Document:

PNM 3.31.2014 EX.10.3

Exhibit 10.3

AMENDMENT NUMBER 16
TO THE ARIZONA NUCLEAR POWER PROJECT
PARTICIPATION AGREEMENT

1.    PARTIES:

The Parties to this Amendment Number 16 to the Arizona Nuclear Power Project Participation Agreement, hereinafter referred to as “Amendment Number 16,” are: ARIZONA PUBLIC SERVICE COMPANY, a corporation organized and existing under and by virtue of the laws of the State of Arizona, hereinafter referred to as “Arizona”; SALT RIVER PROJECT AGRICULTURAL IMPROVEMENT AND POWER DISTRICT, an agricultural improvement district organized and existing under and by virtue of the laws of the State of Arizona, hereinafter referred to as “Salt River Project”; SOUTHERN CALIFORNIA EDISON COMPANY, a corporation organized and existing under and by virtue of the laws of the State of California, hereinafter referred to as “Edison”; PUBLIC SERVICE COMPANY OF NEW MEXICO, a corporation organized and existing under and by virtue of the laws of the State of New Mexico, hereinafter referred to as “PNM”; EL PASO ELECTRIC COMPANY, a corporation organized and existing under and by virtue of the laws of the State of Texas, hereinafter referred to as “El Paso”; SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY, a joint powers agency organized and existing under and by virtue of the laws of the State of California, doing business  in the State of Arizona as SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY ASSOCIATION, hereinafter referred to as “SCPPA”; and DEPARTMENT OF WATER AND POWER OF THE CITY OF LOS ANGELES, a municipal corporation organized and existing under and by virtue of the laws of the State of California, hereinafter referred to as “LADWP”; all hereinafter individually referred to as “Party” and collectively as “Parties.” 

2.     RECITALS:

		
	2.1.
	Arizona, Salt River Project, Edison, PNM, El Paso, SCPPA and LADWP are parties to a certain agreement entitled Arizona Nuclear Power Project Participation Agreement, dated as of August 23, 1973, as amended by: Amendment Number 1, dated as of January 1, 1974; Amendment Number 2, dated as of August 28,1975; Amendment Number 3, dated as of July 22, 1976; Amendment Number 4, dated as of December 15, 1977; Amendment Number 5, dated as of December 5, 1979; Amendment Number 6, effective as of October 16, 1981; Amendment Number 7, effective as of April 1, 1982; Amendment Number 8, executed as of September 12, 1983; Amendment Number 9, executed as of June 12, 1984 Amendment Number 10, executed as of November 21, 1985; Amendment Number 11, effective January 10, 1987; Amendment Number 12, effective August 5, 1988; Amendment Number 13, effective June 15, 1991; Amendment Number 14, effective June 20, 2000, retroactive to January 1, 1993; and Amendment Number 15, effective January 13, 2011, hereinafter, as so amended, collectively referred to as the “Participation Agreement.”

		
	2.2.
	On April 21, 2011, the NRC, by letter to Arizona, confirmed the issuance of Renewed Facility Operating License Nos. NPF-41 (Unit 1), NPF-51 (Unit 2), and NPF -74 (Unit 3) for Palo Verde Station (collectively, the “License Extensions”).  

		
	2.3. 
	Pursuant to the License Extensions, (i) Renewed Facility Operating License No. NPF-41 (Unit 1) expires at midnight on June 1, 2045; (ii) Renewed Facility Operating License No. NPF-51 (Unit 2) expires at midnight on April 24, 2046; and (iii) Renewed Facility Operating License No. NPF-74 (Unit 3) expires at midnight on November 25, 2047 

(collectively, the “Extended License”).  The latest expiration date of the original licenses previously had been November 25, 2027.  

		
	2.4. 
	Pursuant to Section 35.7 of the Participation Agreement, the latest termination date of the Participation Agreement currently is December 31, 2027, which does not include the License Extensions.  

		
	2.5
	Section 8A.4.4 of the Participation Agreement currently requires each Participant to accumulate Termination Funds over “the remaining license term (as specified in the original license issued for each Generating Unit . . . .” (emphasis added) 

		
	2.6. 
	Arizona, PNM and El Paso (in Texas, not New Mexico) have already included in their cost of service the amounts for contributions to their decommissioning trust that reflect the Extended License (“60 Year Termination Funding Curves”), rather than the Original License (“40 Year Termination Funding Curves”), and collect from their respective ratepayers on that basis.  

		
	2.7
	The Termination Funding Committee currently uses the 40 Year Termination Funding Curves to measure compliance of the Participants with the termination funding requirements set forth in the Participation Agreement and the Termination Funding Committee Manual.  Therefore, the ability of Arizona, PNM and El Paso to meet their termination funding obligations is adversely impacted by the reduced recovery from their ratepayers under the 60 Year Termination Funding Curves, and their continuing obligation to maintain their Termination Funds at the higher levels required by the 40 Year Termination Funding Curves.

