, rule or regulation of any court or governmental authority, or (ii) any instrument, contract, agreement, indenture, mortgage, deed of trust or other material document or obligation to which such party
is a party or by which such party, or any of such party’s property, is bound; 
 (g) there is no action, suit, proceeding or
investigation pending or, to such party’s knowledge, threatened that challenges the validity or enforceability of this Agreement or any of the Loan Documents to which it is a party, or any action required to be taken pursuant hereto or thereto;

 (h) no Default has occurred and is continuing under the Note and/or the Loan Documents; and 

(i) such party is not, and none of the principals, affiliates or, to such party’s knowledge, persons holding direct or indirect interests
in such party are “Non-Qualified Persons” or “Embargoed Persons” as those terms are more particularly defined on Exhibit “B” attached hereto and made a part hereof. 

  
 4 

 8. Amendments to Loan Documents. From and after the Effective Date, the Loan
Documents are amended as follows: 
 The Deed of Trust 

The following new definitions shall be added: 

“Affiliate” shall mean any Person that, directly or indirectly (including through one or more intermediaries), Controls, is
Controlled by or is under common Control with the Operating Partnership. 
 “Control” shall mean the possession, directly or
indirectly, of the power to direct or cause the direction of the management or policies of an entity, whether through the ability to exercise voting power, by contract or otherwise. 

“Operating Partnership” shall mean Rexford fudustrial Realty, L.P., a Maryland limited partnership. 

“Person” shall mean any individual, corporation, partnership, joint venture, association, joint-stock company, limited
liability company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other form of entity.” 

“REIT’’ shall mean Rexford Industrial Realty, Inc., a Maryland corporation. 

Add to the following to the end of the definition of “Restricted Party’’: 

“... provided, however, that the term ‘Restricted Party’ shall not include any limited partner of the Operating Partnership or
any holder of securities of the REIT, or any Person owning direct or indirect interests in or through such limited partners of the Operating Partnership or such holders of securities of the REIT.” 

Section 6.15(c)(ii) Permitted Equity Transfers 

Delete provision added at the end of Section 6.15(c)(ii) pursuant to Section 22 of the Assumption Agreement. 

Add the following after subsection (D) that was added to Section 6.15(c)(ii) pursuant to Section 8(b) of the Assumption
Agreement: 
 “(E) Transfers of direct or indirect interests in Borrower to the Operating Partnership and any Affiliate, provided that
the REIT shall continue to Control the Operating Partnership and Borrower; (F) issuances and Transfers of securities, options, warrants or other interests in the REIT, whether directly or indirectly; (G) issuances and Transfers of
partnership interests and other interests in the Operating Partnership (including, without limitation, the adjustment of partnership units held by partners in the Operating Partnership to reflect redemptjons pertaining to the ]jmited partner
interests in the Operating Partnership), whether directly or indirectly, provided that the REIT shall continue to Control the Operating Partnership; and (H) a merger, consolidation or exchange of securities to which the REIT or the Operating
Partnership is a party, as applicable, provided that the surviving entity shall be the REIT or the Operating Partnership, as applicable, and that the REIT shall continue to Control the Operating Partnership and Borrower.” 

  
 5 

 Section 7.1(a) Optional Default 

Delete Section 7.l(a)(vi) 

9. Management. Noteholder acknowledges and approves, effective as of the closing date (and conditioned upon the closing) of the
Transaction, (i) the termination of that certain Property Management Agreement dated as of August 11, 2011 by and between Borrower and Rexford Industrial Realty and Management, Inc., a California corporation, and (ii) Rexford LP or
any wholly-owned subsidiary thereof as the new property manager. The form and substance of the new property management agreement shall be subject to Noteholder’s prior reasonable approval. 

10. Releases, Covenants Not to Litigate, and Assignments. For the period from the inception of the Loan to and including the
Effective Date, and in consideration for Noteholder’s consent given herein, Borrower, the REIT and Rexford LP (Borrower, the REIT and Rexford LP are sometimes collectively referred to as “Releasing Parties”) hereby : 

(a) fully and finally acquit, quitclaim, release and discharge each of the Released Parties (the term “Released Parties” shall
be defined as Original Lender, Noteholder, and Wells Fargo, and their respective officers, directors, shareholders, representatives, employees, servicers, agents and attorneys) of and from any and all obligations, claims, liabilities, damages,
demands, debts, liens, deficiencies or cause or causes of action (including claims and causes of action for usury), to, of or for the benefit (whether directly or indirectly) of the Releasing Parties, or any or all of them, at law or in equity,
known or unknown, contingent or otherwise, whether asserted or unasserted, whether now known or hereafter discovered, whether statutory, in contract or in tort, as well as any other kind or character of action now held, owned or possessed (whether
directly or indirectly) by the Releasing Parties or any or all of them on account of, arising out of, related to or concerning, whether directly or indirectly, proximately or remotely (x) the Note or any of the Loan Documents, or (y) this
Agreement (except for the extent of the Released Parties obligations under this Agreement); 
 (b) waives any and all defenses to payment of
the Note for any reason; and 
 (c) waives any and all defenses, counterclaims or offsets to the Loan Documents ((i), (ii), and
(iii) above are collectively referred to as the “Released Claims”). 
 11. Conditions. It shall be a
condition to the effectiveness of this Agreement that on or before the Effective Date, Noteholder shall have approved and be in receipt of: 

(a) executed and filed organizational documents of Rexford LP and the REIT; 

(b) the final, fully-executed merger agreement by and between Rexford Fund and Rexford LP, and the final, fully-executed merger
agreement by and between Rexford Fund V REIT and the REIT; 
 (c) [intentionally omitted]; 

  
 6 

 (d) confirmation that Borrower’s insurance policies (and insurance carriers)
comply with any applicable requirements in the Loan Documents, including, without limitation, amounts and types of insurance, loss payee and applicable insurance certificates; 

(e) a preliminary title report; 

(f) a new title insurance policy or title insurance policy update and endorsements; 

(g) property management contract between Borrower, as owner, and Rexford LP, as manager, and assignment thereof to Noteholder;

 (h) an opinion of counsel, satisfactory to Noteholder as to form, substance and rendering attorney, opining to the
validity and enforceability of this Agreement and the terms and provisions hereof, and any other Loan Documents contemplated hereby, the due execution and authority of Borrower, Rexford LP and the REIT, to execute and deliver this Agreement and
perform their obligations under the Note and other Loan Documents, corporate and such other matters as reasonably requested by Noteholder; 

(i) all credit, litigation, anti-terrorism, anti-money laundering and other searches, as Noteholder may require; 

(j) certification from (i) Borrower certifying, among other things reasonably requested by Noteholder, that the current
financial position of Borrower has not materially and adversely changed from that reflected in the financial statements most recently provided to Noteholder, and (ii) the REIT certifying, among other things reasonably requested by Noteholder,
that after giving effect to the Mergers and the IPO, the financial position of the REIT and its consolidated subsidiaries shall not be materially and adversely different from that reflected in the pro forma financial statements most recently
provided to Noteholder; 
 (k) Borrower shall have paid Noteholder all fees and all costs and expenses of Noteholder relative
to this Agreement and the other Loan Documents and/or other documents executed pursuant hereto and any and all amendments, modifications and supplements thereto, and 

(I) Borrower, the REIT and Rexford LP shall execute and/or deliver to Noteholder such other documents as Noteholder shall
reasonably request. 
 12. Counterparts. It is understood and agreed that this Agreement may be executed in a number of
identical counterparts, each of which shall be deemed an original for all purposes. It is understood and agreed that photostatic, facsimile or .pdf signatures of the original signatures of this Agreement, and/or photostatic, facsimile or .pdf copies
of this Agreement fully executed, shall be deemed an original for all purposes. Any parties submitting a facsimile or pdf signature shall be estopped from denying that an original signature was required, and such parties hereby agree to provide
original signatures upon demand by the other parties. The parties hereto waive. the “best evidence” rule or any similar law or rule in any proceeding in which this Agreement shall be presented as evidence. 

  
 7 

 13. Binding Effect. This Agreement shall be binding upon and inure to the benefit
of the parties hereto and their respective successors and assigns. 
 14. APPLICABLE LAW. THIS CONSENT AGREEMENT SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE WHICH THE LOAN DOCUMENTS PROVIDE THAT THE. LOAN DOCUMENTS ARE TO BE GOVERNED BY AND CONSTRUED WITH. 

[SIGNATURE PAGES FOLLOW) 

  
 8 

 IN WITNESS WHEREOF, the parties have caused this instrument to be signed and sealed the
day and year first above written. 
  

					
	NOTEHOLDER:
	
	U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE, SUCCESSOR-IN-INTEREST TO BANK OF AMERICA, N. A., AS TRUSTEE, SUCCESSOR BY MERGER TO LASALLE BANK, NATIONAL ASSOCIATION, AS TRUSTEE FOR MORGAN STANLEY CAPITAL I INC., COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2005-TOPI7
		
	By:  	 	Wells Fargo Bank, National Association, as Master Servicer under the Pooling and Servicing Agreement dated as of January I, 2005, among Morgan Stanley Capital I Inc., Wells Fargo Bank, National Association, C-III Asset
Management (f/kla Centerline Servicing, Inc.), Bank of America, National Association, as successor by merger to LaSalle Bank, National Association, Wells Fargo Bank, National Association, and ABN AMRO Bank N.V.
			
		 	By:  	 	/s/ Wayne Ventus, Jr.
		 		 	Name: Wayne Ventus, Jr.
		 		 	Title: Assistant Vice President

 THE UNDERSIGNED HEREBY CONSENTS TO THE TRANSACTION DESCRIBED HEREIN. 

 

					
	 MORTAGE ELECTRONIC REGISTRATION

SYSTEMS, INC., a Delaware corporation

		
	By:  	 	/s/ Wayne Ventus, Jr.
		 	Name:	 	Wayne Ventus, Jr.
		 	Title:	 	Assistant Secretary

 [Signature page to Consent Agreement] 

 
					
	BORROWER:
	
	RIF V - JERSEY, LLC, a Delaware limited liability company
		
	By:  	 	/s/ Michael Frankel
		 	Name:	 	Michael Frankel
		 	Title:	 	Authorized Signatory

 [Signature page to Consent Agreement - RIF V - Jersey, LLC] 

 
					
	REIT:
	
	REXFORD INDUSTRIAL REALTY, INC., a Maryland corporation
		
	By:  	 	/s/ Michael Frankel
		 	Name: Michael Frankel
		 	Title:   Co-Chief Executive Officer
	
	REXFORD LP:
	
	REXFORD INDUSTRIAL REALTY, LP, a Maryland limited partnership
		
	By:	 	Rexford Industrial Realty, Inc., a Maryland
		 	corporation, its general partner
			
		 	By:  	 	/s/ Michael Frankel
		 		 	Name: Michael Frankel
		 		 	Title:   Co-Chief Executive Officer

 [Signature page to Consent Agreement - RIF V - Jersey, LLC] 

 ACKNOWLEDGMENT FOR NOTEHOLDER 

 

							
	STATE OF CALIFORNIA	  	)	  		  	
		  	)	  		  	
	COUNTY OF ALAMEDA	  	)	  		  	

 On July 22, 2013, before me, N. NGUYEN, the undersigned Notary Public in and for said County and State,
personally appeared Wayne Ventus, Jr.             , who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and
acknowledged to me that he executed the same in his authorized capacity, and that by his signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument. 

I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. 

 

							
	WITNESS my hand and official seal.	 		 		 	
				
		 		 		 	 /s/ N. Nguyen

		 		 		 	Notary Public
				
	My Commission Expires:	 		 		 	
	June 22, 2016	 		 		 	
		 		 		 	

		 		 		 
		 		 		 

 ACKNOWLEDGMENT OF MERS 
  

							
	STATE OF CALIFORNIA	  	)	  		  	
		  	)	  		  	
	COUNTY OF ALAMEDA	  	)	  		  	

 On July 22, 2013, before me, N. NGUYEN, the undersigned Notary Public in and for said County and State,
personally appeared Wayne Ventus, Jr.             , who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and
acknowledged to me that he executed the same in his authorized capacity, and that by his signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument. 

I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. 

 

							
	WITNESS my hand and official seal.	 		 		 	
				
		 		 		 	 /s/ N. Nguyen

		 		 		 	Notary Public
				
	My Commission Expires:	 		 		 	
	June 22, 2016	 		 		 	
		 		 		 	

		 		 		 
		 		 		 

 ACKNOWLEDGMENT FOR BORROWER 

 

							
	STATE OF CALIFORNIA	  	)	  		  	
		  	) ss	  		  	
	COUNTY OF LOS ANGELES	  	)	  		  	

 On July 22, 2013 before me, Adriane Harper, the undersigned Notary Public in and for said County and State,
personally appeared Michael Frankel, who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their
authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. 

 

							
	WITNESS my hand and official seal.	 		 		 	
				
		 		 		 	 /s/ Adriane Harper

		 		 		 	Notary Public
				
	My Commission Expires:	 		 		 	
	11/16/16	 		 		 	
		 		 		 	

		 		 		 
		 		 		 

 ACKNOWLEDGMENT FOR REIT 

 

							
	STATE OF CALIFORNIA	  	)	  		  	
		  	) ss	  		  	
	COUNTY OF LOS ANGELES	  	)	  		  	

 On July 22, 2013 before me, Adriane Harper, the undersigned Notary Public in and for said County and State,
personally appeared Michael Frankel, who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their
authorized capacity(ies), and that by his/her/theirsignature(s) on the instrument the person(s), or the entity upon behalf of which the person(s)acted, executed the instrument. 

 

							
	WITNESS my hand and official seal.	 		 		 	
				
		 		 		 	 /s/ Adriane Harper

		 		 		 	Notary Public
				
	My Commission Expires:	 		 		 	
	11/16/16	 		 		 	
		 		 		 	

		 		 		 
		 		 		 

 ACKNOWLEDGMENT FOR REXFORD LP 

 

							
	STATE OF CALIFORNIA	  	)	  		  	
		  	) ss	  		  	
	COUNTY OF LOS ANGELES	  	)	  		  	

 On July 22, 2013 before me, Adriane Harper, the undersigned Notary Public in and for said County and
State, personally appeared Michael Frankel, who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in
his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. 

 

							
	WITNESS my hand and official seal.	 		 		 	
				
		 		 		 	 /s/ Adriane Harper

		 		 		 	Notary Public
				
	My Commission Expires:	 		 		 	
	11/16/16	 		 		 	
		 		 		 	

		 		 		 
		 		 		 

 EXHIBIT A 

To 
 Consent and Assumption
Agreement 
 1. Promissory Note Secured by Security Instrument, dated as of November 29, 2004, in the original principal amount of
$6,000,000.00 from Original Borrower payable to the order of Original Lender (the “Note”). 
 2. Deed of Trust, Absolute
Assignment of Rents and Leases and Security Agreement (and Fixture Filing), dated as of November 29, 2004 (the “Deed of Trust”), executed by Original Borrower to MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, INC., a Delaware
corporation (“MERS”) as Beneficiary and nominee for Original Lender, which was recorded in the Official Records of the San Bernardino County Recorder, State of California (the “Official Records”) on
December 10, 2004 as Document Number 2004-911545, covering the property commonly known as 10700 Jersey Boulevard, Rancho Cucamonga, CA 91730 and more particularly described in the Deed of Trust (collectively, the “Property”).

 3. Assumption Agreement (the “Assumption Agreement”), dated as of November 8, 2011, by and between Original Borrower,
Borrower, Guarantor and Noteholder. 
 4. Memorandum of Assumption Agreement (the “Memorandum of Assumption”) dated as of
November 8, 2011, by and between Original Borrower, Borrower, Guarantor and Noteholder and recorded November 9, 2011, as Document Number 2011-0465795, with the Official Records. 

5. Financing Statement from Borrower in favor of Noteholder which was filed with the Delaware Secretary of State on November 9, 2011 as
Initial Filing Number 20114328970. 
 6. Limited Guaranty (the “Existing Guaranty”), dated as of November 8, 2011,
executed by the Existing Guarantor in favor of Noteholder. 
 7. Assignment of Management Contracts (the “Assignment of
Contracts”) dated as of November 8, 2011, executed by Borrower in favor of Noteholder.EX-10.1

 Exhibit 10.1 

ISDA® 
 International Swaps and Derivatives
Association, Inc. 
 2002 MASTER AGREEMENT 
 dated as of August 27, 2013 
 Citibank, N.A.
            and             Arbor Funding LLC 
 have entered and/or anticipate entering into one or more transactions (each a “Transaction”) that are or will be governed by this 2002 Master Agreement, which includes the schedule (the
“Schedule”), and the documents and other confirming evidence (each a “Confirmation”) exchanged between the parties or otherwise effective for the purpose of confirming or evidencing those Transactions. This 2002 Master Agreement
and the Schedule are together referred to as this “Master Agreement”. 
 Accordingly, the parties agree as follows: 

1. Interpretation 

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

2. Obligations 

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

(ii) Payments under this Agreement will be made on the due date for value on that date in the place of the account specified in the
relevant Confirmation or otherwise pursuant to this Agreement, in freely transferable funds and in the manner customary for payments in the required currency. Where settlement is by delivery (that is, other than by payment), such delivery will be
made for receipt on the due date in the manner customary for the relevant obligation unless otherwise specified in the relevant Confirmation or elsewhere in this Agreement. 

  
 Copyright © 2002 by International Swaps and Derivatives
Association, Inc. 

 (iii) Each obligation of each party under Section 2(a)(i) is subject to
(1) the condition precedent that no Event of Default or Potential Event of Default with respect to the other party has occurred and is continuing, (2) the condition precedent that no Early Termination Date in respect of the relevant
Transaction has occurred or been effectively designated and (3) each other condition specified in this Agreement to be a condition precedent for the purpose of this Section 2(a)(iii). 

(b) Change of Account. Either party may change its account for receiving a payment or delivery by giving notice to the other party at
least five Local Business Days prior to the Scheduled Settlement Date for the payment or delivery to which such change applies unless such other party gives timely notice of a reasonable objection to such change. 

(c) Netting of Payments. If on any date amounts would otherwise be payable: 

(i) in the same currency; and 
 (ii) in respect of the same Transaction, 
 by each party to the other, then, on such date,
each party’s obligation to make payment of any such amount will be automatically satisfied and discharged and, if the aggregate amount that would otherwise have been payable by one party exceeds the aggregate amount that would otherwise have
been payable by the other party, replaced by an obligation upon the party by which the larger aggregate amount would have been payable to pay to the other party the excess of the larger aggregate amount over the smaller aggregate amount. 

The parties may elect in respect of two or more Transactions that a net amount and payment obligation will be determined in respect of all amounts
payable on the same date in the same currency in respect of those Transactions, regardless of whether such amounts are payable in respect of the same Transaction. The election may be made in the Schedule or any Confirmation by specifying that
“Multiple Transaction Payment Netting” applies to the Transactions identified as being subject to the election (in which case clause (ii) above will not apply to such Transactions). If Multiple Transaction Payment Netting is
applicable to Transactions, it will apply to those Transactions with effect from the starting date specified in the Schedule or such Confirmation or, if a starting date is not specified in the Schedule or such Confirmation, the starting date
otherwise agreed by the parties in writing. This election may be made separately for different groups of Transactions and will apply separately to each pairing of Offices through which the parties make and receive payments or deliveries. 

(d) Deduction or Withholding for Tax. 
 (i) Gross-Up. All payments under this Agreement will be made without any deduction or withholding for or on account of any Tax unless such deduction or withholding is required by any
applicable law, as modified by the practice of any relevant governmental revenue authority, then in effect. If a party is so required to deduct or withhold, then that party (“X”) will: 

(1) promptly notify the other party (“Y”) of such requirement; 

(2) pay to the relevant authorities the full amount required to be deducted or withheld (including the full amount required to be
deducted or withheld from any additional amount paid by X to Y under this Section 2(d)) promptly upon the earlier of determining that such deduction or withholding is required or receiving notice that such amount has been assessed against Y;

 (3) promptly forward to Y an official receipt (or a certified copy), or other documentation reasonably acceptable to Y,
evidencing such payment to such authorities; and 

  

					
		  	2	  	ISDA® 2002

 (4) if such Tax is an Indemnifiable Tax, pay to Y, in addition to the payment to which
Y is otherwise entitled under this Agreement, such additional amount as is necessary to ensure that the net amount actually received by Y (free and clear of Indemnifiable Taxes, whether assessed against X or Y) will equal the full amount Y would
have received had no such deduction or withholding been required. However, X will not be required to pay any additional amount to Y to the extent that it would not be required to be paid but for: 

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

(B) the failure of a representation made by Y pursuant to Section 3(f) to be accurate and true unless such failure would not
have occurred but for (1) any action taken by a taxing authority, or brought in a court of competent jurisdiction, after a Transaction is entered into (regardless of whether such action is taken or brought with respect to a party to this
Agreement) or (II) a Change in Tax Law. 
 (ii) Liability. If: 

(1) X is required by any applicable law, as modified by the practice of any relevant governmental revenue authority, to make any
deduction or withholding in respect of which X would not be required to pay an additional amount to Y under Section 2(d)(i)(4); 
 (2) X does not so deduct or withhold; and 
 (3) a liability resulting
from such Tax is assessed directly against X, 
 then, except to the extent Y has satisfied or then satisfies the liability resulting from such
Tax, Y will promptly pay to X the amount of such liability (including any related liability for interest, but including any related liability for penalties only if Y has failed to comply with or perform any agreement contained in
Section 4(a)(i), 4(a)(iii) or 4(d)). 
 3. Representations 
 Each party makes the representations contained in Sections 3(a), 3(b), 3(c), 3(d), 3(e) and 3(f) and, if specified in the Schedule as applying, 3(g) to the other party (which representations will be
deemed to be repeated by each party on each date on which a Transaction is entered into and, in the case of the representations in Section 3(f), at all times until the termination of this Agreement). If any “Additional Representation”
is specified in the Schedule or any Confirmation as applying, the party or parties specified for such Additional Representation will make and, if applicable, be deemed to repeat such Additional Representation at the time or times specified for such
Additional Representation. 
 (a) Basic Representations. 

