Document:

EX-10.3

 Exhibit 10.3 

EXECUTION VERSION 
  

 
  

PORTFOLIO MANAGEMENT AGREEMENT 

dated as of July 23, 2014 
 by and
between 
 Alpine Funding LLC, 

as Borrower 
 and 

SIC Advisors LLC, 
 as Portfolio
Manager 
  
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 Section 1.
	 	Definitions	  	 	1	  
			
	Section 2.	 	Appointment; General Duties and Authority of the Portfolio Manager	  	 	3	  
			
	Section 3.	 	Purchase and Sale Transactions	  	 	7	  
			
	Section 4.	 	Services to Other Borrowers; Certain Affiliated Activities	  	 	9	  
			
	Section 5.	 	Conflicts of Interest	  	 	13	  
			
	Section 6.	 	Records; Confidentiality	  	 	13	  
			
	Section 7.	 	Actions of the Portfolio Manager	  	 	14	  
			
	Section 8.	 	Compensation	  	 	15	  
			
	Section 9.	 	Standard of Care; Benefit of the Agreement	  	 	15	  
			
	Section 10.	 	Limits of Portfolio Manager Responsibility	  	 	16	  
			
	Section 11.	 	No Joint Venture	  	 	19	  
			
	Section 12.	 	Term; Replacement of the Portfolio Manager	  	 	19	  
			
	Section 13.	 	Reserved	  	 	19	  
			
	Section 14.	 	Obligations of Resigning or Removed Portfolio Manager	  	 	19	  
			
	Section 15.	 	Assignments; Delegation	  	 	20	  
			
	Section 16.	 	Representations and Warranties	  	 	21	  
			
	Section 17.	 	Non-Petition; Limited Recourse	  	 	23	  
			
	Section 18.	 	Notices	  	 	24	  
			
	Section 19.	 	Binding Nature of Agreement; Successors and Assigns	  	 	25	  
			
	Section 20.	 	Entire Agreement; Amendment	  	 	25	  
			
	Section 21.	 	Controlling Law	  	 	25	  
			
	Section 22.	 	Submission to Jurisdiction	  	 	25	  
			
	Section 23.	 	Waiver of Jury Trial	  	 	26	  
			
	Section 24.	 	Conflict with the Loan Agreement	  	 	26	  
			
	Section 25.	 	Consent to Assignment	  	 	26	  
			
	Section 26.	 	Indulgences Not Waivers	  	 	26	  
			
	Section 27.	 	Third Party Beneficiaries	  	 	27	  
			
	Section 28.	 	Titles Not to Affect Interpretation	  	 	27	  
			
	Section 29.	 	Execution in Counterparts	  	 	27	  
			
	Section 30.	 	Provisions Separable	  	 	27	  

  
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 TABLE OF CONTENTS 

(continued) 
  

							
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	Section 31.	 	OFAC	  	 	27	  

  
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 THIS PORTFOLIO MANAGEMENT AGREEMENT (this “Agreement”), dated as of July
[    ], 2014, is entered into by and between Alpine Funding LLC, a Delaware limited liability company (together with its successors and assigns permitted hereunder, the “Borrower”), and SIC Advisors LLC, a
Delaware limited liability company (“SIC” and in its capacity as portfolio manager, and together with its successors and assigns permitted hereunder, the “Portfolio Manager”). 

RECITALS: 
 WHEREAS, pursuant to
a Loan Agreement, dated as of July [    ], 2014 (the “Loan Agreement”), by and among the Borrower, the Financing Providers from time to time parties thereto, JPMorgan Chase Bank, National Association, as
Administrative Agent (together with any successor administrative agent permitted under the Loan Agreement, the “Administrative Agent”), the Collateral Administrator party thereto, the Collateral Agent party thereto, the Securities
Intermediary party thereto and the Portfolio Manager, the Financing Providers intend to make Advances under and as defined therein to the Borrower; 

WHEREAS, the Borrower intends to pledge certain Portfolio Investments and certain other assets as set forth in the Loan Agreement to the
Collateral Agent as security for the Advances and certain other obligations set forth in the Loan Agreement; 
 WHEREAS, the Borrower
desires to appoint SIC as the Portfolio Manager to provide the services described herein and SIC desires to accept such appointment; 

WHEREAS, the Loan Agreement will authorize the Borrower to enter into this Agreement, pursuant to which the Portfolio Manager agrees to
perform, on behalf of the Borrower, certain duties with respect to the acquisition, administration and disposition of Collateral in the manner and on the terms set forth herein and to perform such additional duties as are consistent with the terms
of this Agreement and the Loan Agreement as the Borrower may from time to time reasonably request; and 
 WHEREAS, the Portfolio Manager has
the capacity to provide the services required hereby and is prepared to perform such services upon the terms and subject to the conditions set forth herein; 

NOW, THEREFORE, in consideration of the agreements herein set forth, the parties hereto agree as follows: 

 

	 	Section 1.	Definitions 

 Capitalized terms used and not defined herein shall have the
meanings set forth in the Loan Agreement. As used in this Agreement: 
 “Administrative Agent” shall have the meaning set
forth in the recitals. 
 “Advisers Act” shall mean the United States Investment Advisers Act of 1940, as amended. 

 “Agreement” shall have the meaning set forth in the preamble. 

“Borrower” shall have the meaning set forth in the preamble. 

“Client” means with respect to any specified Person, any Person or account for which the specified Person provides investment
management services or provides investment advice. 
 “Indemnified Party” shall have the applicable meaning set forth in
Section 10(b). 
 “Indemnifying Party” shall have the applicable meaning set forth in
Section 10(b). 
 “Loan Agreement” shall have the meaning set forth in the recitals. 

“Losses” shall mean, collectively, all expenses, losses, damages, liabilities, demands, charges or claims of any kind or
nature whatsoever (including reasonable attorneys’ fees and accountants’ fees and costs and expenses relating to investigating or defending any demands, charges and claims). 

“Managed Assets” shall mean, collectively, the Portfolio Investments, the Eligible Investments and any other assets from time
to time owned by the Borrower. 
 “Obligor” means in respect of any Portfolio Investment of the Borrower, the Person
primarily obligated to pay Collections in respect of such Portfolio Investment to the Borrower. 
 “Officer’s
Certificate” means a certificate delivered to the Administrative Agent or other Person entitled to receive the same under this Agreement or any other Loan Document signed by an officer of the Portfolio Manager, or by an officer of the
Borrower, as required by this Agreement or any other Loan Document. 
 “Organizational Documents” means the articles or
certificate of incorporation and bylaws (or the comparable documents for the applicable jurisdiction), in the case of a corporation, the partnership agreement, in the case of a partnership, or the certificate of formation and limited liability
company agreement, in the case of a limited liability company. 
 “Personnel” shall have the meaning set forth in
Section 4(e). 
 “Portfolio Manager” shall have the meaning set forth in the preamble. 

“Portfolio Manager Affiliate” means any of (1) any director or officer of the Portfolio Manager (or any Person
performing a similar function), (2) any Person directly or indirectly controlling, under common control with or controlled by the Portfolio Manager and (3) all current employees of the Portfolio Manager (other than employees performing
only clerical, administrative, support or similar functions); provided, that “Portfolio Manager Affiliate” shall not mean an Obligor under any Portfolio Investment. 

“Portfolio Manager Breach” shall have the meaning set forth in Section 10(a). 

“Portfolio Manager Party” shall have the meaning set forth in Section 10(a). 

  
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 “Portfolio Manager Related Person” means with respect to the Portfolio Manager,
without duplication, each Affiliate, each Portfolio Manager Affiliate, their respective Clients and their respective partners, managers, members, shareholders, directors, officers and employees. 

“SIC” shall have the meaning set forth in the preamble. 

“Standard of Care” shall mean, with respect to any Portfolio Investments and all other assets included in the Collateral, to
service and administer such Portfolio Investments and other assets in the Collateral with reasonable care and in accordance with the related underlying instruments (as applicable) and all customary and usual servicing practices which are consistent
with the same care, skill, prudence and diligence with which the Portfolio Manager services and administers loans and other assets for its own account or for the account of others. 

 

	 	Section 2.	Appointment; General Duties and Authority of the Portfolio Manager 

(a) SIC is hereby appointed as Portfolio Manager of the Borrower for the purpose of performing certain duties as specified
herein, including directing and supervising the investment and reinvestment of Managed Assets and performing certain administrative functions on behalf of the Borrower in accordance with and subject to the applicable provisions of the Loan
Agreement, this Agreement and the other Loan Documents applicable to it, including, without limitation, Section 7 and Section 9 hereof, and SIC hereby accepts such appointment and agrees to perform the obligations of the
Portfolio Manager pursuant to the terms hereof. The Portfolio Manager shall have the power to execute and deliver all necessary and appropriate documents and instruments on behalf of the Borrower in connection with performing its obligations set
forth herein. 
 (b) Subject to the provisions of Section 5, Section 7, Section 9 and
Section 10, the Portfolio Manager agrees, and is hereby authorized, to provide the following services to or on behalf of the Borrower (in accordance with the terms, requirements and limitations set forth in the Loan Agreement, the
Borrower’s organizational documents and each other Loan Document): 
 (i) selection of the Managed Assets to be acquired
by the Borrower; 
 (ii) investment and reinvestment of the Collateral; 

(iii) disposition or tender of any Managed Asset and delivery of any instruction or certificate to the Collateral Agent with
respect thereto; 
 (iv) (A) performance of investment-related duties and functions (including, without limitation, the
furnishing of direction letters and certificates) with regard to purchases, sales, substitutions or other dispositions of Managed Assets and deposits in certain accounts; and (B) execution and delivery of all necessary and appropriate documents
and instruments on behalf of the Borrower with respect thereto; 
 (v) monitoring and keeping appropriate records of the
assets that constitute the Collateral on an ongoing basis and provision to or on behalf of the 

  
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Borrower of all reports, schedules, certificates and other data that the Borrower is required to prepare and deliver under the Loan Agreement, in such forms, and containing such information,
required thereby, in sufficient time for such required reports, schedules, certificates and data to be reviewed and delivered by or on behalf of the Borrower to the parties entitled thereto under the Loan Agreement; 

(vi) advising and, as applicable, directing the Collateral Agent in connection with all actions to be taken by the Collateral
Agent at the direction of the Borrower or of the Portfolio Manager, in each case subject to the applicable terms thereof and the terms hereof; 

(vii) negotiating on behalf of the Borrower with prospective sellers or purchasers of Portfolio Investments as to the terms
relating to the purchase, sale and disposition of such Portfolio Investments; 
 (viii) determining whether any Portfolio
Investment is a Defaulted Obligation or equity security; 
 (ix) determining the timing and amount of Financings to be made
under the Loan Agreement (and effectuating such Financings); 
 (x) taking any appropriate actions, as agent and
attorney-in-fact of the Borrower, with respect to any Managed Asset, including, without limitation: 
  

	 	(A)	purchasing and retaining such Managed Asset and the selection of the dates for purchase; 

  

	 	(B)	selling or otherwise disposing of such Managed Asset, and selecting the dates for such sale or disposition as required or permitted under the Loan Agreement; 

 

	 	(C)	if applicable, tendering such Managed Asset pursuant to an offer; 

  

	 	(D)	if applicable, consenting to or refusing to consent to any proposed Amendment pursuant to an offer or otherwise; 

  

	 	(E)	retaining or disposing of any Managed Asset received pursuant to an offer; 

  

	 	(F)	waiving a default with respect to any Defaulted Obligation; 

  

	 	(G)	voting to accelerate the maturity of any Defaulted Obligation; 

  

	 	(H)	participating in a committee or group formed by creditors of an issuer or an Obligor under a Managed Asset; 

  

	 	(I)	 after or in connection with a payment in full of the Secured Obligations (other than contingent indemnification and reimbursement obligations for
which no claim has been asserted) and a termination of the commitments 

  
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under the Loan Agreement or in connection with any payment, prepayment or refinancing of the Advances, advising the Borrower as to when, in the view of the Portfolio Manager, it would be in the
best interest of the Borrower to liquidate all or any portion of the Borrower’s assets and rendering such assistance as may be necessary or required by the Borrower in connection with such liquidation or any actions necessary to effectuate a
payment in full of the Secured Obligations (other than contingent indemnification and reimbursement obligations for which no claim has been asserted) or payment, prepayment or refinancing of the Advances; 

 

	 	(J)	advising and assisting the Borrower with respect to the valuation of any Managed Asset, to the extent required or permitted by the Loan Agreement; 

 

	 	(K)	monitoring and, as required by the Loan Agreement, reporting on the performance of each entity in which the Borrower shall have invested and, where appropriate, providing advice at the policy level to the management of
any entity in which the Borrower shall have invested, including in relation to the designation of members of the board of directors or similar governing body of any such entity, if applicable; 

 

	 	(L)	providing strategic and financial planning advice to the Borrower, including advice on utilization of assets; 

  

	 	(M)	obtaining tax, accounting and other professional services required by the Borrower; and 

  

	 	(N)	exercising any other rights or remedies with respect to any Managed Asset as provided in the Organizational Documents of the Borrower or of the issuer of or Obligor under such Managed Asset or as provided in the related
underlying instruments governing the terms of such Managed Asset, or the taking of any other action not inconsistent with the terms of this Agreement and the Loan Agreement that the Portfolio Manager reasonably determines to be in the best interests
of the Borrower; 

 (xi) in the event that a request to draw on any Delayed Funding Term Loan or Collateralized
Delayed Funding Commitment is received (A) with respect to a Delayed Funding Term Loan, requesting an Advance or a distribution of Principal Proceeds to fund such draw request and (B) with respect to a Collateralized Delayed Funding
Commitment, directing the Collateral Agent to use amounts on deposit in the account designated by the Administrative Agent for the cash collateralization of Collateralized Delayed Funding Commitments to fund such draw request; 

(xii) compiling and preparing certain reports on behalf of the Borrower and performing such other functions and complying with
such other reporting duties and responsibilities as are provided hereunder and in the Loan Agreement; and 

  
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	 	(xiii)	monitoring compliance by the Borrower with the Eligibility Criteria as they relate to the acquisition of Portfolio Investments; and 

  

	 	(xiv)	performing (and acting as agent of the Borrower in order to perform on behalf of the Borrower) all obligations of the Borrower under the Loan Agreement relating to investment management, servicing, administration and
reporting in connection with the Managed Assets. 

 (c) The Portfolio Manager shall, and is hereby authorized
to, perform its obligations hereunder and under the Loan Agreement in a manner that is consistent with the terms of the Loan Agreement. 

(d) The Portfolio Manager shall not be bound to comply with any amendment, waiver or modification to the Loan Agreement that
would materially and adversely affect the Portfolio Manager unless the Portfolio Manager has consented thereto in writing. 

(e) The Borrower acknowledges, and the Portfolio Manager agrees, that the principals, employees and professional staff of the
Portfolio Manager will devote such time and effort in conducting activities on behalf of the Borrower as the Portfolio Manager reasonably deems appropriate to perform its duties in accordance with this Agreement and in accordance with reasonable
commercial standards. 
 (f) In providing services hereunder, the Portfolio Manager may employ third parties, including its
Affiliates, to render advice (including investment advice) and assistance; provided that the Portfolio Manager shall not be relieved of any of its duties hereunder regardless of the performance of any services by third parties including Affiliates,
except that the Portfolio Manager may, with respect to the affairs of the Borrower, consult with counsel and accountants in their capacity as such reasonably selected by the Portfolio Manager and shall be fully protected, in acting or failing to act
hereunder if such action or inaction is taken or not taken, in each case in good faith by the Portfolio Manager in accordance with the advice or opinion of such counsel or accountants and subject to the Standard of Care. 

(g) The Borrower hereby makes, constitutes and appoints the Portfolio Manager, with full power of substitution (any person in
favor of which such power of substitution shall be exercised being referred to as a “subattorney”), as its true and lawful agent and attorney-in-fact, with full power and authority in its name, place and stead (i) to sign, execute,
certify, swear to, acknowledge, deliver, file, receive and record any and all documents, and to make any payment, which the Portfolio Manager reasonably deems necessary or appropriate in connection with its duties under this Agreement and
(ii) to (A) vote in its discretion any Managed Assets included in the Collateral, (B) execute proxies, waivers, consents, amendments and other documents, instruments and certificates with respect to such Managed Assets,
(C) endorse, transfer or deliver such Managed Assets and execute and deliver all transfer documentation with respect hereto, and (D) participate in or consent (or decline to consent) to any modification, work-out, restructuring, bankruptcy
proceeding, class action, plan or reorganization, merger, combination, consolidation, liquidation or similar plan or transaction with regard to such Managed Assets. This grant of power-of-attorney is coupled with an interest and, to the extent
permitted by applicable law, irrevocable, and it shall survive 

  
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and not be affected by the subsequent dissolution or bankruptcy of the Borrower; provided that this grant of power of attorney shall expire, and the Portfolio Manager and any subattorney
shall cease to have any power to act as the Borrower’s agent or attorney-in-fact, upon termination of this Agreement or upon the resignation of the Portfolio Manager becoming effective in accordance with Section 12. The Borrower
shall execute and deliver to the Portfolio Manager all such other powers of attorney, proxies, and other orders, and all such instruments, as the Portfolio Manager may reasonably request for the purpose of enabling the Portfolio Manager to exercise
the rights and power which it is entitled to exercise pursuant to this Agreement. Each of the Portfolio Manager and the Borrower shall take such other actions, and furnish such certificates, opinions and other documents, as may be reasonably
requested by the other party hereto in order to effectuate the purposes of this Agreement and to facilitate compliance with applicable laws and regulations and the terms of this Agreement. 

