Document:

Form of Amendment Agreement-Deutsche Bank AG London

 EXHIBIT 10.24 
 AMENDMENT AGREEMENT 
 AMENDMENT AGREEMENT (this “Amendment Agreement”), dated as of March 20, 2006
between Deutsche Bank AG London (“DBAG”) and Equinox Fund Management LLC (“Agent”). All capitalized terms used herein and not otherwise defined shall have the respective meanings provided in the Foreign Exchange Prime Brokerage
Agreement referred to below. 
 W I T N E S S E T H: 
 WHEREAS, DBAG and Agent are parties to a Foreign Exchange Prime Brokerage Agreement dated as of July 27, 2004 (as amended, supplemented or modified from time to time, the “FXPB Agreement”); 

WHEREAS, DBAG and Agent wish to amend the FXPB Agreement as herein provided; 
 NOW, THEREFORE, it is agreed that: 
 1.
Annex D of the FXPB Agreement shall be amended to include the following as a Fund together with the following Designated Trading Advisor thereunder: 
 “Frontier Trading Company IX LLC” with its Designated Trading Advisor listed as “Give-In Trading Advisor: Conquest Capital LLC”. 
 2. Annex A of the FXPB Agreement shall be amended to list Goldman Sachs International as a Counterparty thereunder with a Maximum Counterparty Net Open Position for such Counterparty in respect of Conquest Capital LLC (in millions) listed
as “USD 100” and a Settlement Limit for such Counterparty in respect of Conquest Capital LLC (in millions) listed as “USD 100”. 
 3.
This Amendment Agreement is limited as specified and shall not constitute a modification, acceptance or waiver of any other provision of the FXPB Agreement. 
 4. This Amendment Agreement may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which when executed and delivered shall be an original, but all of which shall together
constitute one and the same instrument. A complete set of executed counterparts shall be lodged with DBAG and Agent. 
 5. This Amendment Agreement and the
rights and obligations of the parties hereunder shall be construed in accordance with and governed by the law of the State of New York (without reference to choice of law doctrine). 
 6. This Amendment Agreement shall become effective on the date when DBAG and Agent shall have signed a copy hereof (whether the same or different copies) and delivered (including by way of facsimile transmission) the
same to each other. 
 Copyright 2002 by International Swaps and Derivatives Association, Inc 

 IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Amendment Agreement to be duly executed
and delivered as of the date first above written. 
  

									
	DEUTSCHE BANK AG LONDON	 		 	EQUINOX FUND MANAGEMENT LLC
					
	By:	 	  
	 		 	By:	 	  

	Name:	 		 		 	Name:	 	
	Title:	 		 		 	Title:	 	
					
	By:	 	  
	 		 		 	
	Name:	 		 		 		 	
	Title:	 		 		 		 	

 ISDA® 2002Form of International Swaps and Derivatives

 EXHIBIT 10.36 
 ISDA® 
 International Swap Dealers Association, Inc. 
 2002 MASTER AGREEMENT 
 dated as of
March 20, 2006 
 among 
  

					
	Deutsche Bank AG (“Party A”)	  	and	  	Equinox Fund Management LLC, a limited liability company organized and organized and existing under the laws of the State of Delaware (the “Agent”) and Frontier Trading Company
IX LLC, a limited liability company organized and existing under the laws of the State of Delaware (the “Fund” or “Party B”)

 have entered and/or anticipate entering into one or more transactions (each a
“Transaction”) that are or will be governed by this Master Agreement, which includes the schedule: (the “Schedule”), and the documents and other confirming evidence (each a “Confirmation”) exchanged between the parties
or otherwise effective for the purpose of confirming or evidencing those Transactions. This 2002 Master Agreement and the Schedule are together referred to as this “Master Agreement”. 
 Accordingly, the parties agree as follows: — 
 Interpretation 
 Definitions. The terms defined in Section 14 and elsewhere in this Master Agreement will have
the meanings therein specified for the purpose of this Master Agreement. 
 Inconsistency. In the event of any inconsistency between the
provisions of the Schedule and the other provisions of this Master Agreement, the Schedule will prevail. In the event of any inconsistency between the provisions of any Confirmation and this Master Agreement, such Confirmation will prevail for the
purpose of the relevant Transaction. 
 Single Agreement. All Transactions are entered into in reliance on the fact that this Master
Agreement and all Confirmations form a single agreement between the parties (collectively referred to as this “Agreement”), and the parties would not otherwise enter into any Transactions. 
 Obligations 
 General Conditions. 
 Each party will make each payment or delivery specified in each Confirmation to be made by it, subject to the other provisions of this Agreement.

 Payments under this Agreement will be made on the due date for value on that date in the place of the account specified in the relevant
Confirmation or otherwise pursuant to this Agreement, in freely transferable funds and in the manner customary for payments in the required currency. Where settlement is by delivery (that is, other than by payment), such delivery will be made for
receipt on the due date in the manner customary for the relevant obligation unless otherwise specified in the relevant Confirmation or elsewhere in this Agreement. 
 Copyright 2002 by International Swaps and Derivatives Association, Inc 

 Each obligation of each party under Section 2(a)(i) is subject to (1) the condition
precedent that no Event of Default or Potential Event of Default with respect to the other party has occurred and is continuing, (2) the condition precedent that no Early Termination Date in respect of the relevant Transaction has occurred or
been effectively designated and (3) each other applicable condition precedent specified in this Agreement. 
 Change of Account.
Either party may change its account for receiving a payment or delivery by giving notice to the other party at least five Local Business Days prior to the scheduled date for the payment or delivery to which such change applies unless such other
party gives timely notice of a reasonable objection to such change. 
 Netting of Payments. If on any date amounts would otherwise be
payable: — 
 in the same currency; and 
 in respect of the same Transaction, 
 by each party to the other, then, on such date, each
party’s obligation to make payment of any such amount will be automatically satisfied and discharged and, if the aggregate amount that would otherwise have been payable by one party exceeds the aggregate amount that would otherwise have been
payable by the other party, replaced by an obligation upon the party by whom the larger aggregate amount would have been payable to pay to the other party the excess of the larger aggregate amount over the smaller aggregate amount. 
 The parties may elect in respect of two or more Transactions that a net amount and payment obligation will be determined in respect of all amounts
payable on the same date in the same currency in respect of those Transactions, regardless of whether such amounts are payable in respect of the same Transaction. The election may be made in the Schedule or any Confirmation by specifying that
“Multiple Transaction Payment Netting” applies to the Transactions identified as being subject to the election (in which case clause (ii) above will not apply to such Transactions). If Multiple Transaction Payment Netting is
applicable to Transactions, it will apply to those Transactions with effect from the starting date specified in the Schedule or such Confirmation, or, if a starting date is not specified in the Schedule or such Confirmation, the starting date
otherwise agreed by the parties in writing. This election may be made separately for different groups of Transactions and will apply separately to each pairing of Offices through which the parties make and receive payments or deliveries. 

Deduction or Withholding for Tax. 
 Gross
Up. All payments under this Agreement will be made without any deduction or withholding for or on account of any Tax unless such deduction or withholding is required by any applicable law, as modified by the practice of any relevant
governmental revenue authority, then in effect. If a party is so required to deduct or withhold, then that party (“X”) will:— 
 promptly notify the other party (“Y”) of such requirement; 
 pay to the relevant authorities the full amount
required to be deducted or withheld (including the full amount required to be deducted or withheld from any additional amount paid by X to Y under this Section 2(d)) promptly upon the earlier of determining that such deduction or withholding is
required or receiving notice that such amount has been assessed against Y; 
 promptly forward to Y an official receipt (or a
certified copy), or other documentation reasonably acceptable to Y, evidencing such payment to such authorities; and 
 if such Tax is
an Indemnifiable Tax, pay to Y, in addition to the payment to which Y is otherwise entitled under this Agreement, such additional amount as is necessary to ensure that the net amount actually received by Y (free and clear of Indemnifiable Taxes,
whether assessed against X or Y) will equal the full amount Y would have received had no such deduction or withholding been 
 ISDA®
2002 

 
required. However, X will not be required to pay any additional amount to Y to the extent that it would not be required to be paid but for: —

 the failure by Y to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d); or 
 the failure of a representation made by Y pursuant to Section 3(f) to be accurate and true unless such failure would not have occurred but for
(1) any action taken by a taxing authority, or brought in a court of competent jurisdiction, after a Transaction is entered into (regardless of whether such action is taken or brought with respect to a party to this Agreement) or (II) a Change
in Tax Law. 
 Liability. If:— 
 X is required by any applicable law, as modified by the practice of any relevant governmental revenue authority, to make any deduction or withholding in respect of which X would not be required to pay an additional
amount to Y under Section 2(d)(i)(4); 
 X does not so deduct or withhold; and 
 a liability resulting from such Tax is assessed directly against X, 
 then, except to the extent Y has satisfied or then satisfies the liability resulting from such Tax, Y will promptly pay to X the amount of
such liability (including any related liability for interest, but including any related liability for penalties only if Y has failed to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d)). 
 Representations 
 Each party makes the
representations contained in Sections 3(a), 3(b), 3(c), 3(d), 3(e) and 3(f) and, if specified in the Schedule as applying, 3(g) to the other party (which representations will be deemed to be repeated by each party on each date on which a Transaction
is entered into and, in the case of the representations in Section 3(f), at all times until the termination of this Agreement). If any “Additional Representation” is specified in the Schedule or any Confirmation as applying, the party
or parties specified for such Additional Representation will make and, if applicable, be deemed to repeat such Additional Representation at the time or times specified for such Additional Representation. 
 Basic Representations 
 Status. It is duly organised and validly existing under the laws of the jurisdiction of its organisation or incorporation and, if relevant under such laws, in good standing; 
 Powers. It has the power to execute this Agreement and any other documentation relating to this Agreement to which it is a party, to deliver
this Agreement and any other documentation relating to this Agreement that it is required by this Agreement to deliver and to perform its obligations under this Agreement and any obligations it has under any Credit Support Document to which it is a
party and has taken all necessary action to authorise such execution, delivery and performance; 
 No Violation or Conflict.
Such execution, delivery and performance do not violate or conflict with any law applicable to it, any provision of its constitutional documents, any order or judgment of any court or other agency of government applicable to it or any of its
assets or any contractual restriction binding on or affecting it or any of its assets; 
 ISDA® 2002 

 Consents. All governmental and other consents that are required to have been obtained by it
with respect to this Agreement or any Credit Support Document to which it is a party have been obtained and are in full force and effect and all conditions of any such consents have been complied with; and 
 Obligations Binding. Its obligations under this Agreement and any Credit Support Document to which it is a party constitute its legal, valid and
binding obligations, enforceable in accordance with their respective terms (subject to applicable bankruptcy, reorganisation, insolvency, moratorium or similar laws affecting creditors’ rights generally and subject as to enforceability, to
equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law)). 
 Absence of
Certain Events. No Event of Default or Potential Event of Default or, to its knowledge, Termination Event with respect to it has occurred and is continuing and no such event or circumstance would occur as a result of its entering into or
performing its obligations under this Agreement or any Credit Support Document to which it is a party. 
 Absence of Litigation. There
is not pending or, to its knowledge, threatened against it, any of its Credit Support Providers or any of its applicable Specified Entities any action, suit or proceeding at law or in equity or before any court, tribunal, governmental body, agency
or official or any arbitrator that is likely to affect the legality, validity or enforceability against it of this Agreement or any Credit Support Document to which it is a party or its ability to perform its obligations under this Agreement or such
Credit Support Document. 
 Accuracy of Specified Information. All applicable information that is finished in writing by or on behalf of
it to the other party and is identified for the purpose of this Section 3(d) in the Schedule is, as of the date of the information, true, accurate and complete in every material respect. 
 Payer Tax Representation. Each representation specified in the Schedule as being made by it for the purpose of this Section 3(e) is accurate and
true. 
 Payee Tax Representations. Each representation specified in the Schedule as being made by it for the purpose of this
Section 3(f) is accurate and true. 
 No Agency. It is entering into this Agreement, including each Transaction, as principal and
not as agent of any person or entity. 
 Agreements 
 Each party agrees with the other that, so long as either party has or may have any obligation under this Agreement or under any Credit Support Document to which it is a party: — 
 Furnish Specified Information. It will deliver to the other party or, in certain cases under clause (iii) below, to such government or taxing
authority as the other party reasonably directs: — 
 any forms, documents or certificates relating to taxation specified in the
Schedule or any Confirmation; 
 any other documents specified in the Schedule or any Confirmation; and 
 upon reasonable demand by such other party, any form or document that may be required or reasonably requested in writing in order to allow such other
party or its Credit Support Provider to make a payment under this Agreement or any applicable Credit Support Document without any deduction or withholding for or on account of any Tax or with such deduction or withholding at a reduced rate (so long
as the completion, execution or submission of such form or document would not materially prejudice the legal or commercial position of the party in receipt of such demand), with any such form or document to be accurate and completed in a manner
reasonably satisfactory to such other party and to be executed and to be delivered with any reasonably required certification, 
 ISDA® 2002 

 in each case by the date specified in the Schedule or such Confirmation or, if none is specified, as soon
as reasonably practicable. 
 Maintain Authorisations. It will use all reasonable efforts to maintain in full force and effect all consents
of any governmental or other authority that are required to be obtained by it with respect to this Agreement or any Credit Support Document to which it is a party and will use all reasonable efforts to obtain any that may become necessary in the
future. 
 Comply With Laws. It will comply in all material respects with all applicable laws and orders to which it may be subject if
failure so to comply would materially impair its ability to perform its obligations under this Agreement or any Credit Support Document to which it is a party. 
 Tax Agreement. It will give notice of any failure of a representation made by it under Section 3(f) to be accurate and true promptly upon learning of such failure. 
 Payment of Stamp Tax. Subject to Section 11, it will pay any Stamp Tax levied or imposed upon it or in respect of its execution or performance of
this Agreement by a jurisdiction in which it is incorporated, organised, managed and controlled or considered to have its seat, or where an Office through which it is acting for the purpose of this Agreement is located (“Stamp Tax
Jurisdiction”), and will indemnify the other party against any Stamp Tax levied or imposed upon the other party or in respect of the other party’s execution or performance of this Agreement by any such Stamp Tax Jurisdiction which is not
also a Stamp Tax Jurisdiction with respect to the other party. 
 Events of Default and Termination Events 
 Events of Default. The occurrence at any time with respect to a party or, if applicable, any Credit Support Provider of such party or any Specified
Entity of such party of any of the following events constitutes (subject to Sections 5(c) and 6(e)(iv)) an event of default (an “Event of Default”) with respect to such party: — 
 Failure to Pay or Deliver. Failure by the party to make, when due, any payment under this Agreement or delivery under Section 2(a)(i) or
9(h)(i)(2) or (4) required to be made by it if such failure is not remedied on or before the first Local Business Day in the case of any such payment or the first Local Delivery Day in the case of any such delivery after, in each case, notice
of such failure is given to the party; 
 Breach of Agreement; Repudiation of Agreement. 
 Failure by the party to comply with or perform any agreement or obligation (other than an obligation to make any payment under this Agreement or
delivery under Section 2(a)(i) or 9(h)(i)(2) or (4) or to give notice of a Termination Event or any agreement or obligation under Section 4(a)(i), 4(a)(iii) or 4(d)) to be complied with or performed by the party in accordance with
this Agreement if such failure is not remedied within 30 days after notice of such failure is given to the party; or 
 the party
disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the validity of, this Master Agreement, any Confirmation executed and delivered by that party or any Transaction evidenced by such a Confirmation (or such action is
taken by any person or entity appointed or empowered to operate it or act on its behalf); 
 ISDA® 2002 

 Credit Support Default. 
 Failure by the party or any Credit Support Provider of such party to comply with or perform any agreement or obligation to be complied with or performed by it in accordance with any Credit Support Document if such
failure is continuing after any applicable grace period has elapsed; 
 the expiration or termination of such Credit Support Document
or the failing or ceasing of such Credit Support Document, or any security interest granted by such party or such Credit Support Provider to the other party pursuant to any such Credit Support Document, to be in full force and effect for the purpose
of this Agreement (in each case other than in accordance with its terms) prior to the satisfaction of all obligations of such party under each Transaction to which such Credit Support Document relates without the written consent of the other party;
or 
 the party or such Credit Support Provider disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the
validity of, such Credit Support Document (or such action is taken by any person or entity appointed or empowered to operate it or act on its behalf); 
 Misrepresentation. A representation (other than a representation under Section 3(e) or 3(f)) made or repeated or deemed to have been made or repeated by the party or any Credit Support Provider of such
party in this Agreement or any Credit Support Document proves to have been incorrect or misleading in any material respect when made or repeated or deemed to have been made or repeated; 
 Default Under Specified Transaction. The party, any Credit Support Provider of such party or any applicable Specified Entity of such party:
— 
 defaults (other than by failing to make a delivery) under a Specified Transaction or any credit support arrangement relating
to a Specified Transaction and, after giving effect to any applicable notice requirement or grace period, such default results in a liquidation of, an acceleration of obligations under, or an early termination of, that Specified Transaction;