(i) Status. It is duly organised and validly existing under the laws of the jurisdiction of its organization or
incorporation and, if relevant under such laws, in good standing; 
 (ii) Powers. It has the power to execute
this Agreement and any other documentation relating to this Agreement to which it is a party, to deliver this Agreement and any other documentation relating to this Agreement that it is required by this Agreement to deliver and to perform its
obligations under this Agreement and any obligations it has under any Credit Support Document to which it is a party and has taken all necessary action to authorise such execution, delivery and performance; 

  

					
		  	3	  	ISDA® 2002

 (iii) No Violation or Conflict. Such execution, delivery and
performance do not violate or conflict with any law applicable to it, any provision of its constitutional documents, any order or judgment of any court or other agency of government applicable to it or any of its assets or any contractual
restriction binding on or affecting it or any of its assets; 
 (iv) Consents. All governmental and other
consents that are required to have been obtained by it with respect to this Agreement or any Credit Support Document to which it is a party have been obtained and are in full force and effect and all conditions of any such consents have been
complied with; and 
 (v) Obligations Binding. Its obligations under this Agreement and any Credit Support
Document to which it is a party constitute its legal, valid and binding obligations, enforceable in accordance with their respective terms (subject to applicable bankruptcy, reorganization, insolvency, moratorium or similar laws affecting
creditors’ rights generally and subject, as to enforceability, to equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law)). 

(b) Absence of Certain Events. No Event of Default or Potential Event of Default or, to its knowledge, Termination Event with respect
to it has occurred and is continuing and no such event or circumstance would occur as a result of its entering into or performing its obligations under this Agreement or any Credit Support Document to which it is a party. 

(c) Absence of Litigation. There is not pending or, to its knowledge, threatened against it, any of its Credit Support Providers or
any of its applicable Specified Entities any action, suit or proceeding at law or in equity or before any court, tribunal, governmental body, agency or official or any arbitrator that is likely to affect the legality, validity or enforceability
against it of this Agreement or any Credit Support Document to which it is a party or its ability to perform its obligations under this Agreement or such Credit Support Document. 
 (d) Accuracy of Specified Information. All applicable information that is furnished in writing by or on behalf of it to the other party and is identified for the purpose of this
Section 3(d) in the Schedule is, as of the date of the information, true, accurate and complete in every material respect. 

(e) Payer Tax Representation. Each representation specified in the Schedule as being made by it for the purpose of this
Section 3(e) is accurate and true. 
 (f) Payee Tax Representations. Each representation specified in the Schedule as
being made by it for the purpose of this Section 3(f) is accurate and true. 
 (g) No Agency. It is entering into this
Agreement, including each Transaction, as principal and not as agent of any person or entity. 
 4. Agreements 

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

  
 4 

 (iii) upon reasonable demand by such other party, any form or document that may be
required or reasonably requested in writing in order to allow such other party or its Credit Support Provider to make a payment under this Agreement or any applicable Credit Support Document without any deduction or withholding for or on account of
any Tax or with such deduction or withholding at a reduced rate (so long as the completion, execution or submission of such form or document would not materially prejudice the legal or commercial position of the party in receipt of such demand),
with any such form or document to be accurate and completed in a manner reasonably satisfactory to such other party and to be executed and to be delivered with any reasonably required certification, 

in each case by the date specified in the Schedule or such Confirmation or, if none is specified, as soon as reasonably practicable. 

(b) Maintain Authorisations. It will use all reasonable efforts to maintain in full force and effect all consents of any governmental
or other authority that are required to be obtained by it with respect to this Agreement or any Credit Support Document to which it is a party and will use all reasonable efforts to obtain any that may become necessary in the future. 

(c) Comply With Laws. It will comply in all material respects with all applicable laws and orders to which it may be subject if
failure so to comply would materially impair its ability to perform its obligations under this Agreement or any Credit Support Document to which it is a party. 
 (d) Tax Agreement. It will give notice of any failure of a representation made by it under Section 3(f) to be accurate and true promptly upon learning of such failure. 

(e) Payment of Stamp Tax. Subject to Section 11, it will pay any Stamp Tax levied or imposed upon it or in respect of its
execution or performance of this Agreement by a jurisdiction in which it is incorporated, organised, managed and controlled or considered to have its seat, or where an Office through which it is acting for the purpose of this Agreement is located
(“Stamp Tax Jurisdiction”), and will indemnify the other party against any Stamp Tax levied or imposed upon the other party or in respect of the other party’s execution or performance of this Agreement by any such Stamp Tax
Jurisdiction which is not also a Stamp Tax Jurisdiction with respect to the other party. 
 5. Events of Default and Termination Events

 (a) Events of Default. The occurrence at any time with respect to a party or, if applicable, any Credit Support
Provider of such party or any Specified Entity of such party of any of the following events constitutes (subject to Sections 5(c) and 6(e)(iv)) an event of default (an “Event of Default”) with respect to such party: 

(i) Failure to Pay or Deliver. Failure by the party to make, when due, any payment under this Agreement or delivery
under Section 2(a)(i) or 9(h)(i)(2) or (4) required to be made by it if such failure is not remedied on or before the first Local Business Day in the case of any such payment or the first Local Delivery Day in the case of any such delivery
after, in each case, notice of such failure is given to the party; 
 (ii) Breach of Agreement; Repudiation of
Agreement. 
 (1) Failure by the party to comply with or perform any agreement or obligation
(other than an obligation to make any payment under this Agreement or delivery under Section 2(a)(i) or 9(h)(i)(2) or (4) or to give notice of a Termination Event or any agreement or obligation under Section 4(a)(i), 4(a)(iii) or
4(d)) to be complied with or performed by the party in accordance with this Agreement if such failure is not remedied within 30 days after notice of such failure is given to the party; or 

  

					
		  	5	  	ISDA® 2002

 (2) the party disaffirms, disclaims, repudiates or rejects, in whole or in part, or
challenges the validity of, this Master Agreement, any Confirmation executed and delivered by that party or any Transaction evidenced by such a Confirmation (or such action is taken by any person or entity appointed or empowered to operate it or act
on its behalf); 
 (iii) Credit Support Default. 

(1) Failure by the party or any Credit Support Provider of such party to comply with or perform any agreement or obligation to be
complied with or performed by it in accordance with any Credit Support Document if such failure is continuing after any applicable grace period has elapsed; 
 (2) the expiration or termination of such Credit Support Document or the failing or ceasing of such Credit Support Document or any security interest granted by such party or such Credit Support
Provider to the other party pursuant to any such Credit Support Document, to be in full force and effect for the purpose of this Agreement (in each case other than in accordance with its terms) prior to the satisfaction of all obligations of such
party under each Transaction to which such Credit Support Document relates without the written consent of the other party; or 

(3) the party or such Credit Support Provider disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the
validity of, such Credit Support Document (or such action is taken by any person or entity appointed or empowered to operate it or act on its behalf); 
 (iv) Misrepresentation. A representation (other than a representation under Section 3(e) or 3(f)) made or repeated or deemed to have been made or repeated by the party or any
Credit Support Provider of such party in this Agreement or any Credit Support Document proves to have been incorrect or misleading in any material respect when made or repeated or deemed to have been made or repeated; 

(v) Default Under Specified Transaction. The party, any Credit Support Provider of such party or any applicable
Specified Entity of such party: 
 (1) defaults (other than by failing to make a delivery) under a Specified Transaction or
any credit support arrangement relating to a Specified Transaction and, after giving effect to any applicable notice requirement or grace period, such default results in a liquidation of, an acceleration of obligations under, or an early termination
of, that Specified Transaction; 
 (2) defaults, after giving effect to any applicable notice requirement or grace period,
in making any payment due on the last payment or exchange date of, or any payment on early termination of, a Specified Transaction (or, if there is no applicable notice requirement or grace period, such default continues for at least one Local
Business Day); 
 (3) defaults in making any delivery due under (including any delivery due on the last delivery or exchange
date of) a Specified Transaction or any credit support arrangement relating to a Specified Transaction and, after giving effect to any applicable notice requirement or grace period, such default results in a liquidation of, an acceleration of
obligations under, or an early termination of, all transactions outstanding under the documentation applicable to that Specified Transaction; or 
 (4) disaffirms disclaims, repudiates or rejects, in whole or in part, or challenges the validity of, a Specified Transaction or any credit support arrangement relating to a Specified Transaction that
is, in either case, confirmed or evidenced by a document or other confirming evidence executed and delivered by that party, Credit Support Provider or Specified Entity (or such action is taken by any person or entity appointed or empowered to
operate it or act on its behalf); 

  

					
		  	6	  	ISDA® 2002

 (vi) Cross-Default. If “Cross-Default” is specified in the
Schedule as applying to the party, the occurrence or existence of: 
 (1) a default, event of default or other similar
condition or event (however described) in respect of such party, any Credit Support Provider of such party or any applicable Specified Entity of such party under one or more agreements or instruments relating to Specified Indebtedness of any of them
(individually or collectively) where the aggregate principal amount of such agreements or instruments, either alone or together with the amount, if any, referred to in clause (2) below, is not less than the applicable Threshold Amount (as
specified in the Schedule) which has resulted in such Specified Indebtedness becoming, or becoming capable at such time of being declared, due and payable under such agreements or instruments before it would otherwise have been due and payable; or

 (2) a default by such party, such Credit Support Provider or such Specified Entity (individually or collectively) in
making one or more payments under such agreements or instruments on the due date for payment (after giving effect to any applicable notice requirement or grace period) in an aggregate amount, either alone or together with the amount, if any,
referred to in clause (1) above, of not less than the applicable Threshold Amount; 
 (vii) Bankruptcy.
The party, any Credit Support Provider of such party or any applicable Specified Entity of such party: 
 (1) is dissolved
(other than pursuant to a consolidation, amalgamation or merger); (2) becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due; (3) makes a general
assignment, arrangement or composition with or for the benefit of its creditors; (4)(A) institutes or has instituted against it, by a regulator, supervisor or any similar official with primary insolvency, rehabilitative or regulatory
jurisdiction over it in the jurisdiction of its incorporation or organization or the jurisdiction of its head or home office, a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or
other similar law affecting creditors’ rights, or a petition is presented for its winding-up or liquidation by it or such regulator, supervisor or similar official, or (B) has instituted against it a proceeding seeking a judgment of
insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is presented for its winding-up or liquidation, and such proceeding or petition is instituted or
presented by a person or entity not described in clause (A) above and either (I) results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation or
(11) is not dismissed, discharged, stayed or restrained in each case within 15 days of the institution or presentation thereof, (5) has a resolution passed for its winding-up, official management or liquidation (other than pursuant to a
consolidation, amalgamation or merger); (6) seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its
assets; (7) has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and
such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 15 days thereafter; (8) causes or is subject to any event with respect to it which, under the applicable laws
of any jurisdiction, has an analogous effect to any of the events specified in clauses (1) to (7) above (inclusive); or (9) takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the
foregoing acts; or 

  

					
		  	7	  	ISDA® 2002

 (viii) Merger Without Assumption. The party or any Credit Support
Provider of such party consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its assets to, or reorganizes, reincorporates or reconstitutes into or as, another entity and, at the time of such consolidation,
amalgamation, merger, transfer, reorganization, reincorporation or reconstitution: 
 (1) the resulting, surviving or
transferee entity fails to assume all the obligations of such party or such Credit Support Provider under this Agreement or any Credit Support Document to which it or its predecessor was a party; or 

(2) the benefits of any Credit Support Document fail to extend (without the consent of the other party) to the performance by such
resulting, surviving or transferee entity of its obligations under this Agreement. 
 (b) Termination Events. The occurrence
at any time with respect to a party or, if applicable, any Credit Support Provider of such party or any Specified Entity of such party of any event specified below constitutes (subject to Section 5(c)) an Illegality if the event is specified in
clause (i) below, a Force Majeure Event if the event is specified in clause (ii) below, a Tax Event if the event is specified in clause (iii) below, a Tax Event Upon Merger if the event is specified in clause (iv) below, and, if
specified to be applicable, a Credit Event Upon Merger if the event is specified pursuant to clause (v) below or an Additional Termination Event if the event is specified pursuant to clause (vi) below: 

(i) Illegality. After giving effect to any applicable provision, disruption fallback or remedy specified in, or
pursuant to, the relevant Confirmation or elsewhere in this Agreement, due to an event or circumstance (other than any action taken by a party or, if applicable, any Credit Support Provider of such party) occurring after a Transaction is entered
into, it becomes unlawful under any applicable law (including without limitation the laws of any country in which payment, delivery or compliance is required by either party or any Credit Support Provider, as the case may be), on any day, or it
would be unlawful if the relevant payment, delivery or compliance were required on that day (in each case, other than as a result of a breach by the party of Section 4(b)): 

(1) for the Office through which such party (which will be the Affected Party) makes and receives payments or deliveries with respect
to such Transaction to perform any absolute or contingent obligation to make a payment or delivery in respect of such Transaction, to receive a payment or delivery in respect of such Transaction or to comply with any other material provision of this
Agreement relating to such Transaction; or 
 (2) for such party or any Credit Support Provider of such party (which will be
the Affected Party) to perform any absolute or contingent obligation to make a payment or delivery which such party or Credit Support Provider has under any Credit Support Document relating to such Transaction, to receive a payment or delivery under
such Credit Support Document or to comply with any other material provision of such Credit Support Document; 

(ii) Force Majeure Event After giving effect to any applicable provision, disruption fallback or remedy specified in,
or pursuant to, the relevant Confirmation or elsewhere in this Agreement, by reason of force majeure or act of state occurring after a Transaction is entered into, on any day: 
 (1) the Office through which such party (which will be the Affected Party) makes and receives payments or deliveries with respect to such Transaction is prevented from performing any absolute or
contingent obligation to make a payment or delivery in respect of such Transaction, from receiving a payment or delivery in respect of such Transaction or from complying with any other material provision of this Agreement relating to such
Transaction (or would be so prevented if such payment, delivery or compliance were required on that day), or it becomes impossible or impracticable for such Office so to perform, receive or comply (or it would be impossible or impracticable for such
Office so to perform, receive or comply if such payment, delivery or compliance were required on that day); or 

  

					
		  	8	  	ISDA® 2002

 (2) such party or any Credit Support Provider of such party (which will be the Affected
Party) is prevented from performing any absolute or contingent obligation to make a payment or delivery which such party or Credit Support Provider has under any Credit Support Document relating to such Transaction, from receiving a payment or
delivery under such Credit Support Document or from complying with any other material provision of such Credit Support Document (or would be so prevented if such payment, delivery or compliance were required on that day), or it becomes impossible or
impracticable for such party or Credit Support Provider so to perform, receive or comply (or it would be impossible or impracticable for such party or Credit Support Provider so to perform, receive or comply if such payment, delivery or compliance
were required on that day), 
 so long as the force majeure or act of state is beyond the control of such Office, such party or
such Credit Support Provider, as appropriate, and such Office, party or Credit Support Provider could not, after using all reasonable efforts (which will not require such party or Credit Support Provider to incur a loss, other than immaterial,
incidental expenses), overcome such prevention, impossibility or impracticability; 
 (iii) Tax Event. Due to
(1) any action taken by a taxing authority, or brought in a court of competent jurisdiction, after a Transaction is entered into (regardless of whether such action is taken or brought with respect to a party to this Agreement) or (2) a
Change in Tax Law, the party (which will be the Affected Party) will, or there is a substantial likelihood that it will, on the next succeeding Scheduled Settlement Date (A) be required to pay to the other party an additional amount in respect
of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest under Section 9(h)) or (B) receive a payment from which an amount is required to be deducted or withheld for or on account of a Tax (except in respect of
interest under Section 9(h)) and no additional amount is required to be paid in respect of such Tax under Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(A) or (B)); 

(iv) Tax Event Upon Merger. The party (the “Burdened Party”) on the next succeeding Scheduled Settlement Date
will either (1) be required to pay an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest under Section 9(h)) or (2) receive a payment from which an amount has been
deducted or withheld for or on account of any Tax in respect of which the other party is not required to pay an additional amount (other than by reason of Section 2(d)(i)(4)(A) or (B)), in either case as a result of a party consolidating or
amalgamating with, or merging with or into, or transferring all or substantially all its assets (or any substantial part of the assets comprising the business conducted by it as of the date of this Master Agreement) to, or reorganising,
reincorporating or reconstituting into or as, another entity (which will be the Affected Party) where such action does not constitute a Merger Without Assumption; 
 (v) Credit Event Upon Merger. If “Credit Event Upon Merger” is specified in the Schedule as applying to the party, a Designated Event (as defined below) occurs with respect to
such party, any Credit Support Provider of such party or any applicable Specified Entity of such party (in each case, “X”) and such Designated Event does not constitute a Merger Without Assumption, and the creditworthiness of X or, if
applicable, the successor, surviving or transferee entity of X, after taking into account any applicable Credit Support Document, is materially weaker immediately after the occurrence of such Designated Event than that of X immediately prior to the
occurrence of such Designated Event (and, in any such event, such party or its successor, surviving or transferee entity, as appropriate, will be the Affected Party). A “Designated Event” with respect to X means that: 

(1) X consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its asets (or any substantial
part of the assets comprising the business conducted by X as of the date of this Master Agreement) to, or reorganises, reincorporates or reconstitutes into or as, another entity; 

  

					
		  	9	  	ISDA® 2002

 (2) any person, related group of persons or entity acquires directly or indirectly the
beneficial ownership of (A) equity securities having the power to elect a majority of the board of directors (or its equivalent) of X or (B) any other ownership interest enabling it to exercise control of X; or 

(3) X effects any substantial change in its capital structure by means of the issuance, incurrence or guarantee of debt or the
issuance of (A) preferred stock or other securities convertible into or exchangeable for debt or preferred stock or (B) in the case of entities other than corporations, any other form of ownership interest; or 

(iv) Additional Termination Event. If any “Additional Termination Event” is specified in the Schedule or any
Confirmation as applying, the occurrence of such event (and, in such event, the Affected Party or Affected Parties will be as specified for such Additional Termination Event in the Schedule or such Confirmation). 

(c) Hierarchy of Events. 
 (i) An event or circumstance that constitutes or gives rise to an Illegality or a Force Majeure Event will not, for so long as that is the case, also constitute or give rise to an Event of Default
under Section 5(a)(i), 5(a)(ii)(1) or 5(a)(iii)(1) insofar as such event or circumstance relates to the failure to make any payment or delivery or a failure to comply with any other material provision of this Agreement or a Credit Support
Document, as the case may be. 
 (ii) Except in circumstances contemplated by clause (i) above, if an event or
circumstance which would otherwise constitute or give rise to an Illegality or a Force Majeure Event also constitutes an Event of Default or any other Termination Event, it will be treated as an Event of Default or such other Termination Event, as
the case may be, and will not constitute or give rise to an Illegality or a Force Majeure Event. 
 (iii) If an event or
circumstance which would otherwise constitute or give rise to a Force Majeure Event also constitutes an Illegality, it will be treated as an Illegality, except as described in clause (ii) above, and not a Force Majeure Event. 

(d) Deferral of Payments and Deliveries During Waiting Period. If an Illegality or a Force Majeure Event has occurred and is
continuing with respect to a Transaction, each payment or delivery which would otherwise be required to be made under that Transaction will be deferred to, and will not be due until: 

(i) the first Local Business Day or, in the case of a delivery, the first Local Delivery Day (or the first day that would have been a
Local Business Day or Local Delivery Day, as appropriate, but for the occurrence of the event or circumstance constituting or giving rise to that Illegality or Force Majeure Event) following the end of any applicable Waiting Period in respect of
that Illegality or Force Majeure Event, as the case may be; or 
 (ii) if earlier, the date on which the event or
circumstance constituting or giving rise to that Illegality or Force Majeure Event ceases to exist or, if such date is not a Local Business Day or, in the case of a delivery, a Local Delivery Day, the first following day that is a Local Business Day
or Local Delivery Day, as appropriate. 