 

	 	Section 3.	Purchase and Sale Transactions 

 (a) In executing
transactions with respect to the Collateral (other than Portfolio Investments originated by Sierra Income Corporation which are subject to Section 3(b) below), the Portfolio Manager will use reasonable efforts to obtain the best
execution but has no obligation to obtain the lowest prices available. The Portfolio Manager may choose to execute transactions utilizing electronic trading platforms and may incur incidental fees as a result, if in the Portfolio Manager’s
reasonable business judgment, electronic execution will improve execution quality. In pursuit of best execution, the Portfolio Manager may take into consideration all factors the Portfolio Manager reasonably determines to be relevant, including the
provision by the broker of services of value to the Portfolio Manager in managing accounts for itself, its Affiliates and others. Such services may be used in connection with the other proprietary or advisory activities or investment operations of
the Portfolio Manager and/or its Affiliates. The Portfolio Manager may aggregate sales and purchase orders placed with respect to the Collateral with similar orders being made simultaneously for itself, its Affiliates or other Clients taking into
consideration the availability of purchasers or sellers, the selling or purchase price, brokerage commissions or mark-ups or mark-downs and other expenses. If any such aggregated order is not filled at the same price, such order may be allocated on
an average price or other appropriate basis. However, no provision in this Agreement shall require the Portfolio Manager or any of its Affiliates to execute orders as part of concurrent authorizations or to aggregate sales. In the event that a sale
or purchase of a Portfolio Investment occurs as part of any aggregate sale or purchase order (other than Portfolio Investments originated by Sierra Income Corporation which are subject to Section 3(b)), the objective of the Portfolio
Manager shall be to allocate the executions among itself, its Affiliates and the relevant Clients in a manner reasonably believed by the Portfolio Manager to be equitable over time for the Clients involved (taking into account, among other factors,
the constraints imposed by the Loan Agreement on the Borrower). The Portfolio Manager and its Affiliates may also at certain times simultaneously seek to purchase or dispose of Collateral for the Borrower, themselves and/or their other Clients.
Subject to applicable law and the requirements of any governing documents applicable thereto, investment opportunities sourced by the Portfolio Manager (other than to Portfolio Investments originated by Sierra Income Corporation) will generally be
allocated to the Borrower in a manner that the Portfolio Manager believes, in its reasonable business judgment, to be appropriate given factors that it believes to be relevant. The Borrower acknowledges that the determinations pursuant to this
Section 3 made by the Portfolio Manager are subjective and represents the Portfolio Manager’s evaluation at the time. 

  
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 (b) With respect to Portfolio Investments originated by Sierra Income
Corporation, such Portfolio Investments may be offered to the Borrower and acquired by the Borrower in accordance with the Sale Agreement and the Loan Agreement. The Borrower agrees that Sierra Income Corporation is not obligated to offer any such
Portfolio Investment to the Borrower. 
 (c) Subject to Sections 3(a) and 3(b) hereof and the Loan Agreement,
as applicable, the Portfolio Manager is hereby authorized to effect Client cross-transactions where the Portfolio Manager causes a transaction to be effected between the Borrower and another Client advised by it or by any of its Portfolio Manager
Affiliates, including, without limitation, other entities investing in, entering into or warehousing assets similar to the Portfolio Investments. The Portfolio Manager may engage in a Client cross-transaction involving the Borrower any time that the
Portfolio Manager believes such transaction to be fair to the Borrower and its other Client. The Borrower hereby consents to any such Client cross transactions between the Borrower and another Client of the Portfolio Manager or one of its Portfolio
Manager Affiliates. 
 (d) The Borrower acknowledges and agrees that the Portfolio Manager and Portfolio Manager Related
Persons may invest for their own accounts or for the accounts of others in securities, obligations, and other assets that would be appropriate investments for the Borrower. Such investments may be the same as or different from those made on behalf
of the Borrower. The Borrower acknowledges that the Portfolio Manager and Portfolio Manager Related Persons may enter into, for their own accounts or for the accounts of others, credit default swaps relating to Obligors or issuers with respect to
the Collateral. The Borrower understands that the Portfolio Manager and Portfolio Manager Related Persons may have economic interests in (including, without limitation, controlling equity interests or other equity or debt interests), be lenders to,
receive payments from, render services to, engage in transactions with or have other relationships with Obligors or issuers with respect to the Collateral. In particular, the Portfolio Manager and Portfolio Manager Related Persons may make or hold
investments in an Obligor’s or issuer’s securities or obligations that may be pari passu, senior or junior in ranking to an investment in such Obligor’s or issuer’s securities or obligations held by the Borrower or otherwise have
interests different from or adverse to those of the Borrower. The Borrower agrees that, in the course of managing the Collateral held by the Borrower, the Portfolio Manager may consider its relationships with other Clients (including Obligors or
issuers) and Portfolio Manager Related Persons. The Portfolio Manager may decline to make a particular investment for the Borrower in view of such relationships. In addition, individuals who are partners, managers, members, shareholders, directors,
officers, employees or agents of the Portfolio Manager or of one or more Portfolio Manager Related Persons may serve on boards of directors of, or otherwise have ongoing relationships with, such Obligors or issuers. As a result, such individuals may
possess information relating to Obligors or issuers of Collateral that is (a) not known to or (b) known but restricted as to its use by the individuals at the Portfolio Manager responsible for monitoring the Collateral and performing the
other obligations of the Portfolio Manager under this Agreement. Each of such ownership and other relationships may result in securities laws restrictions on transactions in 

  
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such securities by the Borrower and otherwise create conflicts of interest for the Borrower. The Borrower acknowledges and agrees that, in all such instances, the Portfolio Manager and Portfolio
Manager Related Persons may in their discretion make investment recommendations and decisions that may be the same as or different from those made with respect to the Borrower’s investments and they have no duty, in making or managing such
investments, to act in a way that is favorable to the Borrower. 
 (e) The Borrower agrees that neither the Portfolio Manager
nor any Portfolio Manager Related Person is under any obligation to offer investment opportunities of which it becomes aware to the Borrower or to account to the Borrower for (or share with the Borrower or inform the Borrower of) any such
transaction or any benefit received by it from any such transaction or to inform the Borrower before purchasing any Collateral for its own account or offering any opportunities to purchase Collateral to any of its Affiliates or to other funds or
Clients that the Portfolio Manager or any of its Affiliates may manage or advise or to third parties. The Borrower understands that the Portfolio Manager and Portfolio Manager Related Persons may have, for their own accounts or for the accounts of
others, portfolios with substantially the same portfolio criteria as are applicable to the Borrower. Furthermore, the Portfolio Manager and each Portfolio Manager Related Person may make an investment on behalf of any Client or on their own behalf
without offering the investment opportunity or making any investment on behalf of the Borrower and, accordingly, investment opportunities may not be allocated among all such Clients. The Borrower acknowledges that affirmative obligations may arise
in the future, whereby the Portfolio Manager or Portfolio Manager Related Persons are obligated to offer certain investments to Clients before or without the Portfolio Manager’s offering those investments to the Borrower. The Borrower agrees
that the Portfolio Manager may make investments on behalf of the Borrower in securities or obligations that it has declined to invest in or enter into for its own account, the account of any of the Portfolio Manager Related Persons or the account of
any other Client. 
 (f) Subject to Sections 3(a) and 3(b) hereof and the Loan Agreement, as applicable, the
Portfolio Manager may effect transactions with the Borrower or its Affiliates in accordance with applicable law (i) on an agency basis or (ii) on a principal basis where the Portfolio Manager or any of its Portfolio Manager Affiliates
sells assets to or purchases assets from the Borrower. 
  

	 	Section 4.	Services to Other Borrowers; Certain Affiliated Activities 

(a) The relationship between the Portfolio Manager and the Borrower as described in this Agreement permits the Portfolio
Manager and its Affiliates to act in multiple capacities (i.e., act as principal or agent in addition to acting on behalf of the Borrower), and, subject only to the Portfolio Manager’s execution obligations set forth in Section 3
hereof and the Loan Agreement, to effect transactions with or for the Borrower’s account in instances in which the Portfolio Manager and its Affiliates may have multiple interests. In this regard the Borrower acknowledges that the Portfolio
Manager is part of a specialty asset finance company, and as such, the Portfolio Manager and the Portfolio Manager Related Persons may have multiple proprietary, advisory, transactional and financial and other interests in other issuers that invest
in assets of a similar nature to those of the Borrower, and in obligations, securities, instruments and companies that may be purchased, sold or held for the Borrower’s 

  
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account. The Portfolio Manager and its Affiliates may originate and invest in Managed Assets on behalf of themselves and their Affiliates and act and may act as adviser to Clients in investment
banking, financial advisory, asset management and other capacities related to instruments that may be purchased, sold or held on the Borrower’s behalf, and the Portfolio Manager and its Affiliates may originate obligations or securities that
the Borrower may purchase, sell or hold subject to the provisions of this Agreement and of the Loan Agreement. The Portfolio Manager and its Affiliates may syndicate Portfolio Investments and/or act as agent for the lenders with respect to a
Portfolio Investment acquired by the Borrower. The Portfolio Manager serves and expects in the future that it and/or its Affiliates will serve as collateral manager, collateral servicer, investment advisor or sub-advisor for other loan financing
vehicles, collateral loan obligation vehicles, structured finance vehicles, loan funds, loan separate account and the like. At times, these activities and activities of the Portfolio Manager and/or its Affiliates for their own respective accounts
may cause the Portfolio Manager or its Affiliates to take actions adverse to the interests of the Borrower. The Portfolio Manager and/or Portfolio Manager Related Persons will at certain times (a) be seeking to purchase or sell securities or
obligations for the Borrower while simultaneously seeking to take the same or opposite action for themselves, or their other Clients and/or (b) take short positions or enter into short credit default swaps with respect to certain Collateral or
Obligors included in the Collateral. The Borrower understands that such actions may have an adverse impact on the market which the Portfolio Manager seeks to access on behalf of the Borrower. The Portfolio Manager and/or Portfolio Manager Related
Persons may give advice, and take action, with respect to any of their Clients or their respective proprietary accounts that may differ from the advice given, or may involve a different timing or nature of action taken, than with respect to any one
or all of the Portfolio Manager’s advisory accounts (including the Borrower), and effect transactions for such Clients or their respective proprietary accounts at prices or rates that may be more or less favorable than the prices or rates
applying to transactions effected for the Borrower. 
 (b) The Borrower acknowledges that the ability of the Portfolio
Manager and its Affiliates to effect or recommend transactions may be restricted by applicable regulatory requirements in the United States or elsewhere or by their internal policies designed to comply with such requirements. As a result, there may
be periods when the Portfolio Manager will not initiate or recommend certain types of transactions in certain obligations or securities on behalf of the Borrower. 

(c) Nothing herein shall prevent the Portfolio Manager and/or Portfolio Manager Related Persons from (1) acting as
principal, agent or fiduciary for other Clients in connection with obligations or securities simultaneously held by the Borrower or of the type eligible for acquisition by the Borrower or limiting any relationships the Portfolio Manager and/or
Portfolio Manager Related Persons may have with any Obligor or issuer of any Collateral or (2) engaging, to the extent permitted by law and not prohibited by the Loan Agreement, in its or their customary business, other businesses or from
rendering services of any kind to the Borrower and its Affiliates, the Collateral Agent, the Collateral Administrator, the Securities Intermediary, the Administrative Agent, the Financing Providers or any other Person. There is no limitation or
restriction on the ability of the Portfolio Manager or any of its Affiliates now or in the future to act as collateral manager, collateral servicer, investment advisor or sub-advisor (or in a similar role) to other Persons. 

  
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 Without prejudice to the generality of the foregoing, the Portfolio Manager or any Portfolio
Manager Related Person may, among other things: 
 (i) serve as shareholders, directors (whether supervisory or managing),
managers, officers, employees, agents, nominees or signatories for the Borrower or any Affiliate thereof, or for any Obligor or issuer or Affiliate of any Obligor or issuer of any of the Collateral; provided, that, in the commercially reasonable
judgment of the Portfolio Manager, such activity will not have a material adverse effect on the Collateral; 
 (ii) receive
fees for services of whatever nature rendered to the Obligor or issuer of any of the Collateral; provided, that with respect to such services, the Portfolio Manager is not acting as an agent for the Borrower; 

(iii) be retained to provide services unrelated to this Agreement to the Borrower or its Affiliates or to any other Person and
be paid therefor; 
 (iv) be a secured or unsecured creditor of, or hold an equity interest in (A) the Borrower or any
Affiliate thereof or (B) any Obligor or issuer of any Collateral; 
 (v) subject to Sections 3 and 5
hereof and the Loan Agreement, sell any Collateral to, or purchase any Collateral from, the Borrower while acting in the capacity of principal or agent; 

(vi) originate, underwrite, act as an agent with respect to, act as a distributor of or make a market in any Collateral; 

(vii) serve as a member of any “creditors’ board” or “creditors’ committee” with respect to any
Obligor or issuer with respect to any Collateral; and 
 (viii) act as collateral manager, collateral servicer, investment
manager and/or sub-advisor in other corporate loan financing vehicles, collateralized loan obligation vehicles, structured finance vehicles, funds or separate accounts. 

(d) The Borrower acknowledges and agrees that: 

(i) the Portfolio Manager and/or its Affiliates have proprietary interests in, and may manage or advise, accounts or investment
funds that have investment objectives similar or dissimilar to those of the Borrower and/or that engage in transactions in the same types of securities, obligations and investments as the Borrower, and as a result may compete with the Borrower for
appropriate investment opportunities; 
 (ii) issuers or Obligors of securities or obligations held by the Borrower may have
publicly or privately traded securities or obligations, including securities or obligations that are senior to, or have interests different from or adverse to, the securities that are pledged to secure the Borrower’s obligations under the Loan
Agreement, in which the Portfolio Manager and/or its Affiliates may be an investor or may make a market; 

  
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 (iii) the trading activities of the Portfolio Manager and/or its Affiliates
generally are carried out without reference to positions held by the Borrower and may have an effect on the value of the positions so held, or may result in the Portfolio Manager and/or its Affiliates having an interest in the applicable Obligor or
issuer adverse to that of the Borrower; 
 (iv) the Portfolio Manager and/or its Affiliates may create, write or issue
derivative instruments with respect to which the underlying obligations or securities may be those in which the Borrower invests; 

(v) the Portfolio Manager, any Portfolio Manager Related Person or any member of their families or a Person advised by the
Portfolio Manager and/or its Affiliates may have an interest in a particular transaction or in investments of the same kind or class, or investments of a different kind or class of the same issuer or Obligor, as those whose acquisition or sale the
Portfolio Manager may direct hereunder; and 
 (vi) the Portfolio Manager and/or its Affiliates may obtain and keep any
profits, commissions and fees accruing to them in connection with their activities as agent or principal in transactions for the Borrower’s account and other activities for themselves and other Clients and their own accounts, and the Portfolio
Manager’s fees as set forth in this Agreement shall not be abated thereby. 
 (e) In connection with their activities
with the Portfolio Manager, the Borrower understands that the directors, officers and employees of the Portfolio Manager (the “Personnel”) may receive information regarding the Portfolio Manager’s proposed activities or
activities or proposed activities of any Obligor or any issuer of securities that is not generally available to the public. However, there will be no obligation on the part of such Personnel to make available for use by advisory accounts any
information or strategies known to them or developed in connection with their advisory, proprietary or other activities. In addition, the Portfolio Manager will be under no obligation to make available any research or analysis prior to its public
dissemination. Furthermore, the Portfolio Manager shall have no obligation to recommend for purchase or sale by the Borrower any obligation or security that the Portfolio Manager or its Personnel may purchase for themselves or for any other Clients.
The Borrower understands that the policies of the Portfolio Manager are such that certain Personnel may have or obtain information that, by virtue of the Portfolio Manager’s internal policies relating to confidential communications, cannot or
may not be used by the Portfolio Manager on behalf of the Borrower. In addition, the Portfolio Manager and Portfolio Manager Related Persons, in connection with their other business activities, may acquire material non-public confidential
information that may restrict the Portfolio Manager from purchasing obligations or securities or selling obligations or securities for itself, for its Affiliates or for its Clients (including the Borrower) or otherwise using such information for the
benefit of itself, its Affiliates or its Clients. The Portfolio Manager shall have no obligation to seek to obtain any material non-public information about any Obligor or any issuer, and will not effect transactions for the Borrower on the basis of
any material non-public information as may come into its possession. 
 (f) The Borrower acknowledges and agrees that,
although the officers and employees of the Portfolio Manager will devote as much time to the Borrower as the Portfolio 

  
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Manager deems necessary and appropriate, the officers and employees may have conflicts in allocating their time and services among the Borrower and the Portfolio Manager’s and its
Affiliates’ other Clients and proprietary accounts. 
  

	 	Section 5.	Conflicts of Interest 

 In certain circumstances, the interests of
the Borrower and/or the Financing Providers with respect to matters as to which the Portfolio Manager is advising the Borrower may conflict with the interests of the Portfolio Manager. The Borrower hereby acknowledges that various potential and
actual conflicts of interest may exist with respect to the Portfolio Manager as described in this Agreement; provided that nothing in this Section 5 shall be construed as altering duties of the Portfolio Manager as set forth
herein, in the Loan Agreement or under applicable law. 
  

