Document:

EX-10.1

 Exhibit 10.1 

Execution Copy 
  

 
  

COLLATERAL AGREEMENT 
 made by

 SITKA HOLDINGS, LLC, 
 in
favor of 
 THE BANK OF NEW YORK MELLON 

as Note Collateral Agent and Trustee 

DATED AS OF July 6, 2021 
  

 
  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	 ARTICLE I
	  

	 DEFINED TERMS
	  

	 Section 1.1
	 	Definitions	  	 	1	 
	 Section 1.2
	 	Other Definitional Provisions	  	 	3	 
	
	 ARTICLE II
	  

	
	 GRANT OF SECURITY INTEREST
	  

			
	 Section 2.1
	 	Grant	  	 	4	 
	 Section 2.2
	 	Excluded Assets	  	 	5	 
	 Section 2.3
	 	Establishment of the Sitka Ambac Note Proceeds Collateral Account	  	 	5	 
	
	 ARTICLE III
	  

	
	 REPRESENTATIONS AND WARRANTIES
	  

			
	 Section 3.1
	 	Representations and Warranties of the Company	  	 	6	 
	
	 ARTICLE IV
	  

	
	 COVENANTS
	  

			
	 Section 4.1
	 	Covenants of the Company	  	 	8	 
	
	 ARTICLE V
	  

	
	 REMEDIAL PROVISIONS
	  

			
	 Section 5.1
	 	Proceeds to Be Turned Over to Note Collateral Agent	  	 	11	 
	 Section 5.2
	 	Application of Proceeds	  	 	11	 
	 Section 5.3
	 	Code and Other Remedies	  	 	11	 
	 Section 5.4
	 	Waiver; Deficiency	  	 	12	 
	 Section 5.5
	 	Control of RMBS Litigation	  	 	12	 
	 ARTICLE VI
	  

	
	 THE NOTE COLLATERAL AGENT
	  

			
	 Section 6.1
	 	Duty of Note Collateral Agent	  	 	13	 
	 Section 6.2
	 	Financing Statements	  	 	13	 

  
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	 Section 6.3
	 	 Custody and Related Services
	  	 	14	 
	 Section 6.4
	 	 Authority of Note Collateral Agent
	  	 	15	 
	 Section 6.5
	 	 Rights of the Note Collateral Agent
	  	 	15	 
	 Section 6.6
	 	 Power of Attorney
	  	 	15	 
	
	 ARTICLE VII
	  

	
	 MISCELLANEOUS
	  

			
	 Section 7.1
	 	 Amendments in Writing
	  	 	16	 
	 Section 7.2
	 	 Notices
	  	 	16	 
	 Section 7.3
	 	 No Waiver by Course of Conduct; Cumulative Remedies
	  	 	16	 
	 Section 7.4
	 	 Successors and Assigns
	  	 	16	 
	 Section 7.5
	 	 Counterparts
	  	 	16	 
	 Section 7.6
	 	 Severability
	  	 	16	 
	 Section 7.7
	 	 Section Headings
	  	 	17	 
	 Section 7.8
	 	 Integration
	  	 	17	 
	 Section 7.9
	 	 GOVERNING LAW
	  	 	17	 
	 Section 7.10
	 	 Submission to Jurisdiction; Waivers
	  	 	17	 
	 Section 7.11
	 	 Acknowledgments.
	  	 	18	 
	 Section 7.12
	 	 WAIVER OF JURY TRIAL
	  	 	18	 
	 Section 7.13
	 	 Releases
	  	 	18	 

 SCHEDULES 
  

	 	1	 Notice Addresses of the Company 

	 	2	 Perfection Matters 

	 	3	 Commercial Tort Claims 

  
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 COLLATERAL AGREEMENT 

COLLATERAL AGREEMENT, dated as of July 6, 2021, between Sitka Holdings, LLC, a limited liability company formed under the laws of the
Cayman Islands (the “Company”), and The Bank of New York Mellon, as Trustee and Note Collateral Agent (in such capacity, and together with its successors and assigns in such capacity, the “Note Collateral Agent”)
for the Secured Parties (as such term is defined herein). 
 W I T N E S S E T H: 

WHEREAS, pursuant to that certain Indenture, dated as of July 6, 2021 (as amended, amended and restated, waived, supplemented or
otherwise modified from time to time, together with any agreement extending the maturity of, or restructuring, refunding, refinancing or increasing the Indebtedness under such agreement or successor agreements, the “Indenture”),
between the Company, and The Bank of New York Mellon, as trustee and note collateral agent on behalf of the Holders, the Company has issued Floating Rate Senior Secured Notes Due 2026 in an aggregate principal amount of $1,175 million (together
with any notes issued in respect thereof pursuant to Sections 304, 305, 306, 312(c), 312(d) or 1008 of the Indenture, the “Notes”) upon the terms and subject to the conditions set forth therein; and 

WHEREAS, in accordance with the terms of the Indenture, the Company shall execute and deliver this Agreement to the Note Collateral Agent for
the benefit of the Secured Parties. 
 NOW, THEREFORE, in consideration of the premises and to induce the Trustee and Note Collateral Agent
to enter into the Indenture on the Issue Date and to induce the Holders to purchase the Notes issued on the Issue Date, and in consideration of other valuable consideration (which receipt is hereby acknowledged), the Company hereby agrees with the
Note Collateral Agent, for the benefit of the Secured Parties, as follows: 
 ARTICLE I 

DEFINED TERMS 
 Section 1.1
Definitions. 
 (a) Unless otherwise defined herein, terms defined in the Indenture and used herein shall have the meanings given to
them in the Indenture, and the following terms that are defined in the Code (as in effect on the date hereof) are used herein as so defined: account debtor, accounts, chattel paper, commercial tort claims, deposit accounts, documents, electronic
chattel paper, general intangibles, goods, instruments, investment property, letter-of-credit rights, letters of credit, money, proceeds and securities account. 

(b) The following terms shall have the following meanings: 

“AAC”: Ambac Assurance Corporation, a Wisconsin-domiciled insurance company. 

“Agreement”: this Collateral Agreement. 

 “Charged Property” as defined in the English Share Charge. 

“Code”: the Uniform Commercial Code as from time to time in effect in the State of New York; provided, however,
that, at any time, if by reason of mandatory provisions of law, any or all of the perfection or priority of the Collateral Agent’s and the Secured Parties’ security interest in any item or portion of the Collateral is governed by the
Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the term “Code” shall mean the Uniform Commercial Code as in effect, at such time, in such other jurisdiction for purposes of the provisions hereof
relating to such perfection or priority and for purposes of definitions relating to such provisions. 
 “Collateral”: as
defined in Section 2.1. 
 “Company”: as defined in the Preamble hereto. 

“Contracts”: all contracts, agreements, instruments and indentures in any form and portions thereof, to which the Company is
a party or under which the Company or any property of the Company is subject, as the same may from time to time be amended, supplemented, waived or otherwise modified, including (i) all rights of the Company to receive moneys due and to
become due to it thereunder or in connection therewith, (ii) all rights of the Company to damages arising thereunder and (iii) all rights of the Company to perform and to exercise all remedies thereunder. 

“English Share Charge” that certain Share Charge, dated the date hereof, by AAC, as chargor, in favor of the Company, as
noteholder. 
 “Excluded Assets”: as defined in Section 2.2. 

“Governmental Authority”: the government of the United States or any other nation, or of any political subdivision thereof,
whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to
government (including any supranational bodies such as the European Union or the European Central Bank). 
 “Indenture”: as
defined in the recitals hereto. 
 “Note Collateral Agent”: as defined in the Preamble hereto. 

“Note Documents”: the collective reference to the Indenture, the Notes, this Agreement, and the other Note Security
Documents, as the same may be amended, restated, supplemented, waived, modified, replaced and/or refinanced from time to time in accordance with the terms hereof and Article IX of the Indenture. 

“Notes”: as defined in the recitals hereto. 

  
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 “Obligations”: the collective reference to: all obligations and liabilities
of the Company in respect of the unpaid principal of and interest on (including interest and fees (if any) accruing after the maturity of the Notes and interest and fees (if any) accruing after the filing of any petition in bankruptcy, or the
commencement of any insolvency, reorganization or like proceeding, relating to the Company, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) the Notes and all other obligations and liabilities of the
Company to the Secured Parties, whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection with, the Indenture, the Notes or the other Note
Documents entered into or any other document made, delivered or given in connection therewith, in each case whether on account of principal, interest, reimbursement obligations, amounts payable in connection with any such agreement or a termination
of any transaction entered into pursuant to any such agreement, fees, indemnities, costs, expenses or otherwise (including all reasonable and documented out-of-pocket
fees, expenses and disbursements of counsel to the Trustee or Note Collateral Agent that are required to be paid by the Company pursuant to the terms of the Indenture or any other Note Document). 

“Permitted Liens”: (1) Liens securing the Obligations of the Company, (2) Liens for taxes not yet due and payable or
which are being contested in good faith by appropriate proceedings and for which adequate reserves have been established on the financial statements of the Company in accordance with GAAP, as applicable, (3) statutory Liens of landlords,
(4) Liens arising by operation of law in favor of carriers, warehousemen, mechanics, materialmen and repairmen incurred in the ordinary course of business consistent with past practice in respect of obligations and (5) Liens arising by
operation of law in favor of the Company’s attorneys, which the Company is undertaking in good faith to discharge. 

“Person”: any individual, corporation, partnership, joint venture, association, joint stock company, limited liability
company, trust, unincorporated organization, Governmental Authority or any other entity. 
 “Secured Parties”: the
collective reference to the Trustee, the Note Collateral Agent, the Paying Agent, the Holders and the holders of any other Note Obligations, and each of their respective successors and assigns and their permitted transferees and endorsees. 

“Sitka Ambac Note Proceeds Collateral Account”: as defined in Section 2.3. 

“Taxes”: as defined in Section 6.3(b). 