  

					
		  	10	  	ISDA® 2002

 (e) Inability of Head or Home Office to Perform Obligations of Branch. If (i) an
Illegality or a Force Majeure Event occurs under Section 5(b)(i)(1) or 5(b)(ii)(1) and the relevant Office is not the Affected Party’s head or home office, (ii) Section 10(a) applies, (iii) the other party seeks performance
of the relevant obligation or compliance with the relevant provision by the Affected Party’s head or home office and (iv) the Affected Party’s head or home office fails so to perform or comply due to the occurrence of an event or
circumstance which would, if that head or home office were the Office through which the Affected Party makes and receives payments and deliveries with respect to the relevant Transaction, constitute or give rise to an Illegality or a Force Majeure
Event, and such failure would otherwise constitute an Event of Default under Section 5(a)(i) or 5(a)(iii)(1) with respect to such party, then, for so long as the relevant event or circumstance continues to exist with respect to both the Office
referred to in Section 5(b)(i)(1) or 5(b)(ii)(1), as the case may be, and the Affected Party’s head or home office, such failure will not constitute an Event of Default under Section 5(a)(i) or 5(a)(iii)(1). 

6. Early Termination; Close-Out Netting 

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

(i) Notice. If a Termination Event other than a Force Majeure Event occurs, an Affected Party will, promptly upon
becoming aware of it, notify the other party, specifying the nature of that Termination Event and each Affected Transaction, and will also give the other party such other information about that Termination Event as the other party may reasonably
require. If a Force Majeure Event occurs, each party will, promptly upon becoming aware of it, use all reasonable efforts to notify the other party, specifying the nature of that Force Majeure Event, and will also give the other party such other
information about that Force Majeure Event as the other party may reasonably require. 
 (ii) Transfer to Avoid
Termination Event. If a Tax Event occurs and there is only one Affected Party, or if a Tax Event Upon Merger occurs and the Burdened Party is the Affected Party, the Affected Party will, as a condition to its right to designate an Early
Termination Date under Section 6(b)(iv), use all reasonable efforts (which will not require such party to incur a loss, other than immaterial, incidental expenses) to transfer within 20 days after it gives notice under Section 6(b)(i) all
its rights and obligations under this Agreement in respect of the Affected Transactions to another of its Offices or Affiliates so that such Termination Event ceases to exist. 
 If the Affected Party is not able to make such a transfer it will give notice to the other party to that effect within such 20 day period, whereupon the other party may effect such a transfer within 30
days after the notice is given under Section 6(b)(i). 
 Any such transfer by a party under this Section 6(b)(ii) will
be subject to and conditional upon the prior written consent of the other party, which consent will not be withheld if such other party’s policies in effect at such time would permit it to enter into transactions with the transferee on the
terms proposed. 
 (iii) Two Affected Parties. If a Tax Event occurs and there are two Affected Parties, each
party will use all reasonable efforts to reach agreement within 30 days after notice of such occurrence is given under Section 6(b)(i) to avoid that Termination Event. 

  

					
		  	11	  	ISDA® 2002

 (iv) Right to Terminate. 

(1) If: 

(A) a transfer under Section 6(b)(ii) or an agreement under Section 6(b)(iii), as the case may be, has not been effected
with respect to all Affected Transactions within 30 days after an Affected Party gives notice under Section 6(b)(i); or 

(B) a Credit Event Upon Merger or an Additional Termination Event occurs, or a Tax Event Upon Merger occurs and the Burdened Party
is not the Affected Party, 
 the Burdened Party in the case of a Tax Event Upon Merger, any Affected Party in the case of a Tax
Event or an Additional Termination Event if there are two Affected Parties, or the Non-affected Party in the case of a Credit Event Upon Merger or an Additional Termination Event if there is only one Affected Party may, if the relevant Termination
Event is then continuing, by not more than 20 days notice to the other party, designate a day not earlier than the day such notice is effective as an Early Termination Date in respect of all Affected Transactions. 

(2) If at any time an Illegality or a Force Majeure Event has occurred and is then continuing and any applicable Waiting Period has
expired: 
 (A) Subject to clause (B) below, either party may, by not more than 20 days notice to the other party,
designate (1) a day not earlier than the day on which such notice becomes effective as an Early Termination Date in respect of all Affected Transactions or (II) by specifying in that notice the Affected Transactions in respect of which it is
designating the relevant day as an Early Termination Date, a day not earlier than two Local Business Days following the day on which such notice becomes effective as an Early Termination Date in respect of less than all Affected Transactions. Upon
receipt of a notice designating an Early Termination Date in respect of less than all Affected Transactions, the other party may, by notice to the designating party, if such notice is effective on or before the day so designated, designate that same
day as an Early Termination Date in respect of any or all other Affected Transactions. 
 (B) An Affected Party (if the
Illegality or Force Majeure Event relates to performance by such party or any Credit Support Provider of such party of an obligation to make any payment or delivery under, or to compliance with any other material provision of, the relevant Credit
Support Document) will only have the right to designate an Early Termination Date under Section 6(b)(iv)(2)(A) as a result of an Illegality under Section 5(b)(i)(2) or a Force Majeure Event under Section 5(b)(ii)(2) following the
prior designation by the other party of an Early Termination Date, pursuant to Section 6(b)(iv)(2)(A), in respect of less than all Affected Transactions. 
 (c) Effect of Designation. 
 (i) If notice
designating an Early Termination Date is given under Section 6(a) or 6(b), the Early Termination Date will occur on the date so designated, whether or not the relevant Event of Default or Termination Event is then continuing. 

(ii) Upon the occurrence or effective designation of an Early Termination Date, no further payments or deliveries under
Section 2(a)(i) or 9(h)(i) in respect of the Terminated Transactions will be required to be made, but without prejudice to the other provisions of this Agreement. The amount, if any, payable in respect of an Early Termination Date will be
determined pursuant to Sections 6(e) and 9(h)(ii). 

  

					
		  	12	  	ISDA® 2002

 (d) Calculations, Payment Date. 

(i) Statement. On or as soon as reasonably practicable following the occurrence of an Early Termination Date, each
party will make the calculations on its part, if any, contemplated by Section 6(e) and will provide to the other party a statement (1) showing, in reasonable detail, such calculations (including any quotations, market data or information
from internal sources used in making such calculations), (2) specifying (except where there are two Affected Parties) any Early Termination Amount payable and (3) giving details of the relevant account to which any amount payable to it is
to be paid. In the absence of written confirmation from the source of a quotation or market data obtained in determining a Close-out Amount, the records of the party obtaining such quotation or market data will be conclusive evidence of the
existence and accuracy of such quotation or market data. 
 (ii) Payment Date. An Early Termination Amount due
in respect of any Early Termination Date will, together with any amount of interest payable pursuant to Section 9(h)(ii)(2), be payable (1) on the day on which notice of the amount payable is effective in the case of an Early Termination
Date which is designated or occurs as a result of an Event of Default and (2) on the day which is two Local Business Days after the day on which notice of the amount payable is effective (or, if there are two Affected Parties, after the day on
which the statement provided pursuant to clause (i) above by the second party to provide such a statement is effective) in the case of an Early Termination Date which is designated as a result of a Termination Event. 

(e) Payments on Early Termination. If an Early Termination Date occurs, the amount, if any, payable in respect of that Early Termination Date
(the “Early Termination Amount”) will be determined pursuant to this Section 6(e) and will be subject to Section 6(f). 
 (i) Events of Default. If the Early Termination Date results from an Event of Default, the Early Termination Amount will be an amount equal to (1) the sum of (A) the
Termination Currency Equivalent of the Close-out Amount or Close-out Amounts (whether positive or negative) determined by the Non-defaulting Party for each Terminated Transaction or group of Terminated Transactions, as the case may be, and
(B) the Termination Currency Equivalent of the Unpaid Amounts owing to the Non-defaulting Party less (2) the Termination Currency Equivalent of the Unpaid Amounts owing to the Defaulting Party. If the Early Termination Amount is a positive
number, the Defaulting Party will pay it to the Non-defaulting Party; if it is a negative number, the Non-defaulting Party will pay the absolute value of the Early Termination Amount to the Defaulting Party. 

(ii) Termination Events. If the Early Termination Date results from a Termination Event: 

(1) One Affected Party. Subject to clause (3) below, if there is one Affected Party, the Early Termination Amount
will be determined in accordance with Section 6(e)(i), except that references to the Defaulting Party and to the Non-defaulting Party will be deemed to be references to the Affected Party and to the Non-affected Party, respectively. 

(2) Two Affected Parties. Subject to clause (3) below, if there are two Affected Parties, each party will
determine an amount equal to the Termination Currency Equivalent of the sum of the Close-out Amount or Close-out Amounts (whether positive or negative) for each Terminated Transaction or group of Terminated Transactions, as the case may be, and the
Early Termination Amount will be an amount equal to (A) the sum of (1) one-half of the difference between the higher amount so determined (by party “X”) and the lower amount so determined (by party “Y”) and
(11) the Termination Currency Equivalent of the Unpaid Amounts owing to X less (B) the Termination Currency Equivalent of the Unpaid Amounts owing to Y. If the Early Termination Amount is a positive number, Y will pay it to X; if it is a
negative number, X will pay the absolute value of the Early Termination Amount to Y. 

  

					
		  	13	  	ISDA® 2002

 (3) Mid-Market Events. If that Termination Event is an Illegality or a
Force Majeure Event, then the Early Termination Amount will be determined in accordance with clause (1) or (2) above, as appropriate, except that, for the purpose of determining a Close-out Amount or Close-out Amounts, the Determining
Party will: 
 (A) if obtaining quotations from one or more third parties (or from any of the Determining Party’s
Affiliates), ask each third party or Affiliate (I) not to take account of the current creditworthiness of the Determining Party or any existing Credit Support Document and (II) to provide mid-market quotations; and 

(B) in any other case, use mid-market values without regard to the creditworthiness of the Determining Party. 

(iii) Adjustment for Bankruptcy. In circumstances where an Early Termination Date occurs because Automatic Early
Termination applies in respect of a party, the Early Termination Amount will be subject to such adjustments as are appropriate and permitted by applicable law to reflect any payments or deliveries made by one party to the other under this Agreement
(and retained by such other party) during the period from the relevant Early Termination Date to the date for payment determined under Section 6(d)(ii). 
 (iv) Adjustment for Illegality or Force Majeure Event The failure by a party or any Credit Support Provider of such party to pay, when due, any Early Termination Amount will not
constitute an Event of Default under Section 5(a)(i) or 5(a)(iii)(1) if such failure is due to the occurrence of an event or circumstance which would, if it occurred with respect to payment, delivery or compliance related to a Transaction,
constitute or give rise to an Illegality or a Force Majeure Event. Such amount will (1) accrue interest and otherwise be treated as an Unpaid Amount owing to the other party if subsequently an Early Termination Date results from an Event of
Default, a Credit Event Upon Merger or an Additional Termination Event in respect of which all outstanding Transactions are Affected Transactions and (2) otherwise accrue interest in accordance with Section 9(h)(ii)(2). 

(v) Pre-Estimate. The parties agree that an amount recoverable under this Section 6(e) is a reasonable
pre-estimate of loss and not a penalty. Such amount is payable for the loss of bargain and the loss of protection against future risks, and, except as otherwise provided in this Agreement, neither party will be entitled to recover any additional
damages as a consequence of the termination of the Terminated Transactions. 
 (f) Set-Off. Any Early Termination Amount
payable to one party (the “Payee”) by the other party (the “Payer”), in circumstances where there is a Defaulting Party or where there is one Affected Party in the case where either a Credit Event Upon Merger has occurred or any
other Termination Event in respect of which all outstanding Transactions are Affected Transactions has occurred, will, at the option of the Non-defaulting Party or the Non-affected Party, as the case may be (“X”) (and without prior notice
to the Defaulting Party or the Affected Party, as the case may be), be reduced by its set-off against any other amounts (“Other Amounts”) payable by the Payee to the Payer (whether or not arising under this Agreement, matured or contingent
and irrespective of the currency, place of payment or place of booking of the obligation). To the extent that any Other Amounts are so set off, those Other Amounts will be discharged promptly and in all respects. X will give notice to the other
party of any set-off effected under this Section 6(f). 
 For this purpose, either the Early Termination Amount or the Other Amounts (or
the relevant portion of such amounts) may be converted by X into the currency in which the other is denominated at the rate of exchange at which such party would be able, in good faith and using commercially reasonable procedures, to purchase the
relevant amount of such currency. 

  

					
		  	14	  	ISDA® 2002

 If an obligation is unascertained, X may in good faith estimate that obligation and set off in respect of
the estimate, subject to the relevant party accounting to the other when the obligation is ascertained. 
 Nothing in this Section 6(f)
will be effective to create a charge or other security interest. This Section 6(f) will be without prejudice and in addition to any right of set-off, offset, combination of accounts, lien, right of retention or withholding or similar right or
requirement to which any party is at any time otherwise entitled or subject (whether by operation of law, contract or otherwise). 

7. Transfer 
 Subject to
Section 6(b)(ii) and to the extent permitted by applicable law, neither this Agreement nor any interest or obligation in or under this Agreement may be transferred (whether by way of security or otherwise) by either party without the prior
written consent of the other party, except that: 
 (a) a party may make such a transfer of this Agreement pursuant to a consolidation or
amalgamation with, or merger with or into, or transfer of all or substantially all its assets to, another entity (but without prejudice to any other right or remedy under this Agreement); and 
 (b) a party may make such a transfer of all or any part of its interest in any Early Termination Amount payable to it by a Defaulting Party, together with any amounts payable on or with respect to
that interest and any other rights associated with that interest pursuant to Sections 8, 9(h) and 11. 
 Any purported transfer that is not in
compliance with this Section 7 will be void. 
 8. Contractual Currency 

(a) Payment in the Contractual Currency. Each payment under this Agreement will be made in the relevant currency specified in this
Agreement for that payment (the “Contractual Currency”). To the extent permitted by applicable law, any obligation to make payments under this Agreement in the Contractual Currency will not be discharged or satisfied by any tender in any
currency other than the Contractual Currency, except to the extent such tender results in the actual receipt by the party to which payment is owed, acting in good faith and using commercially reasonable procedures in converting the currency so
tendered into the Contractual Currency, of the full amount in the Contractual Currency of all amounts payable in respect of this Agreement. If for any reason the amount in the Contractual Currency so received falls short of the amount in the
Contractual Currency payable in respect of this Agreement, the party required to make the payment will, to the extent permitted by applicable law, immediately pay ‘such additional amount in the Contractual Currency as may be necessary to
compensate for the shortfall. If for any reason the amount in the Contractual Currency so received exceeds the amount in the Contractual Currency payable in respect of this Agreement, the party receiving the payment will refund promptly the amount
of such excess. 
 (b) Judgments. To the extent permitted by applicable law, if any judgment or order expressed in a
currency other than the Contractual Currency is rendered (i) for the payment of any amount owing in respect of this Agreement, (ii) for the payment of any amount relating to any early termination in respect of this Agreement or
(iii) in respect of a judgment or order of another court for the payment of any amount described in clause (i) or (ii) above, the party seeking recovery, after recovery in full of the aggregate amount to which such party is entitled
pursuant to the judgment or order, will be entitled to receive immediately from the other party the amount of any shortfall of the Contractual Currency received by such party as a consequence of sums paid in such other currency and will refund
promptly to the other party any excess of the Contractual Currency received by such party as a consequence of sums paid in such other currency if such shortfall or such excess arises or results from any variation between the rate of exchange at
which the Contractual Currency is converted into the currency of the judgment or order for the purpose of such judgment or order and the rate of exchange at which such party is able, acting in good faith and using commercially reasonable procedures
in converting the currency received into the Contractual Currency, to purchase the Contractual Currency with the amount of the currency of the judgment or order actually received by such party. 

  

					
		  	15	  	ISDA® 2002

 (c) Separate Indemnities. To the extent permitted by applicable law, the
indemnities in this Section 8 constitute separate and independent obligations from the other obligations in this Agreement, will be enforceable as separate and independent causes of action, will apply notwithstanding any indulgence granted by
the party to which any payment is owed and will not be affected by judgment being obtained or claim or proof being made for any other sums payable in respect of this Agreement. 
 (d) Evidence of Loss. For the purpose of this Section 8, it will be sufficient for a party to demonstrate that it would have suffered a loss had an actual exchange or purchase been
made. 
 9. Miscellaneous 

(a) Entire Agreement. This Agreement constitutes the entire agreement and understanding of the parties with respect to its subject
matter. Each of the parties acknowledges that in entering into this Agreement it has not relied on any oral or written representation, warranty or other assurance (except as provided for or referred to in this Agreement) and waives all rights and
remedies which might otherwise be available to it in respect thereof, except that nothing in this Agreement will limit or exclude any liability of a party for fraud. 
 (b) Amendments. An amendment, modification or waiver in respect of this Agreement will only be effective if in writing (including a writing evidenced by a facsimile transmission) and
executed by each of the parties or confirmed by an exchange of telexes or by an exchange of electronic messages on an electronic messaging system, 
 (c) Survival of Obligations. Without prejudice to Sections 2(a)(iii) and 6(c)(ii), the obligations of the parties under this Agreement will survive the termination of any Transaction.

 (d) Remedies Cumulative. Except as provided in this Agreement, the rights, powers, remedies and privileges provided in
this Agreement are cumulative and not exclusive of any rights, powers, remedies and privileges provided by law. 

(e) Counterparts and Confirmations. 
 (i) This Agreement (and each amendment, modification and waiver in respect of it) may be executed and delivered in counterparts (including by facsimile transmission and by electronic messaging
system), each of which will be deemed an original. 
 (ii) The parties intend that they are legally bound by the terms of
each Transaction from the moment they agree to those terms (whether orally or otherwise). A Confirmation will be entered into as soon as practicable and may be executed and delivered in counterparts (including by facsimile transmission) or be
created by an exchange of telexes, by an exchange of electronic messages on an electronic messaging system or by an exchange of e-mails, which in each case will be sufficient for all purposes to evidence a binding supplement to this Agreement. The
parties will specify therein or through another effective means that any such counterpart, telex, electronic message or e-mail constitutes a Confirmation. 
 (f) No Waiver of Rights. A failure or delay in exercising any right, power or privilege in respect of this Agreement will not be presumed to operate as a waiver, and a single or partial
exercise of any right, power or privilege will not be presumed to preclude any subsequent or further exercise, of that right, power or privilege or the exercise of any other right, power or privilege. 

(g) Headings. The headings used in this Agreement are for convenience of reference only and are not to affect the construction of or
to be taken into consideration in interpreting this Agreement. 

  

					
		  	16	  	ISDA® 2002

 (h) Interest and Compensation. 

(i) Prior to Early Termination. Prior to the occurrence or effective designation of an Early Termination Date in
respect of the relevant Transaction: 
 (1) Interest on Defaulted Payments. If a party defaults in the performance of
any payment obligation, it will, to the extent permitted by applicable law and subject to Section 6(c), pay interest (before as well as after judgment) on the overdue amount to the other party on demand in the same currency as the overdue
amount, for the period from (and including) the original due date for payment to (but excluding) the date of actual payment (and excluding any period in respect of which interest or compensation in respect of the overdue amount is due pursuant to
clause (3)(B) or (C) below), at the Default Rate. 
 (2) Compensation for Defaulted Deliveries. If a party
defaults in the performance of any obligation required to be settled by delivery, it will on demand (A) compensate the other party to the extent provided for in the relevant Confirmation or elsewhere in this Agreement and (B) unless
otherwise provided in the relevant Confirmation or elsewhere in this Agreement, to the extent permitted by applicable law and subject to Section 6(c), pay to the other party interest (before as well as after judgment) on an amount equal to the
fair market value of that which was required to be delivered in the same currency as that amount, for the period from (and including) the originally scheduled date for delivery to (but excluding) the date of actual delivery (and excluding any period
in respect of which interest or compensation in respect of that amount is due pursuant to clause (4) below), at the Default Rate. The fair market value of any obligation referred to above will be determined as of the originally scheduled date
for delivery, in good faith and using commercially reasonable procedures, by the party that was entitled to take delivery. 