	 	Section 6.	Records; Confidentiality 

 (a) The Portfolio Manager
shall maintain appropriate books of account and records relating to services performed hereunder, and such books of account and records shall be accessible for inspection and copying by representatives of the Borrower and of the Administrative
Agent, or their designees, upon reasonable advance notice and during normal business hours and at the Borrower’s expense, provided that the Portfolio Manager shall not be required to disclose any information which it is required by law or
contract to keep confidential or that does not relate to the Borrower and, provided further, that, so long as no Event of Default has occurred and is continuing under the Loan Agreement, rights under this Section 6(a) may be exercised by
any and all of the Persons entitled to do so in the aggregate no more frequently than once in any consecutive 12 month period. The Portfolio Manager shall keep confidential any and all such information obtained in connection with the services
rendered hereunder and shall not disclose any such information to third parties that are not Affiliates of the Portfolio Manager or the Borrower except (i) with the prior written consent of the Borrower and the Administrative Agent,
(ii) as required by law, regulation, court order, request by a governmental regulatory agency with jurisdiction over the Portfolio Manager or the rules or regulations of any self-regulating organization, body or official having jurisdiction
over the Portfolio Manager or any of its or the Borrower’s Affiliates, (iii) to its professional advisors, (iv) as expressly permitted in the Loan Agreement or in any other Loan Document, (v) to the extent necessary in connection
with the duties or rights of the Portfolio Manager hereunder, under the Loan Agreement or under any other Loan Document, (vi) subject to the second succeeding sentence, in connection with other transactions managed or to be managed by the
Portfolio Manager or its Affiliates or an assessment by others of the Portfolio Manager or its Affiliates performance or investment management business or (vii) such information as shall have been publicly disclosed other than in violation of
this Agreement. For purposes of this Section 6, the Financing Providers, prospective Financing Providers, the Collateral Agent, the Collateral Administrator, the Securities Intermediary, the Administrative Agent or any other party,
prospective or otherwise, to an agreement contemplated by the Loan Agreement, shall in no event be considered “third parties that are not Affiliates of the Portfolio Manager or the Borrower.” Notwithstanding anything to the contrary
herein, the Portfolio Manager shall have the right to disclose the Portfolio Manager’s performance with respect to the Collateral owned by the Borrower from time to time in connection with the marketing of other portfolios, funds and accounts
managed or to be managed by the Portfolio Manager or any of its Affiliates. 

  
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 (b) Notwithstanding anything herein to the contrary, the Portfolio Manager (and
each employee, representative, or other agent of the Portfolio Manager) may disclose to any and all other persons, without limitations of any kind, the tax treatment and tax structure of the transactions described here and all materials of any kind
(including opinions or other tax analyses) that are provided to the Portfolio Manager relating to such tax treatment and tax structure. However any such information relating to the tax treatment or tax structure is required to be kept confidential
to the extent reasonably necessary to comply with applicable federal or state securities law. For purposes of this paragraph, the terms “tax treatment” and “tax structure” have the meaning given to such terms under United States
Treasury Regulation Section 1.6011-4(c) and applicable state and local law. 
  

	 	Section 7.	Actions of the Portfolio Manager 

 The Portfolio Manager shall not
take any action that, in its judgment, subject to the Standard of Care, would (i) materially adversely affect the status of the Borrower for purposes of United States federal or state law or other law that, in its judgment, subject to the
Standard of Care, is applicable to the Borrower, (ii) if taken on behalf of the Borrower, not be permitted by the Borrower’s Organizational Documents, copies of which the Portfolio Manager acknowledges it has received, (iii) violate
any law, rule or regulation of any governmental body or agency having jurisdiction over the Borrower, including, without limitation, actions that would violate United States federal, state or other applicable securities law, the violation of which
would have a Material Adverse Effect, (iv) require registration of the Borrower or the pool of Collateral as an “investment company” under the Investment Company Act or (v) cause the Borrower to violate the Loan Agreement or any
other Loan Document. If the Portfolio Manager is ordered to take any such action on behalf of the Borrower, the Portfolio Manager shall promptly notify the Borrower and the Administrative Agent of the Portfolio Manager’s judgment that such
action would, in its reasonable business judgment, have one or more of the consequences set forth above and need not take such action, unless the Borrower again requests the Portfolio Manager to do so and the Administrative Agent has consented
thereto in writing. Notwithstanding any such request, the Portfolio Manager need not take such action unless arrangements reasonably satisfactory to it are made to insure or indemnify the Portfolio Manager, its partners, members, managers,
stockholders, directors, officers, employees, professional advisors and agents from any liability and expense it may incur as a result of such action. Neither the Portfolio Manager nor its partners, members, managers, stockholders, directors,
officers, employees, professional advisors or agents shall be liable to the Borrower or any other Person, except as provided in Section 10. Notwithstanding anything contained in this Agreement to the contrary, any indemnification or
insurance provided for in this Section 7, Section 10 or Section 14 shall be payable out of the Collateral as Permitted Distributions and it is acknowledged that indemnification or insurance arrangements provided
for in this Section 7, Section 10 or Section 14 may not be reasonably satisfactory if the Person who would benefit therefrom does not expect sufficient funds may be available as Permitted Distributions to satisfy
all contingencies. The Portfolio Manager covenants that it shall comply with all laws and regulations applicable to it in connection with the performance of its duties under this Agreement or the Loan Agreement except to the extent that
non-compliance would not reasonably be expected to result in a Material Adverse Effect. 

  
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	 	Section 8.	Compensation 

 (a) Unless otherwise specified herein
or in the Loan Agreement, the Portfolio Manager shall be responsible for all of its ordinary expenses and costs incurred by it in the performance of its services under this Agreement; provided that the Borrower shall bear, or reimburse the Portfolio
Manager for, to the extent funds are available therefor in accordance with and subject to the limitations contained in the Loan Agreement, the following expenses and costs (which shall be payable as Permitted Distributions under the Loan Agreement):
(i) any fees, expenses or other amounts payable to any web service provider and any accountants, counsel and other professional advisors engaged by the Portfolio Manager on behalf of the Borrower; (ii) any extraordinary, out-of-pocket
costs and expenses incurred by the Portfolio Manager in the performance of its obligations and exercise of its rights under this Agreement, the Loan Agreement or any other Loan Document, (iii) any reasonable fees and expenses incurred by it to
employ outside lawyers, consultants or outside professionals (but not including, for the avoidance of doubt, employee salaries) reasonably necessary with respect to its obligations and rights under this Agreement, (iv) brokerage commissions
paid on an arms-length basis, transfer fees, registration costs, taxes and other similar costs and transaction related expenses and fees arising out of transactions effected for the Borrower’s account; (v) reasonable, out-of-pocket
expenses of communicating with the Administrative Agent and/or the Financing Providers, and (vi) any reasonable, out-of-pocket fees and expenses incurred by the Portfolio Manager to employ asset pricing, asset valuation and asset rating
services, and third party accounting, programming, software, data entry and other services that are retained by the Borrower or by the Portfolio Manager on behalf of the Borrower in order to provide the services provided by the Portfolio Manager
pursuant to this Agreement. 
 (b) If this Agreement is terminated for any reason or the Portfolio Manager resigns, then the
Portfolio Manager immediately prior to such termination or resignation shall be entitled to reimbursement of reasonable expenses when payable as Permitted Distributions. 

(c) Notwithstanding anything to the contrary in this Agreement, any amounts payable by the Borrower pursuant to this Agreement
(whether in respect of amounts described in this Section 8, in respect of indemnities or otherwise) shall be solely payable to the extent of available and declared Permitted Distributions made in accordance with the Loan Agreement. 

 

	 	Section 9.	Standard of Care; Benefit of the Agreement  

 The Portfolio Manager
shall perform its duties and obligations hereunder and under the Loan Agreement in accordance with the terms of this Agreement, the terms of the Loan Agreement applicable to it and in accordance with the Standard of Care. The Portfolio Manager shall
not have any obligation to perform any duties other than as specified herein and in the Loan Agreement. 

  
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	 	Section 10.	Limits of Portfolio Manager Responsibility 

 (a) In
rendering the services called for hereunder and under the terms of the Loan Agreement applicable to the Portfolio Manager, the Portfolio Manager assumes no responsibility under this Agreement other than to perform its duties and obligations
hereunder and under the terms of the Loan Agreement applicable to it and, except as set forth in the next sentence, shall not be responsible for any action or inaction of the Borrower, the Collateral Agent, the Collateral Administrator, the
Securities Intermediary, the Administrative Agent or any other Person in following or declining to follow any direction or advice of the Portfolio Manager. None of the Portfolio Manager, its Affiliates and their respective partners, members,
managers, stockholders, directors, officers, employees and agents (each a “Portfolio Manager Party”) will be liable to the Borrower, the Administrative Agent, the Collateral Agent, the Collateral Administrator, the Securities
Intermediary, the Financing Providers or any other Person for any Losses incurred (including reasonable attorneys’ and accountants’ fees and expenses), or for any decrease in the value of the Collateral as a result of, the actions taken or
recommended, or for any omissions (including, with respect to the Administrative Agent, the Collateral Agent, the Collateral Administrator, the Securities Intermediary, the Administrative Agent or any Financing Provider, any failure to timely grant
any consent requested by the Portfolio Manager) by, the Portfolio Manager, its Affiliates or their respective partners, members, managers, stockholders, directors, officers, employees or agents under or in connection with this Agreement or the terms
of the Loan Agreement applicable to it, except that the Portfolio Manager shall be so liable as and to the extent such Losses arise out of or in connection with (i) acts or omissions of the Portfolio Manager constituting bad faith, willful
misconduct, gross negligence or fraud by the Portfolio Manager in the performance of, or reckless disregard by the Portfolio Manager with respect to, the obligations of the Portfolio Manager hereunder and under the terms of the Loan Agreement
applicable to the Portfolio Manager (a “Portfolio Manager Breach”) or (ii) any breach of the representations and warranties of the Portfolio Manager set forth in this Agreement. 

(b)(i) Subject to Section 8(d), the Borrower shall indemnify and hold harmless (the Borrower in such case, the
“Borrower Indemnifying Party”) the Portfolio Manager, its Affiliates and their respective partners, members, managers, stockholders, directors, officers, employees and agents (in each such case, a “Portfolio Manager
Indemnified Party”) from and against any and all Losses arising out of or in connection with the funding of the Advances, the transactions contemplated by this Agreement, the Loan Agreement or any other Loan Document or any acts or
omissions of any such Portfolio Manager Indemnified Party; provided, that the Borrower will not be liable for any Losses to the extent that such Losses are incurred as a result (i) of any acts or omissions by any such Borrower
Indemnified Party that constitute a Portfolio Manager Breach or (ii) of any breach of the representations and warranties of the Portfolio Manager set forth in this Agreement. 

(ii) The Portfolio Manager shall indemnify and hold harmless (the Portfolio Manager in such case, the “Portfolio
Manager Indemnifying Party”) the Borrower, the Administrative Agent, the other Agents and the Financing Providers, and each of their respective Affiliates and their respective partners, members, managers, stockholders, directors, officers,
employees and agents (any such party in each such case, 

  
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the “Borrower Indemnified Party”) from and against any and all Losses arising out of or in connection with a Portfolio Manager Breach; provided, that the Portfolio Manager
will not be liable for any Losses to the extent that such Losses are found by a final, non-appealable judgment by a court of competent jurisdiction to have resulted from any acts or omissions by such Borrower Indemnified Party that constitute bad
faith, willful misconduct, gross negligence or fraud by such Indemnified Party hereunder or under the terms of any other Loan Document applicable to it. As used herein, the Borrower Indemnifying Party or the Portfolio Manager Indemnifying Party
providing indemnification is referred to herein as the “Indemnifying Party” and the Portfolio Indemnified Party or the Borrower Indemnified Party receiving indemnification is referred to herein as the “Indemnified Party”. No
partners, members, managers, stockholders, directors, officers, employees or agents of the Portfolio Manager shall be liable for the Portfolio Manager’s obligations hereunder. 

(iii) If for any reason the indemnity provided for in this Section 10 is unavailable, then the Indemnifying Party
shall contribute to the amount paid or payable by the Indemnified Party as a result of any Losses in such proportion as is appropriate to reflect the relative benefits received by the Indemnifying Party on the one hand and the Indemnified Party on
the other hand. 
 (c) An Indemnified Party shall (or, with respect to the Portfolio Manager’s partners, members,
managers, stockholders, directors, officers, employees and agents, the Portfolio Manager shall cause such Indemnified Party to) within ten (10) Business Days of receiving notice thereof, notify the Indemnifying Party if the Indemnified Party
receives a complaint, claim, compulsory process or other notice of any loss, claim, damage or liability giving rise to a claim for indemnification under this Section 10, but failure so to notify the Indemnifying Party or to comply with
Section 10 shall not relieve such Indemnifying Party from its obligations under paragraph Section 10(b) unless and to the extent that such failure results in the forfeiture by the Indemnifying Party of substantial rights and
defenses. 
 (d) With respect to any claim made or threatened against an Indemnified Party, or compulsory process or request
served upon such Indemnified Party for which such Indemnified Party is or may be entitled to indemnification under this Section 10, such Indemnified Party shall (or with respect to the Portfolio Manager’s partners, members,
managers, stockholders, directors, officers, employees and agents, the Portfolio Manager shall cause such Indemnified Party to): 

(i) at the Indemnifying Party’s expense, provide the Indemnifying Party with such information and cooperation with respect
to such claim as the Indemnifying Party may reasonably require, including, but not limited to, making appropriate personnel available to the Indemnifying Party at such reasonable times as the Indemnifying Party may request; 

(ii) at the Indemnifying Party’s expense, cooperate and take all such steps as the Indemnifying Party may reasonably
request to preserve and protect any defense to such claim; 

  
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 (iii) in the event suit is brought with respect to such claim, upon reasonable
prior notice, afford to the Indemnifying Party the right, which the Indemnifying Party may exercise in its sole discretion and at its expense, to participate in the investigation, defense and settlement of such claim, and, to the extent that it
shall wish, to assume the defense thereof, with counsel reasonably satisfactory to such Indemnified Party (who shall not, except with the consent of the Indemnified Party, be counsel to the Indemnifying Party), and, after notice from the
Indemnifying Party to such Indemnified Party of its election so to assume the defense thereof, the Indemnifying Party shall not be liable to such Indemnified Party for any legal expenses of other counsel or any other expenses, in each case
subsequently incurred by such Indemnified Party, in connection with the defense thereof unless such Indemnified Party reasonably determines that counsel selected by the Indemnifying Party has a conflict of interest due to conflicting interests of
the Indemnifying Party and the Indemnified Party, in which case such Indemnifying Party shall pay the reasonable fees and disbursements of one additional counsel selected by the Indemnified Party (in addition to any local counsel) separate from its
own counsel for all Indemnified Parties in connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances; and 

(iv) neither incur any material expense to defend against nor release or settle any such claim or make any admission with
respect thereto (other than routine or incontestable admission or factual admissions the failure to make that could expose such Indemnified Party to (A) unindemnified liability or (B) any liability in respect of which, in the good faith
determination of such Indemnified Party, the Indemnifying Party is unlikely to have sufficient funds available to indemnify the Indemnified Party in full (taking into account the restrictions on payments contained in the Loan Agreement)) without the
prior written consent of the Indemnifying Party; provided that the Indemnifying Party shall have advised such Indemnified Party that such Indemnified Party is entitled to be indemnified hereunder with respect to such claim. 

(e) No Indemnified Party shall, without the prior written consent of the Indemnifying Party, which consent shall not be
unreasonably withheld, settle or compromise any claim giving rise to a claim for indemnity hereunder, or permit a default or consent to the entry of any judgment in respect thereof; provided that such Indemnified Party shall not be required to seek
or obtain such consent if it determines in good faith, that the Indemnifying Party is unlikely to have sufficient funds available to indemnify it in full, taking into account the restrictions on payments contained in the Loan Agreement. 

(f) No Indemnifying Party shall, without the prior written consent of the Indemnified Party, which consent shall not be
unreasonably withheld or delayed, settle or compromise any claim giving rise to a claim for indemnity hereunder if such settlement includes a statement as to or an admission of fault, culpability or a failure to act by or on behalf of an Indemnified
Party. 

  
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	 	Section 11.	No Joint Venture 

 The Borrower and the Portfolio Manager are not
partners or joint venturers with each other and nothing herein shall be construed to make them such partners or joint venturers or impose any liability as such on either of them. The Portfolio Manager’s relation to the Borrower shall be deemed
to be solely that of an independent contractor. 
  

	 	Section 12.	Term; Replacement of the Portfolio Manager 

 (a)
This Agreement shall commence as of the date first set forth above and shall continue in force until the first of the following occurs: (i) the liquidation of the Collateral and the final distribution of the proceeds of such liquidation,
(ii) upon the payment in full of all Secured Obligations (other than contingent indemnification and reimbursement obligations for which no claim has been asserted) by the Borrower and the termination of the commitments under the Loan Agreement
or (iii) the resignation of the Portfolio Manager in accordance with this Section 12 if this Agreement is not assigned to an Affiliate of the Portfolio Manager in accordance with Section 15 prior to the effective date of
the Portfolio Manager’s resignation. 
 (b) This Agreement may be terminated without cause by the Portfolio Manager, and
the Portfolio Manager may resign, upon ninety (90) days’ prior written notice (or such shorter notice as the Borrower and the Administrative Agent may agree to in writing) to the Borrower and the Administrative Agent. 

(c) This Section 12(c) and Section 8 (with respect to fees accrued and expenses incurred prior to such
termination) and Sections 10, 14, 17, 21 through 24, 26 and 28 shall survive any termination of this Agreement pursuant to this Section 12. 

(d) Notwithstanding any termination of this Agreement or the resignation of the Portfolio Manager, the Borrower shall remain
liable for its obligations under Section 10 and the Portfolio Manager shall remain liable for its obligations under Section 10 relating to any Portfolio Manager Breaches arising prior to such termination or resignation. 

 

	 	Section 13.	Reserved 

  

	 	Section 14.	Obligations of Resigning or Removed Portfolio Manager 

 From and
after the effective date of the resignation of the Portfolio Manager in accordance with this Agreement, such Portfolio Manager shall not be entitled to compensation for further services hereunder, but shall, subject to the provisions of
Section 8(b), be paid all compensation and expense reimbursement accrued to the effective date of resignation and shall be entitled to receive any amounts owing to it under Section 10. On, or as soon as practicable after, the
date any resignation is effective, the Portfolio Manager shall, at the Borrower’s expense: 
 (a) deliver to the
Borrower or the successor Portfolio Manager, as directed by the Borrower, all property and documents of the Borrower relating to the Collateral then in the custody of the Portfolio Manager; 

  
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 (b) deliver to the Administrative Agent an accounting with respect to the books
and records delivered to the Borrower or the successor Portfolio Manager appointed pursuant to Section 12; and 

(c) reasonably cooperate in any proceedings, even after its resignation, that arise in connection with this Agreement or the
Loan Agreement or any of the Collateral (excluding any such proceedings in which claims are asserted against the Portfolio Manager or any Affiliate of the Portfolio Manager); provided that the Portfolio Manager has received or has been offered
indemnity and expense reimbursement reasonably acceptable to the Portfolio Manager. 
  