Other Definitional Provisions. 

(c) Section 103 of the Indenture shall apply herein mutatis mutandis. The words “hereof”, “herein”,
“hereto” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section, subsection, Schedule and Annex
references are to this Agreement unless otherwise specified. The words “include”, “includes”, and “including” shall be deemed to be followed by the phrase “without limitation”. Unless otherwise expressly
provided herein, any definition of or reference to any agreement (including this Agreement and the other Note Documents), instrument or other document herein shall be construed as referring to such agreement, instrument or other document as amended,
restated, supplemented, waived or otherwise modified from time to time (subject to any restrictions on such amendments, restatements, supplements, waivers or modifications set forth herein). 

  
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 (d) The meanings given to terms defined herein shall be equally applicable to both the
singular and plural forms of such terms. 
 (e) All references in this Agreement to any of the property described in the definition of the
term “Collateral” or to any proceeds thereof, shall be deemed to be references thereto only to the extent the same constitute Collateral. 

ARTICLE II 
 GRANT OF SECURITY
INTEREST 
 Section 2.1 Grant. The Company hereby grants, to the Note Collateral Agent, for the benefit of the Secured Parties,
a security interest in all of the Collateral of the Company, as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations of the Company, except
as provided in Section 2.2. The grant of a security interest in the Collateral shall be, and is intended by the parties hereto to be, effective and respected in any liquidation or
wind-up proceeding of the Company. The term “Collateral” means all right, title and interest of the Company in the following property (wherever located) whether now owned or at any time
hereafter acquired by the Company or in which the Company now has or at any time in the future may acquire any right, title or interest (but excluding the Excluded Assets): 

(a) the Ambac Note, all agreements and instruments related thereto and all rights in respect to the foregoing. 

(b) all accounts; 

(c) all money (including all cash); 

(d) all chattel paper; 

(e) all Contracts (including the English Share Charge and the Tier I Proceeds Collateral Account Control Agreement); 

(f) all deposit accounts, including the Sitka Ambac Note Proceeds Collateral Account; 

(g) all documents; 

(h) all goods (including all equipment and inventory); 

(i) all general intangibles (including all intellectual property); 

(j) all instruments; 

  
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 (k) all investment property; 

(l) all letters of credit and letter-of-credit
rights; 
 (m) all commercial tort claims described on Schedule 3; 

(n) all books and records pertaining to any of the foregoing; and 

(o) to the extent not otherwise included, all proceeds, accessions and products of any and all of the foregoing and all
collateral security and guarantees given by any Person with respect to any of the foregoing. 
 Section 2.2 Excluded Assets. No
security interest is or will be granted pursuant to this Agreement or any other Note Security Document in any right, title or interest of the Company under or in, and “Collateral” shall not include (the following, the “Excluded
Assets”) any assets over which the granting of such a security interest in such assets by the Company would be prohibited by any contract permitted under the Indenture and binding on and relating to such asset at the time of its acquisition
and not incurred in contemplation thereof, applicable law, regulation, permit, order or decree or the organizational or joint venture documents of any non-wholly owned Subsidiary (including permitted liens,
leases and licenses), or requires a consent (to the extent that, with respect to any assets that would otherwise constitute Collateral, the Company has sought such consent using commercially reasonable efforts) of any Governmental Authority that has
not been obtained (in each case after giving effect to the applicable anti-assignment provisions of the Code to the extent that the assignment of which is expressly deemed effective under the Code notwithstanding such prohibition); provided
that, notwithstanding the foregoing, Excluded Assets shall not include (and the Collateral shall include, subject to the other provisions contained in the Indenture and Note Security Documents and transfers of Collateral permitted therein) the Ambac
Note, the English Share Charge, the Tier I Proceeds Collateral Account Control Agreement and all agreements and instruments related thereto, all rights in respect to the foregoing, all proceeds, accessions and products of the foregoing and all
collateral security and guarantees given by any Person with respect to any of the foregoing. 
 Section 2.3 Establishment of the
Sitka Ambac Note Proceeds Collateral Account . The Note Collateral Agent shall establish a single, segregated non-interest bearing deposit account in the State of New York and in the name of the Company
which shall be designated as the “Sitka Ambac Note Proceeds Collateral Account”. For the purposes of Article 9 of the Uniform Commercial Code, the “bank’s jurisdiction” of the Note Collateral Agent shall be the State
of New York. The proceeds of any redemption of the Ambac Note shall be deposited in the Sitka Ambac Note Proceeds Collateral Account. The only permitted withdrawal or application of funds on deposit in, or otherwise to the credit of, the Sitka Ambac
Note Proceeds Collateral Account prior to the payment in full of the Obligations, shall be to redeem the Notes in accordance with the Indenture. 

  
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 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

Section 3.1 Representations and Warranties of the Company. The Company hereby represents and warrants to the Note Collateral Agent
on the date hereof that: 
 3.1.1 Title; No Other Liens. Except for the security interests granted to the Note
Collateral Agent for the benefit of the Secured Parties pursuant to this Agreement and Permitted Liens, the Company owns each item of the Collateral free and clear of any and all Liens securing Indebtedness. To the knowledge of the Company after due
inquiry, no currently effective financing statement or other similar public notice with respect to any Lien securing Indebtedness on all or any part of the Collateral is on file or of record in any public office in the United States of America, any
state, territory or dependency thereof or the District of Columbia, except, in each case, such as have been filed in favor of the Note Collateral Agent for the benefit of the Secured Parties pursuant to this Agreement or as relate to Permitted Liens
or Liens for which termination statements will be duly filed on the Issue Date. 
 3.1.2 Perfected First Priority
Liens. 
 (a) This Agreement is effective to create, as collateral security for the Obligations of the Company, valid and
enforceable Liens on the Collateral in favor of the Note Collateral Agent for the benefit of the Secured Parties, except as to enforcement, as may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and
other similar laws relating to or affecting creditors’ rights generally, general equitable principles (whether considered in a proceeding in equity or at law) and an implied covenant of good faith and fair dealing. 

(b) Except with regard to any rights in favor of the United States government as required by law (if any), (i) upon the
completion of the filings listed on Schedule 2, the Liens created pursuant to this Agreement will constitute valid Liens on and (to the extent provided herein and excluding any commercial tort claims which cannot be perfected by a generic filing
under the Code) perfected security interests in the Collateral in favor of the Note Collateral Agent for the benefit of the Secured Parties and (ii) the Liens created pursuant to this Agreement in the Sitka Ambac Note Proceeds Collateral
Account will constitute valid Liens on and security interests in such Collateral in favor of the Note Collateral Agent for the benefit of the Secured Parties which Lien and security interest is perfected by Control (as defined in Section 9-104 of the Code), and, in each case, will be prior to all other Liens (other than any Permitted Liens) of all other Persons securing Indebtedness and enforceable as such as against all other Persons,
except as to enforcement, as may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally, general equitable principles
(whether considered in a proceeding in equity or at law) and an implied covenant of good faith and fair dealing. 

  
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 3.1.3 Jurisdiction of Organization. On the date hereof, (i) the
Company’s jurisdiction of organization, formation or registration is the Cayman Islands and (ii) the Company’s location (as determined by Section 9-307 of the Code) is the Cayman Islands.

 3.1.4 Good Standing of the Company. The Company has been duly incorporated or organized (as applicable) and is
validly existing as a corporation or a limited liability company (as applicable) in good standing under the laws of the jurisdiction in which it is chartered, formed, registered or organized, with power and authority (corporate or otherwise) to own,
lease and operate its properties and conduct its business and to enter into and perform its obligations under the Note Documents to which it is a party; and the Company has no business or operations in any other jurisdiction other than those
conducted for the purpose described in Section 404 of the Indenture. 
 3.1.5 Note Documents The Note Documents
to which the Company is a party have been duly authorized by the Company, and when executed and delivered by the Company (assuming due authorization, execution and delivery by the counterparties thereto, as applicable), will be duly executed and
delivered by the Company and will constitute a valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar
laws relating to or affecting creditors’ rights generally and except as enforcement thereof is subject to general principles of equity (regardless of whether enforcement is considered in a proceeding in equity or at law). 

3.1.6 Absence of Existing Defaults and Conflicts. The Company is not in violation of its charter or by-laws or comparable constituting documents or in default (or with the giving of notice or lapse of time would be in default) under any existing obligation, agreement, covenant or condition contained in any
indenture, loan agreement, mortgage, lease or other agreement or instrument to which it is a party or by which it is bound or to which any of its properties is subject, except such defaults that would not, individually or in the aggregate, be
reasonably likely to materially and adversely affect the ability of the Company to perform its obligations under the Note Documents to which it is a party. 