(3) Interest on Deferred Payments. If: 
 (A) a party does not pay any amount that, but for Section 2(a)(iii), would have been payable, it will, to the extent permitted by applicable law and subject to Section 6(c) and clauses
(B) and (C) below, pay interest (before as well as after judgment) on that amount to the other party on demand (after such amount becomes payable) in the same currency as that amount, for the period from (and including) the date the amount
would, but for Section 2(a)(iii), have been payable to (but excluding) the date the amount actually becomes payable, at the Applicable Deferral Rate; 
 (B) a payment is deferred pursuant to Section 5(d), the party which would otherwise have been required to make that payment will, to the extent permitted by applicable law, subject to
Section 6(c) and for so long as no Event of Default or Potential Event of Default with respect to that party has occurred and is continuing, pay interest (before as well as after judgment) on the amount of the deferred payment to the other
party on demand (after such amount becomes payable) in the same currency as the deferred payment, for the period from (and including) the date the amount would, but for Section 5(d), have been payable to (but excluding) the earlier of the date
the payment is no longer deferred pursuant to Section 5(d) and the date during the deferral period upon which an Event of Default or Potential Event of Default with respect to that party occurs, at the Applicable Deferral Rate; or 

(C) a party fails to make any payment due to the occurrence of an Illegality or a Force Majeure Event (after giving effect to any
deferral period contemplated by clause (B) above), it will, to the extent permitted by applicable law, subject to Section 6(c) and for so long as the event or circumstance giving rise to that Illegality or Force Majeure Event 

  

					
		  	17	  	ISDA® 2002

 
continues and no Event of Default or Potential Event of Default with respect to that party has occurred and is continuing, pay interest (before as well as after judgment) on the overdue amount to
the other party on demand in the same currency as the overdue amount, for the period from (and including) the date the party fails to make the payment due to the occurrence of the relevant Illegality or Force Majeure Event (or, if later, the date
the payment is no longer deferred pursuant to Section 5(d)) to (but excluding) the earlier of the date the event or circumstance giving rise to that Illegality or Force Majeure Event ceases to exist and the date during the period upon which an
Event of Default or Potential Event of Default with respect to that party occurs (and excluding any period in respect of which interest or compensation in respect of the overdue amount is due pursuant to clause (B) above), at the Applicable
Deferral Rate. 
 (4) Compensation for Deferred Deliveries. If: 

(A) a party does not perform any obligation that, but for Section 2(a)(iii), would have been required to be settled by
delivery; 
 (B) a delivery is deferred pursuant to Section 5(d); or 

(C) a party fails to make a delivery due to the occurrence of an Illegality or a Force Majeure Event at a time when any applicable
Waiting Period has expired, 
 the party required (or that would otherwise have been required) to make the delivery will, to the
extent permitted by applicable law and subject to Section 6(c), compensate and pay interest to the other party on demand (after, in the case of clauses (A) and (B) above, such delivery is required) if and to the extent provided for in
the relevant Confirmation or elsewhere in this Agreement. 
 (ii) Early Termination. Upon the occurrence or
effective designation of an Early Termination Date in respect of a Transaction: 
 (1) Unpaid Amounts. For the
purpose of determining an Unpaid Amount in respect of the relevant Transaction, and to the extent permitted by applicable law, interest will accrue on the amount of any payment obligation or the amount equal to the fair market value of any
obligation required to be settled by delivery included in such determination in the same currency as that amount, for the period from (and including) the date the relevant obligation was (or would have been but for Section 2(a)(iii) or 5(d))
required to have been performed to (but excluding) the relevant Early Termination Date, at the Applicable Close-out Rate. 

(2) Interest on Early Termination Amounts. If an Early Termination Amount is due in respect of such Early Termination Date,
that amount will, to the extent permitted by applicable law, be paid together with interest (before as well as after judgment) on that amount in the Termination Currency, for the period from (and including) such Early Termination Date to (but
excluding) the date the amount is paid, at the Applicable Close-out Rate. 
 (iii) Interest
Calculation. Any interest pursuant to this Section 9(h) will be calculated on the basis of daily compounding and the actual number of days elapsed. 

  

					
		  	18	  	ISDA® 2002

 10. Offices; Multibranch Parties 
 (a) If Section 10(a) is specified in the Schedule as applying, each party that enters into a Transaction through an Office other than its head or home office represents to and agrees with the
other party that, notwithstanding the place of booking or its jurisdiction of incorporation or organization, its obligations are the same in terms of recourse against it as if it had entered into the Transaction through its head or home office,
except that a party will not have recourse to the head or home office of the other party in respect of any payment or delivery deferred pursuant to Section 5(d) for so long as the payment or delivery is so deferred. This representation and
agreement will be deemed to be repeated by each party on each date on which the parties enter into a Transaction. 
 (b) If a party is
specified as a Multibranch Party in the Schedule, such party may, subject to clause (c) below, enter into a Transaction through, book a Transaction in and make and receive payments and deliveries with respect to a Transaction through any Office
listed in respect of that party in the Schedule (but not any other Office unless otherwise agreed by the parties in writing). 
 (c) The
Office through which a party enters into a Transaction will be the Office specified for that party in the relevant Confirmation or as otherwise agreed by the parties in writing, and, if an Office for that party is not specified in the Confirmation
or otherwise agreed by the parties in writing, its head or home office. Unless the parties otherwise agree in writing, the Office through which a party enters into a Transaction will also be the Office in which it books the Transaction and the
Office through which it makes and receives payments and deliveries with respect to the Transaction. Subject to Section 6(b)(ii), neither party may change the Office in which it books the Transaction or the Office through which it makes and
receives payments or deliveries with respect to a Transaction without the prior written consent of the other party. 
 11. Expenses

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

(a) Effectiveness. Any notice or other communication in respect of this Agreement may be given in any manner described below (except
that a notice or other communication under Section 5 or 6 may not be given by electronic messaging system or e-mail) to the address or number or in accordance with the electronic messaging system or e-mail details provided (see the Schedule)
and will be deemed effective as indicated: 
 (i) if in writing and delivered in person or by courier, on the date it is
delivered; 
 (ii) if sent by telex, on the date the recipient’s answerback is received; 

(iii) if sent by facsimile transmission, on the date it is received by a responsible employee of the recipient in legible form (it
being agreed that the burden of proving receipt will be on the sender and will not be met by a transmission report generated by the sender’s facsimile machine); 
 (iv) if sent by certified or registered mail (airmail, if overseas) or the equivalent (return receipt 
 requested), on the date it is delivered or its delivery is attempted; 
 (v) if
sent by electronic messaging system, on the date it is received; or 

  

					
		  	19	  	ISDA® 2002

 (vi) if sent by e-mail, on the date it is delivered, 

unless the date of that delivery (or attempted delivery) or that receipt, as applicable, is not a Local Business Day or that communication is delivered
(or attempted) or received, as applicable, after the close of business on a Local Business Day, in which case that communication will be deemed given and effective on the first following day that is a Local Business Day. 

(b) Change of Details. Either party may by notice to the other change the address, telex or facsimile number or electronic messaging
system or e-mail details at which notices or other communications are to be given to it. 
 13. Governing Law and Jurisdiction

 (a) Governing Law. This Agreement will be governed by and construed in accordance with the law specified in the
Schedule. 
 (b) Jurisdiction. With respect to any suit, action or proceedings relating to any dispute arising out of or in
connection with this Agreement (“Proceedings”), each party irrevocably: 
 (i) submits: 

(1) if this Agreement is expressed to be governed by English law, to (A) the non-exclusive jurisdiction of the English courts if
the Proceedings do not involve a Convention Court and (B) the exclusive jurisdiction of the English courts if the Proceedings do involve a Convention Court; or 
 (2) if this Agreement is expressed to be governed by the laws of the State of New York, to the non-exclusive jurisdiction of the courts of the State of New York and the United States District Court
located in the Borough of Manhattan in New York City; 
 (ii) waives any objection which it may have at any time to the
laying of venue of any Proceedings brought in any such court, waives any claim that such Proceedings have been brought in an inconvenient forum and further waives the right to object, with respect to such Proceedings, that such court does not have
any jurisdiction over such party; and 
 (iii) agrees, to the extent permitted by applicable law, that the bringing of
Proceedings in any one or more jurisdictions will not preclude the bringing of Proceedings in any other jurisdiction. 
 (c) Service
of Process. Each party irrevocably appoints the Process Agent, if any, specified opposite its name in the Schedule to receive, for it and on its behalf, service of process in any Proceedings. If for any reason any party’s Process Agent
is unable to act as such, such party will promptly notify the other party and within 30 days appoint a substitute process agent acceptable to the other party, The parties irrevocably consent to service of process given in the manner provided for
notices in Section 12(a)(i), 12(a)(iii) or 12(a)(iv). Nothing in this Agreement will affect the right of either party to serve process in any other manner permitted by applicable law. 
 (d) Waiver of Immunities. Each party irrevocably waives, to the extent permitted by applicable law, with respect to itself and its revenues and assets (irrespective of their use or
intended use), all immunity on the grounds of sovereignty or other similar grounds from (i) suit, (ii) jurisdiction of any court, (iii) relief by way of injunction or order for specific performance or recovery of property,
(iv) attachment of its assets (whether before or after judgment) and (v) execution or enforcement of any judgment to which it or its revenues or assets might otherwise be entitled in any Proceedings in the courts of any jurisdiction and
irrevocably agrees, to the extent permitted by applicable law, that it will not claim any such immunity in any Proceedings. 

  

					
		  	20	  	ISDA® 2002

 14. Definitions 
 As used in this Agreement: 
 “Additional Representation” has the meaning
specified in Section 3. 
 “Additional Termination Event” has the meaning specified in Section 5(b).

 “Affected Party” has the meaning specified in Section 5(b). 

“Affected Transactions” means (a) with respect to any Termination Event consisting of an Illegality, Force Majeure Event,
Tax Event or Tax Event Upon Merger, all Transactions affected by the occurrence of such Termination Event (which, in the case of an Illegality under Section 5(b)(i)(2) or a Force Majeure Event under Section 5(b)(ii)(2), means all
Transactions unless the relevant Credit Support Document references only certain Transactions, in which case those Transactions and, if the relevant Credit Support Document constitutes a Confirmation for a Transaction, that Transaction) and
(b) with respect to any other Termination Event, all Transactions. 
 “Affiliate” means, subject to the Schedule,
in relation to any person, any entity controlled, directly or indirectly, by the person, any entity that controls, directly or indirectly, the person or any entity directly or indirectly under common control with the person. For this purpose,
“control” of any entity or person means ownership of a majority of the voting power of the entity or person. 

“Agreement” has the meaning specified in Section I (c). 
 “Applicable Close-out Rate” means: 
 (a) in respect of
the determination of an Unpaid Amount: 
 (i) in respect of obligations payable or deliverable (or which would have been but
for Section 2(a)(iii)) by a Defaulting Party, the Default Rate; 
 (ii) in respect of obligations payable or
deliverable (or which would have been but for Section 2(a)(iii)) by a Non-defaulting Party, the Non-default Rate; 

(iii) in respect of obligations deferred pursuant to Section 5(d), if there is no Defaulting Party and for so long as the
deferral period continues, the Applicable Deferral Rate; and 
 (iv) in all other cases following the occurrence of a
Termination Event (except where interest accrues pursuant to clause (iii) above), the Applicable Deferral Rate; and 
 (b) in respect
of an Early Termination Amount: 
 (i) for the period from (and including) the relevant Early Termination Date to (but
excluding) the date (determined in accordance with Section 6(d)(ii)) on which that amount is payable: 
 1) if the
Early Termination Amount is payable by a Defaulting Party, the Default Rate; 
 2) if the Early Termination Amount is
payable by a Non-defaulting Party, the Non-default Rate; and 
 3) in all other cases, the Applicable Deferral Rate; and

  

					
		  	21	  	ISDA® 2002

 (ii) for the period from (and including) the date (determined in accordance with
Section 6(d)(ii)) on which that amount is payable to (but excluding) the date of actual payment: 
 (1) if a party
fails to pay the Early Termination Amount due to the occurrence of an event or circumstance which would, if it occurred with respect to a payment or delivery under a Transaction, constitute or give rise to an Illegality or a Force Majeure Event, and
for so long as the Early Termination Amount remains unpaid due to the continuing existence of such event or circumstance, the Applicable Deferral Rate; 
 (2) if the Early Termination Amount is payable by a Defaulting Party (but excluding any 
 period in respect of which clause (1) above applies), the Default Rate; 

3) if the Early Termination Amount is payable by a Non-defaulting Party (but excluding any period in respect of which clause
(1) above applies), the Non-default Rate; and 
 (4) in all other cases, the Termination Rate. 

“Applicable Deferral Rate” means: 
 (a) for the purpose of Section 9(h)(i)(3)(A), the rate certified by the relevant payer to be a rate offered to the payer by a major bank in a relevant interbank market for overnight deposits in
the applicable currency, such bank to be selected in good faith by the payer for the purpose of obtaining a representative rate that will reasonably reflect conditions prevailing at the time in that relevant market; 

(b) for purposes of Section 9(h)(i)(3)(B) and clause (a)(iii) of the definition of Applicable Close-out Rate, the rate certified by the
relevant payer to be a rate offered to prime banks by a major bank in a relevant interbank market for overnight deposits in the applicable currency, such bank to be selected in good faith by the payer after consultation with the other party, if
practicable, for the purpose of obtaining a representative rate that will reasonably reflect conditions prevailing at the time in that relevant market; and 
 (c) for purposes of Section 9(h)(i)(3)(C) and clauses (a)(iv), (b)(i)(3) and (b)(ii)(1) of the definition of Applicable Close-out Rate, a rate equal to the arithmetic mean of the rate determined
pursuant to clause (a) above and a rate per annum equal to the cost (without proof or evidence of any actual cost) to the relevant payee (as certified by it) if it were to fund or of funding the relevant amount. 

“Automatic Early Termination” has the meaning specified in Section 6(a). 

“Burdened Party” has the meaning specified in Section 5(b)(iv). 
 “Change in Tax Law” means the enactment, promulgation, execution or ratification of, or any change in or amendment to, any law (or in the application or official interpretation of
any law) that occurs after the parties enter into the relevant Transaction. 
 “Close-out Amount” means, with
respect to each Terminated Transaction or each group of Terminated Transactions and a Determining Party, the amount of the losses or costs of the Determining Party that are or would be incurred under then prevailing circumstances (expressed as a
positive number) or gains of the Determining Party that are or would be realised under then prevailing circumstances (expressed as a negative number) in replacing, or in providing for the Determining Party the economic equivalent of, (a) the
material terms of that Terminated Transaction or group of Terminated Transactions, including the payments and deliveries by the parties under Section 2(a)(i) in respect of that Terminated Transaction or group of Terminated Transactions that
would, but for the occurrence of the relevant Early Termination Date, have been required after that date (assuming satisfaction of the conditions precedent in Section 2(a)(iii)) and (b) the option rights of the parties in respect of that
Terminated Transaction or group of Terminated Transactions. 

  

					
		  	22	  	ISDA® 2002

 Any Close-out Amount will be determined by the Determining Party (or its agent), which will act in good
faith and use commercially reasonable procedures in order to produce a commercially reasonable result. The Determining Party may determine a Close-out Amount for any group of Terminated Transactions or any individual Terminated Transaction but, in
the aggregate, for not less than all Terminated Transactions. Each Close-out Amount will be determined as of the Early Termination Date or, if that would not be commercially reasonable, as of the date or dates following the Early Termination Date as
would be commercially reasonable. 
 Unpaid Amounts in respect of a Terminated Transaction or group of Terminated Transactions and legal fees
and out-of-pocket expenses referred to in Section 11 are to be excluded in all determinations of Close-out Amounts. 
 In determining a
Close-out Amount, the Determining Party may consider any relevant information, including, without limitation, one or more of the following types of information: 
 (i) quotations (either firm or indicative) for replacement transactions supplied by one or more third parties that may take into account the creditworthiness of the Determining Party at the time the
quotation is provided and the terms of any relevant documentation, including credit support documentation, between the Determining Party and the third party providing the quotation; 
 (ii) information consisting of relevant market data in the relevant market supplied by one or more third parties including, without limitation, relevant rates, prices, yields, yield curves,
volatilities, spreads, correlations or other relevant market data in the relevant market; or 
 (iii) information of the types described in
clause (i) or (ii) above from internal sources (including any of the Determining Party’s Affiliates) if that information is of the same type used by the Determining Party in the regular course of its business for the valuation of
similar transactions. 
 The Determining Party will consider, taking into account the standards and procedures described in this definition,
quotations pursuant to clause (i) above or relevant market data pursuant to clause (ii) above unless the Determining Party reasonably believes in good faith that such quotations or relevant market data are not readily available or would
produce a result that would not satisfy those standards. When considering information described in clause (i), (ii) or (iii) above, the Determining Party may include costs of funding, to the extent costs of funding are not and would not be
a component of the other information being utilised. Third parties supplying quotations pursuant to clause (i) above or market data pursuant to clause (ii) above may include, without limitation, dealers in the relevant markets, end-users
of the relevant product, information vendors, brokers and other sources of market information. 
 Without duplication of amounts calculated
based on information described in clause (i), (ii) or (iii) above, or other relevant information, and when it is commercially reasonable to do so, the Determining Party may in addition consider in calculating a Close-out Amount any loss or
cost incurred in connection with its terminating, liquidating or re-establishing any hedge related to a Terminated Transaction or group of Terminated Transactions (or any gain resulting from any of them). 

Commercially reasonable procedures used in determining a Close-out Amount may include the following: 

(1) application to relevant market data from third parties pursuant to clause (ii) above or information from internal sources pursuant to clause
(iii) above of pricing or other valuation models that are, at the time of the determination of the Close-out Amount, used by the Determining Party in the regular course of its business in pricing or valuing transactions between the Determining
Party and unrelated third parties that are similar to the Terminated Transaction or group of Terminated Transactions; and 

  

					
		  	23	  	ISDA® 2002

 (2) application of different valuation methods to Terminated Transactions or groups of Terminated
Transactions depending on the type, complexity, size or number of the Terminated Transactions or group of Terminated Transactions. 

“Confirmation” has the meaning specified in the preamble. 
 “consent” includes a consent, approval, action, authorisation, exemption, notice, filing, registration or exchange control consent. 

“Contractual Currency” has the meaning specified in Section 8(a). 
 “Convention Court” means any court which is bound to apply to the Proceedings either Article 17 of the 1968 Brussels Convention on Jurisdiction and the Enforcement of Judgments in
Civil and Commercial Matters or Article 17 of the 1988 Lugano Convention on Jurisdiction and the Enforcement of Judgments in Civil and Commercial Matters. 
 “Credit Event Upon Merger” has the meaning specified in Section 5(b). 

“Credit Support Document” means any agreement or instrument that is specified as such in this Agreement. 

“Credit Support Provider” has the meaning specified in the Schedule. 
 “Cross-Default” means the event specified in Section 5(a)(vi). 

“Default Rate” means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the relevant payee (as
certified by it) if it were to fund or of funding the relevant amount plus I % per annum 
 “Defaulting Party” has the
meaning specified in Section 6(a). 
 “Designated Event” has the meaning specified in Section 5(b)(v).

 “Determining Party” means the party determining a Close-out Amount. 

“Early Termination Amount” has the meaning specified in Section 6(e). 

“Early Termination Date” means the date determined in accordance with Section 6(a) or 6(b)(iv). 

“electronic messages” does not include e-mails but does include documents expressed in markup languages, and
“electronic messaging system” will be construed accordingly. 
 “English law” means the
law of England and Wales, and “English” will be construed accordingly. 
 “Event of Default” has the
meaning specified in Section 5(a) and, if applicable, in the Schedule. 
 “Force Majeure Event” has the meaning
specified in Section 5(b). 
 “General Business Day” means a day on which commercial. banks are open for general
business (including dealings in foreign exchange and foreign currency deposits). 
 “Illegality” has the meaning
specified in Section 5(b). 

  

					
		  	24	  	ISDA® 2002

 “Indemnifiable Tax” means any Tax other than a Tax that would not be imposed in
respect of a payment under this Agreement but for a present or former connection between the jurisdiction of the government or taxation authority imposing such Tax and the recipient of such payment or a person related to such recipient (including,
without limitation, a connection arising from such recipient or related person being or having been a citizen or resident of such jurisdiction, or being or having been organised, present or engaged in a trade or business in such jurisdiction, or
having or having had a permanent establishment or fixed place of business in such jurisdiction, but excluding a connection arising solely from such recipient or related person having executed, delivered, performed its obligations or received a
payment under, or enforced, this Agreement or a Credit Support Document). 
 “law” includes any treaty, law, rule or
regulation (as modified, in the case of tax matters, by the practice of any relevant governmental revenue authority), and “unlawful” will be construed accordingly. 