	 	Section 15.	Assignments; Delegation 

 (a) Except as otherwise
provided in this Section 15, the Portfolio Manager may not assign or, so long as the Portfolio Manager is an investment adviser registered pursuant to the Advisers Act, be deemed for the purposes of Section 205(a)(2) of the Advisers
Act to have assigned, its rights and responsibilities under this Agreement. 
 (b) The Portfolio Manager may assign any of
its rights or obligations under this Agreement to an Affiliate provided that such Affiliate (i) has the ability to professionally and competently perform duties similar to those imposed upon the Portfolio Manager pursuant to this Agreement,
(ii) has the legal right and capacity to act as Portfolio Manager under this Agreement, (iii) shall not cause the Borrower or the pool of Collateral to become required to register under the provisions of the Investment Company Act,
(iv) immediately after the assignment, employs or otherwise has the benefit of the services of the same key personnel performing the duties required under this Agreement who would have performed the duties had the assignment not occurred;
provided that the Portfolio Manager shall deliver notice to the Administrative Agent of any assignment made pursuant to this sentence. Any assignee under this Agreement shall, before such assignment becomes effective, execute and deliver to
the Borrower and the Administrative Agent (and the Administrative Agent shall promptly provide a copy thereof to the Financing Providers) a counterpart of this Agreement which shall be reasonably acceptable to the Administrative Agent. Upon the
execution and delivery of any such assignment by the assignee, and satisfaction of the foregoing conditions, the Portfolio Manager will be released from further obligations pursuant to this Agreement except with respect to its obligations and
agreements arising under Section 6, 9, 10, 12(f), 12(g), 17, 21 through 24, 26 and 28 in respect of acts or omissions occurring prior to such assignment and except with
respect to its obligations under Section 14 after such assignment. 
 (c) This Agreement shall not be assigned by
the Borrower without the prior written consent of the Portfolio Manager and the Administrative Agent, except in the case of assignment by the Borrower to (i) an entity that is a successor to the Borrower permitted under the Loan Agreement, in
which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Borrower is bound thereunder or (ii) to the Collateral Agent as contemplated by Section 8.02 of the Loan
Agreement. The Borrower may assign its rights, title and interest in (but not its obligations under) this Agreement to the Collateral Agent for the benefit of the Secured Parties pursuant to the Loan Agreement; and the Portfolio Manager by its
signature below agrees to, and acknowledges, such assignment. 

  
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 (d) In the event of any assignment of this Agreement by the Borrower, the
Borrower shall (x) use reasonable efforts to, or cause such assignee to, execute and deliver to the Portfolio Manager such documents as the Portfolio Manager shall consider reasonably necessary to effect fully such assignment and
(y) notify the Administrative Agent of any such assignment as soon as reasonably practicable thereafter. 
 (e) The
Portfolio Manager may perform any or all of its duties (including rendering investment advice) hereunder or under the Loan Agreement directly or by or through its Affiliates or other third parties. The Portfolio Manager shall exercise reasonable
care in the selection of any such third parties. Any fees and expenses of any such third parties (except as otherwise provided in Section 8(b) hereof) shall be borne by the Portfolio Manager. The Portfolio Manager shall remain fully
responsible and liable for its duties and obligations hereunder and under the Loan Agreement notwithstanding any delegation to any such third party. Performance by any such third party of any of the duties of the Portfolio Manager hereunder or under
the Loan Agreement shall be deemed to be performance thereof by the Portfolio Manager. 
  

	 	Section 16.	Representations and Warranties 

 (a) The Borrower
hereby represents and warrants to the Portfolio Manager as of the date hereof as follows: 
 (i) the Borrower is duly
organized or incorporated, as the case may be, and validly existing under the laws of the jurisdiction of its organization or incorporation and has all requisite power and authority to execute, deliver and perform this Agreement and each other Loan
Document to which it is a party and to consummate the transactions herein and therein contemplated; 
 (ii) the execution,
delivery and performance of this Agreement and each such other Loan Document, and the consummation of the transactions contemplated by the Loan Documents have been duly authorized by it and this Agreement and each such other Loan Document
constitutes its legal, valid and binding obligation enforceable against it in accordance with its terms (subject to applicable bankruptcy, insolvency, moratorium, fraudulent conveyance and other similar laws affecting creditors’ rights and
remedies generally and general principles of equity regardless of whether applied in proceedings in equity or at law); 

(iii) the execution, delivery and performance of this Agreement and each other Loan Document and the consummation of such
transactions do not and will not conflict with the provisions of its Organizational Documents and, except where such violation would not reasonably be expected to have a Material Adverse Effect, will not violate any provisions of applicable law or
regulation or any applicable order of any court or regulatory body and will not result in the breach of, or constitute a default, or require any consent, under any material agreement, instrument or document to which it is a party or by which it or
any of its property may be bound or affected; 

  
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 (iv) the Borrower has obtained all consents and authorizations (including all
required consents and authorizations of any governmental authority) that are necessary or advisable to be obtained by it in connection with the execution, delivery and performance of this Agreement and each other Loan Document and each such consent
and authorization is in full force and effect except where such failure would not reasonably be expected to have a Material Adverse Effect; 

(v) except where such non-compliance would not reasonably be expected to have a Material Adverse Effect, it is in compliance
with all other Laws and all orders, writs, injunctions and decrees applicable to it or to its properties; 
 (vi) the
Borrower is not required to register as an “investment company” as defined in the Investment Company Act of 1940, as amended; and 

(vii) true and complete copies of the Loan Agreement and each other Loan Document to which it is a party and all other
documents contemplated therein and the Borrower’s Organizational Documents have been or, no later than the Effective Date, will be delivered to the Portfolio Manager and the Borrower agrees to deliver a true and complete copy of each amendment
to the documents referred to in this Section 16(a)(vii) to the Portfolio Manager as promptly as practicable after its adoption or execution. 

(b) The Portfolio Manager hereby represents and warrants to the Borrower as of the date hereof as follows: 

(i) the Portfolio Manager is duly organized or incorporated, as the case may be, and validly existing under the laws of the
jurisdiction of its organization or incorporation and has all requisite power and authority to execute, deliver and perform this Agreement and each other Loan Document to which it is a party and to consummate the transactions herein and therein
contemplated; 
 (ii) the execution, delivery and performance of this Agreement and each such other Loan Document, and the
consummation of the transactions contemplated by the Loan Documents have been duly authorized by it and this Agreement and each such other Loan Document constitutes its legal, valid and binding obligation enforceable against it in accordance with
its terms (subject to applicable bankruptcy, insolvency, moratorium, fraudulent conveyance and other similar laws affecting creditors’ rights and remedies generally and general principles of equity regardless of whether applied in proceedings
in equity or at law); 
 (iii) the execution, delivery and performance of this Agreement and each other Loan Document and the
consummation of such transactions do not and will not conflict with the provisions of its Organizational Documents and, except where such violation would not reasonably be expected to have a Material Adverse Effect, will not violate any provisions
of applicable law or regulation or any applicable order of any court or regulatory body and will not result in the breach of, or constitute a default, or require any consent, under any material agreement, instrument or document to which it is a
party or by which it or any of its property may be bound or affected; and 

  
 - 22 - 

 (iv) it has obtained all consents and authorizations (including all required
consents and authorizations of any governmental authority) that are necessary or advisable to be obtained by it in connection with the execution, delivery and performance of this Agreement and each other Loan Document and each such consent and
authorization is in full force and effect except where such failure would not reasonably be expected to have a Material Adverse Effect. 
  

	 	Section 17.	Non-Petition; Limited Recourse 

 The Portfolio Manager shall
continue to serve as Portfolio Manager under this Agreement notwithstanding that the Portfolio Manager shall not have received amounts due it under this Agreement because sufficient funds were not then available hereunder to pay such amounts in
accordance with the Loan Agreement. The Portfolio Manager hereby agrees that it shall not institute against, or join, cooperate with or encourage any other Person in instituting against, the Borrower for any reason whatsoever, including, without
limitation, the non-payment to the Portfolio Manager of any amounts due to it hereunder, any bankruptcy, reorganization, receivership, arrangement, insolvency, moratorium or liquidation proceedings or other proceedings under United States federal or
state bankruptcy or similar laws until at least one year and one day or, if longer, the applicable preference period then in effect plus one day, after the payment in full of the Advances and the termination of all commitments under the Loan
Agreement; provided that nothing in this Section 17 shall preclude, or be deemed to stop, the Portfolio Manager (A) from taking any action prior to the expiration of the applicable aforementioned period in (x) any case
or proceeding voluntarily filed or commenced by the Borrower or (y) any involuntary insolvency proceeding filed or commenced against the Borrower by a Person other than the Portfolio Manager or (B) from commencing against the Borrower or
any properties of the Borrower any legal action which is not a bankruptcy, reorganization, receivership, arrangement, insolvency, moratorium or liquidation proceeding or other proceeding under United States federal or state bankruptcy or similar
laws. The Portfolio Manager hereby acknowledges and agrees that the Borrower’s obligations hereunder will be solely the company obligations of the Borrower, and that the Portfolio Manager will not have any recourse to any of the officers,
directors, employees, shareholders, Affiliates, members, managers, agents, partners, principals, incorporators or agents of the Borrower, its Affiliates or their respective successors or assigns with respect to any claims, losses, damages,
liabilities, indemnities or other obligations in connection with any Transactions contemplated hereby. Notwithstanding any other provision of this Agreement, recourse in respect of any obligations of the Borrower hereunder will be limited to the
Collateral as applied in accordance with the Loan Agreement and, on the exhaustion thereof in accordance with the terms of the Loan Agreement, all obligations of and all claims against the Borrower arising from this Agreement or any Transactions
contemplated hereby shall be extinguished and shall not thereafter revive. The provisions of this Section 17 shall survive the termination of this Agreement for any reason whatsoever. 

  
 - 23 - 

	 	Section 18.	Notices 

 Unless expressly provided otherwise herein, all notices,
requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given, made and received when delivered against receipt or upon actual receipt of registered or certified
mail, postage prepaid, return receipt requested, or, in the case of facsimile notice, when received in legible form, addressed as set forth below: 
  

	 	(a)	If to the Borrower: 

  

	 	 	Alpine Funding LLC 

	 	 	375 Park Avenue, 33rd Floor 

	 	 	New York, New York 10152 

	 	 	Attn: Richard T. Allorto, Jr. 

	 	 	Fax: 212-759-0098 

	 	 	Email: Rick.allorto@medleycapital.com 

  

	 	(b)	If to the Portfolio Manager : 

  

	 	 	SIC Advisors LLC 

	 	 	375 Park Avenue, 33rd Floor 

	 	 	New York, New York 10152 

	 	 	Attn: Richard T. Allorto, Jr. 

	 	 	Fax: 212-759-0098 

	 	 	Email: Rick.allorto@medleycapital.com 

  

	 	(c)	If to the Administrative Agent: 

  

	 	 	JPMorgan Chase Bank, National Association 

	 	 	c/o JPMorgan Services Inc. 

	 	 	500 Stanton Christiana Rd., 3rd Floor 

	 	 	Newark, Delaware 19713 

	 	 	Attention; Ryan Hanks 

	 	 	Telephone: (302) 634-2030 

 With a copy to: 

JPMorgan Chase Bank, National Association 

383 Madison Ave. 

New York, New York 10179 

Attention: Louis Cerrotta 

Telephone: 212-622-7092 

Email: 

louis.cerrotta@jpmorgan.com 

doreen.l.markowitz@jpmorgan.com 

larry.w.wise@jpmorgan.com 

vincenzo.f.buffolino@jpmorgan.com 

ruchira.patel@jpmorgan.com 

Keith.Harden@jpmchase.com 

Allison.Shapiro@jpmorgan.com 

  
 - 24 - 

 Any party may change the address or fax number to which communications or copies directed to such
party are to be sent by giving notice to the other parties of such change of address or fax number in conformity with the provisions of this Section 18 for the giving of notice. 

 

	 	Section 19.	Binding Nature of Agreement; Successors and Assigns 

 This
Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, personal representatives, successors and permitted assigns as provided herein. 

 

	 	Section 20.	Entire Agreement; Amendment 

 This Agreement and the Loan Agreement
contain the entire agreement and understanding among the parties hereto with respect to the subject matter hereof, and supersede all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or
written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof and thereof control and supersede any course of performance or usage of the trade inconsistent with any of the terms hereof. This Agreement may not
be modified or amended other than by an agreement in writing executed by the parties hereto and with the consent of the Administrative Agent. 
  

	 	Section 21.	Controlling Law 

 THIS AGREEMENT AND ALL MATTERS ARISING OUT OF OR RELATING IN ANY
WAY WHATSOEVER (WHETHER IN CONTRACT, TORT OR OTHERWISE) TO THE FOREGOING SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK, INCLUDING NEW YORK GENERAL OBLIGATIONS LAW §§ 5-1401 AND 5-1402 BUT
OTHERWISE WITHOUT REGARD TO THE PRINCIPLES THEREOF GOVERNING CONFLICTS OF LAW. 
  

	 	Section 22.	Submission to Jurisdiction 

 (a) Each of the
Portfolio Manager and the Borrower (i) irrevocably submits to the nonexclusive jurisdiction of any federal or New York state or federal court sitting in the Borough of Manhattan in The City of New York in any action or proceeding arising out of
or relating to the Loan Agreement or this Agreement and (ii) waives any objection which it may have at any time to the laying of venue of any proceedings brought in any such court, waives any claim that such proceedings have been brought in an
inconvenient forum and further waives the right to object, with respect to such proceedings, that such court does not have any jurisdiction over such party; 

(b) The Portfolio Manager and the Borrower irrevocably and unconditionally agree that service of any and all process in any
such action or proceeding may be effected by the mailing or delivery of copies of such process by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such party at its address set forth in
Section 18 hereof or at such other address as may be permitted thereunder, and that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right to sue in any other
jurisdiction or court. 

  
 - 25 - 

	 	Section 23.	Waiver of Jury Trial 

 EACH OF THE BORROWER AND THE PORTFOLIO
MANAGER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHTS IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT, OR ANY COURSE OF CONDUCT, COURSE OF
DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE PARTIES HERETO. EACH OF THE BORROWER AND THE PORTFOLIO MANAGER ACKNOWLEDGES AND AGREES THAT IT HAS RECEIVED FULL AND SUFFICIENT CONSIDERATION FOR THIS PROVISION AND THAT THIS PROVISION
IS A MATERIAL INDUCEMENT FOR SUCH PARTIES ENTERING INTO THIS AGREEMENT. 
  

	 	Section 24.	Conflict with the Loan Agreement 

 Except as set forth in
Section 2(d), in the event that this Agreement requires any action to be taken with respect to any matter and the Loan Agreement requires that a different action be taken with respect to such matter, and such actions are mutually
exclusive, the provisions of the Loan Agreement in respect thereof shall control. In respect of any other conflict between the terms of this Agreement and the Loan Agreement, the terms of the Loan Agreement shall control. 

 

	 	Section 25.	Consent to Assignment 

 The Portfolio Manager hereby
(i) consents to the assignment of the Borrower’s rights, title and interest in this Agreement to the Collateral Agent for the benefit of the Secured Parties as provided in the Loan Agreement, (ii) agrees to perform any provisions of
the Loan Agreement applicable to the Portfolio Manager subject to the terms of this Agreement, (iii) acknowledges that the Borrower has assigned all of its right, title and interest in, to and under this Agreement to the Collateral Agent for
the benefit of the Secured Parties and (iv) agrees that all of the representations, covenants and agreements made by the Portfolio Manager under this Agreement are also for the benefit of the Collateral Agent on behalf of the Secured Parties
and the Administrative Agent. 
  

	 	Section 26.	Indulgences Not Waivers 

 Neither the failure nor any delay on the
part of any party hereto to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further
exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to
any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver. 

  
 - 26 - 

	 	Section 27.	Third Party Beneficiaries 

 The parties hereto agree that the
Collateral Agent (on behalf of the Secured Parties), the Administrative Agent and (to the extent that they are expressly provided rights under this Agreement) the Financing Providers shall be express third party beneficiaries of this Agreement,
entitled to the benefits hereof and to enforce the provisions hereof. 
  

	 	Section 28.	Titles Not to Affect Interpretation 

 The titles of paragraphs and
subparagraphs contained in this Agreement are for convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof. 

 

	 	Section 29.	Execution in Counterparts 

 This Agreement may be executed in any
number of counterparts by electronic or other written form of communication, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same
instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. 

 

	 	Section 30.	Provisions Separable 

 The provisions of this Agreement are
independent of and separable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part. 

 

	 	Section 31.	OFAC 

 The Portfolio Manager shall not take any action that would
cause the Borrower to violate any Anti-Corruption Laws or otherwise to not be in compliance with applicable Sanctions. Without limiting the generality of the foregoing, the Portfolio Manager, on behalf of the Borrower, shall not (i) request any
advance under the Loan Agreement (or use the proceeds thereof) in any manner that would result in a violation of any applicable Anti-Corruption Laws or Sanctions and (ii) knowingly engaged in any activity that would result in the Borrower being
designated as a Sanctioned Person. 
 “Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction
applicable to the Borrower from time to time concerning or relating to bribery or corruption. 
 “Sanctions” means economic
or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S.
Department of State, or (b) the United Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom. 