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

 a default, event of default or other similar condition or event (however described) in respect of such party, any Credit Support
Provider of such party or any applicable Specified Entity of such party under one or more agreements or instruments relating to Specified Indebtedness of any of them (individually or collectively) where the aggregate principal amount of such
agreements or instruments, either alone or together with the amount, if any, referred to in clause (2) below, is not 
 ISDA®
2002 

 less than the applicable Threshold Amount (as specified in the Schedule) which has resulted in such
Specified Indebtedness becoming, or becoming capable at such time of being declared, due and payable under such agreements or instruments before it would otherwise have been due and payable; or 
 a default by such party, such Credit Support Provider or such Specified Entity (individually or collectively) in making one or more payments under
such agreements or instruments on the due date for payment (after giving effect to any applicable notice requirement or grace period) in an aggregate amount, either alone or together with the amount, if any, referred to in clause (1) above, of
not less than the applicable Threshold Amount; 
 Bankruptcy. The party, any Credit Support Provider of such party or any
applicable Specified Entity of such party: — 
 is dissolved (other than pursuant to a consolidation, amalgamation or merger);
(2) becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due; (3) makes a general assignment, arrangement or composition with or for the benefit of its
creditors; (4)(A) institutes or has instituted against it, by a regulator, supervisor or any similar official with primary insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction of its incorporation or organisation or
the jurisdiction of its head or home office, a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is presented for
its winding up or liquidation by it or such regulator, supervisor or similar official, or (B) has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or
other similar law affecting creditors’ rights, or a petition is presented for its winding up or liquidation, and such proceeding or petition is instituted or presented by a person or entity not described in clause (A) above and either
(I) results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding up or liquidation or (II) is not dismissed, discharged, stayed or restrained in each case within 15 days of the
institution or presentation thereof, (5) has a resolution passed for its winding up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger); (6) seeks or becomes subject to the appointment of an
administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its assets; (7) has a secured party take possession of all or substantially all its assets or has
a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed
or restrained, in each case within 15 days thereafter; (8) causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in clauses (1) to
(7) above (inclusive); or (9) takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts; or 
 Merger Without Assumption. The party or any Credit Support Provider of such party consolidates or amalgamates with, or merges with or into, or
transfers all or substantially all its assets to, or reorganises, reincorporates or reconstitutes into or as, another entity and, at the time of such consolidation, amalgamation, merger, transfer, reorganisation, reincorporation or reconstitution:
— 
 the resulting, surviving or transferee entity fails to assume all the obligations of such party or such Credit Support
Provider under this Agreement or any Credit Support Document to which it or its predecessor was a party; or 
 the benefits of any
Credit Support Document fail to extend (without the consent of the other party) to the performance by such resulting, surviving or transferee entity of its obligations under this Agreement. 
 ISDA® 2002 

 Termination Events. The occurrence at any time with respect to a party or, if applicable, any Credit Support
Provider of such party or any Specified Entity of such party of any event specified below constitutes (subject to Section 5(c)) an Illegality if the event is specified in clause (i) below, a Force Majeure Event if the event is specified in
clause (ii) below, a Tax Event if the event is specified in clause (iii) below, a Tax Event Upon Merger if the event is specified in clause (iv) below, and, if specified to be applicable, a Credit Event Upon Merger if the event is
specified pursuant to clause (v) below or an Additional Termination Event if the event is specified pursuant to clause (vi) below: — 
 Illegality. After giving effect to any applicable provision, disruption fallback or remedy specified in, or pursuant to, the relevant Confirmation or elsewhere in this Agreement, due to an event or
circumstance (other than any action taken by a party or, if applicable, any Credit Support Provider of such party) occurring after a Transaction is entered into, it becomes unlawful under any applicable law (including without limitation the laws of
any country in which payment, delivery or compliance is required by either party or any Credit Support Provider, as the case may be), on any day, or it would be unlawful if the relevant payment, delivery or compliance were required on that day (in
each case, other than as a result of a breach by the party of Section 4(b)): — 
 for the Office through which such party
(which will be the Affected Party) makes and receives payments or deliveries with respect to such Transaction to perform any absolute or contingent obligation to make a payment or delivery in respect of such Transaction, to receive a payment or
delivery in respect of such Transaction or to comply with any other material provision of this Agreement relating to such Transaction; or 
 for such party or any Credit Support Provider of such party (which will be the Affected Party) to perform any absolute or contingent obligation to make a payment or delivery which such party or Credit Support Provider has under any
Credit Support Document relating to such Transaction, to receive a payment or delivery under such Credit Support Document or to comply with any other material provision of such Credit Support Document; 
 Force Majeure Event. After giving effect to any applicable provision, disruption fallback or remedy specified in, or pursuant to, the relevant
Confirmation or elsewhere in this Agreement, by reason of force majeure or act of state occurring after a Transaction is entered into, on any day: 
 the Office through which such party (which will be the Affected Party) makes and receives payments or deliveries with respect to such Transaction is prevented from performing any absolute or contingent obligation
to make a payment or delivery in respect of such Transaction, from receiving a payment or delivery in respect of such Transaction or from complying with any other material provision of this Agreement relating to such Transaction (or would be so
prevented if such payment delivery or compliance were required on that day), or it becomes impossible or impracticable for such Office so to perform, receive or comply (or it would be impossible or impracticable for such Office so to perform,
receive or comply if such payment delivery or compliance were required on that day); or 
 such party or any Credit Support Provider
of such party (which will be the Affected Party) is prevented from performing any absolute or contingent obligation to make a payment or delivery which such party or Credit Support Provider has under any Credit Support Document relating to such
Transaction, from receiving a payment or delivery under such Credit Support Document or from complying with any other material provision of such Credit Support Document (or would be so prevented if such payment, delivery or compliance were required
on that day), or it becomes impossible or impracticable for such party or Credit Support Provider so to perform, receive or comply (or it would be impossible or impracticable for such party or Credit Support Provider so to perform, receive or comply
if such payment, delivery or compliance were required on that day), 
 so long as the force majeure or act of state is
beyond the control of such Office, such party or such Credit Support Provider, as appropriate, and such Office, party or Credit Support Provider could not, after using all reasonable efforts (which will not require such party or Credit Support
Provider to incur a loss, other than immaterial, incidental expenses), overcome such prevention, impossibility or impracticability; 
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 Tax Event. Due to (1) any action taken by a taxing authority, or brought in a court of
competent jurisdiction, after a Transaction is entered into (regardless of whether such action is taken or brought with respect to a party to this Agreement) or (2) a Change in Tax Law, the party (which will be the Affected Party) will, or
there is a substantial likelihood that it will, on the next succeeding Scheduled Settlement Date (A) be required to pay to the other party an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect
of interest under Section 9(h)) or (B) receive a payment from which an amount is required to be deducted or withheld for or on account of a Tax (except in respect of interest under Section 9(h)) and no additional amount is required to
be paid in respect of such Tax under Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(A) or (B)); 
 Tax Event
Upon Merger. The party (the “Burdened Party”) on the next succeeding Scheduled Settlement Date will either (1) be required to pay an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in
respect of interest under Section 9(h)) or (2) receive a payment from which an amount has been deducted or withheld for or on account of any Tax in respect of which the other party is not required to pay an additional amount (other than by
reason of Section 2(d)(i)(4)(A) or (B)), in either case as a result of a party consolidating or amalgamating with, or merging with or into, or transferring all or substantially all its assets (or any substantial part of the assets comprising
the business conducted by it as of the date of this Master Agreement) to, or reorganising, reincorporating or reconstituting into or as, another entity (which will be the Affected Party) where such action does not constitute a Merger Without
Assumption; 
 Credit Event Upon Merger. If “Credit Event Upon Merger” is specified in the Schedule as applying to the
party, a Designated Event (as defined below) occurs with respect to such party, any Credit Support Provider of such party or any applicable Specified Entity of such party (in each case, “X”) and such Designated Event does not constitute a
Merger Without Assumption, and the creditworthiness of X or, if applicable, the successor, surviving or transferee entity of X, after taking into account any applicable Credit Support Document, is materially weaker immediately after the occurrence
of such Designated Event than that of X immediately prior to the occurrence of such Designated Event (and, in any such event, such party or its successor, surviving or transferee entity, as appropriate, will be the Affected Party). A
“Designated Event” with respect to X means that: — 
 X consolidates or amalgamates with, or merges with or into, or
transfers all or substantially all its assets (or any substantial part of the assets comprising the business conducted by X as of the date of this Master Agreement) to, or reorganises, reincorporates or reconstitutes into or as, another entity;

 any person, related group of persons or entity acquires directly or indirectly the beneficial ownership of (A) equity
securities having the power to elect a majority of the board of directors (or its equivalent) of X or (B) any other ownership interest enabling it to exercise control of X; or 
 X effects any substantial change in its capital structure by means of the issuance, incurrence or guarantee of debt or the issuance of
(A) preferred stock or other securities convertible into or exchangeable for debt or preferred stock or (B) in the case of entities other than corporations, any other form of ownership interest; or 
 Additional Termination Event. If any “Additional Termination Event” is specified in the Schedule or any Confirmation as applying, the
occurrence of such event (and, in such event, the Affected Party or Affected Parties will be as specified for such Additional Termination Event in the Schedule or such Confirmation). 
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 Hierarchy of Events 
 An event or circumstance that constitutes or gives rise to an Illegality or a Force Majeure Event will not, for so long as that is the case, also constitute or give rise to an Event of Default under
Section 5(a)(i), 5(a)(ii)(l) or 5(a)(iii)(1) insofar as such event or circumstance relates to the failure to make any payment or delivery or a failure to comply with any other material provision of this Agreement or a Credit Support Document,
as the case may be. 
 Except in circumstances contemplated by clause (i) above, if an event or circumstance which would otherwise
constitute or give rise to an Illegality or a Force Majeure Event also constitutes an Event of Default or any other Termination Event, it will be treated as an Event of Default or such other Termination Event, as the case may be, and will not
constitute or give rise to an Illegality or a Force Majeure Event. 
 If an event or circumstance which would otherwise constitute or
give rise to a Force Majeure Event also constitutes an Illegality, it will be treated as an Illegality, except as described in clause (ii) above, and not a Force Majeure Event. 
 Deferral of Payments and Deliveries During Waiting Period. If an Illegality or a Force Majeure Event has occurred and is continuing with respect to a Transaction, each payment or delivery which would
otherwise be required to be made under that Transaction will be deferred to, and will not be due until: — 
 the first Local
Business Day or, in the case of a delivery, the first Local Delivery Day (or the first day that would have been a Local Business Day or Local Delivery Day, as appropriate, but for the occurrence of the event or circumstance constituting or giving
rise to that Illegality or Force Majeure Event) following the end of any applicable Waiting Period in respect of that Illegality or Force Majeure Event, as the case may be; or 
 if earlier, the date on which the event or circumstance constituting or giving rise to that Illegality or Force Majeure Event ceases to exist or, if
such date is not a Local Business Day or, in the case of a delivery, a Local Delivery Day, the first following day that is a Local Business Day or Local Delivery Day, as appropriate. 
 Inability of Head or Home Office to Perform Obligations of Branch. If (i) an Illegality or a Force Majeure Event occurs under Section 5(b)(i)(1) or 5(b)(ii)(1) and the relevant Office is not
the Affected Party’s head or home office, (ii) Section 10(a) applies, (iii) the other party seeks performance of the relevant obligation or compliance with the relevant provision by the Affected Party’s head or home office
and (iv) the Affected Party’s head or home office fails so to perform or comply due to the occurrence of an event or circumstance which would, if that head or home office were the Office through which the Affected Party makes and receives
payments and deliveries with respect to the relevant Transaction, constitute or give rise to an Illegality or a Force Majeure Event, and such failure would otherwise constitute an Event of Default under Section 5(a)(i) or 5(a)(iii)(1) with
respect to such party, then, for so long as the relevant event or circumstance continues to exist with respect to both the Office referred to in Section 5(b)(i)(1) or 5(b)(ii)(1), as the case may be, and the Affected Party’s head or home
office, such failure will not constitute an Event of Default under Section 5(a)(i) or 5(a)(iii)(1). 
 Early Termination; Close-Out
Netting 
 Right to Terminate Following Event of Default. If at any time an Event of Default with respect to a party (the
“Defaulting Party”) has occurred and is then continuing, the other party (the “Non-defaulting Party”) may, by not more than 20 days notice to the Defaulting Party specifying the relevant Event of Default, designate a day not
earlier than the day such notice is effective as an Early Termination Date in respect of all outstanding Transactions. If, however, “Automatic Early Termination” is specified in the Schedule as applying to a party, then an Early
Termination Date in respect of all outstanding Transactions will occur immediately upon the occurrence with respect to such party of an Event of Default specified in Section 5(a)(vii)(i), (3), (5), (6) or, to the extent analogous thereto,
(8), and as of the time immediately preceding the institution of the relevant proceeding or the presentation of the relevant petition upon the occurrence with respect to such party of an Event of Default specified in Section 5(a)(vii)(4) or, to
the extent analogous thereto, (8). 
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 Right to Terminate Following Termination Event. 
 Notice. If a Termination Event other than a Force Majeure Event occurs, an Affected Party will, promptly upon becoming aware of it, notify the
other party, specifying the nature of that Termination Event and each Affected Transaction, and will also give the other party such other information about that Termination Event as the other party may reasonably require. If a Force Majeure Event
occurs, each party will, promptly upon becoming aware of it, use all reasonable efforts to notify the other party, specifying the nature of that Force Majeure Event, and will also give the other party such other information about that Force Majeure
Event as the other party may reasonably require. 
 Transfer to Avoid Termination Event. If a Tax Event occurs and there is only
one Affected Party, or if a Tax Event Upon Merger occurs and the Burdened Party is the Affected Party, the Affected Party will, as a condition to its right to designate an Early Termination Date under Section 6(b)(iv), use all reasonable
efforts (which will not require such party to incur a loss, other than immaterial, incidental expenses) to transfer within 20 days after it gives notice under Section 6(b)(i) all its rights and obligations under this Agreement in respect of the
Affected Transactions to another of its Offices or Affiliates so that such Termination Event ceases to exist. 
 If the
Affected Party is not able to make such a transfer it will give notice to the other party to that effect within such 20 day period, whereupon the other party may effect such a transfer within 30 days after the notice is given under
Section 6(b)(i). 
 Any such transfer by a party under this Section 6(b)(ii) will be subject to and conditional upon
the prior written consent of the other party, which consent will not be withheld if such other party’s policies in effect at such time would permit it to enter into transactions with the transferee on the terms proposed. 
 Two Affected Parties. If a Tax Event occurs and there are two Affected Parties, each party will use all reasonable efforts to reach agreement
within 30 days after notice of such occurrence is given under Section 6(b)(i) to avoid that Termination Event. 
 Right to
Terminate 
 If: — 
 a transfer under Section 6(b)(ii) or an agreement under Section 6(b)(iii), as the case may be, has not been effected with respect to all Affected Transactions within 30 days after an Affected Party gives notice under
Section 6(b)(i); or 
 a Credit Event Upon Merger or an Additional Termination Event occurs, or a Tax Event Upon Merger occurs
and the Burdened Party is not the Affected Party, 
 the Burdened Party in the case of a Tax Event Upon Merger, any
Affected Party in the case of a Tax Event or an Additional Termination Event if there are two Affected Parties, or the Non-affected Party in the case of a Credit Event Upon Merger or an Additional Termination Event if there is only one Affected
Party may, if the relevant Termination Event is then continuing, by not more than 20 days notice to the other party, designate a day not earlier than the day such notice is effective as an Early Termination Date in respect of all Affected
Transactions. 
 If at any time an Illegality or a Force Majeure Event has occurred and is then continuing and any applicable Waiting
Period has expired: — 
 Subject to clause (B) below, either party may, by not more than 20 days notice to the other party,
designate (1) a day not earlier than the day on which such notice becomes effective as an Early Termination Date in respect of all Affected 
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 Transactions or (II) by specifying in that notice the Affected Transactions in respect of which it is
designating the relevant day as an Early Termination Date, a day not earlier than two Local Business Days following the day on which such notice becomes effective as an Early Termination Date in respect of less than all Affected Transactions. Upon
receipt of a notice designating an Early Termination Date in respect of less than all Affected Transactions, the other party may, by notice to the designating party, if such notice is effective on or before the day so designated, designate that same
day as an Early Termination Date in respect of any or all other Affected Transactions. 
 An Affected Party (if the Illegality or
Force Majeure Event relates to performance by such party or any Credit Support Provider of such party of an obligation to make any payment or delivery under, or to compliance with any other material provision of, the relevant Credit Support
Document) will only have the right to designate an Early Termination Date under Section 6(b)(iv)(2)(A) as a result of an Illegality under Section 5(b)(i)(2) or a Force Majeure Event under Section 5(b)(ii)(2) following the prior
designation by the other party of an Early Termination Date, pursuant to Section 6(b)(iv)(2)(A), in respect of less than all Affected Transactions. 
 Effect of Designation. 
 If notice designating an Early Termination Date is given under Section 6(a) or 6(b), the
Early Termination Date will occur on the date so designated, whether or not the relevant Event of Default or Termination Event is then continuing. 
 Upon the occurrence or effective designation of an Early Termination Date, no further payments or deliveries under Section 2(a)(i) or 9(h)(i) in respect of the Terminated Transactions will be required to be
made, but without prejudice to the other provisions of this Agreement. The amount, if any, payable in respect of an Early Termination Date will be determined pursuant to Sections 6(e) and 9(h)(ii). 
 Calculations; Payment Date. 
 Statement. On
or as soon as reasonably practicable following the occurrence of an Early Termination Date, each party will make the calculations on its part, if any, contemplated by Section 6(e) and will provide to the other party a statement
(1) showing, in reasonable detail, such calculations (including any quotations, market data or information from internal sources used in making such calculations), (2) specifying (except where there are two Affected Parties) any Early
Termination Amount payable and (3) giving details of the relevant account to which any amount payable to it is to be paid. In the absence of written confirmation from the source of a quotation or market data obtained in determining a Close out
Amount, the records of the party obtaining such quotation or market data will be conclusive evidence of the existence and accuracy of such quotation or market data. 
 Payment Date. An Early Termination Amount due in respect of any Early Termination Date will, together with any amount of interest payable pursuant to Section 9(h)(ii)(2), be payable (1) on the day
on which notice of the amount payable is effective in the case of an Early Termination Date which is designated or occurs as a result of an Event of Default and (2) on the day which is two Local Business Days after the day on which notice of
the amount payable is effective (or, if there are two Affected Parties, after the day on which the statement provided pursuant to clause (i) above by the second party to provide such a statement is effective) in the case of an Early Termination
Date which is designated as a result of a Termination Event. 
 Payments on Early Termination. If an Early Termination Date occurs, the
amount, if any, payable in respect of that Early Termination Date (the “Early Termination Amount”) will be determined pursuant to this Section 6(e) and will be subject to Section 6(f). 
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 Events of Default. If the Early Termination Date results from an Event of Default, the Early
Termination Amount will be an amount equal to (1) the sum of (A) the Termination Currency Equivalent of the Close out Amount or Close-out Amounts (whether positive or negative) determined by the Non-defaulting Party for each Terminated
Transaction or group of Terminated Transactions, as the case may be, and (B) the Termination Currency Equivalent of the Unpaid Amounts owing to the Non defaulting Party less (2) the Termination Currency Equivalent of the Unpaid Amounts
owing to the Defaulting Party. If the Early Termination Amount is a positive number, the Defaulting Party will pay it to the Non-defaulting Party; if it is a negative number, the Non defaulting Party will pay the absolute value of the Early
Termination Amount to the Defaulting Party. 
 Termination Events. If the Early Termination Date results from a Termination
Event: — 
 One Affected Party. Subject to clause (3) below, if there is one Affected Party, the Early Termination Amount
will be determined in accordance with Section 6(e)(i), except that references to the Defaulting Party and to the Non defaulting Party will be deemed to be references to the Affected Party and to the Non affected Party, respectively.