“Local Business Day” means (a) in relation to any obligation under Section 2(a)(i), a General Business Day in the place
or places specified in the relevant Confirmation and a day on which a relevant settlement system is open or operating as specified in the relevant Confirmation or, if a place or a settlement system is not so specified, as otherwise agreed by the
parties in writing or determined pursuant to provisions contained, or incorporated by reference, in this Agreement, (b) for the purpose of determining when a Waiting Period expires, a General Business Day in the place where the event or
circumstance that constitutes or gives rise to the Illegality or Force Majeure Event, as the case may be, occurs, (c) in relation to any other payment, a General Business Day in the place where the relevant account is located and, if different,
in the principal financial centre, if any, of the currency of such payment and, if that currency does not have a single recognised principal financial centre, a day on which the settlement system necessary to accomplish such payment is open,
(d) in relation to any notice or other communication, including notice contemplated under Section 5(a)(i), a General Business Day (or a day that would have been a General Business Day but for the occurrence of an event or circumstance
which would, if it occurred with respect to payment, delivery or compliance related to a Transaction, constitute or give rise to an Illegality or a Force Majeure Event) in the place specified in the address for notice provided by the recipient and,
in the case of a notice contemplated by Section 2(b), in the place where the relevant new account is to be located and (e) in relation to Section 5(a)(v)(2), a General Business Day in the relevant locations for performance with
respect to such Specified Transaction. 
 “Local Delivery Day” means, for purposes of Sections 5(a)(i) and 5(d), a day
on which settlement systems necessary to accomplish the relevant delivery are generally open for business so that the delivery is capable of being accomplished in accordance with customary market practice, in the place specified in the relevant
Confirmation or, if not so specified, in a location as determined in accordance with customary market practice for the relevant delivery. 

“Master Agreement” has the meaning specified in the preamble. 
 “Merger Without Assumption” means the event specified in Section 5(a)(viii). 
 “Multiple Transaction Payment Netting” has the meaning specified in Section 2(c). 
 “Non-affected Party” means, so long as there is only one Affected Party, the other party. 
 “Non-default Rate” means the rate certified by the Non-defaulting Party to be a rate offered to the Non-defaulting Party by a major bank in a relevant interbank market for
overnight deposits in the applicable currency, such bank to be selected in good faith by the Non-defaulting Party for the purpose of obtaining a representative rate that will reasonably reflect conditions prevailing at the time in that relevant
market. 
 “Non-defaulting Party” has the meaning specified in Section 6(a). 

“Office” means a branch or office of a party, which may be such party’s head or home office. 

“Other Amounts” has the meaning specified in Section 6(f). 

  

					
		  	25	  	ISDA® 2002

 “Payee” has the meaning specified in Section 6(f). 

“Payer” has the meaning specified in Section 6(f). 
 “Potential Event of Default” means any event which, with the giving of notice or the lapse of time or both, would constitute an Event of Default. 

“Proceedings” has the meaning specified in Section 13(b). 
 “Process Agent” has the meaning specified in the Schedule. 

“rate of exchange” includes, without limitation, any premiums and costs of exchange payable in connection with the purchase of or
conversion into the Contractual Currency. 
 “Relevant Jurisdiction” means, with respect to a party, the jurisdictions
(a) in which the party is incorporated, organised, managed and controlled or considered to have its seat, (b) where an Office through which the party is acting for purposes of this Agreement is located, (c) in which the party executes
this Agreement and (d) in relation to any payment, from or through which such payment is made, 
 “Schedule” has
the meaning specified in the preamble. 
 “Scheduled Settlement Date” means a date on which a payment or delivery is to
be made under Section 2(a)(i) with respect to a Transaction. 
 “Specified Entity” has the meaning specified in the
Schedule. 
 “Specified Indebtedness” means, subject to the Schedule, any obligation (whether present or future,
contingent or otherwise, as principal or surety or otherwise) in respect of borrowed money. 
 “Specified Transaction”
means, subject to the Schedule, (a) any transaction (including an agreement with respect to any such transaction) now existing or hereafter entered into between one party to this Agreement (or any Credit Support Provider of such party or any
applicable Specified Entity of such party) and the other party to this Agreement (or any Credit Support Provider of such other party or any applicable Specified Entity of such other party) which is not a Transaction under this Agreement but
(i) which is a rate swap transaction, swap option, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange
transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option, credit protection transaction, credit swap, credit default swap, credit default option, total
return swap, credit spread transaction, repurchase transaction, reverse repurchase transaction, buy/sell-back transaction, securities lending transaction, weather index transaction or forward purchase or sale of a security, commodity or other
financial instrument or interest (including any option with respect to any of these transactions) or (ii) which is a type of transaction that is similar to any transaction referred to in clause (i) above that is currently, or in the future
becomes, recurrently entered into in the financial markets (including terms and conditions incorporated by reference in such agreement) and which, is a forward, swap, future, option or other derivative on one or more rates, currencies, commodities,
equity securities or other equity instruments, debt securities or other debt instruments, economic indices or measures of economic risk or value, or other benchmarks against which payments or deliveries are to be made, (b) any combination of
these transactions and (c) any other transaction identified as a Specified Transaction in this Agreement or the relevant confirmation. 

“Stamp Tax” means any stamp, registration, documentation or similar tax. 

“Stamp Tax Jurisdiction” has the meaning specified in Section 4(e). 

  

					
		  	26	  	ISDA® 2002

 “Tax” means any present or future tax, levy, impost, duty, charge, assessment or fee
of any nature (including interest, penalties and additions thereto) that is imposed by any government or other taxing authority in respect of any payment under this Agreement other than a stamp, registration, documentation or similar tax.

 “Tax Event” has the meaning specified in Section 5(b). 

“Tax Event Upon Merger” has the meaning specified in Section 5(b). 

“Terminated Transactions” means, with respect to any Early Termination Date, (a) if resulting from an Illegality or a Force
Majeure Event, all Affected Transactions specified in the notice given pursuant to Section 6(b)(iv), (b) if resulting from any other Termination Event, all Affected Transactions and (c) if resulting from an Event of Default, all
Transactions in effect either immediately before the effectiveness of the notice designating that Early Termination Date or, if Automatic Early Termination applies, immediately before that Early Termination Date. 

“Termination Currency” means (a) if a Termination Currency is specified in the Schedule and that currency is freely
available, that currency, and (b) otherwise, euro if this Agreement is expressed to be governed by English law or United States Dollars if this Agreement is expressed to be governed by the laws of the State of New York. 

“Termination Currency Equivalent” means, in respect of any amount denominated in the Termination Currency, such Termination
Currency amount and, in respect of any amount denominated in a currency other than the Termination Currency (the “Other Currency”), the amount in the Termination Currency determined by the party making the relevant determination as being
required to purchase such amount of such Other Currency as at the relevant Early Termination Date, or, if the relevant Close-out Amount is determined as of a later date, that later date, with the Termination Currency at the rate equal to the spot
exchange rate of the foreign exchange agent (selected as provided below) for the purchase of such Other Currency with the Termination Currency at or about 11:00 a.m. (in the city in which such foreign exchange agent is located) on such date as would
be customary for the determination of such a rate for the purchase of such Other Currency for value on the relevant Early Termination Date or that later date. The foreign exchange agent will, if only one party is obliged to make a determination
under Section 6(e), be selected in good faith by that party and otherwise will be agreed by the parties. 
 “Termination
Event” means an Illegality, a Force Majeure Event, a Tax Event, a Tax Event Upon Merger or, if specified to be applicable, a Credit Event Upon Merger or an Additional Termination Event. 

“Termination Rate” means a rate per annum equal to the arithmetic mean of the cost (without proof or evidence of any actual cost)
to each party (as certified by such party) if it were to fund or of funding such amounts. 
 “Threshold Amount” means
the amount, if any, specified as such in the Schedule. 
 “Transaction” has the meaning specified in the preamble.

 “Unpaid Amounts” owing to any party means, with respect to an Early Termination Date, the aggregate of (a) in
respect of all Terminated Transactions, the amounts that became payable (or that would have become payable but for Section 2(a)(iii) or due but for Section 5(d)) to such party under Section 2(a)(i) or 2(d)(i)(4) on or prior to such
Early Termination Date and which remain unpaid as at such Early Termination Date, (b) in respect of each Terminated Transaction, for each obligation under Section 2(a)(i) which was (or would have been but for Section 2(a)(iii) or
5(d)) required to be settled by delivery to such party on or prior to such Early Termination Date and which has not been so settled as at such Early Termination Date, an amount equal to the fair market value of that which was (or would have been)
required to be delivered and (c) if the Early Termination Date results from an Event of Default, a Credit Event Upon Merger or an Additional Termination Event in respect of which all outstanding Transactions are Affected Transactions, any Early
Termination Amount due prior to such Early Termination Date and which remains unpaid as of such Early Termination Date, in each case together with any amount of interest accrued or other 

  

					
		  	27	  	ISDA® 2002

 
compensation in respect of that obligation or deferred obligation, as the case may be, pursuant to Section 9(h)(ii)(1) or (2), as appropriate. The fair market value of any obligation
referred to in clause (b) above will be determined as of the originally scheduled date for delivery, in good faith and using commercially reasonable procedures, by the party obliged to make the determination under Section 6(e) or, if each
party is so obliged, it will be the average of the Termination Currency Equivalents of the fair market values so determined by both parties. 

“Waiting Period” means: 
 (a) in respect of an event or circumstance under Section 5(b)(i), other than in the case of Section 5(b)(i)(2) where the relevant payment, delivery or compliance is actually required on the
relevant day (in which case no Waiting Period will apply), a period of three Local Business Days (or days that would have been Local Business Days but for the occurrence of that event or circumstance) following the occurrence of that event or
circumstance; and 
 (b) in respect of an event or circumstance under Section 5(b)(ii), other than in the case of
Section 5(b)(ii)(2) where the relevant payment, delivery or compliance is actually required on the relevant day (in which case no Waiting Period will apply), a period of eight Local Business Days (or days that would have been Local Business
Days but for the occurrence of that event or circumstance) following the occurrence of that event or circumstance. 
 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.	 		 	Arbor Funding LLC
	(Name of Party)	 		 	(Name of Party)
					
	By:	 	/s/ Linda Cook	 		 	By:	 	/s/ Richard Allorto
	 Name:
	 	Linda Cook	 		 	Name:	 	Richard Allorto
	 Title:
	 	 Vice President
 Citibank,
N.A.
	 		 	Title:	 	CFO
					
	 Date:
	 		 		 	Date:	 	8/27/13

  

					
		  	28	  	ISDA® 2002

 Execution Copy 
 SCHEDULE 
 to the 

ISDA 2002 Master Agreement 
 dated as of August 27, 2013 
 between 

CITIBANK, N.A., 
 a national banking association organized under the laws of the United States 

(“Party A”) 
 and 
 ARBOR FUNDING LLC 

a limited liability company formed 
 under the law of the State of Delaware 
 (“Party B”)

 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 Forex Inc., Global Markets Commercial
Corp., Citicorp Securities Services, Inc., Citibank Europe PLC, Citigroup Financial Products Inc., Citigroup Global Markets Deutschland AG & Co. KGaA, Citigroup Energy Inc., Citibank Canada, Citigroup Energy Canada ULC, and Citibank Japan
Ltd., (individually a “Section 5(a)(v) Affiliate”), and for all other purposes not applicable; and 

(ii) in relation to Party B, for the purposes of Sections 5(a)(v), 5(a)(vi), 5(a)(vii) and 5(b)(v) of this Agreement, Sierra
Income Corporation, 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, 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.

  
 1 

 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; and 
 (ii) with respect to Party B, 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. 
 For purposes of the above, (A) ”Net Asset Value” means, as of any date, the Total Assets minus Total Liabilities, in each case as of such date,
(B) “Total Assets” means, at any date, all assets of the Party B Investor which in accordance with generally accepted accounting principles would be classified as assets upon a balance sheet of the Party B Investor
prepared as of such date, (C) “Total Liabilities” means, at any date, all liabilities of the Party B Investor which in accordance with generally accepted accounting principles would be classified as liabilities upon a
balance sheet of the Party B Investor prepared as of such date and (D) Net Asset Value shall be determined by reference to the Party B Investor’s most recent NAV and Performance Statement (as defined in Part 3) delivered to
Party A. 
 (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. 
 (f) “Termination
Currency” means United States Dollars. 
 (g) “Additional Termination Event”: The following shall constitute
Additional Termination Events (and Party B will be the sole Affected Party, and all Transactions will be Affected Transactions, with respect to such Additional Termination Events): 

(1) Party B or the Party B Investor amends its constituent documents to alter its investment strategy and such
amendment has or could reasonably be expected to have a Material Adverse Effect. 
 (2) The Party B Investor or
any legal successor thereto (the “Manager”) ceases to be the investment 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. 

  
 2 

 (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) Party B incurs, assumes or otherwise
becomes liable in respect of any Specified Indebtedness (other than any Specified Indebtedness arising under any Transaction hereunder). 
 (5) The Party B Investor or Party B shall dissolve or liquidate. 

(6) 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 the Agreement without the prior consent of Party A (which consent shall not be unreasonably withheld). 

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

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

(9) 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. 

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 to perform any of its obligations under this Agreement or any Credit Support Document to which Party B 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 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

  
 3 

 
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. 
 (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: 

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

It is a disregarded entity for U.S. Federal income tax purposes. 
 The following representations will apply to the Party B Investor: 
 It is a
corporation organized under the laws of the State of Maryland, and its U.S. taxpayer identification number is 45-2544432. 
 It
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	  	No later than seven Business Days after the date of this Agreement; and promptly upon learning that any form previously provided by such party has become obsolete or
incorrect.

  
 4 

					
	 Party B
	  	An executed IRS Form W-9 (or any successor form) (together with any required attachments) with respect to the Party B Investor (and showing Party B as a business
name)	  	No later than seven Business Days after the date of this Agreement; and promptly upon learning that any form previously provided by such party has become obsolete or
incorrect.

 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 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.	  	No later than seven Local Business Days after the date of this Agreement and, if requested in writing by the other party, as soon as practicable after execution of any Confirmation
of any other Transaction.	  	Yes
				
	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 after the end of each of the Party B Investor’s fiscal years; provided that such information shall be deemed
to be delivered to Party A on the date on which it is made available on the website maintained by the Securities and Exchange Commission for the publication and public dissemination of periodic financial reports.	  	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

  
 5 

							
				
	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 after the end of each of the Party B Investor’s fiscal quarters; provided that such information shall be deemed to be
delivered to Party A on the date on which it is made available on the website maintained by the Securities and Exchange Commission for the publication and public dissemination of periodic financial reports.	  	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	  	Certified copies of (a) the limited liability company agreement of Party B and (b) the investment management agreement between Party B and the
Manager.	  	No later than seven Local Business Days after the date of this Agreement and as soon as practicable after any amendment, supplement or other modification of any thereof to the
extent that such amendment, supplement or other modification has or could reasonably be expected to have a Material Adverse Effect.	  	Yes
				
	Party A and Party B	  	A duly executed copy of each of the Credit Support Documents specified in Part 4(f) of this Schedule.	  	Upon execution of this Agreement.	  	No
				
	Party B	  	A statement including a calculation of the Party B Investor’s Net Asset Value and Performance as of the end of each calendar month (the “NAV and Performance
Statement”).	  	No later than five Business Days after the same is made available by or on behalf of the Party B Investor to any direct or indirect investors in the Party B
Investor	  	Yes

  
 6 

							
				
	Party B	  	A confirmation, addressed to Party A, from the Manager 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 B	  	Such other documents that may be reasonably requested by Party A from time to time.	  	As per written request by Party A.	  	Yes

 Part 4 
 Miscellaneous 
 (a) Addresses for Notices. For the purpose of Section 12(a) of
this Agreement: 
 Address for notices or communications to Party A: 

 

			
	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)

  
 7 

 Address for notices or communications to Party B: 

 

			
	Address:	  	Arbor Funding LLC
		  	c/o Sierra Income Corporation
		  	375 Park Avenue
		  	Suite 3304
		  	New York, New York 10052
		  	Attention: Richard Allorto and Steve Henke
		  	Telephone: (212) 759-0777
		  	Fax: (212) 759-0091

 (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. 

(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, the Credit Support Annex dated as of the date hereof and attached hereto between the parties
hereto. 
 (g) Credit Support Provider. 
 (i) In relation to Party A, none; and 
 (ii) In relation to Party B,
none. 
 (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; provided that Party B will be deemed
not to have any Affiliates. 

  
 8 

 (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, none. 
 (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. 
 (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. (a) It is
an “eligible contract participant” within the meaning of Section 1a of the Commodity Exchange Act, as amended (the “CEA”), (b) this Agreement and each Transaction are subject to individual negotiation by
each party, and (c) neither this Agreement nor any Transaction will be executed or traded on a “trading facility” within the meaning of Section 1a of the CEA. 

(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 the assets of an employee benefit or other plan subject to Title I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), a plan described in
Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), 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 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. 

  
 9 

 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. To the extent that one party
records telephone conversations (the “Recording Party”) and the other party does not (the “Non-Recording Party”), the Recording Party shall, in the event of any dispute, make a complete and unedited
copy of such party’s tape of the entire day’s conversations with the Non-Recording Party’s 

  
 10 

 
personnel available to the Non-Recording Party. The Recording Party’s tapes may be used by either party in any forum in which a dispute is sought to be resolved and the Recording Party will
retain tapes for a consistent period of time in accordance with the Recording Party’s policy unless one party notifies the other that a particular transaction is under review and warrants further retention. 

(f) Limitation on Damages. To the fullest extent permitted by applicable law, each party agrees that it shall not assert, and hereby waives, any
claim against the other party, on any theory of liability, for special, indirect, consequential or punitive damages; 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. 
 (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 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 promptly upon the occurrence of (i) an event set forth in Part 1(g), and (ii) a change in the written investment policies of Party B or the Party B Investor as the same relates to the investment restrictions and/or
trading strategies of Party B or the Party B Investor, which change has or could reasonably be expected to have a Material Adverse Effect.” 
 (i) For purposes of Section 3 of this Agreement, the following shall be added immediately following paragraph (g) thereof: 

“(h) Compliance with Investment Policies. Party B hereby represents to Party A that the execution, delivery, and
performance by it of this Agreement and each Confirmation does not conflict with or violate the investment policies, trading strategies and/or restrictions of Party B as set forth in the offering and organizational documents, in each case as in
effect from time to time, of Party B and the Party B Investor. 
 (i) Manager Authorized as Agent. Party B
represents and warrants to Party A that 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 that 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. Party B represents and warrants to Party A that 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. 

  
 11 

 (k) Assets of Party B. Party B represents and warrants to Party A that
all of the assets of Party B are available to satisfy the obligations of Party B under this Agreement. 
 (l)
Obligations Pari Passu. Party B represents and warrants to Party A that 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.

 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. 

(j) Manager Representations. The following representations shall be made by the Manager in accordance with Section 3 of the 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.” 
 (k) 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.” 
 (l)
Confirmation Procedures. Except as otherwise expressly provided in a Confirmation with respect to a Transaction, for each Transaction that Party A and Party B enter hereunder, Party A shall promptly send to Party B a
Confirmation setting forth the terms of such Transaction. Party B shall promptly execute and return the Confirmation to Party A or request correction of any error. Failure of Party B to respond within such period shall not affect the
validity or enforceability of such Transaction and shall be deemed to be an affirmation and acceptance of such terms. 

  
 12 

 (m) Recourse Limited to Party B. Notwithstanding anything to the contrary contained in the
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. 
 (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 the Agreement as if set forth in full herein. 
 (o)
ISDA 2010 Short Form HIRE Act Protocol. The parties agree that, solely as between Party A and Party B, the definitions and provisions contained in the 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”) 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 under uncleared CFTC-regulated “swaps” (as defined in Commodity Exchange Act section 1a(47)) entered into on or
after December 31, 2012, to the extent mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act, Party B has the right to require segregation of such funds (other than variation margin) at an independent third party
custodian. This notification is deemed repeated at the time of entry into each Transaction that is an uncleared swap. 

  
 13 

 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.	 		 	ARBOR FUNDING LLC
					
	By:	 	 	 		 	By:	 	 
		 	 Name:
 Title:
	 		 		 	 Name:

Title:

				
		 		 		 	SIERRA INCOME CORPORATION, in its individual capacity in respect of the representations made by the Manager in Part 5(j) of this Schedule.
					