3.1.7 Absence of Defaults and Conflicts Resulting from Transaction. The execution, delivery and performance of the Note
Documents to which the Company is a party, including the issuance of Notes contemplated thereby, and compliance with the terms and provisions hereof and thereof, will not violate, conflict with, result in a breach of, or constitute a default (or an
event which with the giving of notice or the lapse of time or both would be reasonably likely to constitute a default) under (a) the charter, articles, limited liability company agreement, by-laws or
comparable constituting documents of the Company (other than any violation of or conflict with any such charter, articles, limited liability company agreement, by-laws or comparable constituting documents that
would not, individually or in the aggregate with all such other violations or conflicts, be reasonably likely to materially and adversely affect the ability of the Company to perform its obligations under the Note Documents), (b) any order, law,
treaty, rule, regulation, judgment or determination applicable to the Company of any court, governmental agency 

  
 7 

 
or body (including, without limitation, any insurance regulatory agency or body) or arbitrator having jurisdiction over the Company (other than any violation of or conflict with any such order,
law, treaty, rule, regulation, judgment or determination that would not, individually or in the aggregate with all such other violations or conflicts, be reasonably likely to materially and adversely affect the ability of the Company to perform its
obligations under the Note Documents to which it is a party) or (c) the terms of any bond, debenture, note, other evidence of indebtedness, agreement, indenture, lease or other instrument to which the Company is a party or by which it is bound
or by which any of its properties is subject, or result in the creation or imposition of any lien, charge or encumbrance upon any of the assets of the Company pursuant to the terms of any such bond, debenture, note, other evidence of indebtedness,
agreement, indenture, lease or other instrument (other than any conflict, breach or default or lien, charge or encumbrance that would not, individually or in the aggregate, be reasonably likely to adversely affect the performance by the Company of
its obligations under the Note Documents to which it is a party). 
 3.1.8 Absence of Further Requirements. No filing
with, or authorization, approval, consent, license, order, registration, qualification or decree of, any court or governmental agency or body (including, without limitation, any insurance regulatory agency or body) is required for the execution by
the Company of the Note Documents to which it is a party, or the consummation of the transactions contemplated hereby or thereby, or for the performance by the Company of its obligations under the Note Documents to which it is a party, except those
that have been already obtained. 
 3.1.9 Ambac Note. Pursuant to the terms of, and upon the completion of the actions
contemplated by Section 7(a)(E) of, the Ambac Note, the Company has valid, enforceable and perfected Liens on the Ambac Note Collateral, except as to enforcement, as may be limited by applicable bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally, general equitable principles (whether considered in a proceeding in equity or at law) and an implied covenant of good faith and fair
dealing. 
 3.1.10 Commercial Tort Claims. As of the date hereof, the Company holds no commercial tort claims other
than those listed on Schedule 3. 
 ARTICLE IV 

COVENANTS 
 Section 4.1
Covenants of the Company. The Company covenants and agrees with the Note Collateral Agent and the other Secured Parties that, from and after the date of this Agreement until the release of all of the Collateral or the termination of this
Agreement in accordance with the terms of the Indenture; 

  
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 4.1.1 Maintenance of Perfected Security Interest; Further
Documentation. 
 (a) Subject to Section 4.1.5, the Company shall use commercially reasonable
efforts to maintain the security interest created by this Agreement in the Collateral as a perfected security interest as and to the extent described in Section 3.1.2 and to defend the security interest created by this
Agreement in the Collateral against the claims and demands of all Persons whomsoever (subject to the other provisions hereof) for the purpose of obtaining or preserving the full benefits of this Agreement and of the rights and powers herein granted
by the Company. 
 (b) Except as otherwise permitted by the Indenture or Section 4.1.5, the Company
will not impair the rights of the Note Collateral Agent in the Collateral. 
 (c) Subject to
Section 4.1.5, the Company shall use commercially reasonable efforts to take any and all actions reasonably necessary or required or reasonably requested by the Note Collateral Agent (acting at the direction of the
requisite Holders pursuant to the terms of the Indenture and in each case at the sole expense of the Company), so as at all times to maintain the validity, perfection, enforceability and priority of (x) the security interest in and Lien on the
Collateral granted to the Note Collateral Agent herein or to enable the Note Collateral Agent to protect, exercise or enforce its rights hereunder and in the Collateral and (y) the security interest in and Lien on the Ambac Note Collateral
granted to the Company under the Ambac Note or to enable the Note Collateral Agent to protect, exercise or enforce its rights thereunder and in the Ambac Note Collateral, if any, including (i) immediately discharging all Liens on the Collateral
other than Permitted Liens and all Liens on the Ambac Note Collateral other than Permitted Liens (as defined in the Ambac Note), (ii) filing any financing and continuation statements or similar documents (including the filing of assignments (and
continuation statements thereto) in favor of the Note Collateral Agent with respect to any financing statements filed in favor of the Company with respect to the Ambac Note Collateral), and (iii) promptly executing and delivering control
agreements, and instruments of pledge, notices and assignments and other documents (including the English Share Charge and the Tier I Proceeds Collateral Account Control Agreement), in each case relating to the creation, validity, perfection,
maintenance or continuation of the Note Collateral Agent’s security interest in and Lien on the Collateral and the Company’s security interest in and Lien on the Ambac Note Collateral; provided that, notwithstanding any other
provision of this Agreement or any other Note Document, the Company will not be required (x) to take any action in any Foreign Jurisdiction, or required by the laws of any such Foreign Jurisdiction, or to enter into any security agreement or
pledge agreement governed by the laws of any such Foreign Jurisdiction, in order to create any security interests (or other Liens) in Collateral located or titled in such Foreign Jurisdiction, or in order to perfect any security interests (or other
Liens) in any such Collateral, other than in each case, Collateral consisting of the Ambac Note, the Tier I Proceeds Collateral Account Control Agreement or the Sitka Ambac Note Proceeds Collateral Account, if such Collateral consisting of the Ambac
Note, the Tier I Proceeds Collateral Account Control Agreement or the Sitka Ambac Note Proceeds Collateral Account is located in a Foreign Jurisdiction; provided that the Company will enter into the English Share Charge with respect to
capital stock of Ambac Assurance 

  
 9 

 
UK Limited, or (y) to deliver control agreements with respect to, or confer perfection by “control” over, any deposit, bank or securities account or other Collateral, other than
with respect to the Sitka Ambac Note Proceeds Collateral Account or, in the case of the Tier I Proceeds Collateral Account, the Tier I Proceeds Collateral Account Control Agreement conferring perfection by “control” in favor of the
Company. 
 (d) Upon the occurrence and during the continuance of an Ambac Event of Default, the Note Collateral Agent may
liquidate, or notify any bank or securities intermediary subject to an account control agreement to liquidate, any deposit account or securities account or any related investment property maintained or held thereby and remit the proceeds thereof to
the Note Collateral Agent. 
 4.1.2 Changes in Name, Jurisdiction of Organization, etc. The Company will give prompt
written notice to the Note Collateral Agent of any change in its name or location (as determined by Section 9-307 of the Code) (whether by merger or otherwise) (and in any event within 30 days of such
change), and within 10 days after such notice, the Company shall deliver to the Note Collateral Agent copies (or other evidence of filing) of all additional filed financing statements and other documents reasonably necessary to maintain the
validity, perfection and priority of the security interests created hereunder and other documents reasonably requested by the Note Collateral Agent to maintain the validity, perfection and priority of the security interests as and to the extent
provided for herein. 
 4.1.3 Maintenance of Records. The Company will keep and maintain at its own cost and expense
reasonably satisfactory and complete records of its Collateral, including a record of all payments received and all credits granted with respect to such Collateral, and shall mark such records to evidence this Agreement and the Liens and the
security interests created hereby. 
 4.1.4 Limitations on Liens. The Company shall not create or suffer to exist any
Lien on or over the Ambac Note or its assets constituting Collateral, except Permitted Liens. 
 4.1.5 Disposition of
English Share Collateral. The Company shall not sell, transfer, assign, withdraw or otherwise dispose of its right, title or interest in, to and under the English Share Charge (and shall procure that AAC does not sell, transfer, assign, withdraw
or otherwise dispose of its right, title or interest in, to and under the Charged Property), unless the proceeds of any such sale, transfer, assignment, withdrawal or other disposition are deposited into the Sitka Ambac Note Proceeds Collateral
Account pursuant to Section 3 of the Ambac Note. 
 4.1.6 Commercial Tort Claims. If the Company shall at any
time hold or acquire a commercial tort claim, it shall immediately notify the Note Collateral Agent in writing, which writing shall include the brief details thereof and be deemed a supplement to Schedule 3 hereto and be a part of such Schedule.

  
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 ARTICLE V 

REMEDIAL PROVISIONS 

Section 5.1 Proceeds to Be Turned Over to Note Collateral Agent. If an Ambac Event of Default shall occur and be continuing, and
the Note Collateral Agent shall have instructed the Company to do so, all proceeds of Collateral received by the Company consisting of cash, checks and other cash equivalent items shall be held by the Company in trust for the Note Collateral Agent
and the other Secured Parties, as applicable, segregated from other funds of the Company, and shall, forthwith upon receipt by the Company, be turned over to the Note Collateral Agent, as applicable (or their respective agents appointed for purposes
of perfection), in the exact form received by the Company (duly indorsed by the Company to the Note Collateral Agent, if required). All proceeds of Collateral while held by the Note Collateral Agent (or by the Company in trust for the Note
Collateral Agent and the other Secured Parties) shall continue to be held as collateral security for all the Obligations of the Company and shall not constitute payment thereof until applied as provided in Section 5.2. 

Section 5.2 Application of Proceeds. It is agreed that if an Ambac Event of Default shall occur and be continuing, any and all
proceeds of the Collateral received by the Note Collateral Agent (whether from the Company or otherwise) shall be held by the Note Collateral Agent for the benefit of the Secured Parties as collateral security for the Obligations of the Company
(whether matured or unmatured), and/or then or at any time thereafter may, in the sole discretion of the Note Collateral Agent, be applied by the Note Collateral Agent against the Obligations of the Company then due and owing in the following order
of priority: 
 First: to the payment of all amounts due the Trustee under Section 707 of the Indenture; 

Second: to the payment of all amounts due the Note Collateral Agent under Section 1210 of the Indenture; 

Third: to the payment of the amounts then due and unpaid upon the other Obligations of the Company ratably, without
preference or priority of any kind, according to the amounts due and payable on such Obligations; provided that any such application of proceeds shall be made on a pro rata basis as between and among the Holders and their respective
successors and assigns and their permitted transferees and endorsees; 
 Fourth: to be held as Collateral in the Sitka
Ambac Note Proceeds Collateral Account to secure all Obligations under or in respect of the Notes and the Indenture until the payment in full in cash of all Obligations (other than contingent indemnification obligations) under the Notes and the
Indenture; and 
 Fifth: to the Company. 