 Two Affected Parties. Subject to clause (3) below, if there are two Affected Parties, each party will determine an amount equal to
the Termination Currency Equivalent of the sum of the Close out Amount or Close out Amounts (whether positive or negative) for each Terminated Transaction or group of Terminated Transactions, as the case may be, and the Early Termination Amount will
be an amount equal to (A) the sum of (I) one-half of the difference between the higher amount so determined (by party “X”) and the lower amount so determined (by party “Y”) and (II) the Termination Currency Equivalent
of the Unpaid Amounts owing to X less (B) the Termination Currency Equivalent of the Unpaid Amounts owing to Y. If the Early Termination Amount is a positive number, Y will pay it to X; if it is a negative number, X will pay the absolute value
of the Early Termination Amount to Y. 
 Mid Market Events. If that Termination Event is an Illegality or a Force Majeure Event, then
the Early Termination Amount will be determined in accordance with clause (1) or (2) above, as appropriate, except that, for the purpose of determining a Close out Amount or Close out Amounts, the Determining Party will: —

 if obtaining quotations from one or more third parties (or from any of the Determining Party’s Affiliates), ask each third party
or Affiliate (1) not to take account of the current creditworthiness of the Determining Party or any existing Credit Support Document and (II) to provide mid market quotations; and 
 in any other case, use mid market values without regard to the creditworthiness of the Determining Party. 
 Adjustment for Bankruptcy. In circumstances where an Early Termination Date occurs because Automatic Early Termination applies in respect of a
party, the Early Termination Amount will be subject to such adjustments as are appropriate and permitted by applicable law to reflect any payments or deliveries made by one party to the other under this Agreement (and retuned by such other party)
during the period from the relevant Early Termination Date to the date for payment determined under Section 6(d)(ii). 
 Adjustment for Illegality or Force Majeure Event. The failure by a party or any Credit Support Provider of such party to pay, when due, any Early Termination Amount will not constitute an Event of Default under
Section 5(a)(i) or 5(a)(iii)(1) if such failure is due to the occurrence of an event or circumstance which would, if it occurred with respect to payment delivery or compliance related to a Transaction, constitute or give rise to an Illegality
or a Force Majeure Event Such amount will (1) accrue interest and otherwise be treated as an Unpaid Amount owing to the other party if subsequently an Early Termination Date results from an Event of Default, a Credit Event Upon Merger or an
Additional Termination Event in respect of which all outstanding Transactions are Affected Transactions and (2) otherwise accrue interest in accordance with Section 9(h)(ii)(2). 
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 Pre-Estimate. The parties agree that an amount recoverable under this Section 6(e) is a
reasonable pre-estimate of loss and not a penalty. Such amount is payable for the loss of bargain and the loss of protection against future risks, and, except as otherwise provided in this Agreement neither party will be entitled to recover any
additional damages as a consequence of the termination of the Terminated Transactions. 
 Set Off. Any Early Termination Amount payable
to one party (the “Payee”) by the other party (the “Payer”), in circumstances where there is a Defaulting Party or where there is one Affected Party in the case where either a Credit Event Upon Merger has occurred or any other
Termination Event in respect of which all outstanding Transactions are Affected Transactions has occurred, will, at the option of the Non defaulting Party or the Non-affected Party, as the case may be (“X”) (and without prior notice to the
Defaulting Party or the Affected Party, as the case may be), be reduced by its set off against any other amounts (“Other Amounts”) payable by the Payee to the Payer (whether or not arising under this Agreement, matured or contingent and
irrespective of the currency, place of payment or place of booking of the obligation). To the extent that any Other Amounts are so set off, those Other Amounts will be discharged promptly and in all respects. X will give notice to the other party of
any set off effected under this Section 6(f). 
 For this purpose, either the Early Termination Amount or the Other Amounts (or the
relevant portion of such amounts) may be converted by X into the currency in which the other is denominated at the rate of exchange at which such party would be able, in good faith and using commercially reasonable procedures, to purchase the
relevant amount of such currency. 
 If an obligation is unascertained, X may in good faith estimate that obligation and set off in respect
of the estimate, subject to the relevant party accounting to the other when the obligation is ascertained. 
 Nothing in this
Section 6(f) will be effective to create a charge or other security interest. This Section 6(f) will be without prejudice and in addition to any right of set off, offset, combination of accounts, lien, right of retention or withholding or
similar right or requirement to which any party is at any time otherwise entitled or subject (whether by operation of law, contract or otherwise). 
 Transfer 
 Subject to Section 6(b)(ii) and to the extent permitted by applicable law, neither this Agreement nor
any interest or obligation in or under this Agreement may be transferred (whether by way of security or otherwise) by either party without the prior written consent of the other party, except that: — 
 a party may make such a transfer of this Agreement pursuant to a consolidation or amalgamation with, or merger with or into, or transfer of all or substantially all
its assets to, another entity (but without prejudice to any other right or remedy under this Agreement); and 
 a party may make such a transfer of
all or any part of its interest in any Early Termination Amount payable to it by a Defaulting Party, together with any amounts payable on or with respect to that interest and any other rights associated with that interest pursuant to Sections 8,
9(h) and 11. 
 Any purported transfer that is not in compliance with this Section 7 will be void. 
 Contractual Currency 
 Payment in the Contractual
Currency. Each payment under this Agreement will be made in the relevant currency specified in this Agreement for that payment (the “Contractual Currency”). To the extent permitted by applicable law, any obligation to make payments
under this Agreement in the Contractual Currency will not be discharged or satisfied by any tender in any currency other than the Contractual Currency, except to 
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 the extent such tender results in the actual receipt by the party to which payment is owed, acting in good faith and
using commercially reasonable procedures in converting the currency so tendered into the Contractual Currency, of the full amount in the Contractual Currency of all amounts payable in respect of this Agreement. If for any reason the amount in the
Contractual Currency so received falls short of the amount in the Contractual Currency payable in respect of this Agreement, the party required to make the payment will, to the extent permitted by applicable law, immediately pay such additional
amount in the Contractual Currency as may be necessary to compensate for the shortfall. If for any reason the amount in the Contractual Currency so received exceeds the amount in the Contractual Currency payable in respect of this Agreement, the
party receiving the payment will refund promptly the amount of such excess. 
 Judgments. To the extent permitted by applicable law, if any
judgment or order expressed in a currency other than the Contractual Currency is rendered (i) for the payment of any amount owing in respect of this Agreement, (ii) for the payment of any amount relating to any early termination in respect
of this Agreement or (iii) in respect of a judgment or order of another court for the payment of any amount described in clause (i) or (ii) above, the party seeking recovery, after recovery in full of the aggregate amount to which
such party is entitled pursuant to the judgment or order, will be entitled to receive immediately from the other party the amount of any shortfall of the Contractual Currency received by such party as a consequence of sums paid in such other
currency and will refund promptly to the other party any excess of the Contractual Currency received by such party as a consequence of sums paid in such other currency if such shortfall or such excess arises or results from any variation between the
rate of exchange at which the Contractual Currency is converted into the currency of the judgment or order for the purpose of such judgment or order and the rate of exchange at which such party is able, acting in good faith and using commercially
reasonable procedures in converting the currency received into the Contractual Currency, to purchase the Contractual Currency with the amount of the currency of the judgment or order actually received by such party. 
 Separate Indemnities. To the extent permitted by applicable law, the indemnities in this Section 8 constitute separate and independent obligations from
the other obligations in this Agreement, will be enforceable as separate and independent causes of action, will apply notwithstanding any indulgence granted by the party to which any payment is owed and will not be affected by judgment being
obtained or claim or proof being made for any other sums payable in respect of this Agreement. 
 Evidence of Loss. For the purpose of this
Section 8, it will be sufficient for a party to demonstrate that it would have suffered a loss had an actual exchange or purchase been made. 
 Miscellaneous 
 Entire Agreement. This Agreement constitutes the entire agreement and understanding of the parties
with respect to its subject matter. Each of the parties acknowledges that in entering into this Agreement it has not relied on any oral or written representation, warranty or other assurance (except as provided for or referred to in this Agreement)
and waives all rights and remedies which might otherwise be available to it in respect thereof, except that nothing in this Agreement will limit or exclude any liability of a party for fraud. 
 Amendments. An amendment, modification or waiver in respect of this Agreement will only be effective if in writing (including a writing evidenced by a
facsimile transmission) and executed by each of the parties or confirmed by an exchange of telexes or by an exchange of electronic messages on an electronic messaging system. 
 Survival of Obligations. Without prejudice to Sections 2(a)(iii) and 6(c)(ii), the obligations of the parties under this Agreement will survive the termination of any Transaction. 
 Remedies Cumulative. Except as provided in this Agreement, the rights, powers, remedies and privileges provided in this Agreement are cumulative and not
exclusive of any rights, powers, remedies and privileges provided by law. 
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 Counterparts and Confirmations. 
 This Agreement (and each amendment, modification and waiver in respect of it) may be executed and delivered in counterparts (including by facsimile transmission and by electronic messaging system), each of which
will be deemed an original. 
 The parties intend that they are legally bound by the terms of each Transaction from the moment they
agree to those terms (whether orally or otherwise). A Confirmation will be entered into as soon as practicable and may be executed and delivered in counterparts (including by facsimile transmission) or be created by an exchange of telexes, by an
exchange of electronic messages on an electronic messaging system or by an exchange of e mails, which in each case will be sufficient for all purposes to evidence a binding supplement to this Agreement. The parties will specify therein or through
another effective means that any such counterpart, telex, electronic message or e mail constitutes a Confirmation. 
 No Waiver of
Rights. A failure or delay in exercising any right, power or privilege in respect of this Agreement will not be presumed to operate as a waiver, and a single or partial exercise of any right, power or privilege will not be presumed to
preclude any subsequent or further exercise, of that right, power or privilege or the exercise of any other right, power or privilege. 
 Headings. The headings used in this Agreement are for convenience of reference only and are not to affect the construction of or to be taken into consideration in interpreting this Agreement. 
 Interest and Compensation. 
 Prior to Early
Termination. Prior to the occurrence or effective designation of an Early Termination Date in respect of the relevant Transaction: — 
 Interest on Defaulted Payments. If a party defaults in the performance of any payment obligation, it will, to the extent permitted by applicable law and subject to Section 6(c), pay interest (before as well as
after judgment) on the overdue amount to the other party on demand in the same currency as the overdue amount, for the period from (and including) the original due date for payment to (but excluding) the date of actual payment (and excluding any
period in respect of which interest or compensation in respect of the overdue amount is due pursuant to clause (3)(B) or (C) below), at the Default Rate. 
 Compensation for Defaulted Deliveries. If a party defaults in the performance of any obligation required to be settled by delivery, it will on demand (A) compensate the other party to the extent provided for
in the relevant Confirmation or elsewhere in this Agreement and (B) unless otherwise provided in the relevant Confirmation or elsewhere in this Agreement, to the extent permitted by applicable law and subject to Section 6(c), pay to the
other party interest (before as well as after judgment) on an amount equal to the fair market value of that which was required to be delivered in the same currency as that amount, for the period from (and including) the originally scheduled date for
delivery to (but excluding) the date of actual delivery (and excluding any period in respect of which interest or compensation in respect of that amount is due pursuant to clause (4) below), at the Default Rate. The fair market value of any
obligation referred to above will be determined as of the originally scheduled date for delivery, in good faith and using commercially reasonable procedures, by the party that was entitled to take delivery. 
 Interest on Deferred Payments. If: — 
 a party does not pay any amount that, but for Section 2(a)(iii), would have been payable, it will, to the extent permitted by applicable law and subject to Section 6(c) and clauses (B) and (C) below, pay interest
(before as well as after judgment) on that amount to the other party on demand (after such amount becomes payable) in the same currency as that amount, for the period from (and including) the date the amount would, but for Section 2(a)(iii),
have been payable to (but excluding) the date the amount actually becomes payable, at the Applicable Deferral Rate; 
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 a payment is deferred pursuant to Section 5(d), the party which would otherwise have been
required to make that payment will, to the extent permitted by applicable law, subject to Section 6(c) and for so long as no Event of Default or Potential Event of Default with respect to that party has occurred and is continuing, pay interest
(before as well as after judgment) on the amount of the deferred payment to the other party on demand (after such amount becomes payable) in the same currency as the deferred payment, for the period from (and including) the date the amount would,
but for Section 5(d), have been payable to (but excluding) the earlier of the date the payment is no longer deferred pursuant to Section 5(d) and the date during the deferral period upon which an Event of Default or Potential Event of
Default with respect to that party occurs, at the Applicable Deferral Rate; or 
 a party fails to make any payment due to the
occurrence of an Illegality or a Force Majeure Event (after giving effect to any deferral period contemplated by clause (B) above), it will, to the extent permitted by applicable law, subject to Section 6(c) and for so long as the event or
circumstance giving rise to that Illegality or Force Majeure Event continues and no Event of Default or Potential Event of Default with respect to that party has occurred and is continuing, pay interest (before as well as after judgment) on the
overdue amount to the other party on demand in the same currency as the overdue amount, for the period from (and including) the date the party fails to make the payment due to the occurrence of the relevant Illegality or Force Majeure Event (or, if
later, the date the payment is no longer deferred pursuant to Section 5(d)) to (but excluding) the earlier of the date the event or circumstance giving rise to that Illegality or Force Majeure Event ceases to exist and the date during the
period upon which an Event of Default or Potential Event of Default with respect to that party occurs (and excluding any period in respect of which interest or compensation in respect of the overdue amount is due pursuant to clause (B) above),
at the Applicable Deferral Rate. 
 Compensation for Deferred Deliveries. If: — 
 a party does not perform any obligation that, but for Section 2(a)(iii), would have been required to be settled by delivery; 
 a delivery is deferred pursuant to Section 5(d); or 
 a party fails to make a delivery due to the occurrence of an Illegality or a Force Majeure Event at a time when any applicable Waiting Period has expired, 
 the party required (or that would otherwise have been required) to make the delivery will, to the extent permitted by applicable law and
subject to Section 6(c), compensate and pay interest to the other party on demand (after, in the case of clauses (A) and (B) above, such delivery is required) if and to the extent provided for in the relevant Confirmation or elsewhere
in this Agreement. 
 Early Termination. Upon the occurrence or effective designation of an Early Termination Date in respect of a
Transaction: 
 Unpaid Amounts. For the purpose of determining an Unpaid Amount in respect of the relevant Transaction, and to the
extent permitted by applicable law, interest will accrue on the amount of any payment obligation or the amount equal to the fair market value of any obligation required to be settled by delivery included in such determination in the same currency as
that amount, for the 
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 period from (and including) the date the relevant obligation was (or would have been but for
Section 2(a)(iii) or 5(d)) required to have been performed to (but excluding) the relevant Early Termination Date, at the Applicable Close out Rate. 
 Interest on Early Termination Amounts. If an Early Termination Amount is due in respect of such Early Termination Date, that amount will, to the extent permitted by applicable law, be paid together with
interest (before as well as after judgment) on that amount in the Termination Currency, for the period from (and including) such Early Termination Date to (but excluding) the date the amount is paid, at the Applicable Close out Rate. 

Interest Calculation. Any interest pursuant to this Section 9(h) will be calculated on the basis of daily compounding and the actual
number of days elapsed. 
 Offices; Multibranch Parties 
 If Section 10(a) is specified in the Schedule as applying, each party that enters into a Transaction through an Office other than its head or home office represents to and agrees with the other party that,
notwithstanding the place of booking or its jurisdiction of incorporation or organisation, its obligations are the same in terms of recourse against it as if it had entered into the Transaction through its head or home office, except that a party
will not have recourse to the head or home office of the other party in respect of any payment or delivery deferred pursuant to Section 5(d) for so long as the payment or delivery is so deferred. This representation and agreement will be deemed
to be repeated by each party on each date on which the parties enter into a Transaction. 
 If a party is specified as a Multibranch Party in the
Schedule, such party may, subject to clause (c) below, enter into a Transaction through, book a Transaction in and make and receive payments and deliveries with respect to a Transaction through any Office listed in respect of that party in the
Schedule (but not any other Office unless otherwise agreed by the parties in writing). 
 The Office through which a party enters into a Transaction
will be the Office specified for that party in the relevant Confirmation or as otherwise agreed by the parties in writing, and, if an Office for that party is not specified in the Confirmation or otherwise agreed by the parties in writing, its head
or home office. Unless the parties otherwise agree in writing, the Office through which a party enters into a Transaction will also be the Office in which it books the Transaction and the Office through which it makes and receives payments and
deliveries with respect to the Transaction. Subject to Section 6(b)(ii), neither party may change the Office in which it books the Transaction or the Office through which it makes and receives payments or deliveries with respect to a
Transaction without the prior written consent of the other party. 
 Expenses 
 A Defaulting Party will on demand indemnify and hold harmless the other party for and against all reasonable out-of-pocket expenses, including legal fees,
execution fees and Stamp Tax, incurred by such other party by reason of the enforcement and protection of its rights under this Agreement or any Credit Support Document to which the Defaulting Party is a party or by reason of the early termination
of any Transaction, including, but not limited to, costs of collection. 
 Notices 
 Effectiveness. Any notice or other communication in respect of this Agreement may be given in any manner described below (except that a notice or other
communication under Section 5 or 6 may not be given by electronic messaging system or e mail) to the address or number or in accordance with the electronic messaging system or e mail details provided (see the Schedule) and will be deemed
effective as indicated: — 
 if in writing and delivered in person or by courier, on the date it is delivered; 
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 if sent by telex, on the date the recipient’s answerback is received; 
 if sent by facsimile transmission, on the date it is received by a responsible employee of the recipient in legible form (it being agreed that the
burden of proving receipt will be on the sender and will not be met by a transmission report generated by the sender’s facsimile machine); 
 if sent by certified or registered mail (airmail, if overseas) or the equivalent (return receipt requested), on the date it is delivered or its delivery is attempted; 
 if sent by electronic messaging system, on the date it is received; or 
 if sent by e mail, on the date it is delivered, 
 unless the date of that delivery (or attempted delivery) or that receipt, as applicable, is not a Local Business Day or that communication is delivered (or attempted) or received, as applicable, after the close of
business on a Local Business Day, in which case that communication will be deemed given and effective on the first following day that is a Local Business Day. 
 Change of Detail. Either party may by notice to the other change the address, telex or facsimile number or electronic messaging system or e mail details at which notices or other communications are to be given to it.