		 		 		 	By:	 	 

									
					
		 		 		 	 Name:	 	 
					
		 		 		 	 Title:	 	 
					
		 		 		 	 Date:	 	 

  
 14 

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

 ISDA® 
 International Swaps and Derivatives
Association, Inc. 
 CREDIT SUPPORT ANNEX 
 to the Schedule to the 
 2002 Master Agreement 

dated as of August 27, 2013 
 between 
  

					
	CITIBANK, N.A.	 	and	 	ARBOR FUNDING LLC
			
	(“Party A”)	 		 	(“Party B”)

 This Annex supplements, forms part of, and is subject to, the above-referenced Agreement, is part of its Schedule and is
a Credit Support Document under this Agreement with respect to each party. 
 Accordingly, the parties agree as follows:—

 Paragraph 1. Interpretation 
 (a) Definitions and Inconsistency. Capitalized terms not otherwise defined herein or elsewhere in this Agreement have the meanings specified pursuant to Paragraph 12, and all references in
this Annex to Paragraphs are to Paragraphs of this Annex. In the event of any inconsistency between this Annex and the other provisions of this Schedule, this Annex will prevail, and in the event of any inconsistency between Paragraph 13 and the
other provisions of this Annex, Paragraph 13 will prevail. 
 (b) Secured Party and Pledgor. All references in this Annex
to the “Secured Party” will be to either party when acting in that capacity and all corresponding references to the “Pledgor” will be to the other party when acting in that capacity; provided, however, that if Other Posted
Support is held by a party to this Annex, all references herein to that party as the Secured Party with respect to that Other Posted Support will be to that party as the beneficiary thereof and will not subject that support or that party as the
beneficiary thereof to provisions of law generally relating to security interests and secured parties. 
 Paragraph 2. Security Interest

 Each party, as the Pledgor, hereby pledges to the other party, as the Secured Party, as security for its Obligations, and grants to the
Secured Party a first priority continuing security interest in, lien on and right of Set-off against all Posted Collateral Transferred to or received by the Secured Party hereunder. Upon the Transfer by the Secured Party to the Pledgor of Posted
Collateral, the security interest and lien granted hereunder on that Posted Collateral will be released immediately and, to the extent possible, without any further action by either party. 

  
 Copyright © 1994 by International Swaps and Derivatives
Association, Inc. 

 Paragraph 3. Credit Support Obligations 
 (a) Delivery Amount. Subject to Paragraphs 4 and 5, upon a demand made by the Secured Party on or promptly following a Valuation Date, if the Delivery Amount for that Valuation Date equals
or exceeds the Pledgor’s Minimum Transfer Amount, then the Pledgor will Transfer to the Secured Party Eligible Credit Support having a Value as of the date of Transfer at least equal to the applicable Delivery Amount (rounded pursuant to
Paragraph 13). Unless otherwise specified in Paragraph 13, the “Delivery Amount” applicable to the Pledgor for any Valuation Date will equal the amount by which: 

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

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

  

					
		  	2	  	ISDA® 1994

 (d) Substitutions. 

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

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

(A) utilizing any calculations of Exposure for the Transactions (or Swap Transactions) that the parties have agreed are not in dispute;

 (B) calculating the Exposure for the Transactions (or Swap Transactions) in dispute by seeking four actual quotations at
mid-market from Reference Market-makers for purposes of calculating Market Quotation, and taking the arithmetic average of those obtained; provided that if four quotations are not available for a particular Transaction (or Swap Transaction),
then fewer than four quotations may be used for that Transaction (or Swap Transaction); and if no quotations are available for a particular Transaction (or Swap Transaction), then the Valuation Agent’s original calculations will be used for
that Transaction (or Swap Transaction); and 
 (C) utilizing the procedures specified in Paragraph 13 for calculating the Value,
if disputed, of Posted Credit Support. 
 (ii) In the case of a dispute involving the Value of any Transfer of Eligible Credit
Support or Posted Credit Support, the Valuation Agent will recalculate the Value as of the date of Transfer pursuant to Paragraph 13. 

Following a recalculation pursuant to this Paragraph, the Valuation Agent will notify each party (or the other party, if the Valuation Agent is a party)
not later than the Notification Time on the Local Business Day following the Resolution Time. The appropriate party will, upon demand following that notice by the Valuation Agent or a resolution pursuant to (3) above and subject to Paragraphs
4(a) and 4(b), make the appropriate Transfer. 

  

					
		  	3	  	ISDA® 1994

 Paragraph 6. Holding and Using Posted Collateral 

(a) Care of Posted Collateral. Without limiting the Secured Party’s rights under Paragraph 6(c), the Secured Party will exercise
reasonable care to assure the safe custody of all Posted Collateral to the extent required by applicable law, and in any event the Secured Party will be deemed to have exercised reasonable care if it exercises at least the same degree of care as it
would exercise with respect to its own property. Except as specified in the preceding sentence, the Secured Party will have no duty with respect to Posted Collateral, including, without limitation, any duty to collect any Distributions, or enforce
or preserve any rights pertaining thereto. 
 (b) Eligibility to Hold Posted Collateral; Custodians. 

(i) General. Subject to the satisfaction of any conditions specified in Paragraph 13 for holding Posted Collateral,
the Secured Party will be entitled to hold Posted Collateral or to appoint an agent (a “Custodian”) to hold Posted Collateral for the Secured Party. Upon notice by the Secured Party to the Pledgor of the appointment of a Custodian, the
Pledgor’s obligations to make any Transfer will be discharged by making the Transfer to that Custodian. The holding of Posted Collateral by a Custodian will be deemed to be the holding of that Posted Collateral by the Secured Party for which
the Custodian is acting. 
 (ii) Failure to Satisfy Conditions. If the Secured Party or its Custodian fails
to satisfy any conditions for holding Posted Collateral, then upon a demand made by the Pledgor, the Secured Party will, not later than five Local Business Days after the demand, Transfer or cause its Custodian to Transfer all Posted Collateral held
by it to a Custodian that satisfies those conditions or to the Secured Party if it satisfies those conditions. 
 (iii)
Liability. The Secured Party will be liable for the acts or omissions of its Custodian to the same extent that the Secured Party would be liable hereunder for its own acts or omissions. 

(c) Use of Posted Collateral. Unless otherwise specified in Paragraph 13 and without limiting the rights and obligations of the parties
under Paragraphs 3, 4(d)(ii), 5, 6(d) and 8, if the Secured Party is not a Defaulting Party or an Affected Party with respect to a Specified Condition and no Early Termination Date has occurred or been designated as the result of an Event of Default
or Specified Condition with respect to the Secured Party, then the Secured Party will, notwithstanding Section 9-207 of the New York Uniform Commercial Code, have the right to: 

(i) sell, pledge, rehypothecate, assign, invest, use, commingle or otherwise dispose of, or otherwise use in its business any Posted
Collateral it holds, free from any claim or right of any nature whatsoever of the Pledgor, including any equity or right of redemption by the Pledgor; and 
 (ii) register any Posted Collateral in the name of the Secured Party, its Custodian or a nominee for either. 
 For purposes of the obligation to Transfer Eligible Credit Support or Posted Credit Support pursuant to Paragraphs 3 and 5 and any rights or remedies authorized under this Agreement, the Secured Party
will be deemed to continue to hold all Posted Collateral and to receive Distributions made thereon, regardless of whether the Secured Party has exercised any rights with respect to any Posted Collateral pursuant to (i) or (ii) above.

 (d) Distributions and Interest Amount. 
 (i) Distributions. Subject to Paragraph 4(a), if the Secured Party receives or is deemed to receive Distributions on a Local Business Day, it will Transfer to the Pledgor not later than the
following Local Business Day any Distributions it receives or is deemed to receive to the extent that a Delivery Amount would not be created or increased by that Transfer, as calculated by the Valuation Agent (and the date of calculation will be
deemed to be a Valuation Date for this purpose). 

  

					
		  	4	  	ISDA® 1994

 (ii) Interest Amount. Unless otherwise specified in Paragraph 13 and subject
to Paragraph 4(a), in lieu of any interest, dividends or other amounts paid or deemed to have been paid with respect to Posted Collateral in the form of Cash (all of which may be retained by the Secured Party), the Secured Party will Transfer to the
Pledgor at the times specified in Paragraph 13 the Interest Amount to the extent that a Delivery Amount would not be created or increased by that Transfer, as calculated by the Valuation Agent (and the date of calculation will be deemed to be a
Valuation Date for this purpose). The Interest Amount or portion thereof not Transferred pursuant to this Paragraph will constitute Posted Collateral in the form of Cash and will be subject to the security interest granted under Paragraph 2.

 Paragraph 7. Events of Default 
 For purposes of Section 5(a)(iii)(1) of this Agreement, an Event of Default will exist with respect to a party if: 
 (i) that party fails (or fails to cause its Custodian) to make, when due, any Transfer of Eligible Collateral, Posted Collateral or the Interest Amount, as applicable, required to be made by it and that
failure continues for two Local Business Days after notice of that failure is given to that party; 
 (ii) that party fails to
comply with any restriction or prohibition specified in this Annex with respect to any of the rights specified in Paragraph 6(c) and that failure continues for five Local Business Days after notice of that failure is given to that party; or

 (iii) that party fails to comply with or perform any agreement or obligation other than those specified in Paragraphs 7(i) and
7(ii) and that failure continues for 30 days after notice of that failure is given to that party. 
 Paragraph 8. Certain Rights and Remedies

 (a) Secured Party’s Rights and Remedies. If at any time (1) an Event of Default or Specified Condition with
respect to the Pledgor has occurred and is continuing or (2) an Early Termination Date has occurred or been designated as the result of an Event of Default or Specified Condition with respect to the Pledgor, then, unless the Pledgor has paid in
full all of its Obligations that are then due, the Secured Party may exercise one or more of the following rights and remedies: 

(i) all rights and remedies available to a secured party under applicable law with respect to Posted Collateral held by the Secured Party;

 (ii) any other rights and remedies available to the Secured Party under the terms of Other Posted Support, if any; 

(iii) the right to Set-off any amounts payable by the Pledgor with respect to any Obligations against any Posted Collateral or the Cash
equivalent of any Posted Collateral held by the Secured Party (or any obligation of the Secured Party to Transfer that Posted Collateral); and 
 (iv) the right to liquidate any Posted Collateral held by the Secured Party through one or more public or private sales or other dispositions with such notice, if any, as may be required under applicable
law, free from any claim or right of any nature whatsoever of the Pledgor, including any equity or right of redemption by the Pledgor (with the Secured Party having the right to purchase any or all of the Posted Collateral to be sold) and to apply
the proceeds (or the Cash equivalent thereof) from the liquidation of the Posted Collateral to any amounts payable by the Pledgor with respect to any Obligations in that order as the Secured Party may elect. 

Each party acknowledges and agrees that Posted Collateral in the form of securities may decline speedily in value and is of a type customarily sold on a
recognized market, and, accordingly, the Pledgor is not entitled to prior notice of any sale of that Posted Collateral by the Secured Party, except any notice that is required under applicable law and cannot be waived. 

  

					
		  	5	  	ISDA® 1994

 (b) Pledgor’s Rights and Remedies. If at any time an Early Termination Date has occurred
or been designated as the result of an Event of Default or Specified Condition with respect to the Secured Party, then (except in the case of an Early Termination Date relating to less than all Transactions (or Swap Transactions) where the Secured
Party has paid in full all of its obligations that are then due under Section 6(e) of this Agreement): 
 (i) the Pledgor
may exercise all rights and remedies available to a pledgor under applicable law with respect to Posted Collateral held by the Secured Party; 
 (ii) the Pledgor may exercise any other rights and remedies available to the Pledgor under the terms of Other Posted Support, if any; 

(iii) the Secured Party will be obligated immediately to Transfer all Posted Collateral and the Interest Amount to the Pledgor; and

 (iv) to the extent that Posted Collateral or the Interest Amount is not so Transferred pursuant to (iii) above, the
Pledgor may: 
 (A) Set-off any amounts payable by the Pledgor with respect to any Obligations against any Posted Collateral or
the Cash equivalent of any Posted Collateral held by the Secured Party (or any obligation of the Secured Party to Transfer that Posted Collateral); and 
 (B) to the extent that the Pledgor does not Set-off under (iv)(A) above, withhold payment of any remaining amounts payable by the Pledgor with respect to any Obligations, up to the Value of any remaining
Posted Collateral held by the Secured Party, until that Posted Collateral is Transferred to the Pledgor. 
 (c) Deficiencies and Excess
Proceeds. The Secured Party will Transfer to the Pledgor any proceeds and Posted Credit Support remaining after liquidation, Set-off and/or application under Paragraphs 8(a) and 8(b) after satisfaction in full of all amounts payable by the
Pledgor with respect to any Obligations; the Pledgor in all events will remain liable for any amounts remaining unpaid after any liquidation, Set-off and/or application under Paragraphs 8(a) and 8(b). 

(d) Final Returns. When no amounts are or thereafter may become payable by the Pledgor with respect to any Obligations (except for any
potential liability under Section 2(d) of this Agreement), the Secured Party will Transfer to the Pledgor all Posted Credit Support and the Interest Amount, if any. 
 Paragraph 9. Representations 
 Each party represents to the other party (which
representations will be deemed to be repeated as of each date on which it, as the Pledgor, Transfers Eligible Collateral) that: 

(i) it has the power to grant a security interest in and lien on any Eligible Collateral it Transfers as the Pledgor and has taken all
necessary actions to authorize the granting of that security interest and lien; 
 (ii) it is the sole owner of or otherwise has
the right to Transfer all Eligible Collateral it Transfers to the Secured Party hereunder, free and clear of any security interest, lien, encumbrance or other restrictions other than the security interest and lien granted under Paragraph 2;

 (iii) upon the Transfer of any Eligible Collateral to the Secured Party under the terms of this Annex, the Secured Party will
have a valid and perfected first priority security interest therein (assuming that any central clearing corporation or any third-party financial intermediary or other entity not within the control of the Pledgor involved in the Transfer of that
Eligible Collateral gives the notices and takes the action required of it under applicable law for perfection of that interest); and 
 (iv) the performance by it of its obligations under this Annex will not result in the creation of any security interest, lien or other encumbrance on any Posted Collateral other than the security interest
and lien granted under Paragraph 2. 

  

					
		  	6	  	ISDA® 1994

 Paragraph 10. Expenses 
 (a) General. Except as otherwise provided in Paragraphs 10(b) and 10(c), each party will pay its own costs and expenses in connection with performing its obligations under this Annex and
neither party will be liable for any costs and expenses incurred by the other party in connection herewith. 
 (b) Posted Credit
Support. The Pledgor will promptly pay when due all taxes, assessments or charges of any nature that are imposed with respect to Posted Credit Support held by the Secured Party upon becoming aware of the same, regardless of whether any
portion of that Posted Credit Support is subsequently disposed of under Paragraph 6(c), except for those taxes, assessments and charges that result from the exercise of the Secured Party’s rights under Paragraph 6(c). 

(c) Liquidation/Application of Posted Credit Support. All reasonable costs and expenses incurred by or on behalf of the Secured Party or
the Pledgor in connection with the liquidation and/or application of any Posted Credit Support under Paragraph 8 will be payable, on demand and pursuant to the Expenses Section of this Agreement, by the Defaulting Party or, if there is no Defaulting
Party, equally by the parties. 
 Paragraph 11. Miscellaneous 
 (a) Default Interest. A Secured Party that fails to make, when due, any Transfer of Posted Collateral or the Interest Amount will be obligated to pay the Pledgor (to the extent permitted
under applicable law) an amount equal to interest at the Default Rate multiplied by the Value of the items of property that were required to be Transferred, from (and including) the date that Posted Collateral or Interest Amount was required to be
Transferred to (but excluding) the date of Transfer of that Posted Collateral or Interest Amount. This interest will be calculated on the basis of daily compounding and the actual number of days elapsed. 

(b) Further Assurances. Promptly following a demand made by a party, the other party will execute, deliver, file and record any financing
statement, specific assignment or other document and take any other action that may be necessary or desirable and reasonably requested by that party to create, preserve, perfect or validate any security interest or lien granted under Paragraph 2, to
enable that party to exercise or enforce its rights under this Annex with respect to Posted Credit Support or an Interest Amount or to effect or document a release of a security interest on Posted Collateral or an Interest Amount. 

(c) Further Protection. The Pledgor will promptly give notice to the Secured Party of, and defend against, any suit, action, proceeding or
lien that involves Posted Credit Support Transferred by the Pledgor or that could adversely affect the security interest and lien granted by it under Paragraph 2, unless that suit, action, proceeding or lien results from the exercise of the Secured
Party’s rights under Paragraph 6(c). 
 (d) Good Faith and Commercially Reasonable Manner. Performance of all obligations
under this Annex, including, but not limited to, all calculations, valuations and determinations made by either party, will be made in good faith and in a commercially reasonable manner. 
 (e) Demands and Notices. All demands and notices made by a party under this Annex will be made as specified in the Notices Section of this Agreement, except as otherwise provided in
Paragraph 13. 
 (f) Specifications of Certain Matters. Anything referred to in this Annex as being specified in Paragraph 13 also
may be specified in one or more Confirmations or other documents and this Annex will be construed accordingly. 

  

					
		  	7	  	ISDA® 1994

 Paragraph 12. Definitions  
 As used in this Annex:— 
 “Cash” means the lawful currency of the
United States of America. 
 “Credit Support Amount” has the meaning specified in Paragraph 3. 

 “Custodian” has the meaning specified in Paragraphs 6(b)(i) and 13.  

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

“Disputing Party” has the meaning specified in Paragraph 5. 
 “Distributions” means with respect to Posted Collateral other than Cash, all principal, interest and other payments and distributions of cash or other property with respect
thereto, regardless of whether the Secured Party has disposed of that Posted Collateral under Paragraph 6(c). Distributions will not include any item of property acquired by the Secured Party upon any disposition or liquidation of Posted Collateral
or, with respect to any Posted Collateral in the form of Cash, any distributions on that collateral, unless otherwise specified herein. 

“Eligible Collateral” means, with respect to a party, the items, if any, specified as such for that party in Paragraph 13.

 “Eligible Credit Support” means Eligible Collateral and Other Eligible Support. 

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

“Interest Amount” means, with respect to an Interest Period, the aggregate sum of the amounts of interest calculated for each day
in that Interest Period on the principal amount of Posted Collateral in the form of Cash held by the Secured Party on that day, determined by the Secured Party for each such day as follows: 

(x) the amount of that Cash on that day; multiplied by 
 (y) the Interest Rate in effect for that day; divided by 
 (z) 360. 

“Interest Period” means the period from (and including) the last Local Business Day on which an Interest Amount was Transferred
(or, if no Interest Amount has yet been Transferred, the Local Business Day on which Posted Collateral in the form of Cash was Transferred to or received by the Secured Party) to (but excluding) the Local Business Day on which the current Interest
Amount is to be Transferred. 
 “Interest Rate” means the rate specified in Paragraph 13. 

“Local Business Day”, unless otherwise specified in Paragraph 13, has the meaning specified in the Definitions Section of this
Agreement, except that references to a payment in clause (b) thereof will be deemed to include a Transfer under this Annex. 

  

					
		  	8	  	ISDA® 1994

 “Minimum Transfer Amount” means, with respect to a party, the amount specified as
such for that party in Paragraph 13; if no amount is specified, zero. 
 “Notification Time” has the meaning specified
in Paragraph 13. 
 “Obligations” means, with respect to a party, all present and future obligations of that party under
this Agreement and any additional obligations specified for that party in Paragraph 13. 
 “Other Eligible Support”
means, with respect to a party, the items, if any, specified as such for that party in Paragraph 13. 
 “Other Posted
Support” means all Other Eligible Support Transferred to the Secured Party that remains in effect for the benefit of that Secured Party. 
 “Pledgor” means either party, when that party (i) receives a demand for or is required to Transfer Eligible Credit Support under Paragraph 3(a) or (ii) has Transferred
Eligible Credit Support under Paragraph 3(a). 
 “Posted Collateral” means all Eligible Collateral, other property,
Distributions, and all proceeds thereof that have been Transferred to or received by the Secured Party under this Annex and not Transferred to the Pledgor pursuant to Paragraph 3(b), 4(d)(ii) or 6(d)(i) or released by the Secured Party under
Paragraph 8. Any Interest Amount or portion thereof not Transferred pursuant to Paragraph 6(d)(ii) will constitute Posted Collateral in the form of Cash. 
 “Posted Credit Support” means Posted Collateral and Other Posted Support. 

“Recalculation Date” means the Valuation Date that gives rise to the dispute under Paragraph 5; provided, however,
that if a subsequent Valuation Date occurs under Paragraph 3 prior to the resolution of the dispute, then the “Recalculation Date” means the most recent Valuation Date under Paragraph 3. 

“Resolution Time” has the meaning specified in Paragraph 13.  

“Return Amount” has the meaning specified in Paragraph 3(b). 
 “Secured Party” means either party, when that party (i) makes a demand for or is entitled to receive Eligible Credit Support under Paragraph 3(a) or (ii) holds or is
deemed to hold Posted Credit Support. 
 “Specified Condition” means, with respect to a party, any event specified as
such for that party in Paragraph 13.  
 “Substitute Credit Support” has the meaning specified in
Paragraph 4(d)(i). 
 “Substitution Date” has the meaning specified in Paragraph 4(d)(ii). 

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

  

					
		  	9	  	ISDA® 1994

 “Valuation Agent” has the meaning specified in Paragraph 13. 

“Valuation Date” means each date specified in or otherwise determined pursuant to Paragraph 13.  

“Valuation Percentage” means, for any item of Eligible Collateral, the percentage specified in Paragraph 13. 

 “Valuation Time” has the meaning specified in Paragraph 13. 