Section 5.3 Code and Other Remedies. If an Ambac Event of Default shall occur and be continuing, the Note Collateral Agent, on
behalf of the Secured Parties, or any Holder pursuant to and in accordance with Section 607 of the Indenture, may (but shall not be obligated to) exercise, in addition to all other rights and remedies granted to them in this Agreement and in
any 

  
 11 

 
other instrument or agreement securing, evidencing or relating to the Obligations to the extent permitted by applicable law and Section 5.5, all rights and remedies of a
secured party under the Code (whether or not the Code applies to the affected Collateral) and under any other applicable law and in equity. Without limiting the generality of the foregoing, to the extent permitted by applicable law and
Section 5.5 and solely during the continuance of an Ambac Event of Default, the Note Collateral Agent, without demand of performance or other demand, presentment, protest, advertisement or notice of any kind (except any
notice required by law referred to below) to or upon the Company or any other Person (all and each of which demands, defenses, advertisements and notices are hereby waived), may in such circumstances (but shall not be obligated to), forthwith
collect, receive, appropriate and realize upon the Collateral, or any part thereof, and/or may forthwith, subject to any existing reserved rights or licenses, sell, lease, assign, give option or options to purchase, or otherwise dispose of and
deliver the Collateral or any part thereof (or contract to do any of the foregoing), in one or more parcels at public or private sale or sales, at any exchange, broker’s board or office of the Note Collateral Agent or any other Secured Party or
elsewhere upon such terms and conditions as it may deem advisable and at such prices as it may deem best, for cash or on credit or for future delivery without assumption of any credit risk. To the extent permitted by law, the Note Collateral Agent
or any other Secured Party shall have the right, upon any such sale or sales, to purchase the whole or any part of the Collateral so sold, free of any right or equity of redemption in the Company, which right or equity is hereby waived and released.
The Note Collateral Agent shall apply the net proceeds of any action taken by it pursuant to this Section 5.3, after deducting all reasonable and documented
out-of-pocket costs and expenses of every kind incurred in connection therewith or incidental to the care or safekeeping of any of the Collateral or in any way relating
to the Collateral or the rights of the Note Collateral Agent hereunder, including reasonable and documented attorneys’ fees and disbursements, to the payment in whole or in part of the Obligations of the Company then due and owing, in the order
of priority specified in Section 5.2. To the extent permitted by applicable law, (i) the Company waives all claims, damages and demands it may acquire against the Note Collateral Agent or any other Secured Party
arising out of the repossession, retention or sale of the Collateral, other than any such claims, damages and demands that may arise from the gross negligence or willful misconduct of any of the Note Collateral Agent or such other Secured Party, and
(ii) if any notice of a proposed sale or other disposition of Collateral shall be required by law, such notice shall be deemed reasonable and proper if given at least 10 days before such sale or other disposition. 

Section 5.4 Waiver; Deficiency. The Company shall remain liable for any deficiency if the proceeds of any sale or other
disposition of the Collateral are insufficient to pay in full, the Notes, reimbursement obligations constituting Obligations of the Company and, to the extent then due and owing, all other Obligations of the Company and the reasonable fees and
disbursements of any attorneys employed by the Note Collateral Agent or any other Secured Party to collect such deficiency. 

Section 5.5 Control of RMBS Litigation. Notwithstanding any of the foregoing, or anything else in this Agreement, the Indenture or
the other Note Documents to the contrary, at all times, AAC will control the RMBS Litigation in all respects (including, without limitation, all decisions as to strategy, settlement, pursuit and abandonment), and (a) none of
(x) the Trustee, (y) any holder of the Notes or of any beneficial interest, or (z) the Note Collateral Agent shall have any right to join or participate in the RMBS Litigation in any way and (b) none
of (x) the Trustee, (y) any holder of the Notes or of any beneficial interest, or (z) the Note Collateral Agent shall sell, transfer, or assign (or direct the Company to sell, transfer, or assign) the Ambac Note.

  
 12 

 ARTICLE VI 

THE NOTE COLLATERAL AGENT 

Section 6.1 Duty of Note Collateral Agent. The Note Collateral Agent’s sole duty with respect to the custody, safekeeping and
physical preservation of the Collateral in its possession, under Section 9-207 of the Code or otherwise, shall be to deal with it in the same manner as the Note Collateral Agent deals with similar
property for its own account. None of the Note Collateral Agent or any other Secured Party nor any of their respective officers, directors, employees or agents shall be liable for failure to demand, collect or realize upon any of the Collateral or
for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of the Company or any other Person or, except as otherwise provided herein, to take any other action whatsoever with regard to
the Collateral or any part thereof. The powers conferred on the Note Collateral Agent and the other Secured Parties hereunder are solely to protect the Note Collateral Agent’s and the other Secured Parties’ interests in the Collateral and
shall not impose any duty upon the Note Collateral Agent or any other Secured Party to exercise any such powers. The Note Collateral Agent and the other Secured Parties shall be accountable only for amounts that they actually receive as a result of
the exercise of such powers, and to the maximum extent permitted by applicable law, neither they nor any of their officers, directors, employees or agents shall be responsible to the Company for any act or failure to act hereunder, except as
otherwise provided herein or for their own gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final and nonappealable decision). 

Section 6.2 Financing Statements. Pursuant to any applicable law, the Company authorizes the Note Collateral Agent to file or
record financing statements and other filing or recording documents or instruments with respect to the Collateral in such form and in such filing offices at the Note Collateral Agent’s sole discretion and as the Note Collateral Agent reasonably
determines appropriate to perfect or continue the perfection of the security interests of the Note Collateral Agent under this Agreement. The Note Collateral Agent agrees to notify the Company of any financing or continuation statement filed by it,
provided that any failure to give notice shall not affect the validity or effectiveness of any such filing; provided, however, such authorization shall not relieve the Company from its obligation to take all actions necessary to perfect and
maintain the perfection of the Note Collateral Agent’s Lien on the Collateral as provided herein, which includes the filing of any financing statements or continuation statements. The Company authorizes the Note Collateral Agent to use any
collateral description reasonably determined by the Note Collateral Agent, including the collateral description “all personal property” or “all assets” or words of similar meaning in any such financing statements. All charges,
expenses and fees that the Note Collateral Agent may incur in doing any of the foregoing, and any local taxes relating thereto, shall be paid by the Company to the Note Collateral Agent immediately upon demand. Notwithstanding the foregoing, nothing
in this Section 6.2 obligates the Note Collateral Agent to file or record financing statements or other filing or recording documents or instruments with respect to the Collateral. 

  
 13 

 Section 6.3 Custody and Related Services. 

(a) With respect to any action taken by the Note Collateral Agent or the exercise or non-exercise by
the Note Collateral Agent of any option, voting right, request, judgment or other right or remedy provided for herein, the Note Collateral Agent shall notify the Company of the date or dates by when such rights must be exercised or such action must
be taken provided that the Note Collateral Agent has received, from AAC or the relevant depository, timely notice of such rights or discretionary corporate action or of the date or dates such rights must be exercised or such action must be taken.
Absent actual receipt of such notice, the Note Collateral Agent shall have no liability for failing to so notify the Company. 
 (b) The
Company shall be liable for all taxes, assessments, duties and other governmental charges, including any interest or penalty with respect thereto (“Taxes”), with respect to any cash or Collateral held on behalf of the Company or any
transaction related thereto. The Company shall indemnify the Note Collateral Agent for the amount of any Tax that the Note Collateral Agent or any withholding agent is required under applicable laws (whether by assessment or otherwise) to pay on
behalf of, or in respect of income earned by or payments or distributions made to or for the account of the Company (including any payment of Tax required by reason of an earlier failure to withhold). Notwithstanding the foregoing sentence, the Note
Collateral Agent acknowledges that the Company is a disregarded entity for U.S. federal income tax purposes that is owned by a U.S. corporation and, therefore, agrees that no U.S. withholding Tax is required to be withheld on any payment made to the
Company. The Note Collateral Agent shall, or shall instruct the applicable withholding agent to, withhold the amount of any Tax which is required to be withheld under applicable law upon collection of any dividend, interest or other distribution
made with respect to any Collateral and any proceeds or income from the sale, loan or other transfer of any Collateral. In the event that the Note Collateral Agent is required under applicable law to pay any Tax on behalf of the Company, the Note
Collateral Agent is hereby authorized to withdraw cash from any cash account in the amount required to pay such Tax and to use such cash for the timely payment of such Tax in the manner required by applicable law. If the aggregate amount of cash in
all cash accounts is not sufficient to pay such Tax, the Note Collateral Agent shall promptly notify the Company of the additional amount of cash required, and the Company shall directly deposit such additional amount in the appropriate cash account
promptly after receipt of such notice, for use by the Note Collateral Agent as specified herein. In the event that the Note Collateral Agent or the Company reasonably believes that the Company is eligible, pursuant to applicable law or to the
provisions of any tax treaty, for a reduced rate of, or exemption from, any Tax which is otherwise required to be withheld or paid on behalf of the Company under any applicable law, the Note Collateral Agent shall, or shall instruct the applicable
withholding agent to, either withhold or pay such Tax at such reduced rate or refrain from withholding or paying such Tax, as appropriate; provided that the Note Collateral Agent shall have received from the Company all documentary evidence
of residence or other qualification for such reduced rate or exemption required to be received under such applicable law or treaty. In the event that the Note Collateral Agent reasonably believes that a reduced rate of, or exemption from, any Tax is
obtainable only by means of an application for refund, the Note Collateral Agent shall have no responsibility for the accuracy or validity of any forms or documentation provided by the Company to the Note Collateral Agent hereunder. The Company
hereby agrees to indemnify and hold harmless the Note Collateral Agent in respect of any liability arising from any underwithholding or underpayment of any Tax which results from the inaccuracy or invalidity of any such forms or other documentation,
and such obligation to indemnify shall be a continuing obligation of the Company, its successors and assigns, notwithstanding the termination of this Agreement. 