 Governing Law and Jurisdiction 
 Governing Law. This Agreement will be governed by and construed in accordance with the law specified in the Schedule. 
 Jurisdiction. With respect to any suit, action or proceedings relating to any dispute arising out of or in connection with this Agreement (“Proceedings”), each party irrevocably: 
 submits: — 
 if this Agreement
is expressed to be governed by English law, to (A) the non-exclusive jurisdiction of the English courts if the Proceedings do not involve a Convention Court and (B) the exclusive jurisdiction of the English courts if the Proceedings do
involve a Convention Court; or 
 if this Agreement is expressed to be governed by the laws of the State of New York, to the non
exclusive jurisdiction of the courts of the State of New York and the United States District Court located in the Borough of Manhattan in New York City; 
 waives any objection which it may have at any time to the laying of venue of any Proceedings brought in any such court, waives any claim that such Proceedings have been brought in an inconvenient forum and further
waives the right to object, with respect to such Proceedings, that such court does not have any jurisdiction over such party; and 
 agrees, to the extent permitted by applicable law, that the bringing of Proceedings in any one or more jurisdictions will not preclude the bringing of Proceedings in any other jurisdiction. 
 Service of Process. Each party irrevocably appoints the Process Agent, if any, specified opposite its name in the Schedule to receive, for it and on its
behalf, service of process in any Proceedings. If for any reason any party’s Process Agent is unable to act as such, such party will promptly notify the other party and within 30 days appoint a substitute process agent acceptable to the other
party. The parties irrevocably consent to service of process given in the manner provided for notices in Section 12(a)(i), 12(a)(iii) or 12(a)(iv). Nothing in this Agreement will affect the right of either party to serve process in any other
manner permitted by applicable law. 
 ISDA® 2002 

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

 “Additional Representation” has the meaning specified in Section 3. 
 “Additional Termination Event” has the meaning specified in Section 5(b). 
 “Affected Party” has the meaning specified in Section 5(b). 
 “Affected Transactions” means (a) with respect to any Termination Event consisting of an Illegality, Force Majeure Event,
Tax Event or Tax Event Upon Merger, all Transactions affected by the occurrence of such Termination Event (which, in the case of an Illegality under Section 5(b)(i)(2) or a Force Majeure Event under Section 5(b)(ii)(2), means all
Transactions unless the relevant Credit Support Document references only certain Transactions, in which case those Transactions and, if the relevant Credit Support Document constitutes a Confirmation for a Transaction, that Transaction) and
(b) with respect to any other Termination Event, all Transactions. 
 “Affiliate” means, subject to the
Schedule, in relation to any person, any entity controlled, directly or indirectly, by the person, any entity that controls, directly or indirectly, the person or any entity directly or indirectly under common control with the person. For this
purpose, “control” of any entity or person means ownership of a majority of the voting power of the entity or person. 
 “Agreement” has the meaning specified in Section 1 (c). 
 “Applicable Close out
Rate” means: — 
 in respect of the determination of an Unpaid Amount: — 
 in respect of obligations payable or deliverable (or which would have been but for Section 2(a)(iii)) by a Defaulting Party, the Default Rate;

 in respect of obligations payable or deliverable (or which would have been but for Section 2(a)(iii)) by a Non defaulting
Party, the Non default Rate; 
 in respect of obligations deferred pursuant to Section 5(d), if there is no Defaulting Party and
for so long as the deferral period continues, the Applicable Deferral Rate; and 
 in all other cases following the occurrence of a
Termination Event (except where interest accrues pursuant to clause (iii) above), the Applicable Deferral Rate; and 
 in respect of an Early
Termination Amount: — 
 for the period from (and including) the relevant Early Termination Date to (but excluding) the date
(determined in accordance with Section 6(d)(ii)) on which that amount is payable: — 
 if the Early Termination Amount is
payable by a Defaulting Party, the Default Rate; 
 ISDA® 2002 

 if the Early Termination Amount is payable by a Non defaulting Party, the Non default Rate; and

 in all other cases, the Applicable Deferral Rate; and 
 for the period from (and including) the date (determined in accordance with Section 6(d)(ii)) on which that amount is payable to (but excluding)
the date of actual payment: — 
 if a party fails to pay the Early Termination Amount due to the occurrence of an event or
circumstance which would, if it occurred with respect to a payment or delivery under a Transaction, constitute or give rise to an Illegality or a Force Maieure Event, and for so long as the Early Termination Amount remains unpaid due to the
continuing existence of such event or circumstance, the Applicable Deferral Rate; 
 if the Early Termination Amount is payable by a
Defaulting Party (but excluding any period in respect of which clause (1) above applies), the Default Rate; 
 if the Early
Termination Amount is payable by a Non defaulting Party (but excluding any period in respect of which clause (1) above applies), the Non default Rate; and 
 in all other cases, the Termination Rate. 
 “Applicable Deferral Rate” means:
— 
 for the purpose of Section 9(h)(i)(3)(A), the rate certified by the relevant payer to be a rate offered to the payer by a major bank in a
relevant interbank market for overnight deposits in the applicable currency, such bank to be selected in good faith by the payer for the purpose of obtaining a representative rate that will reasonably reflect conditions prevailing at the time in
that relevant market; 
 for purposes of Section 9(h)(i)(3)(B) and clause (a)(iii) of the definition of Applicable Close out Rate, the rate
certified by the relevant payer to be a rate offered to prime banks by a major bank in a relevant interbank market for overnight deposits in the applicable currency, such bank to be selected in good faith by the payer after consultation with the
other party, if practicable,’ for the purpose of obtaining a representative rate that will reasonably reflect conditions prevailing at the time in that relevant market; and 
 for purposes of Section 9(h)(i)(3)(C) and clauses (a)(iv), (b)(i)(3) and (b)(ii)(1) of the definition of Applicable Close out Rate, a rate equal to the arithmetic mean of the rate determined pursuant to clause
(a) above and a rate per annum equal to the cost (without proof or evidence of any actual cost) to the relevant payee (as certified by it) if it were to fund or of funding the relevant amount. 
 “Automatic Early Termination” has the meaning specified in Section 6(a). 
 “Burdened Party” has the meaning specified in Section 5(b)(iv). 
 “Change in Tax Law” means the enactment, promulgation, execution or ratification of, or any change in or amendment to, any law
(or in the application or official interpretation of any law) that occurs after the parties enter into the relevant Transaction. 
 “Close out Amount” means, with respect to each Terminated Transaction or each group of Terminated Transactions and a Determining Party, the amount of the losses or costs of the Determining Party that are or would be
incurred under then prevailing circumstances (expressed as a positive number) or gains of the Determining Party that are or would be realised under then prevailing circumstances (expressed as a negative number) in replacing, or in providing for the
Determining Party the economic equivalent of, (a) the material terms of that Terminated Transaction or group of Terminated Transactions, including the payments and deliveries by the parties under Section 2(a)(i) in respect of that
Terminated Transaction or group of Terminated Transactions that would, but for the occurrence of the relevant Early Termination Date, have been required after that date (assuming satisfaction of the conditions precedent in Section 2(a)(iii))
and (b) the option rights of the parties in respect of that Terminated Transaction or group of Terminated Transactions. 
 ISDA®
2002 

 Any Close-out Amount will be determined by the Determining Party (or its agent), which will act in good
faith and use commercially reasonable procedures in order to produce a commercially reasonable result. The Determining Party may determine a Close out Amount for any group of Terminated Transactions or any individual Terminated Transaction but, in
the aggregate, for not less than all Terminated Transactions. Each Close out Amount will be determined as of the Early Termination Date or, if that would not be commercially reasonable, as of the date or dates following the Early Termination Date as
would be commercially reasonable. 
 Unpaid Amounts in respect of a Terminated Transaction or group of Terminated Transactions and legal fees
and out-of-pocket expenses referred to in Section 11 are to be excluded in all determinations of Close out Amounts. 
 In determining a
Close-out Amount, the Determining Party may consider any relevant information, including, without limitation, one or more of the following types of information: — 
 quotations (either firm or indicative) for replacement transactions supplied by one or more third parties that may take into account the creditworthiness of the Determining Party at the time the quotation is
provided and the terms of any relevant documentation, including credit support documentation, between the Determining Party and the third party providing the quotation; 
 information consisting of relevant market data in the relevant market supplied by one or more third parties including, without limitation, relevant rates, prices, yields, yield curves, volatilities, spreads,
correlations or other relevant market data in the relevant market; or 
 information of the types described in clause (i) or (ii) above from
internal sources (including any of the Determining Party’s Affiliates) if that information is of the same type used by the Determining Party in the regular course of its business for the valuation of similar transactions. 
 The Determining Party will consider, taking into account the standards and procedures described in this definition, quotations pursuant to clause
(i) above or relevant market data pursuant to clause (ii) above unless the Determining Party reasonably believes in good faith that such quotations or relevant market data are not readily available or would produce a result that would not
satisfy those standards. When considering information described in clause (i), (ii) or (iii) above, the Determining Party may include costs of funding, to the extent costs of funding are not and would not be a component of the other
information being utilised. Third parties supplying quotations pursuant to clause (i) above or market data pursuant to clause (ii) above may include, without limitation, dealers in the relevant markets, end users of the relevant product,
information vendors, brokers and other sources of market information. 
 Without duplication of amounts calculated based on information
described in clause (i), (ii) or (iii) above, or other relevant information, and when it is commercially reasonable to do so, the Determining Party may in addition consider in calculating a Close out Amount any loss or cost incurred in
connection with its terminating, liquidating or re establishing any hedge related to a Terminated Transaction or group of Terminated Transactions (or any gain resulting from any of them). 
 Commercially reasonable procedures used in determining a Close out Amount may include the following: — 
 application to relevant market data from third parties pursuant to clause (ii) above or information from internal sources pursuant to clause (iii) above of
pricing or other valuation models that are, at the time of the determination of the Close out Amount used by the Determining Party in the regular course of its business in pricing or valuing transactions between the Determining Party and unrelated
third parties that are similar to the Terminated Transaction or group of Terminated Transactions; and 
 ISDA® 2002 

 application of different valuation methods to Terminated Transactions or groups of Terminated Transactions depending
on the type, complexity, size or number of the Terminated Transactions or group of Terminated Transactions. 
 “Confirmation” has the meaning specified in the preamble. 
 “consent” includes a
consent, approval, action, authorisation, exemption, notice, filing, registration or exchange control consent. 
 “Contractual
Currency” has the meaning specified in Section 8(a). 
 “Convention Court” means any court which is
bound to apply to the Proceedings either Article 17 of the 1968 Brussels Convention on Jurisdiction and the Enforcement of Judgments in Civil and Commercial Matters or Article 17 of the 1988 Lugano Convention on Jurisdiction and the Enforcement of
Judgments in Civil and Commercial Matters. 
 “Credit Event Upon Merger” has the meaning specified in
Section 5(b). 
 “Credit Support Document” means any agreement or instrument that is specified as such in this
Agreement. 
 “Credit Support Provider” has the meaning specified in the Schedule. 
 “Cross Default” means the event specified in Section 5(a)(vi). 
 “Default Rate” means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the relevant payee (as
certified by it) if it were to fund or of funding the relevant amount plus I% per annum. 
 “Defaulting Party” has the
meaning specified in Section 6(a). 
 “Designated Event” has the meaning specified in Section 5 (b)(v).

 “Determining Party” means the party determining a Close out Amount. 
 “Early Termination Amount” has the meaning specified in Section 6(e). 
 “Early Termination Date” means the date determined in accordance with Section 6(a) or 6(b)(iv). 
 “electronic messages” does not include e mails but does include documents expressed in markup languages, and
“electronic messaging system” will be construed accordingly. 
 “English law” means the law
of England and Wales, and “English” will be construed accordingly. 
 “Event of Default” has
the meaning specified in Section 5(a) and, if applicable, in the Schedule. 
 “Force Majeure Event” has the
meaning specified in Section 5(b). 
 “General Business Day” means a day on which commercial banks are open for
general business (including dealings in foreign exchange and foreign currency deposits). 
 “Illegality” has the
meaning specified in Section 5(b). 
 “Indemnifiable Tax” means any Tax other than a Tax that would not be
imposed in respect of a payment under this Agreement but for a present or former connection between the jurisdiction of the government or taxation authority imposing such Tax and the recipient of such payment or a person related to such recipient
(including, without limitation, a connection arising from such recipient or related person being or having been a citizen or 
 ISDA®
2002 

 resident of such jurisdiction, or being or having been organised, present or engaged in a trade or business in such
jurisdiction, or having or having had a permanent establishment or fixed place of business in such jurisdiction, but excluding a connection arising solely from such recipient or related person having executed, delivered, performed its obligations or
received a payment under, or enforced, this Agreement or a Credit Support Document). 
 “law” includes any treaty,
law, rule or regulation (as modified, in the case of tax matters, by the practice of any relevant governmental revenue authority), and “unlawful” will be construed accordingly. 
 “Local Business Day” means (a) in relation to any obligation under Section 2(a)(i), a General Business Day in the place
or places specified in the relevant Confirmation and a day on which a relevant settlement system is open or operating as specified in the relevant Confirmation or, if a place or a settlement system is not so specified, as otherwise agreed by the
parties in writing or determined pursuant to provisions contained, or incorporated by reference, in this Agreement, (b) for the purpose of determining when a Waiting Period expires, a General Business Day in the place where the event or
circumstance that constitutes or gives rise to the Illegality or Force Majeure Event, as the case may be, occurs, (c) in relation to any other payment, a General Business Day in the place where the relevant account is located and, if different,
in the principal financial centre, if any, of the currency of such payment and, if that currency does not have a single recognised principal financial centre, a day on which the settlement system necessary to accomplish such payment is open,
(d) in relation to any notice or other communication, including notice contemplated under Section 5(a)(i), a General Business Day (or a day that would have been a General Business Day but for the occurrence of an event or circumstance
which would, if it occurred with respect to payment, delivery or compliance related to a Transaction, constitute or give rise to an Illegality or a Force Majeure Event) in the place specified in the address for notice provided by the recipient and,
in the case of a notice contemplated by Section 2(b), in the place where the relevant new account is to be located and (e) in relation to Section 5(a)(v)(2), a General Business Day in the relevant location for performance with respect
to such Specified Transaction. 
 “Local Delivery Day” means, for purposes of Sections 5(a)(i) and 5(d), a day on
which settlement systems necessary to accomplish the relevant delivery are generally open for business so that the delivery is capable of being accomplished in accordance with customary market practice, in the place specified in the relevant
Confirmation or, if not so specified, in a location as determined in accordance with customary market practice for the relevant delivery. 
 “Master Agreement” has the meaning specified in the preamble. 
 “Merger Without
Assumption” means the event specified in Section 5(a)(viii). 
 “Multiple Transaction Payment
Netting” has the meaning specified in Section 2(c). 
 “Non-affected Party” means, so long as there
is only one Affected Party, the other party. 
 “Non-default Rate” means the rate certified by the Non defaulting
Party to be a rate offered to the Non defaulting Party by a major bank in a relevant interbank market for overnight deposits in the applicable currency, such bank to be selected in good faith by the Non defaulting Party for the purpose of obtaining
a representative rate that will reasonably reflect conditions prevailing at the time in that relevant market. 
 “Non-defaulting
Party” has the meaning specified in Section 6(a). 
 “Office” means a branch or office of a party,
which may be such party’s head or home office. 
 “Other Amounts” has the meaning specified in
Section 6(f). 
 “Payee” has the meaning specified in Section 6(f). 
 “Payer” has the meaning specified in Section 6(f). 
 ISDA® 2002 

 “Potential Event of Default” means any event which, with the giving of notice or
the lapse of time or both, would constitute an Event of Default. 
 “Proceedings” has the meaning specified in
Section 13(b). 
 “Process Agent” has the meaning specified in the Schedule. 
 “rate of exchange” includes, without limitation, any premiums and costs of exchange payable in connection with the purchase of or
conversion into the Contractual Currency. 
 “Relevant Jurisdiction” means, with respect to a party, the
jurisdictions (a) in which the party is incorporated, organised, managed and controlled or considered to have its seat, (b) where an Office through which the party is acting for purposes of this Agreement is located, (c) in which the
party executes this Agreement and (d) in relation to any payment, from or through which such payment is made. 
 “Schedule” has the meaning specified in the preamble. 
 “Scheduled Settlement Date”
means a date on which a payment or delivery is to be made under Section 2(a)(i) with respect to a Transaction. 
 “Specified
Entity” has the meaning specified in the Schedule. 
 “Specified Indebtedness” means, subject to the
Schedule, any obligation (whether present or future, contingent or otherwise, as principal or surety or otherwise) in respect of borrowed money. 
 “Specified Transaction” means, subject to the Schedule, (a) any transaction (including an agreement with respect to any such transaction) now existing or hereafter entered into between one party to this
Agreement (or any Credit Support Provider of such party or any applicable Specified Entity of such party) and the other party to this Agreement (or any Credit Support Provider of such other party or any applicable Specified Entity of such other
party) which is not a Transaction under this Agreement but (i) which is a rate swap transaction, swap option, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option,
bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross currency rate swap transaction, currency option, credit protection transaction, credit swap,
credit default swap, credit default option, total return swap, credit spread transaction, repurchase transaction, reverse repurchase transaction, buy/sell back transaction, securities lending transaction, weather index transaction or forward
purchase or sale of a security, commodity or other financial instrument or interest (including any option with respect to any of these transactions) or (ii) which is a type of transaction that is similar to any transaction referred to in clause
(i) above that is currently, or in the future becomes, recurrently entered into in the financial markets (including terms and conditions incorporated by reference in such agreement) and which is a forward, swap, future, option or other
derivative on one or more rates, currencies, commodities, equity securities or other equity instruments, debt securities or other debt instruments, economic indices or measures of economic risk or value, or other benchmarks against which payments or
deliveries are to be made, (b) any combination of these transactions and (c) any other transaction identified as a Specified Transaction in this Agreement or the relevant confirmation. 
 “Stamp Tax” means any stamp, registration, documentation or similar tax. 
 “Stamp Tax Jurisdiction” has the meaning specified in Section 4(e). 
 “Tax” means any present or future tax, levy, impost, duty, charge, assessment or fee of any nature (including interest, penalties
and additions thereto) that is imposed by any government or other taxing authority in respect of any payment under this Agreement other than a stamp, registration, documentation or similar tax. 
 “Tax Event” has the meaning specified in Section 5(b). 
 ISDA® 2002 