  
 - 27 - 

 “Sanctioned Country” means, at any time, a country or territory which is itself
the subject or target of any Sanctions (at the time of this Agreement, Cuba, Iran, North Korea, Sudan and Syria). 
 “Sanctioned
Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or by the
United Nations Security Council, the European Union or any EU member state, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person owned or controlled by any such Person or Persons. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.] 

  
 - 28 - 

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

			
	 ALPINE FUNDING LLC,
 as
Borrower

	
	By: SIC ADVISORS LLC, its Designated Manager
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page to Portfolio Management Agreement] 

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

			
	 SIC ADVISORS LLC,
 as Portfolio
Manager

		
	By:	 	 
	Name:	 	
	Title:	 	

 [Signature Page to Portfolio Management Agreement]EX-10.4

 Exhibit 10.4 
  

			
	 Citibank, N.A.
 390 Greenwich Street

New York, New York 10013
	  	  
  
 

  

EXECUTION COPY 
  

			
	Date:	  	August 27, 2013 (amended and restated as of July 23, 2014)
		
	To:	  	Arbor Funding LLC
		  	c/o Sierra Income Corporation
		  	375 Park Avenue
		  	Suite 3304
		  	New York, New York 10052
		  	Attention: Richard Allorto and Steve Henke
		  	Telephone: (212) 759-0777
		  	Fax: (212) 759-0091
		
	From:	  	Citibank, N.A.
		  	388 Greenwich Street
		  	11th Floor
		  	New York, New York 10013
		  	Attention: Director Derivative Operations
		  	Facsimile: 212-615-8594

 Transaction Reference Number: [            ] 

Ladies and Gentlemen: 
 The purpose of this letter
agreement is to set forth the terms and conditions of the Transactions entered into between Citibank, N.A. (“Citibank”) and Arbor Funding LLC, a limited liability company formed under the laws of the State of Delaware
(“Counterparty”), in relation to the Trade Date specified below (each, a “Transaction” and, collectively, the “Transactions”). This letter constitutes a “Confirmation”
as referred to in the Master Agreement specified below. 
 The definitions and provisions contained in the 2000 ISDA Definitions (the
“Definitions”), as published by the International Swaps and Derivatives Association, Inc., are incorporated into this Confirmation. In the event of any inconsistency between the Definitions and this Confirmation, this
Confirmation shall govern. Capitalized terms used but not defined in this Confirmation have the meanings assigned to them in Annex A. Capitalized terms used but not defined in this Confirmation or in Annex A have the meanings assigned to
them in the Definitions. 
 With effect from and after the Second Amendment Effective Date specified below, this Confirmation amends and restates the prior
Confirmation dated August 27, 2013, amended and restated as of March 21, 2014 between Citibank and Counterparty (the “Original Confirmation”) relating to the Transactions described herein, which Original
Confirmation (with respect to the period from and after the Second Amendment Effective Date) is hereby superseded and shall be of no further force or effect. 

  
 Page 1 

	1.	AGREEMENT 

 This Confirmation supplements, forms a part of and is subject
to, the ISDA 2002 Master Agreement, dated as of August 27, 2013 (as amended, supplemented and otherwise modified and in effect from time to time, the “Master Agreement”), between Citibank and Counterparty. All provisions
contained in the Master Agreement govern this Confirmation except as expressly modified below. 
  

	2.	TERMS OF TRANSACTIONS 

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

			
	General Terms:	 	
		
	 Trade Date:
	 	August 27, 2013
		
	 Effective Date:
	 	August 27, 2013
		
	 Amendment Effective Date:
	 	March 21, 2014
		
	 Second Amendment Effective Date:
	 	July 23, 2014
		
	 Scheduled Termination Date:
	 	The latest date for the final scheduled payment (or, if there is only one scheduled payment, for the scheduled payment) of principal of any Reference Obligation at any time included in the Reference Portfolio.
		
	 Termination Date:
	 	The final Scheduled Settlement Date (as defined in the Master Agreement) with respect to all Transactions (other than any Counterparty Fourth Floating Rate Payer Payment Date or, in the case of any Terminated Obligation, any
Citibank Fixed Amount Payer Payment Date). The obligations of the parties to make payments required to be made hereunder shall survive the Termination Date.
		
	 Obligation Termination Date:
	 	 (a) In relation to any Repaid Obligation, the related Repayment Date; and

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

		
	 Reference Portfolio:
	 	As of any date of determination, all Reference Obligations with respect to all Transactions outstanding on such date.
		
	 Reference Obligation:
	 	Each obligation listed on Annex I (as revised from time to time in accordance with this Confirmation) having a Reference Amount equal to the “Reference Amount” indicated on Annex I for such obligation (and, in
the case of a Committed Obligation, having

  
 Page 2 

			
		
		 	 an Outstanding Principal Amount equal to the “Outstanding Principal Amount” indicated on Annex I for such Committed
Obligation), in each case, subject to adjustment by the Calculation Agent in accordance with the terms of this Confirmation.
  

Each Transaction entered into under this Confirmation will reference an individual Reference Obligation, and Annex I constitutes a supplemental
Confirmation under the Master Agreement with respect to each such Transaction.

		
		 	 Counterparty may, by notice to Citibank on any Business Day (each, an “Obligation Trade Date”), on or after the
Trade Date designate that any obligation (each, a “Reference Obligation”) shall become the subject of a Transaction hereunder. Any such notice shall specify the proposed Reference Obligation, Reference Entity, Reference
Amount and Initial Price in relation to such Transaction.
  
 Notwithstanding the
foregoing, no such designation by Counterparty will be effective unless (a) Citibank, in its sole discretion, consents on or prior to the Obligation Trade Date to the relevant Reference Obligation becoming the subject of a Transaction hereunder
with effect as set forth in the immediately succeeding paragraph and (b) on the Obligation Trade Date (i) the relevant Reference Obligation satisfies the Obligation Criteria set forth in Annex II and (ii) the Portfolio Criteria
set forth in Annex II are satisfied after giving effect to such designation.
  
 On
the Obligation Trade Date for a Transaction, the Reference Amount of such Transaction shall, for all purposes hereof other than calculating Rate Payments, be increased by the “Reference Amount” specified in such notice from Counterparty.
The “Obligation Settlement Date” for a Transaction shall be the date following the Obligation Trade Date for such Transaction that is customary for settlement of the related Reference Obligation substantially in accordance
with the then-current market practice in the principal market for the related Reference Obligation (as determined by the Calculation Agent). On the Obligation Settlement Date for a Transaction, the Reference Amount of such Transaction shall, solely
for the purposes of calculating Rate Payments, be increased by the “Reference Amount” specified in such notice from Counterparty.

  
 Page 3 

			
		
		 	 No later than one Business Day after any Obligation Trade Date, Citibank shall prepare and deliver to Counterparty a revised Annex I
reflecting the Reference Portfolio as of such Obligation Trade Date.
  
 If any payment of
interest on a Reference Obligation that would otherwise be made during the period from and including the Obligation Settlement Date to but excluding the Termination Trade Date is not made but is capitalized as additional principal (without default),
then the amount of interest so capitalized as principal shall become a new Transaction hereunder (a “PIK Transaction”) having the same terms and conditions as the Transaction relating to the Reference Obligation in respect of
which such interest is capitalized, except that (1) the Initial Price in relation to such PIK Transaction shall be zero, (2) the Obligation Trade Date and Obligation Settlement Date for such PIK Transaction shall be the date on which such
interest is capitalized and (3) the Reference Amount of such PIK Transaction will be the amount of interest so capitalized as principal. Citibank shall give notice to Counterparty after a PIK Transaction becomes outstanding as provided above,
which notice shall set forth the information in the foregoing clauses (2) and (3).

		
	 Reference Entity:
	 	The borrower of the Reference Obligation identified as such in Annex I (as revised from time to time in accordance with this Confirmation). In addition, “Reference Entity”, unless the context otherwise requires,
shall also refer to any guarantor of or other obligor on the Reference Obligation.
		
	 Ramp-Up Period:
	 	The period from and including the Effective Date and ending on but excluding January 15, 2015.
		
	 Ramp-Down Period:
	 	The period from and including the date 60 days prior to the Scheduled Termination Date and ending on and including the Scheduled Termination Date.
		
	 Portfolio Notional Amount:
	 	As of any date of determination, the sum of the Notional Amounts for all Reference Obligations as of such date.
		
	 Notional Amount:
	 	(a) In relation to any Transaction (other than in relation to any Terminated Obligation or Repaid Obligation), as of any date of determination, the Reference Amount of the related Reference Obligation as of such date
multiplied by the Initial Price in relation to such Reference Obligation; and

  
 Page 4 

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

  
 Page 5 

			
		
		 	 Outstanding Principal Amount of such Reference Obligation during the period from but excluding the Obligation Trade Date to and including
such date of determination minus (iv) any decrease in the Outstanding Principal Amount of such Reference Obligation during the period from but excluding the Obligation Trade Date to and including such date of determination.

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

		
	Portfolio Notional Funded Amount:	 	As of any date of determination, the aggregate of all Notional Funded Amounts with respect to all Reference Obligations in the Reference Portfolio on such date of determination.
		
	Reference Amount:	 	In relation to (a) any Term Obligation (and the related Transaction), the Outstanding Principal Amount of such Term Obligation and (b) any Committed Obligation (and the related Transaction), the Commitment Amount of
such Committed Obligation.
		
	Utilization Amount:	 	In relation to any Calculation Period, the daily average of the Portfolio Notional Funded Amount during such Calculation Period.
		
	Maximum Portfolio Notional Amount:	 	USD350,000,000, or such greater amount as the parties may agree to in writing.
		
	Minimum Portfolio Notional Amount:	 	As of any date of determination, 85% of the Maximum Portfolio Notional Amount in effect on such date.
		
	Business Day:	 	New York.
		
	Business Day Convention:	 	 Following (which shall apply to any date specified herein for the making of any payment or determination or the taking of any action which
falls on a day that is not a Business Day).
  
 If any anniversary date specified herein
would fall on a day on which there is no corresponding day in the relevant calendar month, then such anniversary date shall be the last day of such calendar month.

		
	Monthly Period:	 	Each period from but excluding the 15th day of any calendar month to and including the same day of the immediately succeeding calendar month.

  
 Page 6 

			
		
	Calculation Agent:	 	Citibank. Unless otherwise specified, the Calculation Agent shall make all determinations, calculations and adjustments required pursuant to this Confirmation in good faith and on a commercially reasonable basis.
		
	Calculation Agent City:	 	New York
		
	Initial Price:	 	In relation to any Reference Obligation (and the related Transaction), the Initial Price specified in Annex I (as revised from time to time in accordance with this Confirmation). The Initial Price will be determined as of
the related Obligation Trade Date exclusive of accrued interest and will be expressed as a percentage of the Outstanding Principal Amount. The Initial Price will be determined exclusive of expenses that would be incurred by a buyer in connection
with any purchase of the Reference Obligation and exclusive of any Delay Compensation.
		
	Net Collateral Value:	 	As of any date of determination, an amount equal to (a) the aggregate Value (as defined in the Credit Support Annex) on such date of all Posted Credit Support (as so defined) held by Citibank as Secured Party (as so defined)
plus (b) the aggregate of all Unrealized Capital Gains on such date with respect to the Reference Portfolio minus (c) the aggregate of all Unrealized Capital Losses on such date with respect to the Reference Portfolio.
		
	Net Collateral Value Percentage:	 	As of any date of determination, an amount (expressed as a percentage) equal to (a) the Net Collateral Value on such date divided by (b) the Portfolio Notional Amount on such date.
		
	Termination Threshold:	 	 As of any date of determination during the Ramp-Up Period, the Cure Threshold on such date.

 
 As of any date of determination after the Ramp-Up Period, (a) the Cure Threshold on
such date minus (b) 5%.

		
	Cure Threshold:	 	As of any date of determination, (a) the sum, for each Transaction, of the products of (i) the Independent Amount Percentage in relation to such Transaction multiplied by (ii) the Notional Amount on such
date in relation to such Transaction divided by (b) the Portfolio Notional Amount on such date.

  
 Page 7 

			
		
	Unrealized Capital Gain:	 	With respect to any Reference Obligation on any date of determination, if (a) the Notional Funded Amount on such date of determination (computed as if references in the definition of Notional Funded Amount to the terms
“Initial Price” and “Obligation Trade Date” were instead the Current Price and such date of determination, respective) exceeds (b) the Notional Funded Amount on such date of determination, then an amount equal to such
excess; and, otherwise, zero. For purposes of computing any Unrealized Capital Gain, a Repaid Obligation or Terminated Obligation will be deemed to continue to be outstanding in an amount equal to its Reference Amount until (but excluding) the
related Total Return Payment Date (and after the determination of the related Final Price will have a Current Price equal to such Final Price).
		
	Unrealized Capital Loss:	 	With respect to any Reference Obligation on any date of determination, if (a) the Notional Funded Amount on such date of determination exceeds (b) the Notional Funded Amount on such date of determination (computed as if
references in the definition of Notional Funded Amount to the terms “Initial Price” and “Obligation Trade Date” were instead the Current Price and such date of determination, respective), then an amount equal to such excess; and,
otherwise, zero. For purposes of computing any Unrealized Capital Loss, a Repaid Obligation or Terminated Obligation will be deemed to continue to be outstanding in an amount equal to its Reference Amount until (but excluding) the related Total
Return Payment Date (and after the determination of the related Final Price will have a Current Price equal to such Final Price).
		
	Payments by Counterparty	 	
		
	Counterparty First Floating Amounts:	 	
		
	First Floating Amount Payer:	 	Counterparty
		
	First Floating Amount:	 	In relation to any First Floating Rate Payer Payment Date, the sum, for each Transaction for which such date is a First Floating Rate Payer Payment Date, of the products of (a) the First Floating Rate Payer Calculation
Amount for such Transaction for the related First Floating Rate Payer Calculation Period multiplied by (b) the Floating Rate Option for such

  
 Page 8 

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

 
 If the Floating Rate Option or the Spread in relation to any Transaction varies during any
First Floating Rate Payer Calculation Period, then the Floating Rate Option or the Spread, as the case may be, for such Calculation Period shall be equal to (a) the sum, for each day during such Calculation Period, of the products of the
Notional Funded Amount of such Transaction for such day multiplied by the Floating Rate Option or the Spread, as the case may be, in effect on such day divided by (b) the sum of the Notional Funded Amount of such Transaction on
each day during such Calculation Period.

		
	 First Floating Rate Payer
 Calculation
Amount:
	 	In relation to any First Floating Rate Payer Payment Date and any Transaction, the daily average of the Notional Funded Amount of such Transaction during the related First Floating Rate Payer Calculation Period. In relation to
any Transaction relating to a Bond, the First Floating Rate Payer Calculation Amount shall be increased on each day by an amount equal to Purchased Accrued Interest in respect of such Bond minus the portion of such Purchased Accrued Interest
paid with respect to the related Reference Obligation prior to such day.
		
	 First Floating Rate Payer
 Calculation
Period:
	 	In relation to any Transaction, each period from and including any date upon which a payment of interest is scheduled or otherwise required to be made on the related Reference Obligation to but excluding the next such date,
except that (a) the initial First Floating Rate Payer Calculation Period will commence on, and include, the related Obligation Settlement Date and (b) the final First Floating Rate Payer Calculation Period will end on, but exclude, the
related Obligation Termination Date.

  
 Page 9 

			
		
	 First Floating Rate
 Payer Payment
Dates:
	 	 (a) In relation to any Transaction (other than in relation to any Terminated Obligation or Repaid Obligation), the fifth Business Day
following the last day of any Monthly Period during which any payment of interest is scheduled or otherwise required to be made on the related Reference Obligation, commencing with the first such date after the Obligation Settlement Date for such
Transaction and ending with the last such date occurring prior to the related Obligation Termination Date; and
  

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

		
	Floating Rate Option:	 	In relation to any Transaction, the floating rate index specified in the term loan agreement, revolving loan agreement or other similar credit agreement governing the related Reference Obligation (the “Reference
Obligation Credit Agreement”) that is used to determine the rate of interest payable on such Reference Obligation; provided that (a) if more than one interest rate setting is at any time used to determine the rate of
interest payable on a Reference Obligation (i.e., an interest rate election for a specific interest period relating to such Reference Obligation), then a separate First Floating Amount shall be calculated for each portion of such Reference
Obligation as to which a separate interest rate setting has been effected, (b) any interest that has accrued to a specified date but is permitted under the Reference Obligation Credit Agreement to be capitalized or deferred as of such date
(without default) shall be deemed to be scheduled to be paid on such date, (c) any Reference Obligation Credit Agreement that provides for the payment of interest less frequently than quarterly will be deemed to provide for a scheduled
quarterly payment of interest on each date specified by Citibank, which date so specified shall be the calendar day of the month corresponding to other payment dates applicable to the related Reference Obligation and (d) notwithstanding the
foregoing, (i) if the floating rate index for such Reference Obligation (or any portion thereof) is the prime or base rate or is a fixed rate, then the Floating Rate Option for such Reference Obligation (or such portion) shall equal
USD-LIBOR-BBA and (ii) if the floating rate index for such Reference Obligation (or any portion thereof) is subject to the payment of a specified minimum rate regardless of the level of the relevant floating rate index, then the Floating Rate

  
 Page 10 

			
		
		 	Option will be determined without regard to such specified minimum rate. Notwithstanding the foregoing, the Floating Rate Option for any Transaction with respect to a Reference Obligation that is a Bond shall be
USD-LIBOR-BBA.
		
	Designated Maturity:	 	In relation to any Transaction and the related Reference Obligation, the Floating Rate Option will have a Designated Maturity and Reset Dates that correspond to the maturity and reset dates specified in the related Reference
Obligation Credit Agreement, except that, if the floating rate index specified in the related Reference Obligation Credit Agreement that is used to determine the rate of interest payable on the Reference Obligation (or any portion thereof) is
the prime or base rate or is a fixed rate, then for purposes of determining USD-LIBOR-BBA the “Designated Maturity” shall be one month and the first day of each First Floating Rate Payer Calculation Period will be a Reset Date.
Notwithstanding the foregoing, the Floating Rate Option for any Transaction with respect to a Reference Obligation that is a Bond will have (i) a Designated Maturity equal to the number of months that most closely corresponds to the period of
time between scheduled payments of interest on such Reference Obligation and (ii) a Reset Date of any date on which interest is scheduled to be paid on such Reference Obligation.
		