  
 14 

 Section 6.4 Authority of the Note Collateral Agent. The Company acknowledges
that the rights and responsibilities of the Note Collateral Agent under this Agreement with respect to any action taken by the Note Collateral Agent or the exercise or non-exercise by the Note Collateral Agent
of any option, voting right, request, judgment or other right or remedy provided for herein or resulting or arising out of this Agreement or any amendment, supplement or other modification of this Agreement shall, as between the Note Collateral
Agent and the Secured Parties, be governed by the Indenture and by such other agreements with respect thereto as may exist from time to time among them, but, as between the Note Collateral Agent and the Company, the Note Collateral Agent shall be
conclusively presumed to be acting as agent for the Secured Parties with full and valid authority so to act or refrain from acting, and the Company shall not be under any obligation, or entitlement, to make any inquiry respecting such authority. The
Note Collateral Agent shall have the benefit of the rights, privileges and immunities contained in Section 1209 of the Indenture. 

Section 6.5 Rights of the Note Collateral Agent. The Bank of New York Mellon is acting under this Agreement solely in its capacity
as Note Collateral Agent under the Indenture and not in its individual capacity. In acting hereunder, the Note Collateral Agent shall be entitled to all of the rights, privileges and immunities granted to it under the Indenture, as if such rights,
privileges and immunities were fully set forth herein. 
 Section 6.6 Power of Attorney . Upon the occurrence and during the
continuance of an Ambac Event of Default, the Company hereby irrevocably makes, constitutes, and appoints the Note Collateral Agent (and any of the Note Collateral Agent’s officers, employees, or agents designated by the Note Collateral Agent)
as the Company’s true and lawful attorney, with power to, subject to the provisions of Article V, (a) if the Company refuses to, or fails timely to execute and deliver any of the documents described in
Section 4.1.1 sign the name of the Company on any of the documents described in Section 4.1.1, (b) sign the Company’s name on any document relating to the Collateral of the Company, drafts
against account debtors, or notices to account debtors, (c) send requests for verification of the Company’s accounts, (d) endorse the Company’s name on any of its payment items (including any and all of its collections) that may
come into the Note Collateral Agent’s possession and (e) make, settle, and adjust disputes and claims respecting the Company’s accounts, chattel paper, or general intangibles directly with account debtors, for amounts and upon terms
that the Note Collateral Agent determines to be reasonable, and the Note Collateral Agent may cause to be executed and delivered any documents and releases that the Note Collateral Agent determines to be necessary. 

  
 15 

 ARTICLE VII 

MISCELLANEOUS 
 Section 7.1
Amendments in Writing. None of the terms or provisions of this Agreement may be waived, amended, supplemented or otherwise modified except by a written instrument executed by the Company and the Note Collateral Agent, subject to Article IX of
the Indenture; provided that any provision of this Agreement imposing obligations on the Company may be waived by the Note Collateral Agent in a written instrument executed by the Note Collateral Agent. In addition, the Indenture and any of
the other Note Documents to which the Company is a party may be amended in accordance with the terms thereof. 
 Section 7.2
Notices. All notices, requests and demands to or upon the Note Collateral Agent or the Company hereunder shall be effected in the manner provided for in Section 109 of the Indenture; provided that any such notice, request or
demand to or upon the Company shall be addressed to the Company at its notice address set forth on Schedule 1, unless and until the Company shall change such address by notice to the Note Collateral Agent given in
accordance with Section 109 of the Indenture. 
 Section 7.3 No Waiver by Course of Conduct; Cumulative Remedies. None of
the Note Collateral Agent or any other Secured Party shall by any act (except by a written instrument pursuant to Section 7.1 hereof or Article IX of the Indenture), delay, indulgence, omission or otherwise be deemed to
have waived any right or remedy hereunder or to have acquiesced in any Ambac Event of Default. No failure to exercise, nor any delay in exercising, on the part of the Note Collateral Agent or any other Secured Party, any right, power or privilege
hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege. A waiver by the Note
Collateral Agent or any other Secured Party of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy that the Note Collateral Agent or such other Secured Party would otherwise have on any future
occasion. The rights and remedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any other rights or remedies provided by law. 

Section 7.4 Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the Company, the Note
Collateral Agent and the Secured Parties and their respective successors and assigns; provided that the Company may not assign, transfer or delegate any of its rights or obligations under this Agreement without the prior written consent of
the Note Collateral Agent, except as permitted hereby or by the Indenture. 
 Section 7.5 Counterparts. This Agreement may be
executed by any one or more of the parties hereto in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same instrument. Delivery of an executed counterpart of
this Agreement by one party to the others may be made by facsimile, electronic mail, other electronic format (including any electronic signature complying with the New York Electronic Signatures and Records Act (N.Y. State Tech. §§ 301-309), as amended from time to time, or other applicable law) or other transmission method, and the parties hereto agree that any counterpart so delivered shall be deemed to have been duly and validly delivered
and be valid and effective for all purposes. 
 Section 7.6 Severability. Any provision of this Agreement which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

  
 16 

 Section 7.7 Section Headings. The Section headings used in this Agreement are
for convenience of reference only and are not to affect the construction hereof or be taken into consideration in the interpretation hereof. 

Section 7.8 Integration. This Agreement and the other Note Documents represent the entire agreement of the Company, the Note
Collateral Agent and the other Secured Parties with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by the Company, the Note Collateral Agent or any other Secured Party relative to subject
matter hereof not expressly set forth or referred to herein or in the other Note Documents. 
 Section 7.9 GOVERNING LAW. THIS
AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS PRINCIPLES OR RULES OF CONFLICT OF LAWS TO THE
EXTENT SUCH PRINCIPLES OR RULES ARE NOT MANDATORILY APPLICABLE BY STATUTE AND WOULD REQUIRE OR PERMIT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. 

Section 7.10 Submission to Jurisdiction; Waivers. Each party hereto hereby irrevocably and unconditionally: 

(a) submits for itself and its property in any legal action or proceeding relating to this Agreement and the other Note
Documents to which it is a party to the exclusive general jurisdiction of the Supreme Court of the State of New York for the County of New York (the “New York Supreme Court”), and the United States District Court for the Southern
District of New York (the “Federal District Court,” and together with the New York Supreme Court, the “New York Courts”) and appellate courts from either of them; provided that nothing in this Agreement shall
be deemed or operate to preclude (i) the Note Collateral Agent from bringing suit or taking other legal action in any other jurisdiction to realize on the Collateral or any other security for the Obligations (in which case any party
shall be entitled to assert any claim or defense, including any claim or defense that this Section 7.10 would otherwise require to be asserted in a legal action or proceeding in a New York Court), or to enforce a judgment
or other court order in favor of the Trustee or the Note Collateral Agent, (ii) any party from bringing any legal action or proceeding in any jurisdiction for the recognition and enforcement of any judgment, (iii) if all such
New York Courts decline jurisdiction over any Person, or decline (or in the case of the Federal District Court, lack) jurisdiction over any subject matter of such action or proceeding, a legal action or proceeding may be brought with respect thereto
in another court having jurisdiction and (iv) in the event a legal action or proceeding is brought against any party hereto or involving any of its assets or property in another court (without any collusive assistance by such party or
any of its Subsidiaries or Affiliates), such party from asserting a claim or defense (including any claim or defense that this Section 7.10 would otherwise require to be asserted in a legal proceeding in a New York Court)
in any such action or proceeding; 

  
 17 

 (b) consents that any such action or proceeding may be brought in such
courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

(c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or
certified mail (or any substantially similar form of mail), postage prepaid, to such party at its address referred to in Section 7.2 or at such other address of which the Note Collateral Agent (in the case of any other
party hereto) or the Company (in the case of the Note Collateral Agent) shall have been notified pursuant thereto; 
 (d)
agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and 

(e) waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or
proceeding referred to in this Section 7.10 any punitive damages. 
 Section 7.11 Acknowledgments. The
Company hereby acknowledges that: 
 (a) it has been advised by counsel in the negotiation, execution and delivery of this
Agreement and the other Note Documents to which it is a party; 
 (b) none of the Note Collateral Agent or any other Secured
Party has any fiduciary relationship with or duty to the Company arising out of or in connection with this Agreement or any of the other Note Documents, and the relationship between the Company, on the one hand, and the Note Collateral Agent and the
other Secured Parties, on the other hand, in connection herewith or therewith is solely that of debtor and creditor; and 

(c) no joint venture is created hereby or by the other Note Documents or otherwise exists by virtue of the transactions
contemplated hereby among the Secured Parties or among the Company and the Secured Parties. 
 Section 7.12 WAIVER OF JURY
TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER NOTE DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN. 

Section 7.13 Releases. 

(a) Subject to Section 106 of the Indenture, the Collateral shall be released from the Lien and security interest
created by this Agreement, all without delivery of any instrument or performance of any act by any party, at any time or from time to time in accordance with the provisions of Section 1202 of the Indenture. Upon such release, all rights in the
Collateral so released shall revert to the Company. 

  
 18 

 (b) The Note Collateral Agent and, if necessary, the Trustee shall, at the Company’s
expense, execute, deliver or acknowledge such instruments or releases to evidence and shall do or cause to be done all other acts reasonably requested by the Company to effect, in each case as soon as is reasonably practicable, the release of any
Collateral permitted to be released pursuant to the Indenture. 
 Section 7.14 Agent for Service of Process. The Company has
validly and effectively appointed Corporate Creations Network Inc., with offices on the date hereof at 99 Hudson Street, 5th Floor, New York, NY 10013 as its authorized agent upon which process
may be served in any action, suit or proceeding arising in connection with the Note Documents. If for any reason such agent hereunder shall cease to be available to act as such, the Company agrees to designate a new agent in the Borough of
Manhattan, New York City, New York. 
 [Remainder of page left blank intentionally; signature page to follow.] 

  
 19 

 IN WITNESS WHEREOF, each of the undersigned has caused this Collateral Agreement to be duly
executed and delivered as of the date first above written. 
  