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

 “Terminated Transactions” means, with respect to any Early Termination Date, (a) if resulting from an
Illegality or a Force Majeure Event, all Affected Transactions specified in the notice given pursuant to Section 6(b)(iv), (b) if resulting from any other Termination Event, all Affected Transactions and (c) if resulting from an Event
of Default, all Transactions in effect either immediately before the effectiveness of the notice designating that Early Termination Date or, if Automatic Early Termination applies, immediately before that Early Termination Date. 
 “Termination Currency” means (a) if a Termination Currency is specified in the Schedule and that currency is freely
available, that currency, and (b) otherwise, euro if this Agreement is expressed to be governed by English law or United States Dollars if this Agreement is expressed to be governed by the laws of the State of New York. 
 “Termination Currency Equivalent” means, in respect of any amount denominated in the Termination Currency, such Termination
Currency amount and, in respect of any amount denominated in a currency other than the Termination Currency (the “Other Currency”), the amount in the Termination Currency determined by the party making the relevant determination as being
required to purchase such amount of such Other Currency as at the relevant Early Termination Date, or, if the relevant Close out Amount is determined as of a later date, that later date, with the Termination Currency at the rate equal to the spot
exchange rate of the foreign exchange agent (selected as provided below) for the purchase of such Other Currency with the Termination Currency at or about 11:00 a.m. (in the city in which such foreign exchange agent is located) on such date as would
be customary for the determination of such a rate for the purchase of such Other Currency for value on the relevant Early Termination Date or that later date. The foreign exchange agent will, if only one party is obliged to make a determination
under Section 6(e), be selected in good faith by that party and otherwise will be agreed by the parties. 
 “Termination
Event” means an Illegality, a Force Majeure Event, a Tax Event, a Tax Event Upon Merger or, if specified to be applicable, a Credit Event Upon Merger or an Additional Termination Event. 
 “Termination Rate” means a rate per annum equal to the arithmetic mean of the cost (without proof or evidence of any actual cost)
to each party (as certified by such party) if it were to fund or of funding such amounts. 
 “Threshold Amount” means
the amount, if any, specified as such in the Schedule. 
 “Transaction” has the meaning specified in the preamble.

 “Unpaid Amounts” owing to any party means, with respect to an Early Termination Date, the aggregate of (a) in
respect of all Terminated Transactions, the amounts that became payable (or that would have become payable but for Section 2(a)(iii) or due but for Section 5(d)) to such party under Section 2(a)(i) or 2(d)(i)(4) on or prior to such
Early Termination Date and which remain unpaid as at such Early Termination Date, (b) in respect of each Terminated Transaction, for each obligation under Section 2(a)(i) which was (or would have been but for Section 2(a)(iii) or
5(d)) required to be settled by delivery to such party on or prior to such Early Termination Date and which has not been so settled as at such Early Termination Date, an amount equal to the fair market value of that which was (or would have been)
required to be delivered and (c) if the Early Termination Date results from an Event of Default a Credit Event Upon Merger or an Additional Termination Event in respect of which all outstanding Transactions are Affected Transactions, any Early
Termination Amount due prior to such Early Termination Date and which remains unpaid as of such Early Termination Date, in each case together with any amount of interest accrued or other compensation in respect of that obligation or deferred
obligation, as the case may be, pursuant to Section 9(h)(ii)(1) or (2), as appropriate. The fair market value of any obligation referred to in clause (b) above will be determined as of the originally scheduled date for delivery, in good
faith and using commercially reasonable procedures, by the party obliged to make the determination under Section 6(e) or, if each party is so obliged, it will be the average of the Termination Currency Equivalents of the fair market values so
determined by both parties. 
 ISDA® 2002 

 “Waiting Period” means:— 
 in respect of an event or circumstance under Section 5(b)(i), other than in the case of Section 5(b)(i)(2) where the relevant payment, delivery or compliance
is actually required on the relevant day (in which case no Waiting Period will apply), a period of three Local Business Days (or days that would have been Local Business Days but for the occurrence of that event or circumstance) following the
occurrence of that event or circumstance; and 
 in respect of any event or circumstance under Section 5(b)(ii), other than in the case of
Section 5(b)(ii)(2) where the relevant payment, delivery or compliance is actually required on the relevant day (in which case no Waiting Period will apply), a period of eight Local Business Days (or days that would have been local Business
Days but for the occurrence of that event or circumstance) following the occurrence of that event of circumstance. 
 IN WITNESS WHEREOF
the parties have executed this document 13n the respective dates specified below with effect from the date specified on the first page of this document. 
  

									
	DEUTSCHE BANK AG	 		 	EQUINOX FUND MANAGEMENT LLC
					
	By:	 	  
	 		 	By:	 	  

	Name:	 		 		 	Name:	 	
	Title	 		 		 	Title	 	
				
		 		 		 	FRONTIER TRADING COMPANY IX LLC
					
	By:	 	  
	 		 	By:	 	  

	Name:	 		 		 	Name:	 	
	Title	 		 		 	Title	 	

 ISDA® 2002 

 SCHEDULE 
 to the 
 ISDA Master Agreement 
 dated as of March 20, 2006 
 among Deutsche Bank AG (“Party
A”), Equinox Fund Management LLC, a limited liability company organized and existing under the laws of the State of Delaware (the “Agent”) and 
 Frontier Trading Company IX LLC, a limited liability company organized and existing under the laws of the State of Delaware (the “Fund” or “Party B”) (Except where otherwise indicated herein,
capitalized terms used herein shall have the respective meanings set forth in Part 5 of this Schedule) 
 Part 1. Termination Provisions.

  

	(a)	“Specified Entity” means: 

 in relation to Party A: Not applicable 
 and in relation to the Fund for the purpose of: 
 Section 5(a)(v): Not Applicable 
 Section 5(a)(vi): Not Applicable 
 Section 5(a)(vii): The Agent 
 Section 5(b)(v): Not Applicable 
  

	(b)	The definition of “Specified Transaction” in Section 14 of this Agreement is hereby amended by adding the text “prime brokerage or margin lending
transaction” after the words “weather index transaction” in the tenth line thereof. 

  

	(c)	The “Cross Default” provisions of Section 5(a)(vi) will apply to both parties and is hereby amended by: 

 (i) deleting the words “or becoming capable at such time of being declared,” which deletion shall apply only with respect to reverse repurchase
transactions or other similar transactions (such as securities lending transactions) where the party has borrowed securities and (ii) adding the following at the end thereof: 
 “provided, however, that, notwithstanding the foregoing, an Event of Default shall not occur under either (1) or (2) above if
(A) (I) the default, or other similar event or condition referred to in (1) or the failure to pay referred to in (2) is a failure to pay or deliver caused by an error or omission of an administrative or operational nature, and
(II) funds or the asset to be delivered were available to such party to enable it to make the relevant payment or delivery when due and (III) such payment or delivery is made within three (3) Local Business Days following receipt of written
notice from an interested party of such failure to pay, or (B) such party was precluded from paying, or was unable to pay, using reasonable means, through the office of the party through which it was acting for purposes of the relevant
Specified Indebtedness, by reason of force majeure, act of State, illegality or impossibility.” 
 The definition of Specified
Indebtedness shall be amended in its entirety to read as follows: 
 “Specified Indebtedness” means any obligation (whether present
or future, contingent or otherwise) in respect of (i) borrowed money (other than indebtedness in respect of bank deposits received in the ordinary course of business) and (ii) Financial Market Transactions. For purposes herein, Financial
Market Transactions shall mean any transaction of a type specified in clause (a) or (b) of the definition of Specified Transaction which is entered into between such party and an entity other than the party to this Agreement, or any Credit
Support Provider or Specified Entity of such party. For the purposes of determining whether the Threshold Amount has been exceeded in respect of any Financial Market Transaction, the portion attributable to Financial Market Transactions shall be the
amount owed and not paid or delivered when due (whether on any regularly scheduled payment or delivery date, on early termination or otherwise) to the other party under the terms relating to such Financial Market Transaction. 
 With regard to Party A, “Threshold Amount” means, at any time, one percent (1%) of its shareholders’
equity (as calculated in accordance with generally accepted accounting principles applicable to Party A). 
 With regard to the Fund,
“Threshold Amount” means at any time one percent (1%) of the Managed Futures Index Series Net Asset Value (defined below); provided that with respect to any Financial Market Transaction entered into between
the Fund or any Credit Support Provider or Specified Entity of the Fund, and any Affiliate of Party A, the Threshold Amount shall be zero. 

	(d)	The “Credit Event Upon Merger” provision in Section 5(b)(v) will apply to both parties. 

  

	(e)	The “Bankruptcy” provisions of Section 5(a)(vii) shall apply to Party A and Party B, provided that with regard to Party B subsection (4) of such
provisions shall be amended by deleting “15” and substituting “5”. 

  

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

  

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

  

	(h)	Additional Termination Events. The occurrence of any of the following events shall constitute a Termination Event: 

  

	 	(i)	the Agent fails to notify Party A in writing of the Managed Futures Index Series Net Asset Value (defined below) in accordance with the terms of Part 3 of this Schedule;

  

	 	(ii)	the net asset value per Managed Futures Index Series 1Unit of the Frontier Fund, a Delaware statutory trust (the “Frontier Fund”), calculated in accordance with generally
accepted accounting principles in the United States (herein, the “Managed Futures Index Series Net Asset Value”) on any day declines by (x) twenty percent (20%) or more from the Managed Futures Index Series Net Asset Value as of
the immediately preceding calendar month-end, (y) twenty-five percent (25%) or more from the Managed Futures Index Series Net Asset Value as of the calendar month-end of the month that is three-months prior to the immediately preceding
month or (z) thirty-five percent (35%) or more from the Managed Futures Index Series Net Asset Value as of the calendar month-end of the month that is twelve-months prior to the immediately preceding month. 

  

	 	(iii)	the Managed Futures Index Series Net Asset Value declines below $5,000,000, or, if the Managed Futures Index Series Net Asset Value set forth in any annual financial statements of
the Frontier Fund exceeds $10,000,000, 50% of the highest Managed Futures Index Series Net Asset Value so set forth; 

  

	 	(iv)	Mark Mallack, of Conquest Capital LLC (herein, “Conquest”), dies, is declared incompetent or otherwise ceases to act on behalf of Conquest, the Agent and the Fund in
principally the same or similar capacity as that held as of the date of this Agreement, or Conquest shall cease to be an investment advisor to the Fund and shall not be replaced by an investment advisor approved by Party A in writing within fifteen
days thereafter (which approval shall not be unreasonably withheld), or the Agent (either separately or through Conquest) shall cease to have the power to perform its obligations under this Agreement, any Credit Support Document or any Transaction,
or the Advisory Agreement dated February 1, 2006 between the Agent, the Fund and Conquest (the “Conquest Advisory Agreement”) or any other Operative Document is (x) terminated or ceases to be in full force and effect or
(y) is amended or modified and such amendment or modification may have a material adverse effect on Party A under this Agreement, any Credit Support Document or any Transaction; 

  

	 	(v)	Each of the Additional Termination Events specified in the Credit Support Annex which is annexed hereto and is to be delivered to Party A on or before the date of the execution of
this Agreement. 

 For the purpose of the foregoing Termination Events specified in clauses (i) through (v) above, the
Fund shall be deemed to be the Affected Party and Party A shall not be an Affected Party. 
 Part 2. Tax Representations. 
  

	(a)	Payer Representations. For the purpose of Section 3(e) of this Agreement, Party A and the Fund make the following representations to the other:

 It is not required by any applicable law, as modified by the practice of any relevant governmental revenue authority, of any
Relevant Jurisdiction to make any deduction or withholding for or on account of any Tax from any payment (other than interest under Section 9(h) of this Agreement) to be made by it to the other party under this Agreement. In making this
representation, each party may rely on: 
  

	 	(i)	the accuracy of any representations made by the other party pursuant to Section 3(f) of this Agreement; 

	 	(ii)	the satisfaction of the agreement of the other party contained in Section 4(a)(i) or 4(a)(iii) of this Agreement and the accuracy and effectiveness of any document provided by
the other party pursuant to Section 4(a)(i) or 4(a)(iii) of this Agreement; and 

  

	 	(iii)	the satisfaction of the agreement of the other party contained in Section 4(d) of this Agreement, 

 provided that it shall not be a breach of this representation where reliance is placed on clause (ii) and the other party does not deliver a
form or document under Section 4(a)(iii) by reason of material prejudice to its legal or commercial position. 
  

	(b)	Payee Tax Representations. 

 For
purposes of Section 3(f) of this Agreement, Party A makes the following representations: 
  

	 	(1)	It is a “foreign person” within the meaning of the applicable U.S. Treasury Regulations concerning information reporting and backup withholding tax (as in effect on
January 1, 2001), unless Party A provides written notice to Party B that it is no longer a foreign person. In respect of each Transaction it enters into through an office or discretionary agent in the United States or which otherwise is
allocated for United States federal income tax purposes to such United States trade or business, each payment received or to be received by it under such Transaction will be effectively connected with its conduct of a trade or business in the United
States. 

  

	 	(2)	In respect of all Transactions (other than those described in (1) above), no payment received or to be received by it in connection with this Agreement is attributable to a
trade or business carried on by it through a permanent establishment in the United States. 

 Counterparty Tax Representations: For purposes of transactions entered into with Deutsche Bank AG, New York Branch or the US effectively connected business of Deutsche Bank AG, London, Party B makes the following
representations under Section 3(f) of this Agreement: 
 (1) It is a U.S. person, and it is a limited liability corporation that
is the beneficial owner of all payments to be made to it under this Agreement, organized under the State of Delaware, and its taxpayer identification number is 20-3624324.  
 Part 3. Agreement to Deliver Documents. 
  

	(a)	For the purpose of Section 4(a)(i), the documents to be delivered are: 

  

					
	 Party required to deliver document
	  	 Form/Document/ Certificate
	  	 Date by which to be delivered

	Party A	  	An executed United States Internal Revenue Service Form W-8ECI (or any successor thereto) and an executed United States Internal Revenue Service Form W-8BEN (or any successor
thereto).	  	(i) Upon execution of this Agreement, (ii) promptly upon reasonable demand by Party B and (iii) promptly upon learning that any such form previously provided by Party A has become obsolete or
incorrect.
			
	The Fund	  	An executed United States Internal Revenue Service Form W-9 (or any successor thereto), as applicable.	  	(i) Upon execution of this Agreement, (ii) promptly upon reasonable demand by Party A and (iii) promptly upon learning that any such form previously provided by Party B has become obsolete or
incorrect.

 (b) For the purposes of Section 4(a)(ii), the other documents to be delivered (which will be covered by the
representation in Section 3(d) of the Agreement if specified) are: 
  

							
	 Party required to deliver document
	 	 Form/Document/ Certificate
	 	 Date by which to be delivered
	 	 Covered by Section 3(d)
Representation

	Party A, the Agent, the Fund	 	Evidence of the authority, incumbency and specimen signature of each person executing this Agreement or any Confirmation, Credit Support Document or other document entered into in connection
with this Agreement on its behalf or on behalf of a Credit Support Provider or otherwise, as the case may be.	 	Upon or prior to the execution and delivery of this Agreement and, with respect to any Confirmation upon request by the other party.	 	Yes
				
	The Fund	 	The most recent Prospectus of the Frontier Fund, the Conquest Advisory Agreement, any other trading advisor agreement related to the Fund, the investment policies, procedures, restrictions, or
guidelines of the Fund, the current disclosure documents of the Fund, if any, and any other power of attorney or trading authorization by the Fund of Conquest (the “Operative Documents”).	 	As of execution of this Agreement, or upon any material change in such documents.	 	Yes
				
	Party A	 	A copy of its most recent annual report containing consolidated financial statements, certified without qualification by independent public accountants, and such other public information
respecting its condition or operations, financial or otherwise, as the other party may reasonably request from time to time.	 	Promptly after request by the other party.	 	Yes
				
	The Fund	 	Copies of the most recent annual financial statements of the Frontier Fund, certified by independent public accountants, (ii) the Fund’s most recent monthly report of performance,
subscriptions, redemptions and ending net assets, (iii) the Frontier Fund’s most recent unaudited month-end balance sheet including, in each case,	 	(i) Upon the earlier of fifteen days after completion of the audit or one hundred and twenty (120) days after the end of the relevant year, as the case may be, (ii) within five (5) business days
after the end of the relevant calendar month, and (iii) within five (5)	 	Yes

							
	 Party required to deliver document
	 	 Form/Document/ Certificate
	 	 Date by which to be delivered
	 	 Covered by Section 3(d)
Representation

		 	the Managed Futures Index Series Net Asset Value, the Frontier Fund’s net asset value, and the Fund’s net capital and performance, each determined in accordance with generally accepted
accounting principles.	 	business days after the end of the relevant calendar month.	 	
				
	The Fund	 	Information regarding the Fund’s portfolio including information regarding asset allocation, leverage, liquidity and measure of portfolio risk (VaR or its equivalent) as Party A may
reasonably request from time to time and such other information respecting the condition or operations, financial or otherwise, of the Agent and the Fund as Party A may reasonably request from time to time.	 	Within five (5) business days after the end of the relevant calendar month or promptly upon request.	 	Yes
				
	The Agent and the Fund	 	Certificate evidencing acceptance by Equinox Fund Management LLC of appointment as agent for service of process.	 	As of execution of this Agreement.	 	No
				
	The Fund	 	The trust indenture, corporate charter, limited partnership agreement, and the by-laws or other similar documents, instruments or other organizational and constituent documents of the Fund as
applicable.	 	As of execution of this Agreement.	 	Yes

 Part 4. Miscellaneous. 
  