	Spread:	 	Prior to the Amendment Effective Date, 1.30% and, from and after the Amendment Effective Date, 1.35%.
		
	 Floating Rate Day
 Count Fraction:
	 	In relation to any Transaction, the Floating Rate Day Count Fraction will be the day count basis for the computation of interest specified in the related Reference Obligation Credit Agreement, except that, if the floating rate
index specified in the related Reference Obligation Credit Agreement that is used to determine the rate of interest payable on the Reference Obligation (or any portion thereof) is the prime or base rate or is a fixed rate, then the Floating Rate Day
Count Fraction will be Actual/360. Notwithstanding the foregoing, the Floating Rate Day Count Fraction for any Transaction with respect to a Reference Obligation that is a Bond will be 30/360.
		
	Reset Dates:	 	As set forth in “Designated Maturity” above
		
	Compounding:	 	Inapplicable

  
 Page 11 

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

If the Spread varies during any Second Floating Rate Payer Calculation Period, then the Spread for such Calculation Period shall be equal to (a) the sum,
for each day during such Calculation Period, of the Spread in effect on such day divided by (b) the number of days during such Calculation Period.
  

No Second Floating Amount shall be payable, and no amount shall be payable under Clause 4(c), on any date occurring on or after the designation of an
Early Termination Date pursuant to Section 6(a) of the Master Agreement by reason of an Event of Default under Section 5(a)(i) or 5(a)(vii) of the Master Agreement in relation to Citibank as the Defaulting Party.

		
	 Second Floating Rate Payer
 Calculation
Amount:
	 	In relation to any Second Floating Rate Payer Calculation Period, the excess, if any, of (a) the Minimum Portfolio Notional Amount over (b) the Utilization Amount for such Second Floating Rate Payer Calculation
Period.
		
	 Second Floating Rate Payer
 Calculation
Period:
	 	Each Monthly Period; provided that (a) the initial Second Floating Rate Payer Calculation Period shall begin on the last day of the Ramp-Up Period and (b) the final Second Floating Rate Payer Calculation Period
shall end on the last Second Floating Rate Payer Payment Date.
		
	 Second Floating Rate
 Payer Payment
Dates:
	 	The fifth Business Day following the last day of each Monthly Period; provided that (a) the initial Second Floating Rate Payer Payment Date will be the first such Business Day after the last day of the Ramp-Up Period
and (b) the final Second Floating Rate Payer Payment Date will be the Scheduled Termination Date (whether or not the Termination Date occurs prior to the final Second Floating Rate Payer Payment
Date).

  
 Page 12 

			
		
	Spread:	 	(a) During the Ramp-Up Period, 0% and (b) thereafter, 1.35%.
		
	 Floating Rate Day
 Count Fraction:
	 	Actual/360.
		
	Compounding:	 	Inapplicable
		
	Counterparty Third Floating Amounts	 	
		
	Third Floating Amount Payer:	 	Counterparty
		
	Third Floating Amount:	 	 In relation to any Third Floating Rate Payer Payment Date, the product of (a) the Third Floating Rate Payer Calculation Amount for
the related Third Floating Rate Payer Calculation Period multiplied by (b) the Spread multiplied by (c) the Floating Rate Day Count Fraction.
  

No Third Floating Amount shall be payable, and no amount shall be payable under Clause 4(c), on any date occurring on or after the designation of an Early
Termination Date pursuant to Section 6(a) of the Master Agreement by reason of an Event of Default under Section 5(a)(i) or 5(a)(vii) of the Master Agreement in relation to Citibank as the Defaulting Party.

		
	 Third Floating Rate Payer
 Calculation
Amount:
	 	In relation to any Third Floating Rate Payer Calculation Period, the excess, if any, of (a) the Maximum Portfolio Notional Amount over (b) the Utilization Amount for such Third Floating Rate Payer Calculation
Period.
		
	 Third Floating Rate Payer
 Calculation
Period:
	 	Each Monthly Period; provided that (a) the initial Third Floating Rate Payer Calculation Period shall begin on the last day of the Ramp-Up Period and (b) the final Third Floating Rate Payer Calculation Period
shall end on the last Third Floating Rate Payer Payment Date.

  
 Page 13 

			
		
	 Third Floating Rate
 Payer Payment
Dates:
	 	The fifth Business Day following the last day of each Monthly Period; provided that (a) the initial Third Floating Rate Payer Payment Date will be the first such Business Day after the last day of the Ramp-Up Period
and (b) the final Third Floating Rate Payer Payment Date will be the Scheduled Termination Date (whether or not the Termination Date occurs prior to the final Third Floating Rate Payer Payment Date).
		
	Spread:	 	(a) During the Ramp-Up Period, 0% and (b) thereafter, 0.15%.
		
	 Floating Rate Day
 Count Fraction:
	 	Actual/360.
		
	Compounding:	 	Inapplicable
		
	Counterparty Fourth Floating Amounts:	 	
		
	Fourth Floating Amount Payer:	 	Counterparty
		
	Fourth Floating Amount:	 	Each Expense or Other Payment.
		
	 Fourth Floating Rate
 Payer Payment
Dates:
	 	In relation to any Transaction, (a) the fifth Business Day following the last day of each Monthly Period, beginning with the first such Business Day after the Obligation Settlement Date for such Transaction, (b) the
related Obligation Termination Date and (c) after the related Obligation Termination Date, the fifth Business Day after notice of a Fourth Floating Amount from Citibank to Counterparty; provided that, prior to the fifth Business Day
after the related Obligation Termination Date, if Counterparty has received fewer than five Business Days’ notice from Citibank that such Fourth Floating Amount is due and payable, such Fourth Floating Rate Payer Payment Date shall be the fifth
Business Day following the last day of the next succeeding Monthly Period. The obligation of Counterparty to pay Fourth Floating Amounts in respect of any Transaction shall survive the related Obligation Termination
Date.

  
 Page 14 

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

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

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

  
 Page 15 

	3.	REFERENCE OBLIGATION REMOVAL; ACCELERATED TERMINATION. 

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

	(i)	Counterparty shall be entitled to terminate any Transaction or any portion thereof by delivering an Accelerated Termination Notice to Citibank that is given (i) on the proposed Termination Trade Date and
(ii) no more than 30 days, and no fewer than 10 days (or, in the case of a Transaction relating to a Bond, three Business Days), prior to the proposed Termination Settlement Date; provided that (x) the Portfolio Criteria set forth
in Annex II would be satisfied on the proposed Termination Trade Date (after giving effect to such termination) and (y) the Net Collateral Value Percentage would be greater than or equal to the Termination Threshold (in each case, after
giving effect to such termination). The Accelerated Termination Notice shall specify the Reference Obligation that is the subject of such Accelerated Termination, the amount of the Terminated Obligation, the proposed Termination Trade Date and the
proposed Termination Settlement Date. 

  

	(ii)	Following the occurrence of a Credit Event (as determined by the Calculation Agent) with respect to the related Reference Entity (including any guarantor or other obligor referred to in the definition thereof), Citibank
shall, at any time after the Obligation Trade Date for the Reference Obligation, be entitled to terminate the related Transaction by delivering an Accelerated Termination Notice to Counterparty that is given (i) on the Termination Trade Date
and (ii) no fewer than 10 days (or, in the case of a Transaction relating to a Bond, three Business Days) prior to the proposed Termination Settlement Date. The Accelerated Termination Notice shall specify the Reference Obligation that is the
subject of such Accelerated Termination, the amount of the Terminated Obligation, the Termination Trade Date and the Termination Settlement Date. 

  

	(iii)	If Counterparty fails to make, when due, any Transfer required under Clause 9 to be made by Counterparty and Citibank gives notice of such failure to Counterparty, then Citibank shall be entitled to terminate each
Transaction that is the subject of this Confirmation by delivering an Accelerated Termination Notice to Counterparty that is given, as to any Terminated Obligation, (i) on the Termination Trade Date and (ii) no fewer than 10 days (or, in
the case of a Transaction relating to a Bond, three Business Days) prior to the proposed Termination Settlement Date. The Accelerated Termination Notice shall specify, as to each Terminated Obligation, the Reference Obligation that is the subject of
such Accelerated Termination, the amount of the Terminated Obligation, the Termination Trade Date and the Termination Settlement Date. 

  
 Page 16 

 Elective Termination by Citibank due to Portfolio Non-Compliance 

(b) If (i) the Reference Portfolio fails to satisfy the Portfolio Criteria at any time or (ii) any Reference Obligation fails to satisfy the
Obligation Criteria at any time, then Citibank may notify Counterparty in writing of such non-compliance. If Counterparty fails to correct such non-compliance within 30 days following the delivery of such notice (any such failure to correct such
non-compliance, a “Portfolio Non-Compliance”), Citibank will then have the right but not the obligation to terminate each Transaction that is the subject of this Confirmation. Citibank can exercise this termination right with
respect to each Terminated Obligation by delivering an Accelerated Termination Notice to Counterparty that is given, as to any Terminated Obligation, (i) on the Termination Trade Date and (ii) no fewer than 10 days (or, in the case of a
Transaction relating to a Bond, three Business Days) prior to the Termination Settlement Date for the related Terminated Obligation. The Accelerated Termination Notice shall, with respect to any Reference Obligation that is the subject of such
Accelerated Termination, specify such Reference Obligation, the amount of the Terminated Obligation, the Termination Trade Date and the Termination Settlement Date. 

Early Termination by Citibank with respect to Citibank Call Date 

(c) Citibank will have the right, but not the obligation, to terminate any Transaction that is the subject of this Confirmation or any portion thereof,
effective on March 21, 2016 (the “Citibank Call Date”). Citibank can exercise this termination right with respect to any Terminated Obligation by delivering an Accelerated Termination Notice to Counterparty that is given
no fewer than 10 days prior to the proposed Termination Trade Date specified in the related Accelerated Termination Notice. The Accelerated Termination Notice shall specify the Reference Obligation that is the subject of such Accelerated
Termination, the amount of the Terminated Obligation, the proposed Termination Trade Date and the proposed Termination Settlement Date. If Citibank does not exercise its right to terminate a Transaction that is the subject of this Confirmation on or
before the date occurring 10 days prior to the Citibank Call Date, then Citibank will have the right, but not the obligation, to propose, by notice to Counterparty, to amend and restate one or more material terms of such Transaction, including,
without limitation, the Spread, the Independent Amount Percentage and the application of the Obligation Criteria and Portfolio Criteria to such Transaction. If Citibank provides a notice to Counterparty proposing to amend and restate one or more
material terms of a Transaction as provided above and Counterparty does not agree in writing to such amended and restated terms within 10 Business Days after Citibank provides such notice to Counterparty, such Transaction shall terminate, and the
Termination Trade Date shall be such tenth Business Day. In the event of any such termination, Citibank shall deliver an Accelerated Termination Notice to Counterparty, which shall specify the Reference Obligation that is the subject of such
Accelerated Termination, the amount of the Terminated Obligation, the proposed Termination Trade Date and the proposed Termination Settlement Date. Even if a Termination Trade Date has been designated with respect to a Transaction or portion thereof
pursuant to this Clause 3(c), such designation will not prevent Citibank or Counterparty from subsequently designating an earlier Termination Trade Date to the extent Citibank or Counterparty, as the case may be, is entitled to designate such
earlier Termination Trade Date pursuant to this Confirmation. Notwithstanding anything in this Confirmation to the contrary: 
  

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

  

	(ii)	 whether or not Citibank elects to exercise its termination right under this Clause 3(c), each reference to the term “Scheduled Termination
Date” in the definitions of “Second Floating Rate 

  
 Page 17 

	 	
Payer Payment Date” and “Third Floating Rate Payer Payment Date” (and in the provisions of Clause 4(c) dealing with the payment of the discounted present value of Second
Floating Amounts and Third Floating Amounts) will be a reference to the Citibank Call Date. 

 Designation of Early Termination Date

 (d) In the event that an Early Termination Date is designated by either party pursuant to Section 6(a) or 6(b) of the Master Agreement, then,
with respect to the Transactions to which this Confirmation relates, (i) the “Final Price” in relation to each Reference Obligation (as if each Reference Obligation were a “Terminated Obligation”) shall be determined
pursuant to Clause 4(a) or 4(b), as applicable, (ii) such Early Termination Date shall be the “Termination Trade Date” with respect to each Reference Obligation (as if each Reference Obligation were a “Terminated
Obligation”), (iii) each amount that becomes payable by reason of the occurrence of the Termination Trade Date shall be an “Unpaid Amount” and (iv) the foregoing shall not limit the effect of Clause 4(c). 

Effect of Termination 
 (e) With respect to any
Transaction terminated in whole pursuant to this Clause 3, (i) as of the relevant Termination Trade Date the Reference Amount, for all purposes hereof other than calculating Rate Payments, shall be reduced to zero (and, in the case of a
Committed Obligation, the Outstanding Principal Amount thereof shall be reduced to zero) and (ii) as of the relevant Termination Settlement Date the Reference Amount, for purposes of calculating Rate Payments, shall be reduced to zero (and, in
the case of a Committed Obligation, the Outstanding Principal Amount thereof shall be reduced to zero). With respect to any Transaction terminated in part pursuant to this Clause 3, (i) as of the relevant Termination Trade Date the
Reference Amount, for all purposes hereof other than calculating Rate Payments, shall be reduced by the amount of the reduction of the Reference Amount specified in the Accelerated Termination Notice (and, in the case of a Committed Obligation, the
Outstanding Principal Amount shall be reduced by an amount equal to the product of the Outstanding Principal Amount in effect immediately prior to such reduction multiplied by the amount of the reduction of the Reference Amount divided
by the Reference Amount in effect immediately prior to such reduction) and (ii) as of the relevant Termination Settlement Date the Reference Amount, for purposes of calculating Rate Payments, shall be reduced by the amount of the reduction
of the Reference Amount specified in the Accelerated Termination Notice (and, in the case of a Committed Obligation, the Outstanding Principal Amount shall be reduced by an amount equal to the product of the Outstanding Principal Amount in effect
immediately prior to such reduction multiplied by the amount of the reduction of the Reference Amount divided by the Reference Amount in effect immediately prior to such reduction). No later than one Business Day after any Termination
Trade Date (other than the Termination Trade Date in respect of the Termination Date), Citibank shall prepare and deliver to Counterparty a revised Annex I reflecting the Reference Portfolio as of such Termination Trade Date. 

 

	4.	FINAL PRICE DETERMINATION 

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

(a) In order to determine the Final Price in relation to any Terminated Obligation then held by or on behalf of Citibank as a hedge for the related
Transaction, Counterparty may arrange for the sale of such 

  
 Page 18 

 
Terminated Obligation by giving notice of such sale to Citibank; provided that Counterparty shall have no right to arrange a sale of a Terminated Obligation pursuant to this
Clause 4(a) in connection with the termination of a Transaction: (i) in the case of a termination pursuant to Clause 3(a)(iii) or 3(b); (ii) in the case of a termination pursuant to Clause 3(d) in connection with an Early
Termination Date designated by reason of an Event of Default as to which Counterparty is the Defaulting Party or a Credit Event Upon Merger or Additional Termination Event as to which Counterparty is the Affected Party; or (iii) if the Net
Collateral Value Percentage would be less than or equal to the Termination Threshold (in each case, after giving effect to such termination). Such notice must be given at least three Business Days prior to the related Termination Settlement Date in
the case of any Terminated Obligation and at least 30 days prior to the Scheduled Termination Date if all Transactions are to be terminated in connection with the Scheduled Termination Date. Any sale (i) must be to (x) an Approved Buyer or
(y) another buyer approved in advance of the Termination Trade Date by Citibank and (ii) must be scheduled to occur no later than the date customary for settlement, substantially in accordance with the then-current market practice in the
principal market for such Terminated Obligation (as determined by the Calculation Agent), following the Termination Trade Date and on or prior to the Scheduled Termination Date if all Transactions are to be terminated in connection with the
Scheduled Termination Date. If Counterparty so arranges any sale, the net cash proceeds received from the sale of any Terminated Obligation, net of the related Costs of Assignment and adjusted by any Delay Compensation as provided in
Clause 6(b), shall be the “Final Price” in relation to that Terminated Obligation. 
 Determination by Calculation Agent

 (b) If the Final Price in relation to any Terminated Obligation is not determined according to Clause 4(a), the Calculation Agent shall attempt
to obtain Firm Bids for such Terminated Obligation with respect to the applicable Termination Trade Date from three or more Dealers. The Calculation Agent will give Counterparty notice of its intention to obtain Firm Bids pursuant to this
Clause 4(b) (such notice to be given telephonically and via electronic mail) not later than two hours prior to the bid submission deadline specified below. By notice to Citibank not later than 30 minutes prior to the bid submission deadline
specified below, Counterparty may, but shall not be obligated to, designate (i) an Approved Buyer or (ii) other Dealer of credit standing acceptable to Citibank in the exercise of its reasonable discretion to provide a Firm Bid (and the
Calculation Agent will seek a Firm Bid from such Approved Buyer or other Dealer if so designated by Counterparty on a timely basis); provided that any such Firm Bid shall be to purchase the entire Reference Amount of each Terminated
Obligation at such time. A “Firm Bid” shall be a good and irrevocable bid for value, to purchase all or a portion of the applicable Terminated Obligation, expressed as a percentage of the Outstanding Principal Amount and
exclusive of accrued interest, for scheduled settlement substantially in accordance with the then-current market practice in the principal market for such Terminated Obligation, as determined by the Calculation Agent, submitted by a Dealer as of 11
a.m. New York time or as soon as practicable thereafter. If there is more than one Terminated Obligation at any time, then the Calculation Agent may in its sole discretion obtain Firm Bids with respect to each separate Terminated Obligation or any
group or groups of such Terminated Obligations. 
 If the Calculation Agent is unable to obtain from Dealers at least one Firm Bid or combination of Firm
Bids for all of the Reference Amount of any Terminated Obligation with respect to the relevant Termination Trade Date, the Calculation Agent will attempt to obtain a Firm Bid or combination of Firm Bids for all of the Reference Amount of such
Terminated Obligation from three or more Dealers until the earlier of (i) the second Business Day (inclusive) following such Termination Trade Date and (ii) the date a Firm Bid or combination of Firm Bids is obtained for all of the
Reference Amount of such Terminated Obligation. 