			
	SITKA HOLDINGS, LLC
		
	By:	 	/s/ David Trick
		 	Name: David Trick
		 	Title:   Executive Vice President, Chief Financial             Officer and Treasurer

  
 20 

			
	Acknowledged and Agreed to as of the date hereof by:
	
	 THE BANK OF NEW YORK MELLON,

in its capacity as Note Collateral Agent

		
	By:	 	/s/ Stacey B. Poindexter
		 	Name: Stacey B. Poindexter
		 	Title:   Vice President

  
 21 

 SCHEDULE 1 

NOTICE ADDRESS OF THE COMPANY 
 Sitka Holdings,
LLC 
 c/o Ambac Financial Group, Inc. 
 One World Trade Center

 41st Floor 

New York, NY 10007 
 Attention: General Counsel 

with copies to: 
 Debevoise & Plimpton 

919 Third Avenue 
 New York, New York 10022 

Attention: Steven J. Slutzky and Scott B. Selinger 
 Facsimile: 212-909-6836 
 Telephone: 212-909-6000 

  
 Annex 1-A-1 

 SCHEDULE 2 

PERFECTION MATTERS 
 UCC Filings

  

					
	 State
	  	 Filing Office
	  	 Document Filed

	District of Columbia	  	DC Office of Recorder of Deeds	  	Form UCC-1
			
	New York	  	New York Division of Corporations, State Records and UCC	  	Form UCC-1

  
 Annex 1-A-2 

 SCHEDULE 3 

COMMERCIAL TORT CLAIMS 
 None.

  
 Annex 1-A-3EX-10.2

 Exhibit 10.2 
  

			
	 Home Office:
	  	Administrative Office:
		  	
	 Ambac Assurance Corporation

c/o CT Corporation Systems

44 East Mifflin Street

Madison, Wisconsin 53703
	  	 Ambac Assurance Corporation

One World Trade Center
 New York, New
York 10007
 Telephone: (212) 668-0340

 Financial Guaranty Insurance Policy 

Policy Number: SF0959BE 
  

	Obligor:    	 Sitka Holdings, LLC, a Cayman Islands limited liability company, as the issuer (the “Issuer”).

 Effective Date: July 6, 2021 

Obligations: Floating Rate Notes due July 6, 2026 issued by the Issuer in the initial aggregate principal amount of approximately $1,175,000,000 (the
“Notes”) issued pursuant to the Indenture, dated as of July 6, 2021 (the “Indenture”) between the Issuer and its successors and assigns, and The Bank of New York Mellon, as Trustee (in such capacity, and
together with its successors and assigns in such capacity, the “Insured Party”) and Note Collateral Agent. 
 Ambac Assurance
Corporation (“Ambac”), a Wisconsin stock insurance corporation, in consideration of the payment of the Secured Notes Policy Premium and subject to the terms of this Policy (including the endorsement hereto), hereby agrees
unconditionally and irrevocably to pay to or on behalf of the Insured Party that portion of the Insured Obligations which shall become Due for Payment but shall be unpaid by reason of Nonpayment during the term of this Policy. 

Except as provided in the following paragraph, Ambac will make any such payments which are due under this Policy to or as directed by the Insured Party within
three (3) Business Days following receipt on a Business Day by Ambac of a Notice in the form of Exhibit A to this Policy. Payments due under this Policy will be satisfied by payment by Ambac to or as directed by the Insured Party, in
accordance with the relevant Notice; provided that if such Notice is received after 12:00 noon, New York City time, on any Business Day, it will be deemed to be received on the following Business Day. If any such Notice received by Ambac is
not in proper form or is otherwise insufficient for the purpose of making a claim hereunder, it shall be deemed not to have been received by Ambac for purposes of this paragraph. Such payments of the Insured Obligations to or as directed by the
Insured Party shall be made only upon presentation of an instrument of assignment from the Insured Party substantially in the form of Exhibit C to this Policy transferring to Ambac all rights to receive the Insured Obligations, to the extent
of such payment. The foregoing assignment is in addition to, and not in limitation of, rights of subrogation or other contractual rights otherwise available to Ambac in respect of such payments. The Insured Party shall take such action and deliver
such instruments as may be reasonably requested or required by Ambac to effectuate such assignment, subrogation or otherwise the purpose or provisions of this Policy. 

In the event the Insured Party has notice that any payment of the Insured Obligations which has become Due for Payment and which is made to the Insured Party
by or on behalf of the Issuer has been deemed a Preference Amount during the term of this Policy, the Insured Party will be entitled to payment from Ambac to the extent of such recovery if sufficient funds are not otherwise available from any
source. Ambac will pay any Insured Obligation that is a Preference Amount on the third Business Day following receipt on a Business Day by Ambac of (i) a Notice substantially in the form of Exhibit B to this Policy, attaching a certified
copy of the final, non-appealable order of a court in such insolvency proceeding to 

 
the effect requiring the return of such Preference Amount paid during the term this Policy because the payments of such amounts were avoided as a preferential transfer or otherwise rescinded or
required to be restored by the Insured Party (a “Preference Amount Order”), (ii) an assignment substantially in the form of Exhibit C to this Policy, duly executed by the Insured Party, irrevocably assigning to Ambac all
rights and claims of the Insured Party relating to or arising under the Indenture or otherwise with respect to such Preference Amount, (iii) appropriate instruments to effect the appointment of Ambac as agent for the Insured Party in any legal
proceeding related to such Preference Amount, such instruments being in a form satisfactory to Ambac and (iv) a Notice appropriately completed and executed by the Insured Party; provided that if such documents are received after 12:00
noon, New York City time, on any Business Day, they will be deemed to be received on the following Business Day; provided, further, that Ambac shall not be obligated to make any payment in respect of any Preference Amount representing
any amount of the Insured Obligations prior to the time Ambac would have been required to make a payment in respect of such amounts pursuant to the other provisions of this Policy. Such payments shall be disbursed to the Insured Party, subject to
delivery of (a) the items referred to in clauses (i)-(v) above to Ambac, and (b) evidence satisfactory to Ambac that the return of such Preference Amount has been made by the Insured Party to such court or receiver, conservator, debtor-in-possession or trustee in bankruptcy named in such final Preference Amount Order. 

Payment to or as directed by the Insured Party pursuant to a Notice shall discharge the obligations of Ambac under this Policy to the extent of such payment,
whether or not payment is properly applied by or on behalf of the Insured Party, as the case may be. Once payment in full of an Insured Obligation has been made in the manner referred to above, Ambac shall have no further obligation under this
Policy in respect of such Insured Obligation. 
 Ambac shall be fully subrogated to all of the rights of the Insured Party and each Holder to the extent of
any payments made by Ambac pursuant to this Policy; provided that such rights of subrogation shall be postponed so long as any amounts then past due (without giving effect to any grace period) under the Notes, including principal and
interest, if any thereon, remain outstanding and such outstanding amounts are Insured Obligations that have not been paid in full to the Holders. 
 This
Policy is not cancelable by Ambac for any reason, including the failure of Ambac to receive payment of any Secured Notes Policy Premium due in respect of this Policy. The Secured Notes Policy Premium is not refundable for any reason. This Policy
does not insure against loss of any prepayment or any acceleration payment which at any time may become due in respect of any Insured Obligation, other than at the sole option of Ambac, nor against any risk other than Nonpayment or the deeming of
any payment of the Insured Obligations to be a Preference Amount. There shall be no accelerated payment due under this Policy unless such accelerated payment is made at the sole option of Ambac, including in the event of a payment default by or
insolvency of the Obligor. 
 Force Majeure Event. Nothing in this Policy shall be construed to require payment to the extent any force majeure event
or governmental act prevents Ambac from performing its obligations under this Policy or such performance is otherwise rendered impossible, in which event Ambac agrees to (i) use commercially reasonable efforts to perform its obligations under
this Policy notwithstanding such force majeure event, governmental act or impossibility of performance and (ii) perform its obligations under this Policy promptly following cessation of such force majeure event, governmental act or
impossibility of performance. 
 Additional Funds. In the event that, after Ambac has received a Notice under this Policy, the Insured Party receives
additional funds (“Additional Funds”) for application towards the Insured Obligations which shall become Due for Payment or Preference Amount, as the case may be, with respect to which such Notice was delivered, or if such
Additional Funds have actually been applied towards the Insured 

 
Obligations which have become Due for Payment or Preference Amount, as the case may be, the Insured Party shall immediately deliver to Ambac a written notice of the same (such notice, an
“Additional Funds Notice”), which Additional Funds Notice shall set forth the amount of the Additional Funds and the date of such receipt. 

In the event that Ambac has not yet disbursed any amount payable with respect to such Notice under this Policy by the time of its receipt of such an
Additional Funds Notice, such Notice shall be deemed to be automatically amended by reducing the amount claimed thereunder by an amount equal to the amount of such Additional Funds and Ambac shall reduce the amount it will disburse under this Policy
with respect to the relevant Insured Obligations which have become Due for Payment or Preference Amount, as the case may be, by an amount equal to the amount of such Additional Funds. In the event that Ambac has disbursed the amount payable with
respect to such Notice under this Policy by the time of its receipt of such Additional Funds Notice, the Insured Party shall promptly transfer to Ambac an amount equal to the amount of such Additional Funds, together with actual interest accrued on
such amount (if any) during the period such Additional Funds were held by the Insured Party. 
 Notices. All notices to be given hereunder to Ambac
shall be in writing (except as otherwise specifically provided herein) and shall be mailed by registered mail or personally delivered to Ambac as follows: 

One World Trade Center 
 New York,
NY 10007 
 Attention: General Counsel 
 Ambac
may specify a different address or addresses in a notice mailed or delivered to the Insured Party. Electronic mail shall be deemed to constitute notice under this section upon confirmation of receipt. 

Transfer: Assignment. This Policy is neither transferable nor assignable, except as specified herein or as provided in the Exhibits hereto, in whole
but not in part, to a successor Trustee pursuant to the terms of the Indenture. The Insured Party shall deliver prior written notice of any such transfer to Ambac substantially in the form of Exhibit D hereto. 