	(a)	Address for Notices. For the purpose of Section 12(a) of this Agreement, the addresses for notices and communications to Party A and the Fund shall be as follows:

  

	 	(i)	TO PARTY A: 

 All notices to Party A under Sections
5 or 6 of the Agreement (other than notices under Section 5(a)(i)) shall be sent to: 
 Deutsche Bank AG, Head Office 
 Taunusanlage 12 
 60262 Frankfurt 

GERMANY 
 Attention: Legal Department

 Fax No. 4969910 36097 
 Telex
No: 411836 or 416731 or 41233 
 Answerback: DBF-D 

 All notices to Party A shall be sent directly to the office through which Party A is acting for the
relevant Transaction, using the address and contact particulars specified in the Confirmation of that Transaction or otherwise notified. 
  

	 	(ii)	TO THE FUND: 

 Frontier Trading Company IX LLC, c/o
Equinox Fund Management LLC 1660 Lincoln Street, Suite 100 
 Denver, Colorado 80264 
 Attention: Richard Bornhoft 
 Fax No.:
303-832-9354 
  

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

 Party A appoints as its Process Agent: Not applicable 
 The Fund and the Agent appoint as Process Agent: Equinox Fund Management LLC 
  

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

  

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

 Party A is a Multibranch Party and may act through the following Offices: 
 Its New York, London, Tokyo,
Paris, Singapore, Brussels, Sydney, Amsterdam, Vienna, Canada (Toronto) and New Zealand (Auckland) Branches and its Frankfurt Head Office. 
 The Fund is not a Multibranch Party. 
  

	(e)	Calculation Agent. The Calculation Agent shall be Party A. 

  

	(f)	Credit Support Document. Details of any Credit Support Document: 

 The ISDA Credit Support Annex forming a part hereof shall constitute a “Credit Support Document” in relation to each party. 
  

	(g)	Credit Support Provider. Credit Support Provider is not applicable to Party A or to Party B. 

  

	(h)	Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of New York (without reference to its choice
of law doctrine). 

  

	(i)	Multiple Transaction Payment Netting. Multiple Transaction Payment Netting will apply separately as agreed in writing from time to time. 

  

	(j)	Absence of Litigation. For the purpose of Section 3(c): 

 “Specified Entity” means in relation to Party A, Party A’s Affiliates. 
 “Specified Entity” means in relation to Party B, Party B’s Affiliates. 
  

	(k)	No Agency. The provisions of Section 3(g) will apply to this Agreement with respect to Party A and Party B. 

  

	(l)	Additional Representation will apply. For the purpose of Section 3 of this Agreement each of the following will constitute an Additional Representation:—

  

	 	(i)	Representations of All Parties. Each party will be deemed to represent to the other party on the date that it enters into a Transaction that (absent a written
agreement between the parties that expressly imposes affirmative obligations to the contrary for that Transaction): 

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

  

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

  

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

  

	 	(ii)	Commodity Exchange Act. Each party represents to the other party on and as of the date hereof and on each date on which a Transaction is entered into between them
that: 

  

	 	(A)	each Transaction is intended to be exempt from, or otherwise not subject to regulation under, the Commodity Exchange Act; and 

  

	 	(B)	such party is an “eligible contract participant” within the meaning of the Commodity Exchange Act, Section 1a(12). 

  

	 	(iii)	Securities Act Representations. Each party represents to the other party (which representations will be deemed to be repeated by each party on each date on
which a Transaction is entered into) that: 

  

	 	(A)	it acknowledges that certain Transactions under the Agreement may involve the purchase or sale of “securities” as defined under the U.S. Securities Act of 1933, as amended
(the “Securities Act”) and understands that any such purchase or sale of securities will not be registered under the Securities Act and that any such securities may not be reoffered, resold, pledged or otherwise transferred except
(1) pursuant to an effective registration statement under the Securities Act or pursuant to an exemption from the registration requirements of the Securities Act and (2) in accordance with any applicable securities laws of any state of the
United States of America. 

  

	 	(B)	it is an “accredited investor” as defined under the Securities Act; and 

  

	 	(C)	unless otherwise expressly provided in a Confirmation for a Transaction, any securities it is required to deliver under this Agreement and any Transaction will not at the time of
such delivery constitute “restricted securities” or be subject to restrictions on transfer (including so-called “control securities”) under the Securities Act (as defined above) or otherwise. This representation will be deemed
repeated at the time of such delivery. 

  

	 	(iv)	Additional Representations of the Fund. The Fund represents to Party A on and as of the date hereof and at all times until the termination of this Agreement that with
respect to each source of funds to be used by it to enter into such Transactions (each such source being referred to herein as a “Source”), the Source is not the assets of any “plan” (as such term is defined in Section 4975
of the Code) subject to Section 4975 of the Code or any “employee benefit plan” (as such term is defined in Section 3(3) of ERISA) subject to Title I of ERISA, or otherwise out of “plan assets” within the meaning of
United States Department of Labor regulation § 2510.3-101, 29CFR § 2510-3-101. 

  

	 	(v)	Agent’s Representations. The Agent represents to, and covenants and agrees with, Party A on and as of the date hereof and on each date on which a Transaction is
entered into and regardless of whether such Transaction or any portion thereof has been finally allocated to the Fund that: 

  

	 	(A)	it is duly incorporated and validly existing under the laws of its place of incorporation. 

  

	 	(B)	(1) that it is entering into this Agreement and each Transaction on behalf of the Fund as agent; (2) the persons executing this Agreement on its behalf have been
authorized to do so; (3) that it has the power and 

	 	    	the authority to execute and deliver this Agreement as agent for the Fund and to bind the Fund and to act on its behalf in all matters related to this Agreement; and (4) this
Agreement is binding upon the Fund and enforceable against the Fund in accordance with its terms and does not and will not violate the terms of any agreement by which the Fund is bound. 

 Part 5. Other Provisions. 
  

	(a)	Elective Termination. 

 Unless a confirmation
of a Transaction otherwise provides, Party A (the “Electing Party”, the other party being the “Non-Electing Party”) may elect to terminate any Transaction (which shall be deemed to be the only Affected Transaction) on the second
anniversary of the Trade Date of such Transaction and annually thereafter (which date shall be the Early Termination Date with respect to such Transaction) by at least five days’ prior notice, provided that no other Event of Default, Potential
Event of Default or Termination Event shall have occurred and then be continuing under this Agreement with respect to Party A on such Early Termination Date (any such termination, an “Elective Termination”). 
 For purposes of calculating amounts due under this Part 5(a), the Electing Party shall be treated as if it were the Affected Party and the Non-Electing
Party shall be treated as if it were the Non-affected Party. 
 For the purposes of calculating amounts due under an Elective Termination, all
references to Additional Termination Event under Section 6(b), (c), (d) and (e) should be read as references to an Elective Termination and should apply mutatis mutandis. 
  

	(b)	Consent to Recording. 

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

	(c)	Tax Provisions. 

  

	 	(i)	The definition of Tax Event, Section 5(b)(iii), is hereby modified by adding the following provision at the end thereof: 

 “provided, however, that the parties acknowledge that the proposal of laws, regulations or guidelines, shall not, prior to the actual adoption or
enactment thereof, constitute a Termination Event hereunder;” 
  

	 	(ii)	The definition of term “Indemnifiable Tax” is amended by adding the following provisions at the end thereof: 

 “Notwithstanding the foregoing, “Indemnifiable Tax” also means any Tax imposed in respect of a payment under this Agreement by reasons of
a Change in Tax Law by a government or taxing authority of a Relevant Jurisdiction of the party making such payment, unless the other party is incorporated, organized, managed and controlled or considered to have its seat in such jurisdiction, or is
acting for purposes of this Agreement through a branch or office located in such jurisdiction.” 
  

	(d)	Set Off. 

 Section 6(f) of this
Agreement is deleted in its entirety and replaced with the following: 
 “(f) Upon the designation of any Early Termination Date, the
party that is not the Defaulting Party or Affected Party (“X”) may, without prior notice to the Defaulting or Affected Party (“Y”), set off any sum or obligation (whether or not arising under this Agreement, whether matured or
unmatured, whether or not contingent and irrespective of the currency, place of payment or booking office of the sum or obligation) owed by Y to X or any Affiliate of X (the “X Set Off Amount”) against any sum or obligation (whether or not
arising under this Agreement, whether matured or unmatured, whether or not contingent and irrespective of the currency, place of payment or booking office of the sum or obligation) owed by X or any Affiliate of X to Y (the “Y Set Off
Amount”). X will give notice to the other party of any set off effected under this Section 6(f). 

 For this purpose, either the X Set Off Amount or the Y Set Off Amount (or the relevant portion of such
set off amounts) may be converted by X into the currency in which the other set off amount is denominated at the rate of exchange at which X would be able, acting in a reasonable manner and in good faith, to purchase the relevant amount of such
currency. 
 If a sum or obligation is unascertained, X may in good faith estimate that obligation and set-off in respect of the estimate,
subject to the relevant party accounting to the other when the obligation is ascertained. 
 Nothing in this Section 6(f) shall be
effective to create a charge or other security interest. This Section 6(f) shall be without prejudice and in addition to any right of set-off, combination of accounts, lien or other rights to which any party is at any time otherwise entitled
(whether by operation of law, contract or otherwise).” 
  

	(e)	Escrow. 

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

	(f)	Additional Acknowledgments and Agreements of the Parties. Section 4 is hereby amended by adding the following new agreements: 

  

	 	(i)	Additional Agreements of the Fund and the Agent. 

 Notice of Certain Events. The Fund and the Agent will provide Party A, promptly upon becoming aware of the same, with written notice of (A) any proposed action, change, or modification to any constitutive document, the
Conquest Advisory Agreement or any investment guidelines, policies, procedures or restrictions to which the Agent may be subject, which change could have a material adverse effect on the ability of the Fund to perform its obligations under this
Agreement, (B) any Potential Event of Default or, Event of Default, (C) any pending or threatened litigation, action, claim, proceeding, or investigation which could materially adversely affect the ability of the Fund or the Agent to
perform its obligations under this Agreement, and (D) the Agent’s impending resignation or termination as investment adviser to the Fund. 
  

	 	(ii)	Waiver of Right to Trial by Jury. Each of the parties hereby irrevocably waives any and all right to a trial by jury with respect to any legal proceeding arising out
of or relating to this Agreement or any Transaction. 

  

	 	(iii)	Deutsche Bank Securities Inc. Each party acknowledges and agrees that (A) Deutsche Bank Securities Inc. or another designated Affiliate of Party A (the
“Designated Agent”) will act as agent for Party A in connection with certain Transactions when so specified in the Transaction Confirmation; and (B) the Designated Agent is acting solely as agent and shall have no liability for the
performance of either party’s obligations under this Agreement or any Transaction, or for costs, expenses, damages or claims arising out of the failure of either party to perform any such obligation. 

  

	(g)	Amendments 

 Section 9(b) is modified by
the deletion of the words “or confirmed by an exchange of telexes or by an exchange of electronic messages on an electronic messaging system”. 

	(h)	Counterparts and Confirmations 

 Section 9(e)(i) is modified by the deletion of the words “and by electronic messaging system”. 
  

	(i)	Foreign Exchange Transactions. 

  

	 	(a)	The parties agree that any transaction which is an FX Transaction or a Currency Option Transaction (as defined in the 1998 FX and Currency Option Definitions, including Annex A,
published by the International Swaps and Derivatives Association, Inc., the Emerging Markets Traders Association and the Foreign Exchange Committee (the “FX Definitions”)) entered into between them through an Office specified in Part 4(d)
of the Schedule to this Agreement and which (a) is outstanding between the parties at the date this Agreement comes into effect or (b) is or will be entered into by the parties at or after the date this Agreement comes into effect, will
(i) be deemed to incorporate the FX Definitions into the Confirmation thereof and (ii) be a Transaction for the purposes of this Agreement whether or not a Confirmation of such a transaction refers to this Agreement.

  

	 	(b)	Section 1(b) of this Agreement is amended by adding the following proviso at the end thereof: “provided, however, that with respect to FX Transactions (as defined in the
FX Definitions) (other than FX Transactions that are identified as non-deliverable in the relevant Confirmation), this Agreement will prevail for the purpose of the relevant FX Transaction, and the Confirmation shall not modify the terms of this
Agreement unless specific reference to this Agreement is made in the relevant Confirmation.” 

  

	(j)	Disclosure. Each party hereby consents to the communication or disclosure by the other party of information in respect of or relating to this Agreement and any
Transactions hereunder to such other party’s branches, subsidiaries and Affiliates and, to the extent required by law or regulation, any government or regulatory authority. 

  

	(k)	Notices. Section 12(a) of the Agreement is amended by adding the words “given to Party A” after the word “communication” in the second line
thereof. 

  

	(l)	Series Disclaimer. The parties hereto acknowledge and agree that Party B is a wholly-owned subsidiary of the Frontier Fund which is organized in series pursuant to
Sections 3804(a) and 3806(b)(2) of the Delaware Statutory Trust Act. As such, the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to each series of the Frontier Fund shall be enforceable
against the assets of such series of the Frontier Fund only, and not against the assets of the Frontier Fund generally or the assets of any other series of the Frontier Fund or against the trustee of The Frontier Fund. There may be several series of
the Frontier Fund created pursuant to the Declaration of Trust and Trust Agreement of the Frontier Fund. 

  

									
	DEUTSCHE BANK AG	 		 	EQUINOX FUND MANAGEMENT LLC
					
	By:	 	  
	 		 	By:	 	  

	Name:	 		 		 	Name:	 	
	Title:	 		 		 	Title:	 	
				
		 		 		 	FRONTIER TRADING COMPANY IX LLC
					
	By:	 	  
	 		 	By:	 	  

	Name:	 		 		 	Name:	 	
	Title:	 		 		 	Title:	 	

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

 ISDA® 
 International Swaps and Derivatives Association, Inc. 
 CREDIT SUPPORT ANNEX 
 to the Schedule to the 
 ISDA® 
 MASTER AGREEMENT 
 dated as of
March 20, 2006 
 between 
  

					
	Deutsche Bank AG (“Party A”)	  	and	  	Equinox Fund Management LLC, a limited liability company organized and existing under the laws of the State of Delaware (the “Agent”) and Frontier Trading Company IX LLC, a limited
liability company organized and existing under the laws of the State of Delaware (the “Fund” or Party B”)

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

 the Secured Party will Transfer to the Pledgor Posted Credit Support specified by the Pledgor in that demand having a
Value as of the date of Transfer as close as practicable to the applicable Return Amount (rounded pursuant to Paragraph 13). Unless otherwise specified in Paragraph 13, the “Return Amount” applicable to the Secured Party for
any Valuation Date will equal the amount by which: 
 the Value as of that Valuation Date of all Posted Credit Support held by the Secured Party

 exceeds 
 the Credit Support Amount.

 “Credit Support Amount” means, unless otherwise specified in Paragraph 13, for any Valuation Date (i) the
Secured Party’s Exposure for that Valuation Date plus (ii) the aggregate of all Independent Amounts applicable to the Pledgor, if any, minus (iii) all Independent Amounts applicable to the Secured Party, if any, minus (iv) the
Pledgor’s Threshold; provided, however, that the Credit Support Amount will be deemed to be zero whenever the calculation of Credit Support Amount yields a number less than zero. 
 Conditions Precedent, Transfer Timing, Calculations and Substitutions 
 Conditions Precedent. Each Transfer obligation of the Pledgor under Paragraphs 3 and 5 and of the Secured Party under Paragraphs 3, 4(d)(ii), 5 and 6(d) is subject to the conditions precedent that: 
 no Event of Default, Potential Event of Default or Specified Condition has occurred and is continuing with respect to the other party; and 
 no Early Termination Date for which any unsatisfied payment obligations exist has occurred or been designated as the result of an Event of Default or Specified
Condition with respect to the other party. 
 Transfer Timing. Subject to Paragraphs 4(a) and 5 and unless otherwise specified, if a
demand for the Transfer of Eligible Credit Support or Posted Credit Support is made by the Notification Time, then the relevant Transfer will be made not later than the close of business on the next Local Business Day; if a demand is made after the
Notification Time, then the relevant Transfer will be made not later than the close of business on the second Local Business Day thereafter. 
 Calculations. All calculations of Value and Exposure for purposes of Paragraphs 3 and 6(d) will be made by the Valuation Agent as of the Valuation Time. The Valuation Agent will notify each party (or the other party, if the
Valuation Agent is a party) of its calculations not later than the Notification Time on the Local Business Day following the applicable Valuation Date (or in the case of Paragraph 6(d), following the date of calculation). 
 Substitutions. 
 Unless otherwise specified in
Paragraph 13, upon notice to the Second Party specifying the items of Posted Credit Support to be exchanged, the Pledgor may, on any Local Business Day, Transfer to the Secured Party substitute Eligible Credit Support (the “Substitute Credit
Support”); and 
 subject to Paragraph 4(a), the Secured Party will Transfer to the Pledgor the items of Posted Credit Support specified by the
Pledgor in its notice not later than the Local Business Day following the date on which the Secured Party receives the Substitute Credit Support, unless otherwise specified in Paragraph 13 (the “Substitution Date”); provided
that the Secured Party will only be obligated to Transfer Posted Credit Support with a Value as of the date of Transfer of that Posted Credit Support equal to the Value as of that date of the Substitute Credit Support. 
 Dispute Resolution 
 If a party (a
“Disputing Party”) disputes (I) the Valuation Agent’s calculation of a Delivery Amount or a Return Amount or (II) the Value of any Transfer of Eligible Credit Support or Posted Credit Support, then (1) the Disputing Party
will notify the other party and the Valuation Agent (if the Valuation Agent is not the other party) not later than the close of business on the Local Business Day following (X) the date that the demand is made under Paragraph 3 in the case of
(I) above or (Y) the date of Transfer in the case of (II) above, (2) subject to Paragraph 4(a), the appropriate party will Transfer the undisputed amount to the other party not later than the close of business on the Local Business
Day following (X) the date that the demand is made under Paragraph 3 in the case of (I) above or (Y) the date of Transfer in the case of (II) above, (3) the parties will consult with each other in an attempt to resolve the
dispute and (4) if they fail to resolve the dispute by the Resolution Time, then: 