  
 Page 19 

 If the Calculation Agent is able to obtain at least one Firm Bid or combination of Firm Bids for all of the
Reference Amount of any Terminated Obligation, the Final Price in relation to such Terminated Obligation shall be determined by reference to such Firm Bid or Firm Bids. If no Firm Bids are obtained on or before such second Business Day for all or a
portion of the applicable Terminated Obligation, the Final Price shall be deemed to be zero with respect to such Terminated Obligation (or portion thereof) for which no Firm Bid was obtained. The Calculation Agent will conduct the bid process in
accordance with the procedures set forth in this Clause 4(b) and otherwise in a commercially reasonable manner. 
 Notwithstanding anything to the
contrary herein, 
  

	(i)	the Calculation Agent shall be entitled to disregard any Firm Bid submitted by a Dealer if, in the Calculation Agent’s commercially reasonable judgment, (x) such Dealer may be ineligible to accept assignment
or transfer of the related Terminated Obligation or portion thereof, as applicable, substantially in accordance with the then-current market practice in the principal market for the Terminated Obligation, as determined by the Calculation Agent, or
(y) such Dealer would not, through the exercise of its commercially reasonable efforts, be able to obtain any consent required under any agreement or instrument governing or otherwise relating to the related Terminated Obligation to the
assignment or transfer of the related Terminated Obligation or portion thereof, as applicable, to it; and 

  

	(ii)	if the Calculation Agent determines that the highest Firm Bid obtained in connection with any Termination Trade Date is not bona fide, including, without limitation, due to (x) the insolvency of the bidder,
(y) the inability, failure or refusal of the bidder to settle the purchase of the related Terminated Obligation or portion thereof, as applicable, or otherwise settle transactions in the relevant market or perform its obligations generally or
(z) the Calculation Agent provides notice to Counterparty specifying its other reasonable grounds for insecurity concerning the bidder’s ability to settle the purchase of the related Terminated Obligation or portion thereof, as applicable,

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

 If Citibank transfers, or causes the transfer of, the Terminated Obligation to the Dealer or Dealers providing the highest Firm Bid or combination of
Firm Bids, the net cash proceeds received from the sale of such Terminated Obligation (which sale shall be scheduled to settle substantially in accordance with the then-current market practice in the principal market for the related Reference
Obligation as determined by the Calculation Agent), net of the related Costs of Assignment and adjusted by any Delay Compensation as provided in Clause 6(b), shall be the “Final Price” in relation to that Terminated
Obligation (or the portion thereof that is sold). 
 If Citibank determines, in its sole discretion, not to sell or cause the sale of any portion of any
Terminated Obligation to the entity or entities providing the highest Firm Bid or combination of Firm Bids, the “Final Price” in relation to such unsold portion shall be equal to the greater of (a) zero and (b) the
sum of (i) the Outstanding Principal Amount of such Terminated Obligation as of the Termination Trade Date multiplied by the highest Firm Bid or combination of Firm Bids for all of the Reference Amount of such Terminated Obligation
minus (ii) the product of (x) the excess, if any, of the Commitment Amount of such Terminated Obligation as of the Termination Trade Date over the Outstanding Principal Amount of 

  
 Page 20 

 
such Terminated Obligation as of the Termination Trade Date multiplied by (y) 100% minus the highest Firm Bid or combination of Firm Bids for all of the Reference Amount of
such Terminated Obligation. The Calculation Agent may perform any of its duties under this Clause 4(b) through any Affiliate designated by it, but no such designation shall relieve the Calculation Agent of its duties under this
Clause 4(b). 
 Early Termination of Facility 
 (c)
For the avoidance of doubt, if the Termination Date occurs prior to the Scheduled Termination Date, each Counterparty Second Floating Amount shall continue to be payable by Counterparty on each subsequent Second Floating Amount and Counterparty
Third Floating Rate Payer Payment Date occurring on or prior to the Scheduled Termination Date; provided that, if either party shall so specify in writing to the other party prior to any final Termination Trade Date, then on such final
Termination Trade Date (i) the obligation of Counterparty to continue to pay each Counterparty Second Floating Amount on each subsequent Second Floating Rate Payer Payment Date, and to pay and each Counterparty Third Floating Amount on each
subsequent Third Floating Rate Payer Payment Date, occurring on or prior to the Scheduled Termination Date shall terminate and be replaced by the obligation in the following clause and (ii) Counterparty shall pay to Citibank an amount equal to
the present value (as calculated by the Calculation Agent with discounting on a continuous basis) of each Counterparty Second Floating Amount and payable (without regard to the termination of such obligation under the foregoing clause) on each
subsequent Second Floating Rate Payer Payment Date occurring on or prior to the Scheduled Termination Date and (ii) each Counterparty Third Floating Amount and payable (without regard to the termination of such obligation under the foregoing
clause) on each subsequent Third Floating Rate Payer Payment Date occurring on or prior to the Scheduled Termination Date, discounted to such final Termination Trade Date at a discount rate per annum equal to the Discount Rate. For this purpose,
(i) the Minimum Portfolio Notional Amount shall be 70% of the Maximum Notional Amount and (ii) the “Discount Rate” means the zero coupon swap rate (as determined by the Calculation Agent) implied by the fixed rate
offered to be paid by Citibank under a fixed for floating interest rate swap transaction with a remaining Term equal to the period from such final Termination Trade Date to the Scheduled Termination Date in exchange for the receipt of payments
indexed to USD-LIBOR-BBA. 
  

	5.	REPAYMENT. 

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

 

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

 

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

 

	(c)	 the related Final Price of the Repaid Obligation shall be (i) in the case of a Committed Obligation, the portion of the Reference Amount that is
permanently reduced on such Repayment Date and (ii) in the case of a Term Obligation, the amount of principal and premium in respect of principal paid by such Reference Entity on the Repaid Obligation to holders thereof on such Repayment

  
 Page 21 

	 	
Date. No later than one Business Day after any Repayment Date, Citibank shall prepare and deliver to Counterparty a revised Annex I reflecting the Reference Portfolio as of such Repayment
Date. 

  

	6.	ADJUSTMENTS. 

 (a) If any Reference Obligation or any portion thereof is irreversibly
converted or exchanged into or for any securities, obligations, cash or other assets or property (“Exchange Consideration”), thereafter such Exchange Consideration will constitute such Reference Obligation or portion thereof,
and the Calculation Agent shall adjust the terms of any Transaction relating to such Reference Obligation as the Calculation Agent determines appropriate to preserve the theoretical value of such Transaction to the parties immediately prior to such
exchange or, if such exchange results in a change in value, the proportionate post-exchange value, and determine the effective date of such adjustments. 

(b) Delay Compensation (as defined below) shall result in an adjustment (i) as contemplated by the definition of “Interest and Fee Amount” in
connection with the establishment by the Citibank Holder of a related hedge in respect of a Transaction, if the actual settlement of the purchase of the related hedge occurs after the date scheduled for the settlement of such purchase and
(ii) of a Final Price with respect to a Terminated Obligation in connection with the termination by the Citibank Holder of a related hedge, if the actual settlement of the sale of the related hedge occurs after the date scheduled for the
settlement of such sale; provided that Delay Compensation shall be payable in connection with any such termination only to the extent the related Final Price does not already reflect such adjustment for Delay Compensation, as determined by
the Calculation Agent. “Delay Compensation” shall accrue (x) in the case of clause (i) above, from and including the date scheduled for the settlement of the purchase effected to establish the related hedge to but
excluding the actual settlement of such purchase (and, during such period, (A) the Counterparty First Floating Amount shall be calculated by reference to the Spread and not the Floating Rate Option and (B) Interest and Fee Amounts will be
determined without regard to payments in respect of the interest rate index used in the Reference Obligation Credit Agreement to calculate interest payments in respect of the related Reference Obligation and in effect during such period) and
(y) in the case of clause (ii) above, from and including the date scheduled for the sale effected to terminate the related hedge to but excluding the actual settlement of such sale (and, during such period, (A) the Counterparty First
Floating Amount shall be calculated by reference to the Floating Rate Option and not the Spread and (B) Interest and Fee Amounts shall be reduced by interest accrued during such period in excess of the interest rate index used in the Reference
Obligation Credit Agreement to calculate interest payments in respect of the related Reference Obligation and in effect during such period). In connection with any adjustment by reason of Delay Compensation, (i) any initial Payment Date in this
Confirmation determined by reference to the “Obligation Settlement Date” shall be determined as if the Obligation Settlement Date were the actual settlement of the purchase of the related hedge and (ii) any final Payment Date in this
Confirmation determined by reference to the “Termination Settlement Date” shall be determined as if the Termination Settlement Date were the actual settlement of the termination of the related hedge. 

(c) If (i) Citibank elects to establish a hedge as a result of the addition or increase in the Reference Amount of any Reference Obligation that is the
subject of a Transaction and (ii) the Citibank Holder is unable after using commercially reasonable efforts to effect the settlement of such hedge, then, by notice to Counterparty, Citibank may in its sole discretion, specify that such addition
or increase in the Reference Amount of such Reference Obligation will not be effective. 

  
 Page 22 

	7.	REPRESENTATIONS, WARRANTIES AND AGREEMENTS. 

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

 

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

  

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

  

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

  

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

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

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

  

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

 

	(iii)	 except as provided in Clause 7(d)(iv), each party and its Affiliates and the Calculation Agent may, whether by virtue of the types of
relationships described herein or otherwise, at the date hereof or at any time hereafter, be in possession of information regarding any Reference Entity or any Affiliate of any Reference Entity that is or may be material in the context of such
Transaction 

  
 Page 23 

	 	
and that may or may not be publicly available or known to the other party. In addition, except as provided in Clause 7(b)(vii), this Confirmation does not create any obligation on the part
of such party and its Affiliates to disclose to the other party any such relationship or information (whether or not confidential); 

  

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

 

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

  

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

  
 Page 24 

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

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

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

  

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

 

	(iii)	such Transaction is intended to be a “security-based swap” subject to regulation by the Securities and Exchange Commission; and 

 

	(iv)	in the case of Citibank, it is a “security-based swap dealer” for purposes of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as amended, and the rules and regulations of
the Securities and Exchange Commission thereunder. 

 (d) Counterparty hereby represents to Citibank that: 

 

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

  

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

  

	(iii)	it is not an Affiliate of any Reference Entity; 

  

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

  
 Page 25 

	 	
such information to any assignee of or participant (whether on a funded or unfunded basis) in, or any prospective assignee of or participant (whether on a funded or unfunded basis) in, any rights
or obligations under the related Reference Obligation Credit Agreement; 

  

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

  

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

  

	(vii)	it is not, for U.S. Federal income tax purposes, a tax-exempt organization and to the extent it is a pass-through entity for U.S. Federal income tax purposes, it either has disclosed or will disclose to its tax-exempt
investors, if any, that direct and indirect investments of Counterparty may cause tax-exempt investors of Counterparty to recognize unrelated business taxable income. 

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

(f) Section 2(c)(ii) of the Master Agreement shall not apply to the Transactions to which this Confirmation relates. 

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

 

	8.	ADJUSTMENTS RELATING TO CERTAIN UNPAID OR RESCINDED PAYMENTS. 

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

  
 Page 26 

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

	9.	CREDIT SUPPORT. 

 There shall be an Independent Amount with respect to
Counterparty for each Transaction equal to the Reference Amount for such Reference Obligation multiplied by the percentage set forth in Annex I under the caption “Independent Amount Percentage”. 

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

	(a)	With respect to each Transaction to which this Confirmation relates, a single “Independent Amount” shall be applicable to Counterparty in an amount equal to the Notional Amount with respect to such Transaction
(or, in the case of any increase of the Notional Amount under any Transaction, the amount of such increase) multiplied by the percentage set forth in Clause 9(b) under the caption “Independent Amount Percentage”. Not later than
one Business Day after the Obligation Trade Date with respect to any Transaction (or the date of any increase in the related Independent Amount), Counterparty as Pledgor will Transfer to Citibank as Secured Party Eligible Collateral having a Value
as of the date of Transfer equal to the related Independent Amount (or increase in the related Independent Amount) determined pursuant this Clause 9(a). 

  
 Page 27 

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

 

			
	 Condition
	 	 Independent Amount Percentage

	(i) Except as indicated in clauses (ii) and (iii) below, with respect to any Transaction:	 	25%
		
	(ii) Except as indicated in clause (iii) below, with respect to any Transaction relating to a Specified Reference Obligation:	 	Such percentage as Citibank shall specify on or prior to the Obligation Trade Date for such Transaction
		
	(iii) With respect to any Transaction relating to a Reference Obligation whose Reference Entity is the subject of a Credit Event:	 	Such percentage as Citibank shall specify from time to time in its sole discretion in a notice to Counterparty

  

	(c)	In no event shall Citibank as Secured Party be obligated to Transfer Posted Credit Support in respect of a Return Amount to Counterparty as Pledgor if (i) the Value as of any Valuation Date of all Posted Credit
Support Transferred to Citibank as secured party pursuant to Clause 9(a) and not returned to Counterparty would be less than (ii) the aggregate of all Independent Amounts determined pursuant to Clause 9(a). 

 

	(d)	Solely for the purpose of determining any Delivery Amount or Return Amount pursuant to the Credit Support Annex, (i) in no event shall Counterparty as a Secured Party have any positive “Exposure” to
Citibank with respect to the Transactions (in aggregate) to which this Confirmation relates and (ii) without limiting Clause 3(a)(iii) or 9(e), in no event shall Citibank as a Secured Party have any positive “Exposure” to
Counterparty with respect to the Transactions (in aggregate) to which this Confirmation relates. 

  

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

 

	(f)	Notwithstanding anything in this Confirmation to the contrary (including in Clause 3(e)), if a Termination Trade Date occurs (i) during the Ramp-Down Period, (ii) because all Transactions are being
terminated in connection with the occurrence of the Scheduled Termination Date (including pursuant to Clause 3(c)) or (iii) in connection with a termination of all Transactions at a time when Counterparty may not arrange sales of
Terminated Obligations pursuant to Clause 4(a) by reason of the proviso therein, then, for purposes of determining the effect on the Return Amount with respect to the related Terminated Obligation, the Reference Amount of such Terminated
Obligation shall not be reduced to zero until the Business Day next succeeding the Termination Settlement Date. 

  

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

  

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

  
 Page 28 

	10.	NOTICE AND ACCOUNT DETAILS. 

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

390 Greenwich Street, 4th Floor 

New York, New York 10013 
 Tel:
(212) 723-6181 
 Fax: (646) 291-5779 

Attn: Mitali Sohoni 
 with a copy
to: 
 Office of the General Counsel 

Fixed Income and Derivatives Sales and Trading 

Citibank, N.A., New York Branch 

388 Greenwich Street, 17th Floor 

New York, New York 10013 
 Tel:
(212) 816-2121 
 Fax: (646) 862-8431 

Attn: Craig Seledee 
 Notices to Counterparty:

 Arbor Funding LLC 
 c/o
Sierra Income Corporation 
 375 Park Avenue 

Suite 3304 
 New York, New York
10052 
 Attention: Richard Allorto and Steve Henke 

Telephone: (212) 759-0777 

Fax: (212) 759-0091 
 Payments to
Citibank: 
 Citibank, N.A., New York 

ABA No.: 021-000-089 
 Account
No.: 00167679 
 Ref: Financial Futures 

Payments to Counterparty: 
 State Street
Bank and Trust Co. NA Boston 
 BIC Code: SBOSUS33XXX 

ABA No.: 011000028 
 Account No.:
10246080 
 Account Name: Sierra Income Corporation - MCXC 

Memo: Arbor Funding LLC 

  
 Page 29 

	11.	OFFICES. 

  

	(a)	The Office of Citibank for each Transaction: 

 New York 

 

	(b)	The Office of Counterparty for each Transaction: 

 Delaware 

  
 Page 30 

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

					
	Very truly yours,
	
	CITIBANK, N.A.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	CONFIRMED AND AGREED
	AS OF THE DATE FIRST ABOVE WRITTEN:
	
	ARBOR FUNDING LLC
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 Confirmation –
Signature Page 

 ANNEX A 

ADDITIONAL DEFINITIONS 

“Affiliate”, for purposes of this Confirmation only, has the meaning given to such term in Rule 405 under the
Securities Act of 1933, as amended. 
 “Approved Buyer” means (a) any entity listed in
Annex III so long as its long-term unsecured and unsubordinated debt obligations on the “trade date” for the related purchase or submission of a Firm Bid contemplated hereby are rated at least “Baa1” by Moody’s and at
least “BBB+” by S&P and (b) if an entity listed in Annex III is not the principal banking or securities Affiliate within a financial holding company group, the principal banking or securities Affiliate of such listed entity
within such financial holding company group so long as such obligations of such Affiliate have the rating indicated in clause (a) above. 