Agreement of Policyholders. By accepting this Policy, policyholders hereby acknowledge and confirm that any payment made under this Policy constitutes
both a) valid payment of Insured Obligations and b) to the extent any payment made under this Policy is a payment of principal under the Indenture, a deemed
dollar-for-dollar repayment on the Ambac Note pursuant to the terms thereof. 

Term; Surrender of Policy. The Insured Party shall surrender this Policy to Ambac for cancellation upon expiration of the term of this Policy, together
with a notice substantially in the form of Exhibit E hereto. The term of this Policy shall be the period from and including the date of issuance hereof to and including the latest of (i) the date on which all Insured Obligations which
have become Due for Payment have been paid, (ii) the date on which any period during which any payment of Insured Obligations which have become Due for Payment could have been avoided in whole or in part as a preference payment pursuant to the
United States Bankruptcy Code (11 U.S.C.), as amended from time to time, expires, and (iii) if any proceedings requisite to avoidance as a preference payment have been commenced prior to the occurrence of the later of (i) and (ii), the
date on which a final and nonappealable order in resolution of each such proceeding has been entered, provided that, if the Holders are required to return any Preference Amount as a result of such proceedings, then the term of this Policy shall
terminate on the date on which Ambac has made all payments required to be made under the terms of this Policy in respect of all such Preference Amount. 

 Applicable Law. This Policy shall be governed by and interpreted under the laws of the State of New
York. 
 Exclusions From Insurance Guaranty Funds. 

THIS POLICY IS NOT COVERED BY THE PROPERTY/CASUALTY INSURANCE SECURITY FUND SPECIFIED IN ARTICLE 76 OF THE NEW YORK INSURANCE LAW. 

Other Matters. 
 ANY PERSON WHO KNOWINGLY AND WITH
INTENT TO DEFRAUD ANY INSURANCE COMPANY OR OTHER PERSON FILES AN APPLICATION FOR INSURANCE OR STATEMENT OF CLAIM CONTAINING ANY MATERIALLY FALSE INFORMATION, OR CONCEALS FOR THE PURPOSE OF MISLEADING, INFORMATION CONCERNING ANY FACT MATERIAL
THERETO, COMMITS A FRAUDULENT INSURANCE ACT, WHICH IS A CRIME, AND SHALL ALSO BE SUBJECT TO A CIVIL PENALTY NOT TO EXCEED FIVE THOUSAND DOLLARS AND THE STATED VALUE OF THE CLAIM FOR EACH SUCH VIOLATION. 

Any capitalized terms not defined herein shall have the meaning given such terms in the endorsement attached hereto. 

 In witness whereof, Ambac has caused this Policy to be duly executed on its behalf by its duly authorized
officers. 
  

					
		 		 	 AMBAC ASSURANCE CORPORATION

			
	/s/ William J. White	 		 	/s/ Stephen M. Ksenak
	William J. White 	 		 	Stephen M. Ksenak
	First Vice President, Secretary and Assistant General Counsel	 		 	Senior Managing Director and General Counsel

 [Signature Page to Secured Notes Insurance Policy] 

 Financial Guaranty Insurance Endorsement 

 

			
	 Attached to and forming part of Policy No.

SF0959BE (the “Policy”)
	  	 Effective Date of Endorsement:

            July 6,
2021                            

  

			
	Policy for:	  	Floating Rate Notes due July 6, 2026 issued by the Issuer in the initial aggregate principal amount of approximately $1,175,000,000 (the “Notes”) issued pursuant to the Indenture, dated as of July 6, 2021
(the “Indenture”) between the Issuer and its successors and assigns, and The Bank of New York Mellon, as Trustee (in such capacity, and together with its successors and assigns in such capacity, the “Insured Party”)
and Note Collateral Agent.

 The Policy to which this endorsement is attached and of which it forms a part is hereby amended as follows:

 Capitalized terms used herein and not otherwise defined shall have the meaning assigned to them in the Indenture, without giving effect to
any subsequent amendment or modification thereof unless approved in writing by Ambac. For purposes of this Policy, the following terms shall have the following meanings: 

“Due for Payment” means, with respect to any Insured Obligation, such amount that is due and payable as scheduled pursuant to
the Indenture and the Notes issued and in effect as of the date hereof (without amendment). Due for Payment does not refer to any earlier date upon which payment of any Insured Obligations may become due, by reason of optional prepayment,
acceleration of maturity or otherwise. 
 “Holder” means each holder of an Insured Obligation. 

“Insured Obligations” means the regularly scheduled Interest Payments, Principal Payment due at maturity and outstanding
Principal Payment and Premium, if any, due as a result of a mandatory redemption required to be paid to the Insured Party under Section 1009 of the Indenture and the Notes, whether by or on behalf of the Issuer. For the avoidance of doubt,
Insured Obligations shall include only the Payments required under the Indenture and the Notes issued and in effect as of the date hereof (without amendment). In no event shall Insured Obligations include (a) any principal due by reason of the
acceleration or optional prepayments thereof, (b) any late charges or interest due under the Indenture or (c) any taxes, withholding or gross-up obligations of any kind. 

“Insured Party” means The Bank of New York Mellon, as Trustee for the benefit of the holders of the Notes. 

“Interest Payment Date” has the meaning set forth in the Indenture. 

“Nonpayment” means, as of any Interest Payment Date, the failure of the Issuer to have provided funds to the Insured Party
sufficient for payment of the Insured Obligations that are then Due for Payment. 
 “Notice” means a notice, substantially
in the form of Exhibit A, B or C as applicable, to this Policy, duly executed by the Insured Party. 

 “Preference Amount” means any amount previously distributed to the Insured
Party on the Insured Obligations that is recovered as a voidable preference by a trustee in bankruptcy pursuant to the United States Bankruptcy Code (11 U.S.C.), as amended from time to time, in accordance with a final
non-appealable order of a court having competent jurisdiction. 
 “Secured Notes
Premium” means the premium payable for issue of this Policy, to be paid on the date of execution of this Policy in an amount equal to $587,500. 

 EXHIBIT A 

TO FINANCIAL GUARANTY INSURANCE POLICY NUMBER: SF0959BE 

INSURED OBLIGATIONS NOTICE UNDER FINANCIAL 

GUARANTY INSURANCE POLICY NUMBER: SF0959BE 

Ambac Assurance Corporation 
 One World Trade Center 

New York, NY 10007 
 Attention: General Counsel 

The undersigned individual, a duly authorized officer of The Bank of New York Mellon, as trustee (the “Trustee”) and note
collateral agent under the Indenture by and between Sitka Holdings, LLC (“Issuer”) and the Trustee, hereby certifies to Ambac Assurance Corporation (“Ambac”), with reference to Financial Guaranty Insurance Policy
Number SF0959BE (the “Policy”) issued by Ambac in respect of the Insured Obligations, that: 
  

	 	1.	 The Insured Party has calculated that the amount in respect of the Insured Obligations that [will be] [was] Due
for Payment on _________ [Date] exceeds the amount that [will be] [was] available for payment to the Trustee pursuant to the Indenture and the Note, by an amount equal to $____________________________________________________ (the
“Shortfall”). Of such Shortfall, $_________ represents regularly scheduled interest payments and $_________ represents principal payments due at maturity and $_________ represents payments due by operation of the mandatory
redemption provisions in Section 1009 of the Indenture. 

  

	 	2.	 The Insured Party has not heretofore made a demand under the Policy with respect to all or a portion of the
Shortfall. 

  

	 	3.	 The Insured Party directs that payment of such amounts be made by bank wire transfer of federal or other
immediately available funds in accordance with the terms of the Policy to Insured Party, as follows: [specify wiring instructions]. 

  

	 	4.	 The Insured Party hereby agrees that, following receipt of such payment from Ambac, it shall (a) apply
such amounts in accordance with the Indenture; (b) not apply such funds for any other purpose; (c) not commingle such funds with other funds held by it; and (d) maintain an accurate record of such payments and the corresponding claim
on the Policy and proceeds thereof. 

 ANY PERSON WHO KNOWINGLY AND WITH INTENT TO DEFRAUD ANY INSURANCE COMPANY OR
OTHER PERSON FILES AN APPLICATION FOR INSURANCE OR STATEMENT OF CLAIM CONTAINING ANY MATERIALLY FALSE INFORMATION, OR CONCEALS FOR THE PURPOSE OF MISLEADING, INFORMATION CONCERNING ANY FACT MATERIAL THERETO, COMMITS A FRAUDULENT INSURANCE ACT, WHICH
IS A CRIME, AND SHALL ALSO BE SUBJECT TO A CIVIL PENALTY NOT TO EXCEED FIVE THOUSAND DOLLARS AND THE STATED VALUE OF THE CLAIM FOR EACH SUCH VIOLATION. 

Any capitalized term used in this Notice and not otherwise defined herein shall have the meaning assigned thereto in the Policy. 

 IN WITNESS WHEREOF, the Insured Party has executed and delivered this Notice under the
Policy as of the [    ] day of [_________], [_________]. 
  

			
	The Bank of New York Mellon, as Insured Party
		
	By:	 	 
		 	Name:
		 	Title:

 EXHIBIT B 

TO FINANCIAL GUARANTY INSURANCE POLICY NUMBER: SF0959BE 

PREFERENCE AMOUNT NOTICE UNDER FINANCIAL 

GUARANTY INSURANCE POLICY NUMBER: SF0959BE 

Ambac Assurance Corporation 
 One World Trade Center 

New York, NY 10007 
 Attention: General Counsel 

The undersigned individual, a duly authorized officer of The Bank of New York Mellon, as trustee (the “Trustee”) and note
collateral agent under the Indenture by and between Sitka Holdings, LLC (“Issuer”), hereby certifies to Ambac Assurance Corporation (“Ambac”), with reference to Financial Guaranty Insurance Policy Number SF0959BE
(the “Policy”) issued by Ambac in respect of the Insured Obligations, that: 
  

	 	1.	 A payment previously made under the Indenture has become a Preference Amount, as indicated in the attached
Order. 

  

	 	2.	 The Insured Party hereby certifies that the Order has been entered and is not subject to stay.

  

	 	3.	 The amount of the Preference Amount is $_________ and consists of scheduled interest payments on the Notes in
the amount of $____ paid on_________, and scheduled interest payments on Notes in the amount of $_________ paid on_________, _________, and principal payments of the Notes due at maturity in the amount of $_________ paid on _________, _________, and
regularly scheduled principal payments and premium, if any, of the Notes due as a result of mandatory redemption under the provisions of Section 1009 in the Indenture in the amount of $ _________ paid on _________,
____________________________________. 