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

 Use of Posted Collateral. Unless otherwise specified in Paragraph 13 and without limiting the rights and obligations of the parties
under Paragraphs 3, 4(d)(ii), 5, 6(d) and 8, if the Secured Party is not a Defaulting Party or an Affected Party with respect to a Specified Condition and no Early Termination Date has occurred or been designated as the result of an Event of Default
or Specified Condition with respect to the Secured Party, then the Secured Party will, notwithstanding Section 9-207 of the New York Uniform Commercial Code, have the right to: 
 sell, pledge, rehypothecate, assign, invest, use, commingle or otherwise dispose of, or otherwise use in its business any Posted Collateral it holds, free from any claim or right of any nature whatsoever of the
Pledgor, including any equity or right of redemption by the Pledgor; and 
 register any Posted Collateral in the name of the Secured Party, its
Custodian or a nominee for either. 
 For purposes of the obligation to Transfer Eligible Credit Support or Posted Credit Support
pursuant to Paragraphs 3 and 5 and any rights or remedies authorized under this Agreement, the Secured Party will be deemed to continue to hold all Posted Collateral and to receive Distributions made thereon, regardless of whether the Secured Party
has exercised any rights with respect to any Posted Collateral pursuant to (i) or (ii) above. 
 Distributions and Interest
Amount. 
 Distributions. Subject to Paragraph 4(a), if the Secured Party receives or is deemed to receive Distributions on a
Local Business Day, it will Transfer to the Pledgor not later than the following Local Business Day any Distributions it receives or is deemed to receive to the extent that a Delivery Amount would not be created or increased by that Transfer, as
calculated by the Valuation Agent (and the date of calculation will be deemed to be a Valuation Date for this purpose). 
 Interest
Amount. Unless otherwise specified in Paragraph 13 and subject to Paragraph 4(a), in lieu of any interest, dividends or other amounts paid or deemed to have been paid with respect to Posted Collateral in the form of Cash (all of which may be
retained by the Secured Party), the Secured Party will Transfer to the Pledgor at the times specified in Paragraph 13 the 

 Interest Amount to the extent that a Delivery Amount would not be created or increased by that Transfer, as calculated
by the Valuation Agent (and the date of calculation will be deemed to be a Valuation Date for this purpose). The Interest Amount or portion thereof not Transferred pursuant to this Paragraph will constitute Posted Collateral in the form of Cash and
will be subject to the security interest granted under Paragraph 2. 
 Events of Default 
 For purposes of Section 5(a)(iii)(1) of this Agreement, an Event of Default will exist with respect to a party if: 
 that party fails (or fails to cause its Custodian) to make, when due, any Transfer of Eligible Collateral, Posted Collateral or the Interest Amount, as applicable,
required to be made by it and that failure continues for two Local Business Days after notice of that failure is given to that party; 
 that party
fails to comply with any restriction or prohibition specified in this Annex with respect to any of the rights specified in Paragraph 6(c) and that failure continues for five Local Business Days after notice of that failure is given to that party; or

 that party fails to comply with or perform any agreement or obligation other than those specified in Paragraphs 7(i) and 7(ii) and that failure
continues for 30 days after notice of that failure is given to that party. 
 Certain Rights and Remedies 
 Secured Party’s Rights and Remedies. If at any time (1) an Event of Default or Specified Condition with respect to the Pledgor has occurred and
is continuing or (2) an Early Termination Date has occurred or been designated as the result of an Event of Default or Specified Condition with respect to the Pledgor, then, unless the Pledgor has paid in full all of its Obligations that are
then due, the Secured Party may exercise one or more of the following rights and remedies: 
 all rights and remedies available to a secured party
under applicable law with respect to Posted Collateral held by the Secured Party; 
 any other rights and remedies available to the Secured Party
under the terms of Other Posted Support, if any; 
 the right to Set-off any amounts payable by the Pledgor with respect to any Obligations against
any Posted Collateral or the Cash equivalent of any Posted Collateral held by the Secured Party (or any obligation of the Secured Party to Transfer that Posted Collateral); and 
 the right to liquidate any Posted Collateral held by the Secured Party through one or more public or private sales or other dispositions with such notice, if any, as may be required under applicable law, free from
any claim or right of any nature whatsoever of the Pledgor, including any equity or right of redemption by the Pledgor (with the Secured Party having the right to purchase any or all of the Posted Collateral to be sold) and to apply the proceeds (or
the Cash equivalent thereof) from the liquidation of the Posted Collateral to any amounts payable by the Pledgor with respect to any Obligations in that order as the Secured Party may elect. 
 Each party acknowledges and agrees that Posted Collateral in the form of securities may decline speedily in value and is of a type customarily sold on a
recognized market, and, accordingly, the Pledgor is not entitled to prior notice of any sale of that Posted Collateral by the Secured Party, except any notice that is required under applicable law and cannot be waived. 

 Pledgor’s Rights and Remedies. If at any time an Early Termination Date has occurred or been
designated as the result of an Event of Default or Specified Condition with respect to the Secured Party, then (except in the case of an Early Termination Date relating to less than all Transactions (or Swap Transactions) where the Secured Party has
paid in full all of its obligations that are then due under Section 6(e) of this Agreement): 
 the Pledgor may exercise all rights and remedies
available to a pledgor under applicable law with respect to Posted Collateral held by the Secured Party; 
 the Pledgor may exercise any other rights
and remedies available to the Pledgor under the terms of Other Posted Support, if any; 
 the Secured Party will be obligated immediately to Transfer
all Posted Collateral and the Interest Amount to the Pledgor; and 
 to the extent that Posted Collateral or the Interest Amount is not so Transferred
pursuant to (iii) above, the Pledgor may: 
 Set-off any amounts payable by the Pledgor with respect to any Obligations against any Posted
Collateral or the Cash equivalent of any Posted Collateral held by the Secured Party (or any obligation of the Secured Party to Transfer that Posted Collateral); and 
 to the extent that the Pledgor does not Set-off under (iv)(A) above, withhold payment of any remaining amounts payable by the Pledgor with respect to any Obligations, up to the Value of any remaining Posted
Collateral held by the Secured Party, until that Posted Collateral is Transferred to the Pledgor. 
 Deficiencies and Excess Proceeds.
The Secured Party will Transfer to the Pledgor any proceeds and Posted Credit Support remaining after liquidation, Set-off and/or application under Paragraphs 8(a) and 8(b) after satisfaction in full of all amounts payable by the Pledgor with
respect to any Obligations; the Pledgor in all events will remain liable for any amounts remaining unpaid after any liquidation, Set-off and/or application under Paragraphs 8(a) and 8(b). 
 Final Returns. When no amounts are or thereafter may become payable by the Pledgor with respect to any Obligations (except for any potential liability
under Section 2(d) of this Agreement), the Secured Party will Transfer to the Pledgor all Posted Credit Support and the Interest Amount, if any. 
 Representations 
 Each party represents to the other party (which representation will be deemed to be repeated as of
each date on which it, as the Pledgor, Transfers Eligible Collateral) that: 
 it has the power to grant a security interest in and lien on any Eligible
Collateral it Transfers as the Pledgor and has taken all necessary actions to authorize the granting of that security interest and lien; 

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

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

 Liquidation/Application of Posted Credit Support. All reasonable costs and expenses incurred by or on behalf of the Secured Party or
the Pledgor in connection with the liquidation and/or application of any Posted Credit Support under Paragraph 8 will be payable, on demand and pursuant to the Expenses Section of this Agreement, by the Defaulting Party or, if there is no Defaulting
Party, equally by the parties. 
 Miscellaneous 
 Default Interest. A Secured Party that fails to make, when due, any Transfer of Posted Collateral or the Interest Amount will be obligated to pay the Pledgor (to the extent permitted under applicable law) an amount equal to
interest at the Default Rate multiplied by the Value of the items of property that were required to be Transferred, from (and including) the date that Posted Collateral or Interest Amount was required to be Transferred to (but excluding) the date of
Transfer of that Posted Collateral or Interest Amount. This interest will be calculated on the basis of daily compounding and the actual number of days elapsed. 
 Further Assurances. Promptly following a demand made by a party, the other party will execute, deliver, file and record any financing statement, specific assignment or other document and take any
other action that may be necessary or desirable and reasonably requested by that party to create, preserve, perfect or validate any security interest or lien granted under Paragraph 2, to enable that party to exercise or enforce its rights under
this Annex with respect to Posted Credit Support or an Interest Amount or to effect or document a release of a security interest on Posted Collateral or an Interest Amount. 
 Further Protection. The Pledgor will promptly give notice to the Secured Party of, and defend against, any suit, action, proceeding or lien that involves Posted Credit Support Transferred by the
Pledgor or that could adversely affect the security interest and lien granted by it under Paragraph 2, unless that suit, action, proceeding or lien results from the exercise of the Secured Party’s rights under Paragraph 6(c). 
 Good Faith and Commercially Reasonable Manner. Performance of all obligations under this Annex, including, but not limited to, all calculations,
valuations and determinations made by either party, will be made in good faith and in a commercially reasonable manner. 
 Demands and
Notices. All demands and notices given by a party under this Annex will be made as specified in the Notices Section of this Agreement, except as otherwise provided in Paragraph 13. 
 Specifications of Certain Matters. Anything referred to in this Annex as being specified in Paragraph 13 also may be specified in one or more
Confirmations or other documents and this Annex will be construed accordingly. 
 Definitions 
 As used in this Annex: — 
 “Cash” means the lawful currency of the United States of America. 
 “Credit
Support Amount” has the meaning specified in Paragraph 3. 
 “Custodian” has the
meaning specified in Paragraphs 6(b)(i) and 13. 
 “Delivery Amount” has the meaning specified in
Paragraph 3(a). 

 “Disputing Party” has the meaning specified in Paragraph 5.

 “Distributions” means, with respect to Posted Collateral other than Cash, all principal, interest
and other payments and distributions of cash or other property with respect thereto, regardless of whether the Secured Party has disposed of that Posted Collateral under Paragraph 6(c). Distributions will not include any item of property acquired by
the Secured Party upon any disposition or liquidation of Posted Collateral or, with respect to any Posted Collateral in the form of Cash, any distributions on that collateral, unless otherwise specified herein. 
 “Eligible Collateral” means, with respect to a party, the items, if any, specified as such for that party in
Paragraph 13. 
 “Eligible Credit Support” means Eligible Collateral and Other Eligible Support.

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

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

  

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

  

	 	(z)	360. 

 “Interest
Period” means the period from (and including) the last Local Business Day on which an Interest Amount was Transferred (or, if no Interest Amount has yet been Transferred, the Local Business Day on which Posted Collateral in the
form of Cash was Transferred to or received by the Secured Party) to (but excluding) the Local Business Day on which the current Interest Amount is to be Transferred. 
 “Interest Rate” means the rate specified in Paragraph 13. 
 “Local Business Day”, unless otherwise specified in Paragraph 13, has the meaning specified in the Definitions Section of this Agreement, except that references to a payment in clause (b) thereof
will be deemed to include a Transfer under this Annex. 
 “Minimum Transfer Amount” means, with respect
to a party, the amount specified as such for that party in Paragraph 13; if no amount is specified, zero. 
 “Notification
Time” has the meaning specified in Paragraph 13. 
 “Obligations” means, with
respect to a party, all present and future obligations of that party under this Agreement and any additional obligations specified for that party in Paragraph 13. 
 “Other Eligible Support” means, with respect to a party, the items, if any, specified as such for that party in Paragraph 13. 
 “Other Posted Support” means all Other Eligible Support Transferred to the Secured Party that remains in effect for
the benefit of that Secured Party. 
 “Pledgor” means either party, when that party (i) receives a
demand for or is required to Transfer Eligible Credit Support under Paragraph 3(a) or (ii) has Transferred Eligible Credit Support under Paragraph 3(a). 

 “Posted Collateral” means all Eligible Collateral, other property,
Distributions, and all proceeds thereof that have been Transferred to or received by the Secured Party under this Annex and not Transferred to the Pledgor pursuant to Paragraph 3(b), 4(d)(ii) or 6(d)(i) or released by the Secured Party under
Paragraph 8. Any Interest Amount or portion thereof not Transferred pursuant to Paragraph 6(d)(ii) will constitute Posted Collateral in the form of Cash. 
 “Posted Credit Support” means Posted Collateral and Other Posted Support. 
 “Recalculation Date” means the Valuation Date that gives rise to the dispute under Paragraph 5; provided, however, that if a subsequent Valuation Date occurs under Paragraph 3 prior to the resolution of
the dispute, then the “Recalculation Date” means the most recent Valuation Date under Paragraph 3. 
 “Resolution
Time” has the meaning specified in Paragraph 13. 
 “Return Amount” has the meaning
specified in Paragraph 3(b). 
 “Secured Party” means either party, when that party (i) makes a
demand for or is entitled to receive Eligible Credit Support under Paragraph 3(a) or (ii) holds or is deemed to hold Posted Credit Support. 
 “Specified Condition” means, with respect to a party, any event specified as such for that party in Paragraph 13. 
 “Substitute Credit Support” has the meaning specified in Paragraph 4(d)(i). 
 “Substitution Date” has the meaning specified in Paragraph 4(d)(ii). 
 “Threshold” means, with respect to a party, the amount specified as such for that party in Paragraph 13; if no amount is specified, zero. 
 “Transfer” means, with respect to any Eligible Credit Support, Posted Credit Support or Interest Amount, and in
accordance with the instructions of the Secured Party, Pledgor or Custodian, as applicable: 
 in the case of Cash, payment or delivery by wire transfer
into one or more bank accounts specified by the recipient; 
 in the case of certificated securities that cannot be paid or delivered by book-entry,
payment or delivery in appropriate physical form to the recipient or its account accompanied by any duly executed instruments of transfer, assignments in blank, transfer tax stamps and any other documents necessary to constitute a legally valid
transfer to the recipient; 
 in the case of securities that can be paid or delivered by book-entry, the giving of written instructions to the
relevant depository institution or other entity specified by the recipient, together with a written copy thereof to the recipient, sufficient if complied with to result in a legally effective transfer of the relevant interest to the recipient; and

 in the case of Other Eligible Support or Other Posted Support, as specified in Paragraph 13. 
 “Valuation Agent” has the meaning specified in Paragraph 13. 
 “Valuation Date” means each date specified in or otherwise determined pursuant to Paragraph 13. 
 “Valuation Percentage” means, for any item of Eligible Collateral, the percentage specified in Paragraph 13.

 “Valuation Time” has the meaning specified in Paragraph 13. 
 “Value” means for any Valuation Date or other date for which Value is calculated, and subject to Paragraph 5 in the
case of a dispute, with respect to: 
  

	 	(i)	Eligible Collateral or Posted Collateral that is: 

  

	 	(A)	Cash, the amount thereof; and 

  

	 	(B)	a security, the bid price obtained by the Valuation Agent multiplied by the applicable Valuation Percentage, if any; 

  

	 	(ii)	Posted Collateral that consists of items that are not specified as Eligible Collateral, zero; and 

  

	 	(iii)	Other Eligible Support and Other Posted Support, as specified in Paragraph 13. 

 Paragraph 13. Elections and Variables 
  

	(a)	Security Interest for “Obligations”. The term “Obligations” as used in this Annex includes the following additional obligations.

 With respect to the Fund, “Obligations” means any and all present and future obligations of the Fund under or in
connection with this Agreement (including all Credit Support Annexes hereto, including this Annex, and all Transactions and Confirmations hereunder), or any other contract between the Fund and Party A, or any other transaction between the Fund and
Party A. 
  

	(b)	Credit Support Obligations. 

  

	 	(i)	Delivery Amount, Return Amount and Credit Support Amount. 

  

	 	(A)	“Delivery Amount” has the meaning specified in Paragraph 3(a), except that each reference therein to “Valuation Date” is hereby amended to be
“Valuation Time”. 

  

	 	(B)	“Return Amount” has the meaning specified in Paragraph 3(b), except that each reference therein to “Valuation Date” is hereby amended to be
“Valuation Time”. 

  

	 	(C)	“Credit Support Amount” means, for any Valuation Time, (i) the Secured Party’s Exposure for that Valuation Time plus (ii) the aggregate of all
Independent Amounts applicable to the Pledgor, if any, minus (iii) the Pledgor’s Threshold; provided, however, that the Credit Support Amount will be deemed to be zero whenever the calculation of Credit Support Amount yields an amount less
than zero. 

  

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

  

										
	 	  	 	  	Party A	  	The
Fund	 	 Valuation
 Percentage
	 
	 (A)
	  	 Cash
	  	Inapplicable	  	[X]	 	100	%
					
	 (B)
	  	 Negotiable debt obligations issued by the U.S. Treasury Department having a remaining maturity of less than one year (“Treasury
Bills”)
	  	Inapplicable	  	[X]	 	98	%
					
	 (C)
	  	 Negotiable debt obligations issued by the U.S. Treasury Department having a remaining maturity of 1-10 years (“Treasury
Notes”)
	  	Inapplicable	  	[X]	 	95	%
					
	 (D)
	  	 Negotiable debt obligations issued by the U.S. Treasury Department having a remaining maturity of more than 10 years (“Treasury
Bonds”)
	  	Inapplicable	  	[X]	 	90	%
					
	 (E)
	  	 Such other collateral as Party A and the Fund may agree.
	  	Inapplicable	  	[X]	 	As may be
agreed.	 
 

	 	(iii)	Other Eligible Support. The following items will qualify as “Other Eligible Support” for the party specified: 

 

							
	 	  	 	  	Party A	  	The Fund
	 (A)
	  	Inapplicable	  	Inapplicable	  	[X]
				
	 (B)
	  	Inapplicable	  	Inapplicable	  	[X]

  

	 	(iv)	Thresholds. 

  

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

 “Independent Amount” means with respect to the Fund: an amount in the Base Currency equal to the sum of (1) for Derivatives
Transactions, the aggregate of the amounts specified in the Confirmations for such Transactions or as otherwise agreed by the parties, and (2) for Foreign Exchange Transactions, an amount equal to the sum of (a) the product of the Standard
Net Open Position multiplied by the Standard Independent Amount Ratio, (b) the product of the Exotic Net Open Position multiplied by the Exotic Independent Amount Ratio, (c) the product of the Emerging Market Net Open Position multiplied
by the Emerging Market Independent Amount Ratio and (d) the Forward Risk Adjustment Amount. 
  