“Bond” means any obligation for the payment or repayment of borrowed money that is in the form of, or represented by, a
bond, note (other than notes delivered pursuant to Loans), certificated debt security or other debt security. 
 “Capital
Appreciation” and “Capital Depreciation” mean, for any Total Return Payment Date, the amount determined according to the following formula for the applicable Terminated Obligation or Repaid Obligation: 

Final Price – Applicable Notional Amount 

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

“Applicable Notional Amount” means the Notional Funded Amount (determined immediately prior to the related Repayment
Date or Termination Trade Date) for such Terminated Obligation or Repaid Obligation, as applicable. 
 If such amount is positive, such amount
is “Capital Appreciation” and if such amount is negative, the absolute value of such amount is “Capital Depreciation”. 

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

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

  
 Confirmation – Annex
A 

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

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

“Dealer” means (i) an Approved Buyer, (ii) any other nationally recognized independent dealer in the related
Reference Obligation chosen by the Calculation Agent or its designated Affiliate (other than the Calculation Agent or any of its Affiliates) or (in the case of Clause 4(b)) by Counterparty or (iii) any other entity (other than the
Calculation Agent or any of its Affiliates) designated by the Calculation Agent or its designated Affiliate in its sole discretion as a “Dealer” for the purposes of this Confirmation. 

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

“Expense or Other Payment” means the aggregate amount of any payments (other than extensions of credit) due from the
lender(s) in respect of any Reference Obligation, including, without limitation, (a) any expense associated with any amendment, modification or waiver of the provisions of a credit agreement, (b) any reimbursement of any agents under the
provisions of a credit agreement, and (c) any indemnity or other similar payment, including amounts owed on or after the related Obligation Termination Date in respect of amounts incurred or any event that occurred before the related Obligation
Termination Date. 
 “Interest and Fee Amount” means, for any Citibank Fixed Amount Payer Payment Date
and any Transaction, the aggregate amount of interest (including interest breakage costs), fees (including, without limitation, amendment, consent, tender, facility, letter of credit and other similar fees) and other amounts (other than in respect
of principal and premium paid in respect of principal) paid with respect to the related Reference Obligation (after deduction of any withholding taxes for which the Reference Entities are not obligated to reimburse holders of the related Reference
Obligation, if applicable) during the relevant Citibank Fixed Amount Payer Calculation Period; provided that Interest and Fee Amounts: 

 

	(a)	 in the case of “Interest and Accruing Fees” (as defined in the “Standard Terms and Conditions for Par/Near Par Trade
Confirmations” or “Standard Terms and Conditions for Distressed Trade Confirmations”, as applicable to the relevant Reference Obligation, most recently published by 

  
 Confirmation – Annex
A 

	 	
the LSTA prior to the Trade Date), shall not include any amounts that accrue prior to the Obligation Settlement Date for the related Reference Obligation or that accrue on or after the Obligation
Termination Date for the related Reference Obligation or portion thereof, 

  

	(b)	in the case of “Non-Recurring Fees” (as so defined), shall not include any amounts that (i) are paid with respect to any event occurring prior to the Obligation Trade Date, or on or after the Termination
Trade Date, for the related Reference Obligation or portion thereof or (ii) are paid with respect to the related Reference Obligation that is not held by or on behalf of Citibank as a hedge for the related Transaction, 

 

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

 

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

  

	(e)	in the case of any Transaction as to which the related Reference Obligation is a Bond, (i) shall not include any Purchased Accrued Interest and (ii) if such Bond is a Terminated Obligation, the Citibank Fixed
Amount for the related Citibank Fixed Amount Payer Payment Date shall be increased by an amount equal to Sold Accrued Interest in respect of such Terminated Obligation. 

“Loan” means any obligation for the payment or repayment of borrowed money that is documented by a term loan agreement, revolving loan
agreement or other similar credit agreement. 
 “LSTA” means The Loan Syndications and Trading Association, Inc. and any successor
thereto. 
 “Portfolio Target Amount” means (a) during the Ramp-Up Period, the Maximum Portfolio Notional Amount,
(b) during the Ramp-Down Period, the Portfolio Notional Amount on the day immediately preceding the first day of the Ramp-Down Period and (c) otherwise, the Portfolio Notional Amount. 

“Purchased Accrued Interest” means, with respect to any Transaction as to which the related Reference Obligation is a
Bond, unpaid interest on such Reference Obligation accrued to the Obligation Settlement Date for such Transaction. 

“Rate Payments” means Counterparty First Floating Amounts, Counterparty Second Floating Amounts, Counterparty Third
Floating Amounts and Citibank Fixed Amounts. 
 “Revolving Reference Obligation” means a Reference
Obligation that (a) requires the holder thereof to make one or more future advances to the borrower under the instrument or agreement pursuant to which such Reference Obligation was issued or created, (b) specifies a maximum aggregate
amount that can be borrowed and (c) permits, during any period on or after the date on which the holder thereof acquires such Reference Obligation, the re-borrowing of any amount previously repaid;
provided that, on the date that all commitments by the holder thereof to make advances to the borrower under such Revolving Reference Obligation expire or are terminated or reduced to zero, such Reference
Obligation shall cease to be a Revolving Reference Obligation. 

  
 Confirmation – Annex
A 

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

“Sold Accrued Interest” means, with respect to any Transaction as to which the related Reference Obligation is a Bond,
unpaid interest on such Reference Obligation accrued from and including the most recent interest payment date on such Bond to the Termination Settlement Date for such Transaction that is paid to the seller of such Reference Obligation on the
Termination Settlement Date. 
 “Specified Reference Obligation” means any Reference Obligation (a) that is a
Bond or (b) that is designated as such by Counterparty in a notice to Citibank on or prior to the related Obligation Trade Date and whose inclusion in the Reference Portfolio (other than as a “Specified Reference Obligation”) would
not on the related Obligation Trade Date satisfy one or more of clauses (ix) through (xiii) of the Obligation Criteria. 

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

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

“Terminated Obligation” means any Reference Obligation or portion of any Reference Obligation with respect to which the
related Transaction (or portion thereof) whose Final Price is determined pursuant to Clause 4. 
 “Termination
Settlement Date” means, for any Terminated Obligation, the date customary for settlement, substantially in accordance with the then-current market practice in the principal market for such Terminated Obligation (as determined by the
Calculation Agent), of the sale of such Terminated Obligation with the trade date for such sale occurring on the related Termination Trade Date. 

“Termination Trade Date” means, with respect to any Terminated Obligation, the date so designated in the related
Accelerated Termination Notice or as provided in Clause 3(d); provided that: 
  

	(a)	 except as provided in the following clause (b), if the related Final Price is not determined in accordance with Clause 4(a), the
“Termination Trade Date” will be the bid submission deadline for the Firm Bid or combination of Firm Bids for all of the Reference Amount of such Terminated Obligation that are to be the basis for determining the Final Price of such
Terminated 

  
 Confirmation – Annex
A 

	 	
Obligation as designated by the Calculation Agent in order to cause the related Total Return Payment Date to occur as promptly as practicable (in the discretion of the Calculation Agent) after
the date originally designated as the “Termination Trade Date” in the related Accelerated Termination Notice; and 

  

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

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

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

  
 Confirmation – Annex
A 

 ANNEX I 

REFERENCE PORTFOLIO 
  

															
	 Reference Obligation
	  	Reference
Entity	  	Reference
Amount	  	Outstanding
Principal
Amount	  	Initial
Price
(%)	  	Obligation
Trade
Date	  	Obligation
Settlement
Date	  	Independent
Amount
Percentage
		  		  		  		  		  		  		  	

  
 Confirmation – Annex
I 

 ANNEX II 

OBLIGATION CRITERIA 
 The
“Obligation Criteria” are as follows: 
  

	(i)	The obligation is a Loan or a Bond. 

  

	(ii)	The obligation is denominated in USD. 

  

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

 

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

  

	(v)	Except for any Bond, the obligation is not Subordinate. 

  

	(vi)	Except for any Bond, the obligation is secured. 

  

	(vii)	The obligation constitutes indebtedness for U.S. Federal income tax purposes. 

  

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

  

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

  

	(x)	Except for any Specified Reference Obligation, the obligation is on the Obligation Trade Date part of a fungible class of debt obligations (as to issuance date and all economic terms) of at least USD150,000,000.

  

	(xi)	Except for any Specified Reference Obligation, the obligation is on the Obligation Trade Date the subject of at least two bid quotations from nationally recognized independent dealers in the related obligation as
reported on a nationally recognized pricing service. 

  

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

  

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

For purposes hereof: 
 “Moody’s”
means Moody’s Investors Service, Inc. or any successor thereto. 
 “Moody’s Rating” means, with respect to a
Reference Obligation, as of any date of determination:  
  

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

  
 Confirmation – Annex
II 

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

  

			
	 Loan
	 	 Relevant Rating

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

  

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

 

			
	 Reference Obligation
	 	 Relevant Rating

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

  

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

 

			
	 Reference Obligation
	 	 Relevant Rating

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

  
 Confirmation – Annex
II 

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

  

			
	 Reference Obligation
	 	 Relevant Rating

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

  

	(vi)	if a rating cannot be assigned pursuant to clauses (i) through (v), then, then the Moody’s Rating shall be “Ca”; provided that: 

 

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

  

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

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

  
 Confirmation – Annex
II 

 
Obligation, Counterparty shall provide evidence to Citibank of such application and shall notify Citibank of the expected rating. Counterparty shall notify Citibank of the shadow rating or public
rating assigned by Moody’s to a Reference Obligation. 
 “S&P” means Standard & Poor’s Ratings Services, a
division of The McGraw-Hill Companies, or any successor thereto. 
 “S&P Rating” means, with respect to a
Reference Obligation: 
  

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

  

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

  

			
	 Loan
	 	 Relevant Rating

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

  

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

 

			
	 Reference Obligation
	 	 Relevant Rating

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

  
 Confirmation – Annex
II 

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

 

			
	 Reference Obligation
	 	 Relevant Rating

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

  

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

  

			
	 Reference Obligation
	 	 Relevant Rating

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

  

	(vi)	if the foregoing paragraphs are not applicable, then the S&P Rating shall be “CC”; provided that (x) if application has been made to S&P to rate a Reference Obligation and such Reference
Obligation has a Moody’s Rating, then the S&P Rating with respect to such Reference Obligation shall, pending the receipt of such rating from S&P, be equal to the S&P Rating that is equivalent to such Moody’s Rating and
(y) Reference Obligations in the Reference Portfolio constituting no more, by aggregate Notional Amount, than 10% of the Portfolio Target Amount may be given a S&P Rating based on a rating given by Moody’s as provided in clause
(x) (after giving effect to the addition of the relevant Reference Obligation, if applicable). 

  
 Confirmation – Annex
II 

 PORTFOLIO CRITERIA 

The “Portfolio Criteria” are as follows: 

 

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

  

	(ii)	The sum of the Notional Amounts for Reference Obligations of any single Reference Entity or any of its Affiliates does not exceed 10% of the Portfolio Target Amount, provided that the sum of the Notional Amounts
of each of up to two Reference Obligations of any Reference Entity or any of its Affiliates may be up to 15% of the Portfolio Target Amount. 

  

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

 

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

  

	(v)	The sum of the Notional Amounts for all Specified Reference Obligations does not exceed 25% of the Portfolio Target Amount. 

  

	(vi)	After the Ramp-Up Period and prior to the Ramp-Down Period, the Reference Portfolio has a Weighted Average Rating of at most 2720. 

For purposes hereof: 
 “Moody’s Industry
Classification Groups” means each of the categories set forth in Table 1 below. 
 “Weighted Average Rating” means, as
of any date of determination, the number obtained by (a) multiplying the Notional Amount of each Reference Obligation by the applicable Rating Factor (as set forth in Table 2 below) for the related Reference Entity; (b) summing the
products obtained in clause (a) for all Reference Obligations; and (c) dividing the sum obtained in clause (b) by the aggregate of the Notional Amounts of all Reference Obligations. 

  
 Confirmation – Annex
II 

 ANNEX III 

APPROVED BUYERS 
 Bank of America, NA 

The Bank of New York Mellon, N.A. 
 The Bank of Nova Scotia 

Barclays Bank plc 
 BNP Paribas 

Canadian Imperial Bank of Commerce 
 Citibank, N.A. 

Credit Suisse 
 Deutsche Bank AG 

Goldman Sachs & Co. 
 HSBC Bank 

Jefferies LLC 
 JPMorgan Chase Bank, N.A. 

Merrill Lynch, Pierce, Fenner & Smith Incorporated 

Morgan Stanley & Co. 
 Royal Bank of Canada 

The Bank of Montreal 
 The Royal Bank of Scotland plc 

The Toronto-Dominion Bank 
 UBS AG 

U.S. Bank, National Association 
 Wells Fargo Bank, National
Association 

  
 Confirmation – Annex
III 

 TABLE 1 

MOODY’S INDUSTRY CLASSIFICATION GROUPS 

Aerospace and Defense: Major Contractor, Subsystems, Research, Aircraft Manufacturing, Arms, Ammunition 

Automobile: Automotive Equipment, Auto-Manufacturing, Auto Parts Manufacturing, Personal Use Trailers, Motor Homes, Dealers 

Banking: Bank Holding, Savings and Loans, Consumer Credit, Small Loan, Agency, Factoring, Receivables 

Beverage, Food and Tobacco: Beer and Ale, Distillers, Wines and Liquors, Distributors, Soft Drink Syrup, Bottling, Bakery, Mill Sugar, Canned Foods,
Corn Refiners, Dairy Products, Meat Products, Poultry Products, Snacks, Packaged Foods, Distributors, Candy, Gum, Seafood, Frozen Food, Cigarettes, Cigars, Leaf/Snuff, Vegetable Oil 

Buildings and Real Estate: Brick, Cement, Climate Controls, Contracting, Engineering, Construction, Hardware, Forest Products (building-related only),
Plumbing, Roofing, Wallboard, Real Estate, Real Estate Development, REITs, Land Development 
 Chemicals, Plastics and Rubber: Chemicals
(non-agriculture), Industrial Gases, Sulfur, Plastics, Plastic Products, Abrasives, Coatings, Paints, Varnish, Fabricating 
 Containers, Packaging and
Glass: Glass, Fiberglass, Containers made of: Glass, Metal, Paper, Plastic, Wood or Fiberglass 
 Personal and Non Durable Consumer Products
(Manufacturing Only): Soaps, Perfumes, Cosmetics, Toiletries, Cleaning Supplies, School Supplies 
 Diversified/Conglomerate Manufacturing 

Diversified/Conglomerate Service 
 Diversified Natural
Resources, Precious Metals and Minerals: Fabricating, Distribution, Mining and Sales 
 Ecological: Pollution Control, Waste Removal, Waste
Treatment, Waste Disposal 
 Electronics: Computer Hardware, Electric Equipment, Components, Controllers, Motors, Household Appliances, Information
Service, Communication Systems, Radios, TVs, Tape Machines, Speakers, Printers, Drivers, Technology 
 Finance: Investment Brokerage, Leasing,
Syndication, Securities 
 Farming and Agriculture: Livestock, Grains, Produce, Agricultural Chemicals, Agricultural Equipment, Fertilizers 

Grocery: Grocery Stores, Convenience Food Stores 

Healthcare, Education and Childcare: Ethical Drugs, Proprietary Drugs, Research, Health Care Centers, Nursing Homes, HMOs, Hospitals, Hospital
Supplies, Medical Equipment 
 Home and Office Furnishings, Housedress, and Durable Consumer Products: Carpets, Floor Coverings, Furniture, Cooking,
Ranges 
 Hotels, Motels, Inns and Gaming 

Insurance: Life, Property and Casualty, Broker, Agent, Surety 

Leisure, Amusement, Entertainment: Boating, Bowling, Billiards, Musical Instruments, Fishing, Photo Equipment, Records, Tapes, Sports, Outdoor
Equipment (camping), Tourism, Resorts, Games, Toy Manufacturing, Motion Picture Production, Theatres, Motion Picture Distribution 
 Machinery
(Non-Agriculture, Non-Construction, Non-Electronic): Industrial, Machine Tools, Steam Generators 
 Mining, Steel, Iron and Non-Precious Metals:
Coal, Copper, Lead, Uranium, Zinc, Aluminum, Stainless Steel, Integrated Steel, Ore Production, Refractories, Steel Mill Machinery, Mini-Mills, Fabricating, Distribution and Sales 

Oil and Gas: Crude Producer, Retailer, Well Supply, Service and Drilling 

Personal, Food and Miscellaneous 
 Printing and
Publishing: Graphic Arts, Paper, Paper Products, Business Forms, Magazines, Books, Periodicals, Newspapers, Textbooks 
 Cargo Transport: Rail,
Shipping, Railroads, Rail-car Builders, Ship Builders, Containers, Container Builders, Parts, Overnight Mail, Trucking, Truck Manufacturing, Trailer Manufacturing, Air Cargo, Transport 

  
 Confirmation – Annex
III 

 Retail Stores: Apparel, Toy, Variety, Drugs, Department, Mail Order Catalogue, Showroom 

Telecommunications: Local, Long Distance, Independent, Telephone, Telegraph, Satellite, Equipment, Research, Cellular 

Textiles and Leather: Producer, Synthetic Fiber, Apparel Manufacturer, Leather Shoes 

Personal Transportation: Air, Bus, Rail, Car, Rental 

Utilities: Electric, Water, Hydro Power, Gas, Diversified 

Broadcasting and Entertainment: Recording Industry, Motion Exhibition Theatres, Motion Picture Production and Distribution, Radio, TV, Cable
Broadcasting, Broadcasting Equipment 

  
 Confirmation – Annex
III 

 TABLE 2 

RATING FACTORS 
  

					
	Moody’s Rating	  	Rating
Factor	 
	 Ba1
	  	 	940	  
	 Ba2
	  	 	1350	  
	 Ba3
	  	 	1766	  
	 B1
	  	 	2220	  
	 B2
	  	 	2720	  
	 B3
	  	 	3490	  
	 Caa1
	  	 	4770	  
	 Caa2
	  	 	6500	  
	 Caa3 or below
	  	 	10000	  

  
 Confirmation – Annex
III

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