  

	 	4.	 The Insured Party has not heretofore made a demand for any part of such Preference Amount.

  

	 	5.	 The Insured Party directs that payment of such amounts be made to it by bank wire transfer of federal or other
immediately available funds in accordance with the terms of the Policy: [ACCOUNT]; 

 ANY PERSON WHO KNOWINGLY AND WITH
INTENT TO DEFRAUD ANY INSURANCE COMPANY OR OTHER PERSON FILES AN APPLICATION FOR INSURANCE OR STATEMENT OF CLAIM CONTAINING ANY MATERIALLY FALSE INFORMATION, OR CONCEALS FOR THE PURPOSE OF MISLEADING, INFORMATION CONCERNING ANY FACT MATERIAL
THERETO, COMMITS A FRAUDULENT INSURANCE ACT, WHICH IS A CRIME, AND SHALL ALSO BE SUBJECT TO A CIVIL PENALTY NOT TO EXCEED FIVE THOUSAND DOLLARS AND THE STATED VALUE OF THE CLAIM FOR EACH SUCH VIOLATION. 

Any capitalized term used in this Notice and not otherwise defined herein shall have the meaning assigned thereto in the Policy. 

 IN WITNESS WHEREOF, the Insured Party has executed and delivered this Notice under the
Policy as of the [______] day of [_________], [______]. 
  

			
	The Bank of New York Mellon, as Insured Party
		
	By:	 	 
		 	Name:
		 	Title:

 EXHIBIT C 

TO FINANCIAL GUARANTY INSURANCE POLICY NUMBER: SF0959BE 

FORM OF ASSIGNMENT OF CLAIMS 
 Dated as of
_________, _____ 
 Ambac Assurance Corporation 
 One World
Trade Center 
 New York, NY 10007 
 Attention: General Counsel

 Reference is made to Financial Guaranty Insurance Policy Number SF0959BE dated July 6, 2021(the “Policy”) issued by
Ambac Assurance Corporation (“Ambac”) relating to that portion of Floating Rate Notes due July 6, 2026 issued by the Issuer in the initial aggregate principal amount of approximately $1,175,000,000 (the
“Notes”) issued pursuant to the Indenture, dated as of July 6, 2021 (the “Indenture”) between the Issuer and its successors and assigns, and The Bank of New York Mellon, as Trustee (in such capacity, and
together with its successors and assigns in such capacity, the “Trustee”) and Note Collateral Agent. Unless otherwise defined herein, capitalized terms used in this Assignment shall have the meanings assigned thereto in the Policy
and, if not defined therein, in the Indenture. 
 Insured Party hereby represents that regularly scheduled interest payments in an amount
equal to $• and/or principal payments due at maturity in an amount equal to $• and/or principal payments and premium, if any, due to mandatory redemption in an amount equal to $• have become Due for Payment on the Notes, but are
unpaid by reason of Nonpayment (collectively, the “Nonpayment Amounts”). 
 In connection with the payment by Ambac of such
Nonpayment Amounts pursuant to the Policy, the Insured Party hereby irrevocably and unconditionally sells, assigns, transfers, conveys and delivers to Ambac all of the Insured Party’s right, title and interest in and to any rights or claims,
whether accrued, contingent or otherwise, which the Insured Party now has or may hereafter acquire, against any person relating to, arising out of or in connection with such Nonpayment Amounts. The Insured Party hereby represents and warrants that
such claims and rights are free and clear of any lien or encumbrance created or incurred by the Insured Party. 
 The Trustee, on behalf of
itself and the Holders, hereby appoints Ambac, to the fullest extent permitted by applicable Law, as agent and attorney-in-fact for the Note Collateral Agent and each
Holder in any legal proceeding relating to the Insured Obligations (with respect to and to the extent of the payment made by Ambac under the Policy). The Trustee, on behalf of itself and the Holders, hereby agrees (without limiting the generality of
the preceding sentence) that Ambac may at any time during the continuation of any proceeding by or against the Issuer or any of its property, direct all matters relating to such proceeding with respect to and to the extent of the payment made by
Ambac under the Policy, including without limitation, (a) all matters relating to any claim in connection with insolvency proceeding seeking the avoidance as a preferential transfer of any payment made with respect to the Insured
Obligations (a “Preference Claim”), (b) the direction of any appeal of any order relating to any Preference Claim, at the expense of Ambac, and (c) the posting of any surety, supersedes or
performance bond pending any such appeal. In addition, the Trustee hereby agrees that Ambac shall be subrogated to, and the Trustee on its behalf and on behalf of each Holder, thereby delegates and assigns, to the fullest extent permitted by
applicable law, the rights of the Trustee and each Holder in the conduct of any proceeding with respect to and to the extent of the payments made by Ambac under the Policy, including, without limitation, all rights of any party to an adversary
proceeding or action with respect to any court order issued in connection with any such Insolvency Proceeding. 

 The foregoing acknowledgments are in addition to, and not in limitation of, rights of
subrogation and other contractual rights otherwise available to Ambac in respect of such payments; provided that Ambac’s rights of subrogation shall be postponed so long as any amounts then past due (without giving effect to any grace
period) under the Notes, including principal and interest, if any thereon, remain outstanding and such outstanding amounts are Insured Obligations that have not been paid in full to the Holders; provided further that Ambac shall not pursue,
directly or indirectly, any remedy against or with respect to any Pledged Securities, Replacement Investments (each as defined in the Ambac Note) or proceeds thereof (other than interest income or in respect of accrued interest thereon) for the
purposes of satisfying subrogated claims in respect of interest payments on the Notes. The Insured Party shall take such action and deliver such instruments as may be reasonably requested or required by Ambac to effectuate the purpose or provisions
of this Policy. 
 This assignment shall be governed by the laws of the State of New York. 

 

			
	The Bank of New York Mellon, as Insured Party
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	AMBAC ASSURANCE CORPORATION

 
			
		
	By:	 	 
		 	Name:
		 	Title:

 EXHIBIT D 

TO FINANCIAL GUARANTY INSURANCE POLICY NUMBER: SF0959BE 

FORM OF NOTICE OF ASSIGNMENT OF POLICY 

Dated as of _________, ______ 
 Ambac Assurance Corporation 

One World Trade Center 
 New York, NY 10007 

Attention: General Counsel 
 Reference is made to
Financial Guaranty Insurance Policy Number SF0959BE dated July 6, 2021 (the “Policy”) issued by Ambac Assurance Corporation relating to that portion of an offering in the initial aggregate principal amount of approximately $
1,175,000,000 issued pursuant to that certain Indenture, dated as of July 6, 2021 (the “Indenture”) between the Issuer and The Bank of New York Mellon, as Trustee (in such capacity, and together with its successors and assigns
in such capacity, the “Trustee”) and Note Collateral Agent. Unless otherwise defined herein, capitalized terms used in this Assignment shall have the meanings assigned thereto in the Policy and, if not defined therein, in the
Indenture. 
 The undersigned Trustee (the “Withdrawing Trustee”) has transferred and assigned (and hereby confirms to you such transfer
and assignment) all of its rights in, to and under the Policy to • [insert the name of the successor Trustee] in its capacity as the successor trustee under the Indenture (the “Successor Trustee”) and confirms that the
Withdrawing Trustee no longer has any rights under or interest in the Policy. The Withdrawing Trustee and the Successor Trustee have indicated on the face of the Policy that it has been transferred and assigned to the Successor Trustee. 

The Successor Trustee hereby certifies that it is a duly authorized transferee under the terms of the Policy and is accordingly entitled, upon presentation of
the document(s) called for therein, to receive payment thereunder. 
 IN WITNESS WHEREOF, the Withdrawing Trustee and the Successor Trustee have executed
and delivered this Notice of Transfer as of the • day of •, •. 
  

			
	The Bank of New York Mellon, as Withdrawing Trustee
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	•, as Successor Trustee
		
	By:	 	 
		 	Name:
		 	Title:

 EXHIBIT E 

FORM OF NOTICE OF TERMINATION 
 Dated as of
_________, ______ 
 Ambac Assurance Corporation 
 One State
Street Plaza 
 New York, NY 10004 
 Attention: General Counsel

 Reference is made to Financial Guaranty Insurance Policy Number SF0959BE dated July 6, 2021 (the “Policy”) issued
by Ambac Assurance Corporation (“Ambac”) relating to that portion of an offering in the initial aggregate principal amount of approximately $1,175,000,000 issued pursuant to that certain Indenture, dated as of July 6, 2021 (the
“Indenture”) between the Issuer and The Bank of New York Mellon, as Trustee and Note Collateral Agent. Unless otherwise defined herein, capitalized terms used in this Assignment shall have the meanings assigned thereto in the Policy
and, if not defined therein, in the Indenture. 
 The undersigned, a duly authorized officer of the Insured Party, hereby certifies to Ambac that the term
of the Policy has expired. 
 The original of the Policy is enclosed herewith. 

IN WITNESS WHEREOF, the Insured Party has executed and delivered this certificate as of the • day of •, •. 

 

			
	 The Bank of New York Mellon, as Insured Party

		
	 By:
	 	 
		 	 Name:

		 	 Title:

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