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

 “Threshold” means with respect to the Fund: $0; provided, however, that the Threshold for such party shall be zero upon the occurrence and during the continuance of an Event of Default,
Potential Event of Default, Termination Event, Additional Termination Event (other than an Elective Termination) or Specified Condition with respect to such party. 
  

	 	(C)	“Minimum Transfer Amount” means with respect to Party A: $250,000; provided, however, that the Minimum Transfer Amount for such party shall be zero upon the
occurrence and during the continuance of an Event of Default, Potential Event of Default, Termination Event, Additional Termination Event (other than an Elective Termination), or Specified Condition with respect to such party.

 “Minimum Transfer Amount” means with respect to the Fund: $250,000; provided, however, that the
Minimum Transfer Amount for such party shall be zero upon the occurrence and during the continuance of an Event of Default, Potential Event of Default, Termination Event, Additional Termination Event (other than an Elective Termination) or Specified
Condition with respect to such party. 
  

	 	(D)	Rounding. The Delivery Amount and the Return Amount will be rounded up and down respectively to the nearest integral multiple of $50,000. 

  

	(c)	Valuation and Timing. 

  

	 	(i)	“Valuation Agent” means: Party A 

  

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

  

	 	(iii)	“Valuation Time” means the close of business on the Local Business Day preceding the Valuation Date or any time on any Valuation Date as determined by
the Valuation Agent. 

  

	 	(iv)	“Notification Time” means 11:00 a.m., New York time, on any Valuation Date. 

  

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

					
	 	  	Party A	  	The Fund
	 Illegality
	  	Inapplicable	  	[X]
	 Tax Event
	  	Inapplicable	  	[    ]
	 Tax Event Upon Merger
	  	Inapplicable	  	[    ]
	 Credit Event Upon Merger
	  	Inapplicable	  	[X]
	 The Additional Termination Events specified in paragraph (i) of Part 1 (other than an Elective Termination) of the Schedule to this
Agreement.
	  	Inapplicable	  	[X]

  

	(e)	Substitution. 

  

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

  

	 	(ii)	Consent. If specified here as applicable, then the Pledgor must obtain the Secured Party’s consent for any substitution pursuant to Paragraph 4(d): Inapplicable

  

	(f)	Dispute Resolution. 

 Paragraph 5 of this
Annex is deleted in its entirety and thus is inapplicable. 
  

	(g)	Holding and Using Posted Collateral. 

  

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

  

	 	(A)	Party A is not a Defaulting Party. 

  

	 	(B)	Posted Collateral may be held only in the following jurisdictions: Posted Collateral consisting of certificated securities must be held in New York. 

 Initially, the Custodian for Party A is: Deutsche Bank AG New York Branch. 
  

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

  

	(h)	Distributions and Interest Amount. 

  

	 	(i)	Interest Rate. The “Interest Rate” will be, with respect to Eligible Collateral in the form of Cash, for any day, the rate opposite the caption
“Federal Funds (Effective)” for such day as published for such day in Federal Reserve Publication H.15 (519) or any successor publication as published by the Board of Governors of the Federal Reserve System. 

 

	 	(ii)	Transfer of Interest Amount. The Transfer of the Interest Amount will be made on the first Local Business Day of each calendar month. 

 

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

  

	(i)	Other Eligible Support and Other Posted Support. 

  

	 	(i)	“Value” with respect to Other Eligible Support and Other Posted Support means: Inapplicable 

	 	(ii)	“Transfer” with respect to Other Eligible Support and Other Posted Support means: Inapplicable 

  

	(j)	Demands and Notices. All demands, specifications and notices under this Annex will be made pursuant to the Notices Section of this Agreement, unless otherwise
specified here: 

 Party A:            Deutsche Bank AG 

      New York Branch 
       60 Wall Street 
       New York, New York
10005 
 Attention:         Collateral Management and Valuations 
 The Fund:         Frontier Trading Company IX, c/o Equinox Fund Management LLC 
       1660 Lincoln Street 
       Suite 100 
       Denver, Colorado 80264

 Attention:         Richard Bornhoft 
  

	(k)	Addresses for Transfers 

 Party A: For
Cash: DBAG NY, ABA: 026003780, Ref: A / C# to be provided by Party A to Party B 
      For Eligible
Collateral: 
 Fed Eligible Settlements: 
 Bk of NYC/Cust/604000 
 Acct: Deutsche Bank AG CMV Group 
 DTC Eligible Settlements: 
 DTC# 901

 A/c# 604000 
 Acct: Deutsche
Bank AG CMV Group 
 Euroclear Settlements: 
 Euroclear # 10104 
 Ref: Acct: Deutsche Bank AG CMV Group 604000 
 Canadian Settlements: 
 Royal Bank
of Canada 
 BIC Code: ROYCCAT2 
 Acct: Bank of New York, Brussels 
 Ref: Acct: Deutsche Bank AG CMV Group 604000 
 The Fund:         to be provided by Party B to Party A 
  

	(l)	Other Provisions. 

  

	 	(i)	The following definitions are hereby inserted into Paragraph 12 in the appropriate alphabetical order: 

  

	 	(A)	“Aggregate Ceiling Limit” means USD 200,000,000. 

	 	(B)	“Aggregate Net Open Position” means, at any time, the sum of (i) the Standard Net Open Position, (ii) the Exotic Net Open Position and
(iii) the Emerging Market Net Open Position. 

  

	 	(C)	“Base Currency” means U.S. Dollars. 

  

	 	(D)	“Derivatives Transaction” means any Transaction other than a Foreign Exchange Transaction. 

  

	 	(E)	“Eligible Currency” means each currency specified as such in Paragraph 13(b)(ii)(A). 

  

	 	(F)	“Emerging Market Ceiling Limit” means USD 1,000,000. 

  

	 	(G)	“Emerging Market Close-Out Ratio” means a number expressed as a percentage representing the quotient of (A) the portion of the Net Collateral Value
attributable to all FX Transactions and Currency Option Transactions involving Tier III Currencies, divided by (B) the Emerging Market Net Open Position, such number being determined and notified by Party A to Party B from time to time, and
initially being 8%. 

  

	 	(H)	“Emerging Market Independent Amount Ratio” means a number expressed as a percentage representing the minimum proportion of (1) the Net Collateral Value
attributable to all FX Transactions and Currency Option Transactions involving Tier III Currencies to (2) the Emerging Market Net Open Position, which Party B must maintain in respect of outstanding FX Transactions and Currency Option
Transactions involving Tier III Currencies, such number being determined and notified by Party A to Party B from time to time, and initially being 15%. 

  

	 	(I)	“Emerging Market Net Open Position” means, at any given time, the amount obtained by calculating the Net Open Position as it applies to all FX Transactions
and Currency Option Transactions involving Tier III Currencies. 

  

	 	(J)	“Exotic Ceiling Limit” means USD 5,000,000. 

  

	 	(K)	“Exotic Close-Out Ratio” means a number expressed as a percentage representing the quotient of (A) the portion of the Net Collateral Value attributable
to all FX Transactions and Currency Option Transactions involving Tier II Currencies but not involving Tier III Currencies, divided by (B) the Exotic Net Open Position, such number being determined and notified by Party A to the Fund from time
to time, and initially being 4%. 

  

	 	(L)	“Exotic Independent Amount Ratio” means a number expressed as a percentage representing the minimum proportion of (1) the Net Collateral Value
attributable to all FX Transactions and Currency Option Transactions involving Tier II Currencies but not involving Tier III Currencies to (2) the Exotic Net Open Position, which the Fund must maintain in respect of outstanding FX Transactions
and Currency Option Transactions involving Tier II Currencies but not involving Tier III Currencies, such number being determined and notified by Party A to the Fund from time to time, and initially being 8%. 

  

	 	(M)	“Exotic Net Open Position” means, at any given time, the amount obtained by calculating the Net Open Position as it applies to all FX Transactions and
Currency Option Transactions involving Tier II Currencies but not involving Tier III Currencies. 

  

	 	(N)	“Foreign Exchange Transactions” means any Transaction that is a FX Transaction or Currency Option Transaction as defined in the FX Definitions (as defined
below). 

  

	 	(O)	“Forward Risk Adjustment Amount” means an amount in the Base Currency determined by Party A in a commercially reasonable manner to account for the risk
attributable to movements in the yield curves of the underlying currencies of the FX Transactions. 

	 	(P)	“Net Collateral Value” means an amount expressed in the Base Currency equal to the difference of (1) the Value of Posted Credit Support, minus
(2) the Secured Party’s Exposure, such amount being determined and notified by Party A to the Fund from time to time, provided that if such difference shall be an amount less than zero, the Net Collateral Value shall be zero.

  

	 	(Q)	“Net Open Position” means an amount expressed in the Base Currency deriving from the likely changes in the replacement value of all outstanding FX
Transactions and Currency Option Transactions determined by Party A using its normal methodology in place from time to time. 

  

	 	(R)	“Standard Ceiling Limit” means USD 200,000,000. 

  

	 	(S)	“Standard Close-Out Ratio” means a number expressed as a percentage representing the quotient of (A) the portion of the Net Collateral Value
attributable to all FX Transactions and Currency Option Transactions not involving Tier II Currencies or Tier III Currencies, divided by (B) the Standard Net Open Position, such number being determined and notified by Party A to the Fund from
time to time, and initially being 2%. 

  

	 	(T)	“Standard Independent Amount Ratio” means a number expressed as a percentage representing the minimum proportion of (1) the Net Collateral Value
attributable to all FX Transactions and Currency Option Transactions not involving Tier II Currencies or Tier III Currencies to (2) the Standard Net Open Position, which the Fund must maintain in respect of outstanding FX Transactions and
Currency Option Transactions not involving Tier II Currencies or Tier III Currencies, such number being determined and notified by Party A to the Fund from time to time, and initially being 6%. 

  

	 	(U)	“Standard Net Open Position” means, at any given time, the amount obtained by calculating the Net Open Position as it applies to all FX Transactions and
Currency Option Transactions not involving Tier II Currencies or Tier III Currencies. 

  

	 	(V)	“Tier I Currencies” means AUD, CAD, CHF, DKK, EUR, GBP, JPY, NOK, NZD, SEK and USD. 

  

	 	(W)	“Tier II Currencies” means: CLP, CNY, CZK, GRD, HKD, HUF, ILS, INR, KRW, MXN, PLN, SGD, SKK, THB, TWD, and ZAR. 

  

	 	(X)	“Tier III Currencies” means: ARS, BRL, IDR, PHP, RUB, SAR, TRL and any other currencies not specified herein as Tier I Currencies or Tier II Currencies.

  

	 	(ii)	Definitions. Any terms used in this Credit Support Annex which are not otherwise defined herein and which are defined in the 1998 FX and Currency Option Definitions
(the “FX Definitions”) (published by the International Swaps and Derivatives Association, Inc., the Emerging Markets Traders Association, and the Foreign Exchange Committee) shall have the meaning set forth in the FX Definitions (without
regard to any amendments thereto subsequent to the date hereof). Nothing in this Annex shall affect the parties’ agreement that this Agreement and all Credit Support Annexes hereto (including this Annex) and all Transactions and related
Confirmations hereunder are entered into in reliance on the fact that this Agreement, all Credit Support Annexes and all Transactions and Confirmations form a single agreement between the parties, the Posted Credit Support under all Credit Support
Annexes constitutes a pledge with respect to and shall secure all Transactions and all Obligations, and the parties would not otherwise enter into any Transactions. 

  

	 	(iii)	Limit on Secured Party’s Liability. The Secured Party will not be liable for any losses or damages that the Pledgor may suffer as a result of any failure by the
Secured Party to perform, or any delay by it in performing, any of its obligations under this Annex if the failure or delay results from circumstances beyond the reasonable control of the Secured Party or its Custodian, including but not limited to
interruption or loss of computer or communication services, labor disturbance, natural disaster or local or national emergency. 

	 	(iv)	Further Assurances. If the Pledgor fails (a) to execute and deliver to the Secured Party financing statements, assignments, or other documents or (b) to do
other things relating to the Posted Credit Support as the Secured Party may reasonably request in order to protect and maintain its security interest in the Posted Credit Support and to protect, preserve, and realize upon the Posted Credit Support,
then the Secured Party is hereby authorized by the Pledgor (but not required) to complete and execute such financing statements, assignments, and other documents as the Secured Party deems appropriate for such purposes. The Pledgor hereby appoints
the Secured Party, during the term of this Agreement, as the Pledgor’s agent and attorney-in-fact to complete and execute such financing statements, assignments and other documents and to perform all other acts which the Secured Party may deem
appropriate to protect and maintain its security interest in the Posted Credit Support and to protect, preserve, and realize upon the Posted Credit Support. The power-of-attorney granted herein to the Secured Party is coupled with an interest and is
irrevocable during the term of this Agreement. 

  

	 	(v)	Agreement as to Single Secured Party and Pledgor. Party A and the Fund agree that, notwithstanding anything to the contrary in the recital to this Annex, Paragraph
1(b) or Paragraph 2 or the definitions in Paragraph 12, (a) the term “Secured Party” as used in this Annex means only Party A, (b) the term “Pledgor” as used in this Annex means only the Fund,
(c) only the Fund makes the pledge and grant in Paragraph 2, the acknowledgment in the final sentence of Paragraph 8(a) and the representations in Paragraph 9, (d) only the Fund will be required to make Transfers of Eligible Credit Support
hereunder and (e) Paragraph 7 shall apply to the Fund only and shall not apply to Party A. 

  

	 	(vi)	Additional Termination Events. 

 Each of the
following shall constitute an Additional Termination Event with respect to the Fund: 
  

	 	(A)	the quotient of (I) the portion of Net Collateral Value attributable 

 to all FX Transactions and Currency Option Transactions not involving Tier II or Tier III Currencies, divided by (II) the Standard Net Open Position is equal to or less than the Standard Close-Out Ratio; 

 

	 	(B)	the quotient of (I) the portion of the Net Collateral Value attributable to all FX Transactions and Currency Option Transactions involving Tier II Currencies but not involving
Tier III Currencies, divided by (II) the Exotic Net Open Position is equal to or less than the Exotic Close-Out Ratio; 

  

	 	(C)	the quotient of (I) the portion of the Net Collateral Value attributable to all FX Transactions and Currency Option Transactions involving Tier III Currencies, divided by (II)
the Emerging Market Net Open Position is equal to or less than the Emerging Market Close-Out Ratio: 

  

	 	(D)	the Aggregate Net Open Position is equal to or greater than the Aggregate Ceiling Limit; 

  

	 	(E)	the Standard Net Open Position is equal to or greater than the Standard Ceiling Limit; 

  

	 	(F)	the Exotic Net Open Position is equal to or greater than the Exotic Ceiling Limit; or 

  

	 	(G)	the Emerging Market Net Open Position is equal to or greater than the Emerging Market Ceiling Limit; 

 in each case irrespective of whether or not Eligible Credit Support has been requested by Party A, or is being delivered to Party A, pursuant to the terms
of this Annex. For purposes of determining whether 

 such an Additional Termination Event has occurred, at the discretion of Party A, Exposure and Net
Collateral Value may be calculated at any time on any calendar day and, if such day is not a Valuation Date, the Value of Posted Credit Support may at the discretion of Party A be calculated based on the Value on the preceding Valuation Date. For
purposes of each such Additional Termination Event, the Fund shall be the sole Affected Party. 
 Notwithstanding any provision of this
Agreement that may be to the contrary, if an Additional Termination Event specified in this Credit Support Annex shall occur with respect to the Fund, Party A shall be entitled to designate an Early Termination Date with respect to all Transactions
with immediate effect. Without limiting such right, Party A agrees to use reasonable efforts to deliver to the Fund notice of such designation in accordance with Section 12 of this Agreement. 
  

	(vii)	No Additional Amounts. Notwithstanding Section 2(d) of this Agreement, Party A shall not be obliged to pay any additional amount in respect of Tax in relation
to any amount required to be paid by it under this Annex. 

  

	(viii)	Transfer Timing. Paragraph 4(b) is hereby amended by: (A) replacing “the next Local Business Day” in the third line thereof with “that same
Local Business Day”; and (B) replacing “second Local Business Day thereafter” in the fifth line thereof with “next Local Business Day”. 

  

	(ix)	Grace Period. Paragraph 7(i) is hereby amended in the last line thereof by replacing “two Local Business Days” with “one Local Business
Day”. 

  

	(x)	Modifications to the Annex. The following amendments are made to the Annex: 

  

	 	(A)	References throughout this Annex to “Swap Transactions” are deleted; and 

  

	 	(B)	The definition of “Exposure” in Paragraph 12 of the Annex is hereby amended to read in its entirety as follows: 

 “Exposure” means for any Valuation Time or other date for which Exposure is calculated, the amount, if any, that
would be payable to a party that is the Secured Party by the other party (expressed as a positive number) or by a party that is the Secured Party to the other party (expressed as a negative number) pursuant to Section 6(e)(ii)(1) of this
Agreement if all Transactions were being terminated as of the relevant Valuation Time, on the basis that (i) that party is not the Affected Party and (ii) United States Dollars is the Termination Currency; provided that the
Close-out Amount will be determined by the Valuation Agent on behalf of that party using its estimates at mid-market of the amounts that would be paid for transactions providing the economic equivalent of (x) the material terms of the
Transactions, including the payments and deliveries by the parties under Section 2(a)(i) in respect of the Transactions that would, but for the occurrence of the relevant Early Termination Date, have been required after that date (assuming
satisfaction of the conditions precedent in Section 2(a)(iii)); and (y) the option rights of the parties in respect of the Transactions and provided, further, that, for purposes of determining the Credit Support Amount and the Net
Collateral Value, the amount determined as set forth above shall be increased by reducing the value of Currency Option Transactions owned by Party B by a factor determined and notified by Party A to Party B from time to time.” 

	(xi)	Changes to Net Open Position. Party A and Party B agree that Party A shall have the right to change the methodology used to calculate the Net Open Position at any
time. Party A agrees to provide a description of such methodology to Party B upon request. 

									
	DEUTSCHE BANK AG	 		 	EQUINOX FUND MANAGEMENT LLC
					
	By:	 	  
	 		 	By:	 	  

	Name:	 		 		 	Name:	 	
	Title:	 		 		 	Title:	 	
				
		 		 		 	FRONTIER TRADING COMPANY IX LLC
					
	By:	 	  
	 		 	By:	 	  

	Name:	 		 		 	Name:	 	
	Title:	 		 		 	Title:

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