“Value” means for any Valuation Date or other date for which Value is calculated and subject to Paragraph 5 in the case of a
dispute, with respect to: 
 (i) Eligible Collateral or Posted Collateral that is: 

(A) Cash, the amount thereof; and 
 (B) a security, the bid price obtained by the Valuation Agent multiplied by the applicable Valuation Percentage, if any; 
 (ii) Posted Collateral that consists of items that are not specified as Eligible Collateral, zero; and 
 (iii) Other Eligible Support and Other Posted Support, as specified in Paragraph 13. 

  

					
		  	10	  	ISDA® 1994

 Execution Copy 
 Paragraph 13. Elections and Variables 
 (a) Security Interest for
“Obligations”. The term “Obligations” as used in this Annex means, with respect to the Pledgor, all present and future obligations of the Pledgor under this Agreement. 

(b) Credit Support Obligations. 
 (i) Delivery Amount, Return Amount and Credit Support Amount; Addition to Paragraph 3. 
 (A) “Delivery Amount” has the meaning set forth in Paragraph 3(a). 
 (B) “Return Amount” has the meaning set forth in Paragraph 3(b). 

(C) “Credit Support Amount” means for any Valuation Date (i) the Secured Party’s Exposure for that Valuation
Date plus (ii) the aggregate of all Independent Amounts applicable to the Pledgor, if any, minus (iii) the Pledgor’s Threshold, if any; provided that (x) in the case where the sum of the Independent Amounts applicable to the
Pledgor exceeds zero, the Credit Support Amount will not be less than the sum of all Independent Amounts applicable to the Pledgor and (y) in all other cases, the Credit Support Amount will be deemed to be zero whenever the calculation of the
Credit Support Amount yields an amount less than zero. 
 (ii) Eligible Collateral. The items set forth on
Schedule I hereto will qualify as “Eligible Collateral” for the party specified (with the respective Valuation Percentages set forth opposite such items in said Schedule). 

(iii) Other Eligible Support. Although the parties intend that Transactions entered into under the Confirmation dated
August 27, 2013 (the “Subject Confirmation”) shall be subject to, and interpreted and performed in accordance with, the representations and warranties made in Clause 7 of the Subject Confirmation, in the event that any
such Transaction is for any purpose deemed to be a loan made by Party A to Party B, any Reference Obligation (as defined in the Subject Confirmation) held by any Citibank Holder (as defined in the Subject Confirmation) as a hedge for any
Transaction and all proceeds thereof shall be deemed to be Other Eligible Support and Other Posted Support. 
 (iv)
Thresholds. 
 (A) “Independent Amount” means, with respect to Party B, and with regard to any
Transaction, the amount as specified in the relevant Confirmation. 
 (B) “Threshold” shall mean, with respect
to Party A, not applicable., and with respect to Party B, zero. 
 (C) “Minimum Transfer Amount” for
purposes of computing a Delivery Amount pursuant to Paragraph 3(a) and a Return Amount pursuant to Paragraph 3(b), as of any date shall be USD250,000. 
 (D) Rounding. The Delivery Amount and the Return Amount will not be rounded. 
 (c)
Valuation and Timing. 
 (i) “Valuation Agent” means the Secured Party. 

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

  
 11 

 (iii) “Valuation Time” means, with respect to the determination of
Exposure, Value of Eligible Credit Support and Posted Credit Support, the close of business on the Local Business Day immediately before the Valuation Date or date of calculation, as applicable. 

(iv) “Notification Time” means 10:00 a.m., New York time on a Valuation Date provided, however, that, notwithstanding
Paragraph 4(b), if a request for Transfer is made by the Notification Time, then the relevant Transfer shall be made not later than the close of business on such day and, if such request is received after the Notification Time, not later than the
close of business on the next Local Business Day following such request. 
 (v) Transfer Timing. Paragraph 4(b) shall be
amended by (i) replacing the word “next” appearing in the third line thereof with the word “same” and (ii) by replacing the word “second” appearing in the fifth line thereof with the word “next”.

 (d) Conditions Precedent and Secured Party’s Rights and Remedies. Each Termination Event specified below with respect to a party
will be a “Specified Condition” for that party (the specified party being the Affected Party if a Termination Event or Additional Termination Event occurs with respect to such party): 

 

					
	 	  	Party A	 	Party B
	 Illegality
	  	[   ]	 	[   ]
	 Tax Event
	  	[   ]	 	[   ]
	 Tax Event Upon Merger
	  	[   ]	 	[   ]
	 Credit Event Upon Merger
	  	[X]	 	[X]
	 Additional Termination Events specified in the Schedule to this Agreement
	  	[   ]	 	[X]

  

	(e)	Substitution. 

 (i)
“Substitution Date” has the meaning specified in Paragraph 4(d)(ii). 
 (ii) Transfer. Notwithstanding
anything to the contrary contained in Paragraph 4(d) of the Credit Support Annex, consent of the Secured Party shall be required in order that a party be permitted to Transfer Substitute Credit Support hereunder, provided, however, that such consent
shall not be unreasonably withheld or delayed. 
 (f) Dispute Resolution. 

(i) “Resolution Time” means 1:00 p.m., New York time, on the Local Business Day following the date on which notice is
given that gives rise to a dispute under Paragraph 5. 
 (ii) Value. For the purpose of Paragraphs 5(i)(C) and 5(ii), the
Value of Posted Credit Support will be calculated as follows: (A) the Value of Posted Credit Support consisting of Cash shall be the amount thereof and (B) the Value of Posted Credit Support consisting of a security shall be the sum of
(i) (x) the arithmetic mean of the mid market quotations on the relevant date of three nationally recognized principal market makers (which may include an affiliate of Party A) for such security chosen by the Valuation Agent
multiplied by the applicable Valuation Percentage or (y) if no quotations are available from such principal market makers on the relevant date, the arithmetic mean of the closing bid prices on the next preceding date multiplied by the
applicable Valuation Percentage plus (ii) the accrued interest on such security (except to the extent Transferred to a party pursuant to any applicable provision of this Agreement or included in the applicable price referred to in (i) of
this clause) as of such date. 
 (iii) Alternative. The provisions of Paragraph 5 will apply. 

  
 12 

 (g) Holding and Using Posted Collateral. 

(i) Eligibility to Hold Posted Collateral; Custodians. 
 (A) Party B’s custodian will be entitled to hold Posted Collateral Transferred to the Secured Party pursuant to Paragraph 6(b); provided that the Secured Party is not a Defaulting Party. Any
custodian selected shall be a Qualified Institution, and all Posted Collateral shall be held only in the United States. 
 (B)
Any Eligible Collateral Transferred by Party B as Pledgor shall be transferred to the Account (the “Collateral Account”) established under and as defined in the Deposit Account Control Agreement dated as of the date hereof,
among Party A (as Secured Party), Party B (as Pledgor), and Citibank, N.A. (as Custodian), and attached hereto as Exhibit I. Except as otherwise provided in such Deposit Account Control Agreement, Party B will at all times cause Party A to have
“control” (as such term is defined in Section 9-104 of the Uniform Commercial Code as in effect in the State of New York) over said Account. 
 (C) In the event that such Custodian ceases to be a Qualified Institution or Party B otherwise wishes to have another Qualified Institution serve as custodian, then such Posted Collateral shall be
Transferred to another Qualified Institution selected by Party B, subject to the entry by Party A, Party B and such successor custodian into an agreement in substantially the form of Exhibit I hereto. 

(D) “Qualified Institution” shall mean: a trust company or commercial bank (a) with trust powers, organized
under the laws of the United States of America or any state thereof, and subject to supervision or examination by federal or state authority, having a combined capital and surplus of at least $500,000,000; and (b) having general unsecured
short-term obligations rated at least “P-1” by Moody’s or “A-2” by S&P or have outstanding long term unsecured unsubordinated debt securities rated at least “Baa2” by Moody’s or “BBB” by S&P.

 (ii) Use of Posted Collateral. The provisions of Paragraph 6(c) will not apply. 

(h) Distributions and Interest Amount.  
 (i) Interest Rate. The “Interest Rate” will be not applicable. 

(ii) Transfer of Interest Amount. Not applicable. 
 (iii) Alternative to Interest Amount. The provisions of Paragraph 6(d)(ii) will not apply. 

(i) Additional Representations. 
 (i) Notwithstanding anything to the contrary contained herein, (“X”) shall be the beneficial owner, within the meaning of the U.S. tax laws, of any securities it shall Transfer as collateral to
the other party (“Y”) pursuant to the terms hereof. 
 (ii) X shall promptly provide to Y, upon written request, any
tax documentation reasonably requested by Y to allow Y to make gross interest payments to X in respect of any Posted Collateral Transferred to Y pursuant hereto. 
 (j) Other Eligible Support and Other Posted Support. 
 (i)
“Value” with respect to Other Eligible Support and Other Posted Support shall not be applicable. 

  
 13 

 (ii) “Transfer” with respect to Other Eligible Support and Other Posted
Support shall not be applicable. 
 (k) Demands and Notices.  
 All demands, specifications and notices under this Annex will be made pursuant to the Notices Section of this Annex, provided, that the address for Party A for such purposes shall be:

 Citibank, N.A. 
 Collateral Management Group 
 388 Greenwich Street, 11th Floor 

New York, NY 10013 

Telephone no. (212) 816-8090 
 Facsimile no. (212) 994-0728; 
 and the address for Party B for such purposes shall be:

 As provided in Part 4(a) of the Schedule to the Agreement 
 (l) Accounts 
 All Transfers of Cash as Eligible Collateral to Party A shall be made
to the following account: 
 Citibank, N.A. 
 ABA No.: 021-000-089 
 Account No: #36001339 

Reference: Margin Ops 
 All
Transfers of Posted Credit Support to Party B shall be made to the following account: 
 To an account at a commercial bank
located in the 
 United States of America most recently 
 identified for such purchase 
 by Party B in a notice in Party A

 (m) Other Provisions. 
 (i) Actions Hereunder. Either party may take any actions hereunder, including liquidation rights, through its Custodian or other agent. 

(ii) Events of Default. Paragraph 7(i) shall be amended and restated in its entirety as follows: “(i) that party fails (or
fails to cause its Custodian) to make, when due any Transfer of Eligible Collateral, Posted Collateral or the Interest Amount as applicable, required to be made by it and that failure continues for one Local Business Day after notice of that failure
is given to that party;” 
 (iii) Agreement as to Single Secured Party and Pledgor. Party A and Party B
agree that, notwithstanding anything to the contrary in the recital to this Annex, Paragraph 1(b) or Paragraph 2 or the definitions in Paragraph 12, (a) the term “Secured Party” as used in this Annex means only Party A,
(b) the term “Pledgor” as used in this Annex means only Party B, (c) only Party B makes the pledge and grant in Paragraph 2, the acknowledgment in the final sentence of Paragraph 8(a) and the representations in
Paragraph 9 and (d) only Party B will be required to make Transfers of Eligible Credit Support hereunder. 
 (iv)
Definitions and Inconsistency. Paragraph 1(a) shall be amended by adding the following language immediately after the last sentence of such paragraph: “In the event of any inconsistency between this Annex and a Confirmation, the
Confirmation will prevail in relation to the related Transaction or Transactions.”. 

  
 14 

 IN WITNESS WHEREOF, the parties hereto have executed this Annex as of the date first
above written. 
  

									
	CITIBANK, N.A.	 		 	ARBOR FUNDING LLC
					
	By:	 	 	 		 	By:	 	 
		 	Name:	 		 		 	Name:
		 	Title:	 		 		 	Title:

  
 Credit Support
Annex – Signature Page 

 Schedule I 

 

													
	 	  	Party A	 	  	Party B	 	  	Valuation
Percentage	 
	 Cash
	  	 	N/A	  	  	 	X	  	  	 	100	% 

 EXHIBIT 1 
 Account Control Agreement 

 Execution Version 

 
 

 
 ACCOUNT CONTROL AGREEMENT 

among 

ARBOR FUNDING LLC, as PLEDGOR 
 CITIBANK, N.A., as SECURED PARTY 
 and 

CITIBANK, N.A., as BANK 

  
 1. 

 THIS ACCOUNT CONTROL AGREEMENT (this “Agreement”), dated as of
August 27, 2013, by and among Arbor Funding LLC, a Delaware limited liability company (the “Pledgor”), Citibank, N.A., a national banking association organized and existing under the laws of the United States (in such capacity,
the “Secured Party”) and Citibank, N.A., a national banking association organized and existing under the laws of the United States (in such capacity, the “Bank”). 

WHEREAS, the Pledgor and the Secured Party have entered into a Credit Support Annex to the Schedule to an ISDA 2002 Master
Agreement (“Credit Support Annex”), dated as of August 27, 2013, pursuant to which the Pledgor has granted the Secured Party a security interest in account # 111408, a non-interest bearing account established and maintained by
the Bank for the Pledgor (the “Account”). 
 WHEREAS, the parties wish that the Bank enter into this
Agreement in order to provide for the “control” (as defined in Section 9-104(a) of the Uniform Commercial Code in effect in the State of New York (“UCC”), in the case of a deposit account or Section 8-106 of the
UCC, in the case of a security account) of the account as a means to perfect the security interest of the Secured Party. 

WHEREAS, capitalized terms used herein without definition and that are defined in Article 8 or Article 9 of the UCC shall have the
respective meanings set forth therein. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy
of which is hereby irrevocably acknowledged, the parties hereto agree as follows: 
 1. The Account. The Pledgor
and the Bank represent and warrant to, and agree with the Secured Party that: 
 (a) The Bank maintains the Account for the
Pledgor, and all property (including, without limitation, all funds and financial assets) held by the Bank for the account of the Pledgor are, and will continue to be, credited to the Account in accordance with instructions given by the Pledgor
(unless otherwise provided herein). 
 (b) To the extent that cash is credited to the Account, the Account is a deposit
account; and to the extent that financial assets (other than cash) are credited to the Account, the Account is a securities account. The Bank is (i) the bank with which the Account is maintained and (ii) the securities intermediary with
respect to financial assets held in the Account. The Pledgor is (A) the Bank’s customer with respect to the Account and (B) the entitlement holder with respect to all financial assets credited from time to time to the Account.

 (c) Notwithstanding any other agreement to the contrary, the Bank’s jurisdiction with respect to the Account for
purposes of the UCC is, and will continue to be for so long as the Secured Party’s security interest shall be in effect, the State of New York. 

  
 -1-

 (d) The Pledgor and the Bank do not know of any claim to or interest in the Account or
any property (including, without limitation, funds and financial assets) credited to the Account, except for claims and interests of the parties referred to in this Agreement. 

2. Control over Account. [CHECK ONE BOX ONLY] 
 The Bank shall comply with (a) all instructions directing disposition of the funds in the Account (b) all notifications and entitlement orders that the Bank receives directing it to transfer or
redeem any financial assets in the Account and (c) all other directions concerning the Account, including, without limitation, directions to distribute proceeds of any such transfer or redemption of interest or dividends on financial assets in
the Account (any such instruction, notification or direction referred to in clauses (a), (b) and (c) above being an “Account Direction”), in each case of clauses (a), (b) and (c) above originated by: 

(X) the Pledgor, until the time that that Bank receives a notice, substantially in the form attached hereto as Exhibit A (a
“Notice Of Exclusive Control”) from the Secured Party that the Secured Party is exercising its right to exclusive control over the Account, and after such time that the Bank receives a Notice of Exclusive Control, the Secured Party,
without further consent by the Pledgor. Until the Bank receives a Notice of Exclusive Control from the Secured Party that the Secured Party will exercise exclusive control over the Account, the Bank shall distribute to the Pledgor all interest and
cash dividends on property (including, without limitation, funds and financial assets) in the Account on a quarterly basis. If the Bank receives from the Secured Party a Notice of Exclusive Control, the Bank shall cease complying with Account
Directions of the Pledgor, and shall cease distributing to the Pledgor any interest and dividends on property (including, without limitation, funds and financial assets) in the Account. 

( ) the Secured Party. The Account shall be under the sole dominion and control of the Secured Party. None of the Pledgor, nor any other
person or entity, acting through or under the Pledgor, shall have any control over the use of, or any right to withdraw any amount from, the Account. 
 For purposes of this Agreement “Business Day” shall mean any day that the Bank is open for business. 
 3. Priority of Secured Party’s Security Interest. 
 The Bank
subordinates in favor of the Secured Party any interest, lien or right of setoff it may have, now or in the future, against the Account or assets in the Account; provided; however, that, subject to the foregoing, the Bank may set off all
amounts due to it in respect of its fees and expenses (including without limitation the payment of any legal fees or expenses) or any amounts payable pursuant to Section 4 hereof. 

  
 -2-

 4. Investment of Funds. 

(a) Funds held in the Account shall remain uninvested and no interest shall accrue thereon 

(b) The Pledgor and the Secured Party agree that the Bank shall report the distribution of any funds on Form 1099-B to the party to whom
such funds are distributed, if so required under code Section 6045 and the regulations thereunder. 
 (c) The Pledgor and
the Secured Party shall upon execution of this Agreement provide the Bank with a duly completed and properly executed original IRS Form W-9 (or applicable Form W-8, in the case of a non-U.S. person) certifying each party’s status as a
beneficial owner of the assets in the Account for federal income tax purposes. In the event the payee is not a party to this Agreement, the Pledgor or the Secured Party, as the case may be, shall provide the Bank with a duly completed and properly
executed IRS Form W-9 (or applicable Form W-8, in the case of a non-U.S. person) from such payee prior to payment being made. The parties understand that, in the event valid U.S. tax forms or other relevant forms are not provided to the Bank, the
Code may require withholding of a portion of any interest or other income earned on the investment of the Account. 
 (d) Should
the Bank become liable for the payment of taxes, including withholding taxes relating to any funds, including interest and penalties thereon, held by it pursuant to this Agreement or any payment made hereunder, the Pledgor and Secured Party agree,
jointly and severally, to reimburse the Bank for such taxes, interest and penalties upon demand. Without limiting the foregoing, the Bank shall be entitled to deduct such taxes, interest and penalties from the assets in the Account. 

(e) Citigroup, Inc., its affiliates, and its employees are not in the business of providing tax or legal advice to any taxpayer outside
of Citigroup, Inc. and its affiliates. This Agreement and any amendments or attachments are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer or for the purpose of avoiding tax penalties. Any such taxpayer
should seek advice based on the taxpayer’s particular circumstances for an independent tax advisor. 
 (f) This
Section 4 may be amended by the Bank as necessary upon notice to the Pledgor and the Secured Party to conform to tax and regulatory requirements. The Bank’s rights under this Section shall survive the termination of this Agreement or the
resignation or removal of the Bank. 
 5. Concerning the Bank. 

(a) Bank Duties. Each of the Pledgor and the Secured Party acknowledges and agrees that (i) the duties, responsibilities and
obligations of the Bank shall be limited to those expressly set forth in this Agreement, each of which is administrative or ministerial (and shall not be construed to be fiduciary in nature), and no duties, responsibilities or obligations shall be
inferred or implied, (ii) the Bank shall not be responsible for any of the agreements referred to or described herein (including without limitation the Credit Support Annex), or for determining or compelling compliance therewith, and shall not
otherwise be bound thereby, (iii) this Agreement shall constitute the entire agreement of the parties with respect to the subject matter and supersedes all prior oral or written agreements in regard thereto, (iv) the Bank shall not be
required to expend or risk any of its own funds or otherwise incur any financial or other liability in the performance of any of its duties hereunder and (v) the Bank shall not be obligated to take any legal or other action hereunder which
might in its judgment involve or cause it to incur any expense or liability unless it shall have been furnished with acceptable indemnification. 

  
 -3-

 (b) Standard of Care. The Bank shall be under no duty to afford the assets in the Account
any greater degree of care than it gives its own similar property. The Bank shall not be liable for any damage, loss or injury resulting from any action taken or omitted in the absence of gross negligence or willful misconduct (as finally
adjudicated by a court of competent jurisdiction). 
 (c) Limitation on Liability. Notwithstanding any other provision of this
Agreement, the Bank shall not be liable (i) for any indirect, incidental, consequential, punitive or special losses or damages, regardless of the form of action and whether or not any such losses or damages were foreseeable or contemplated, or
(ii) for the investment or reinvestment of any assets in the Account, or any liquidation of such investment or reinvestment, executed in accordance with the terms of this Agreement, including, without limitation, any liability for any delays
(not resulting from its gross negligence or willful misconduct as finally adjudicated by a court of competent jurisdiction) in the investment or reinvestment of the Account, any loss of interest incident to any such delays, or any loss or penalty as
a result of the liquidation of any investment before its stated maturity date. 
 (d) Reliance. The Bank shall be entitled to
rely upon any order, judgment, certification, demand, instruction, notice, instrument, consent, authorization, receipt, power of attorney, e-mail, .pdf or other writing delivered to it without being required to determine the authenticity or validity
thereof, or the correctness of any fact stated therein or the propriety or validity or the service thereof or the jurisdiction of the court issuing any judgment or order. The Bank may act in reliance upon any signature believed by it to be genuine
and may assume that any person purporting to make any statement or execute any document in connection with the provisions hereof has been duly authorized to do so. 
 (e) Consultation. The Bank may consult with counsel satisfactory to it, and the opinion or advice of such counsel shall be full and complete authorization and protection in respect of any action taken,
suffered or omitted by it in good faith and in accordance with the opinion and advice of such counsel. 
 6. Compensation,
Expense Reimbursement and Indemnification. 
 Each of the Pledgor and Secured Party covenants and agrees, jointly and
severally, to pay the Bank’s fees and expenses specified in Schedule A. Any attorney’s fees incurred in connection with the preparation and negotiation of this Agreement and any Bank acceptance fees shall be due and payable upon the
execution of this Agreement. Each of the Pledgor and Secured Party covenants and agrees, jointly and severally, to indemnify the Bank and its employees, officers, directors and agents (each, an “Indemnified Party”) for, hold each
Indemnified Party harmless from, and defend each Indemnified Party against, any and all claims, losses, actions, liabilities, costs, damages or expenses (collectively, “Losses”) of any nature incurred by any Indemnified Party
arising out of or in connection with this Agreement or with the administration of its duties hereunder, including but not limited to reasonable and documented attorney’s fees, tax liabilities (including any taxes, interest and penalties but
excluding any income tax liabilities associated with the Bank’s fees), any liabilities or damages that may result from any inaccuracy or misrepresentation made in any tax certification provided to the Bank, and other costs and expenses of
defending or preparing to defend against any claim of liability, except to the extent such Losses shall have been finally adjudicated by a court 

  
 -4-

 
of competent jurisdiction to have resulted solely from the Indemnified Party’s own gross negligence or willful misconduct. The foregoing indemnification and agreement to hold harmless shall
survive the termination of this Agreement and the resignation or removal of the Bank. 
 7. Statements, Confirmations and
Notices of Adverse Claims. 
 The Bank will send copies of all statements and confirmations for the Account
simultaneously to the Pledgor and the Secured Party. The Bank will use reasonable efforts promptly to notify the Secured Party and the Pledgor if any other person claims that it has a property interest in the Account or any financial asset in the
Account. 
 8. Exclusive Benefit. 

Except as specifically set forth in this Agreement, this Agreement is for the exclusive benefit of the parties to this
Agreement and their respective permitted successors, and shall not be deemed to give, either expressly or implicitly, any legal or equitable right, remedy, or claim to any other entity or person whatsoever. No party may assign any of its rights or
obligations under this Agreement without the prior written consent of the other parties. 
 9. Force Majeure.

 Notwithstanding anything contained in this Agreement to the contrary, the Bank shall not incur any
liability for not performing any act or fulfilling any obligation hereunder by reason of any occurrence beyond its control (including, without limitation, any provision of any present or future law or regulation or any act of any governmental
authority, any act of God or war or terrorism, or the unavailability of the Federal Reserve Bank wire services or any electronic communication facility). 
 10. Resignation and Removal. 
 (a) The Pledgor and the Secured Party
may remove the Bank at any time by giving to the Bank thirty (30) calendar days’ prior written notice of removal signed by an Authorized Person of each of the Pledgor and the Secured Party. The Bank may resign at any time by giving to each
of the Pledgor and the Secured Party thirty (30) calendar days’ prior written notice of resignation. 
 (b) Within
thirty (30) calendar days after giving the foregoing notice of removal to the Bank or within thirty (30) calendar days after receiving the foregoing notice of resignation from the Bank, the Pledgor and the Secured Party shall appoint a
successor bank and give notice of such successor bank to the Bank. If a successor bank has not accepted such appointment by the end of such (i) 30-day period, in the case of the Bank’s removal, or (ii) 30-day period, in the case of
the Bank’s resignation, the Bank 

  
 -5-

 
may either (A) safe keep the assets in the Account until a successor bank is appointed, without any obligation to invest the same or continue to perform under this Agreement, or
(B) apply to a court of competent jurisdiction for the appointment of a successor bank or for other appropriate relief. 

(c) Upon receipt of notice of the identity of the successor bank, the Bank shall either deliver the assets in the Account then held
hereunder to the successor bank, less the Bank’s fees, costs and expenses, or hold such assets in the Account (or any portion thereof) pending distribution, until all such fees, costs and expenses are paid to it. 

(d) Upon delivery of the assets in the Account to the successor bank, the Bank shall have no further duties, responsibilities or
obligations hereunder. 
 11. Governing Law; Jurisdiction; Waivers. 

(a) This Agreement and the Account (including all interests, duties and obligations with respect thereto) will be governed by the laws of
the State of New York, without giving effect to conflict laws rules or principles other than Title 14 of Article 5 of the New York General Obligations Law. The parties irrevocably and unconditionally submit to the exclusive jurisdiction of the
federal and state courts located in the Borough of Manhattan, City, County and State of New York, for any proceedings commenced regarding this Agreement, including, but not limited to, any interpleader proceeding or proceeding for the appointment of
a successor bank the Bank may commence pursuant to this Agreement. The parties irrevocably submit to the jurisdiction of such courts for the determination of all issues in such proceedings and irrevocably waive any objection to venue or inconvenient
forum for any proceeding brought in any such court. 
 (b) The parties irrevocably and unconditionally waive, to the fullest
extent permitted by law, and agree not to plead or claim, any right of immunity from legal action, suit or proceeding, from setoff or counterclaim, from the jurisdiction of any court, from service of process, from attachment upon or prior to
judgment, from attachment in aid of execution of judgment, from execution of judgment, or from any other legal process or proceeding for the giving of any relief or for the enforcement of any judgment, and consent to such relief and enforcement
against it, its assets and its revenues in any jurisdiction, in each case with respect to any matter arising out of, or in connection with, this Agreement. 
 (c) The parties irrevocably and unconditionally waive any right to trial by jury with respect to any proceeding relating to this Agreement. 

12. Instructions, Verification, Communications. 
 (a) All instructions required under this Agreement shall be delivered to the Bank in writing, in English, and may be delivered to the Bank by facsimile or by e-mail and, if so requested by the Bank, by an
original, executed by an Authorized Person of each of the Pledgor or Secured Party, as applicable. The identity of such Authorized Persons, as well as their specimen signature, title, telephone number and e-mail address, shall be delivered to the
Bank in the list of authorized signers form as set forth on 

  
 -6-

 
Schedule B and shall remain in effect until the applicable party, notifies Bank of any change thereto (the person(s) so designated from time to time, the “Authorized
Persons”). The Bank, Pledgor and Secured Party agree that the above constitutes a commercially reasonable security procedure and further agree not to comply with any direction or instruction (other than those contained herein or delivered
in accordance with this Agreement) from any party. 
 (b) In the event funds transfer instructions are given, whether in
writing, by facsimile, .pdf, e-mail, or otherwise, such funds transfer instructions should contain a selected test word also evidenced on Schedule B. Test words must contain at least 8 alphanumeric characters, established at document
execution. In addition or in lieu of test words, the Bank is authorized to seek confirmation of such instructions by telephone call back to the applicable person(s) set forth on Schedule B and the Bank may rely upon the confirmations of
anyone purporting to be the person(s) so designated. To ensure the accuracy of the instructions it receives, the Bank may record such call backs. If the Bank is unable to verify the instruction, or is not satisfied in its sole discretion with the
verification it receives, it will not execute the instruction until all issues have been resolved to its satisfaction. The persons and telephone numbers for call backs may be changed only in writing, signed by an Authorized Person, actually received
and acknowledged by the Bank. The Pledgor and Secured Party acknowledge that these security procedures for funds transfers are commercially reasonable. 
 (c) To help the U.S. government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies
each person who opens an account. When an account is opened, the Bank will ask for information that will allow the Bank to identify relevant parties. The Pledgor and Secured Party hereby acknowledge such information disclosure requirements and agree
to comply with all such information disclosure requests from time to time from the Bank. 
 (d) In accordance with the Unlawful
Internet Gambling Act (the “Act”), the Pledgor and the Secured Party may not use the Account or other Bank facilities in the United States to process ‘restricted transactions’ as such term is defined in 31 CFR
Section 132.2(y). Therefore, neither the Pledgor, the Secured Party nor any person who has an ownership interest in or control over the Account may use it to process or facilitate payments for prohibited internet gambling transactions. For more
information about the Act, including the types of transactions that are prohibited, please refer to the following link: http://www.federalreserve.gov/NEWSEVENTS/PRESS/BCREG/20081112B.HTM. 

(e) Notwithstanding anything to the contrary herein, any and all e-mail communications (both text and attachments) by or from the Bank
that the Bank deems to contain confidential, proprietary, and/or sensitive information shall be encrypted. The recipient (the “E-mail Recipient”) of the encrypted email communication will be required to complete a registration
process. Instructions on how to register and/or retrieve an encrypted message will be included in the first secure email sent by the Bank to the E-mail Recipient. Additional information and assistance on using the encryption technology can be found
at Citibank’s Secure E-mail website at www.citi.com/citi/citizen/privacy/email.htm or by calling (866) 535-2504 (in the U.S.) or (904) 954-6181 (outside the U.S.). 

  
 -7-

 (f) The provisions of this Section 12(a)-(e) may be amended by the Bank
unilaterally upon notice to the Pledgor and Secured Party. 
 13. Amendments. 

Except as specifically set forth in this Agreement, any amendment of this Agreement shall be binding only if evidenced by a writing
signed by each of the parties to this Agreement. 
 14. Severability. 

The invalidity, illegality or unenforceability of any provision of this Agreement shall in no way affect the validity, legality or
enforceability of any other provision. If any provision of this Agreement is held to be unenforceable as a matter of law, the other provisions shall not be affected thereby and shall remain in full force and effect. 

15. Mergers and Conversions. 
 Any corporation or entity into which the Bank may be merged or converted or with which it may be consolidated, or any corporation or entity resulting from any merger, conversion or consolidation to which
the Bank will be a party, or any corporation or entity succeeding to the business of the Bank will be the successor of the Bank hereunder without the execution or filing of any paper with any party hereto or any further act on the part of any of the
parties hereto except where an instrument of transfer or assignment is required by law to effect such succession, anything herein to the contrary notwithstanding. 
 16. Notices; Wiring Instructions. 
 (a) Any notice permitted or required hereunder
shall be in writing in English, and shall be sent (i) by personal, overnight delivery by a recognized courier or delivery service, (ii) by registered or certified mail, return receipt requested, postage prepaid, (iii) by confirmed
facsimile or (iv) by e-mail, in each case addressed to the address and person(s) designated below their respective signature hereto (or to such other address as any such party may hereafter designate by written notice to the other parties).
Notices to the Bank shall only be deemed given upon actual receipt by the Bank. 

  
 -8-

 (b) Any funds to be paid to or by the Bank hereunder shall be sent by wire transfer pursuant to the
following instructions (or by such method of payment and pursuant to such instruction as may have been given in advance and in writing to or by the Bank, as the case may be, in accordance with Section 16(a) above): 

If to the Pledgor: 
  

					
		 	Receiving Bank Name:	  	State Street Bank and Trust Co. NA Boston
		 	Receiving Bank BIC Code:	  	SBOSUS33XXX
		 	Receiving Bank ABA:	  	011000028
		 	Beneficiary Account Number:	  	10246080
		 	Beneficiary Account Name:	  	Sierra Income Corporation—MCXC
		 	Memo:	  	Arbor Funding LLC
		
		 	If to the Secured Party:
		
		 	 Citibank, N.A.
 ABA
No.: 021-000-089
 Account No: #36001339

		 	Reference: Margin Ops
		
		 	If to the Bank:
		
		 	CITIBANK, N.A., New York, NY
		
		 	ABA: 0210-0008-9
		 	Account Name: Structured Finance Incoming Wire
		 	A/C No.: 3617-2242
		 	Ref: 111408—Arbor Funding LLC

 17. Counterparts. 
 This Agreement may be executed in any number of counterparts, all of which will constitute one and the same instrument, and any party hereto may execute this agreement by signing and delivering one or
more counterparts. Facsimile or .pdf signatures on counterparts of this Agreement shall be deemed original signatures with all rights accruing thereto except in respect to any Non-US entity, whereby originals are required. 

18. Use of Name. 
 No printed or other material in any language, including prospectuses, notices, reports, and promotional material which mentions “Citibank”, “Citigroup” or “Citi” by name or
the rights, powers, or duties of the Bank under this Agreement shall be issued by either the Pledgor or Secured Party hereto, or on such party’s behalf, without the prior written consent of the Bank. 

  
 -9-

 19. Termination. 

This Agreement shall terminate upon receipt by the Bank of notice from the Secured Party that its security interest in the Account and
all assets therein have terminated. Upon receipt of such notice, the Secured Party shall have no further right to originate instructions with respect to the assets in the Account. The Bank shall, upon payment of all outstanding fees and expenses
hereunder, promptly forward any amounts held by the Bank in the Account to the Pledgor, and the Bank shall be relieved and discharged of any further responsibilities with respect to its duties hereunder. 

  
 -10-

 IN WITNESS WHEREOF, each of the parties has caused this Agreement to be executed by a duly
authorized representative as of the day and year first written above. 
  

			
	 CITIBANK, N.A.,
 as Bank

		
	By:	 	 
		 	Name:
		 	Title:
		 	Date:
	
	Notice to:
	Citibank, N.A.
	Agency & Trust
	388 Greenwich Street, 14th Floor
	New York, NY 10013
	Attn.: Thomas Varcados
	Phone: (713) 693-6674
	Facsimile:(973) 461-7191 or (973) 461-7192
	
	ARBOR FUNDING LLC
		
	By:	 	 
		 	Name:
		 	Title:
		 	Date:
	
	Notice to:
	Arbor Funding LLC
	c/o Sierra Income Corporation
	375 Park Avenue
	Suite 3304
	New York, New York 10152
	Attn.: Richard Allorto
	Phone: (646) 465-7898
	Facsimile: (212) 759-0777
	Email: rallorto@medleycapital.com
	
	And
	
	Attn: Steve Henke
	Phone: (646) 465-8405
	Fax: (212) 759-0777
	Email: shenke@medleycapital.com

  
 -11-

 
			
	CITIBANK, N.A.,
		
	By:	 	 
		 	Name:
		 	Title:
		 	Date:
	
	Notice to:
	
	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 (which shall not constitute notice)::
	
	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

 List of Exhibits and Schedules 

 

			
	Exhibit A:	  	Form of Notice of Exclusive Control
	Schedule A:	  	Bank Fee Schedule
	Schedule B:	  	Authorized List of Signers

  
 -12-

 EXHIBIT A 
 FORM OF NOTICE OF EXLUSIVE CONTROL 
 VIA FACSIMILE: (973) 461-7191 OR
(973) 461-7192 
 [Account Officer Name/Title] 
 Citibank, N.A. Agency & Trust 
 388 Greenwich Street, 14th Floor 
 New York, New York 10013 
 Pursuant to the Account Control Agreement dated August
        , 2013, among Arbor Funding LLC (the “Pledgor”), Citibank, N.A. (in such capacity, the “Secured Party”), and Citibank, N.A. (in such capacity, the
“Bank”), we hereby instruct you of the following: 
 The Secured Party hereby notifies you that (i) a
default has occurred and is continuing under the ISDA 2002 Master Agreement dated as of August 27, 2013, between the Pledgor and the Secured Party and (ii) from and after the receipt of this notice until you receive further instruction
from Secured Party, you are hereby directed to retain and hold all funds in the Account and not to [invest or] disburse the same to any party whatsoever, other than as instructed by the Secured Party. 

 

			
	Citibank, N.A.
	as Secured Party
		
	By:	 	 
		 	Name:
		 	Title:
		 	Date:

 SCHEDULE A 
 BANK FEE SCHEDULE 
 Acceptance Fee: 

To cover the acceptance of Account Bank appointment, the review of the agreement and supporting documents submitted in connection with the execution and
delivery thereof, communication with other members of the working group: 
 $Waived 

Annual Account Bank Administration Fee: 
 To cover maintenance of the account including safekeeping of assets, normal administrative functions per the Account Control Agreement, follow-up of the agreement’s provisions, and any other duties
required by the agent under the terms of the agreement: 
 $6,000 per annum – waived if funds held uninvested

 Legal Fee 
 To
cover review of the Account Control Agreement, and related legal documents by Citibank’s outside counsel on behalf of Citibank Agency & Trust: 
 AT COST (IF APPLICABLE) 
 Schedule Assumptions 

 

	 	•	 	 Deposits will be made on an ongoing basis and amounts received will be held uninvested. 

 

	 	•	 	 Funds will be released upon direction pursuant to the ACA. 

 

	 	•	 	 Governed under New York Law. 

  

	 	•	 	 Should funds be invested, funds will be invested in an Institutional Money Market fund from a list of providers we will supply/have supplied to you.
These fund distributors may provide Citibank with Shareholder Servicing fees in addition to the fees being directly billed to you by Citibank. These fees are discussed in the funds prospectus, which will be delivered to you prior to investment. If
an investment other than the list of funds on the attached is chosen, an investment fee of 25 basis points will be assessed based upon the average balance of the account for the duration of the agent appointment. 

The above schedule of fees does not include charges for out-of-pocket expenses or for any services of an extraordinary nature that we or our legal
counsel may be called upon from time to time to perform in either an agency or fiduciary capacity, nor does it include the fees of our legal counsel. Fees are also subject to satisfactory review of the documentation, and we reserve the right to
modify them should the characteristics of the transaction change. Our participation in this transaction is subject to internal approval. The Acceptance Fee is payable upon execution of this document. The Annual Fees will be billed annually in
advance. Should this schedule of fees be accepted and agreed upon and work commenced on this transaction but subsequently halted, the Acceptance Fee and legal fees incurred, if any, will still be payable in full. This Fee Schedule is offered for,
and applicable to the transaction cited on page one only, and is guaranteed for sixty days from the date 

 
on this proposal. After sixty days, this offer can be extended in writing only. To help the US government fight terrorism and money laundering, Federal law requires us to obtain, verify and
record information that identifies each business or entity that opens an account or establishes a relationship. What this means for you: when you open an account or establish a relationship, we will ask for your business name, a street address and a
tax identification number, that Federal law requires us to obtain. We appreciate your cooperation. 
 Internet Gambling Disclosure

 In accordance with the Unlawful Internet Gambling Act (the “Act”), Citibank, N.A. accounts or other Citibank, N.A.
facilities in the United States may not be used to process “restricted transactions” as such term is defined in U.S. 31 CFR Section 132.2(y). 

 SCHEDULE B 
 AUTHORIZED LIST OF SIGNERS 
 This form supplements the Agreement and related documents and
applies to instructions given by facsimile (or e-mail with .pdf attachment) for securities or funds transfers and for other purposes under the Agreement. In giving any facsimile (or e-mail with .pdf attachment) instruction as specified in the
Agreement the Pledgor and Secured Party acknowledge that facsimile (or e-mail with .pdf attachment) present a high degree of risk or error, security and privacy. Nevertheless the Pledgor and Secured Party wish to use facsimile (or e-mail with .pdf
attachment) as a means of instruction. The Pledgor and Secured Party designate below the individuals who are authorized to initiate transfers or other instructions by facsimile (or e-mail with .pdf attachment) on behalf of the Pledgor and Secured
Party and select the security procedures specified herein. The Pledgor and Secured Party accept the associated risks of unauthorized or erroneous instructions and agree to be bound by such instructions whether or not actually authorized by the
Pledgor and Secured Party, provided the Bank has complied with the stated security procedure. The Pledgor and Secured Party are responsible for keeping confidential the contents of this Schedule B. The Pledgor and Secured Party should be careful in
completing this Schedule B as it may be rejected if it contains erasures or white outs. 
  ̈
New              ̈ Addition            
 ̈ Supersede 
 [ARBOR FUNDING LLC][CITIBANK, N.A.] 

 

							
		 		 		 	Specimen Signature
	 Name
	 	 	 		 	 
	 Title
	 	 	 		 	 
	 Phone
	 	 	 		 	 
	 E-mail Address        
	 	 	 		 	 
		 		 		 	
	 Name
	 	 	 		 	 
	 Title
	 	 	 		 	 
	 Phone
	 	 	 		 	 
	 E-mail Address
	 	 	 		 	 
		 		 		 	
	 Name
	 	 	 		 	 
	 Title
	 	 	 		 	 
	 Phone
	 	 	 		 	 
	 E-mail Address
	 	 	 		 	 

 Where applicable, the Bank will confirm the instructions received by return call to one of the telephone numbers listed
below. 
  

			
	 Telephone Number (including Country code)
	  	 Name

		  	
	  
	  	  

		  	
	  
	  	  

		  	
	  
	  	  

 Test Word 
 Test Words must contain at least 8 alphanumeric characters, and should be established at document execution and changed each time the List of Authorized Signers/Approvers is updated. All instructions
should clearly display the Test Word, which may be used in lieu of a callback to confirm the authenticity of the instruction. However, Bank reserves the right to perform the callback in addition to the Test Word if circumstances warrant.

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