		
	2.8
	On June 18, 2012, the Termination Funding Committee held its annual meeting to submit its Annual Funding Status Reports and to resolve the foregoing termination funding curve issues.  At the meeting, the Termination Funding Committee resolved, upon proper motion, that the 60 Year Termination Funding Curves were technically correct, and conditionally adopted the 60 Year Termination Funding Curves subject to the Administrative Committee’s extension of the Participation Agreement term.

		
	2.9
	On October 19, 2012, the Administrative Committee unanimously voted to adopt this Amendment Number 16.

3.     AGREEMENT:

For and in consideration of the premises and the mutual obligations of and undertakings by the Parties as hereinafter provided in this Amendment Number 16 to the Participation Agreement, the Parties agree as set forth below.

4.     EFFECTIVE DATE:

This Amendment Number 16 shall become effective on the date that the Party which last in time executes this Amendment Number 16.  The amended termination funding curves that are associated with this Amendment Number 16 shall be applied retroactively to January 1, 2012.

5.     DEFINED TERMS: 

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	5.1. 
	The Capitalized and italicized words and phrases used in this Amendment Number 16 shall have the meanings ascribed to them in the Participation Agreement as amended by this Amendment Number 16.

		
	5.2. 
	All references to a “Section” or “Sections” in this Amendment Number 16 shall mean a Section or Sections of the Participation Agreement unless the text expressly states otherwise.

		
	6. 
	AMENDMENTS TO THE ARIZONA NUCLEAR POWER PROJECT MADE BY THIS AMENDMENT NUMBER 16:

		
	6.1. 
	Amend Section 8A.4.4, by deleting the strikethrough text and substituting therefore the underlined text:

“Within six months after the date on which Amendment No. 13 shall become effective or such other date established by the Administrative Committee, the Termination Funding Committee shall establish criteria and standards, consistent with applicable law, including the rules and regulations of the NRC [including without limitation such discount factors, allowances for inflation, bases for estimating future net earnings on accumulations in the Termination Fund(s)
of the Participants and other elements as may be appropriate to provide reasonable assurance that each Participant will accumulate in its Termination Fund(s) over the then-applicable remaining license term for each Generating Unit (as specified in the original license issued for each Generating Unit authorizing fuel load and low power operation of such unit) sufficient funds to pay such Participant's share of the most current estimate of the Termination Costs of such unit)] that will be used by the committee to determine whether or not the periodic deposits made by each Participant in its Termination Fund(s) have been adequate and the accumulations in its Termination Funds will be adequate to meet the requirements of Section 8A.7.2.3 hereof and to comply with applicable laws. At least once every three years the Termination Funding Committee shall review such criteria and standards and make such adjustments thereto as are warranted by the circumstances then existing or as may be required by applicable law. Additionally, the Termination Funding Committee shall establish the format, content and time for submission of the funding status reports and certificates that Participants are required to submit pursuant to Section 8A.7.2.4 hereof.”

		
	6.2. 
	Amend Section 35.7, by deleting the strikethrough text and substituting therefore the underlined text:

“This Participation Agreement shall terminate on the earlier of:  (i) the expiration date of the longest operating license period authorized by the NRC (or any governmental agency that is a successor to the NRC) for Palo Verde StationDecember 31, 2027, or (ii) the date on which all Generating Units shall have been permanently removed from service and all Termination Work in respect of all Generating/Terminated Units has been completed; provided, however, that . . .”

6.3.     Except as amended by this Amendment Number 16, the remaining terms of the Participation Agreement shall remain in full force and effect.

7.     EXECUTION BY COUNTERPARTS:
This Amendment Number 16 may be executed in any number of counterparts, whether by facsimile, electronic signature or otherwise, and upon execution by all Participants, each executed counterpart shall have the same force and effect as an original instrument and as if all Participants had signed the same instrument. Any signature page of this Amendment Number 16 may be detached from any 

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counterpart of the Amendment Number 16 without impairing the legal effect of any signature thereon, and may be attached to another counterpart of this Amendment Number 16 identical in form hereto but having attached to it one or more signature pages.

8.     SIGNATURE CLAUSE:

Each of the signatories below represents that he/she is appropriately authorized to enter into this Amendment Number 16 on behalf of the Party for which he/she signs. 

ARIZONA PUBLIC SERVICE COMPANY

By:     /s/ Randall K. Edington            

Its:     Ex VP/CNO                

Date:     4/28/14                    

STATE OF ARIZONA    )
) ss.
County of Maricopa     )

On this    28th    day of       April      , 20124, before me, the undersigned Notary Public, personally appeared     Randall K. Edington     , who acknowledged him/herself to be the      Ex VP / CNO         of ARIZONA PUBLIC SERVICE COMPANY, an Arizona corporation, and that he/she as such officer, being authorized to do, executed the foregoing instrument for the purposes therein contained by signing the name of the company by him/herself as such       Executive Vice President/Chief Nuclear Officer.    

IN WITNESS WHEREOF, I hereunto set my hand and official seal.

/s/ Jennifer R. Stokic            
Notary Public

My Commission Expires: 

1-17-2015        
JENNIFER R. STOKIC
Notary Public – Arizona
SEAL    Maricopa County
My Commission Expires
January 17, 2015

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8.     SIGNATURE CLAUSE:

Each of the signatories below represents that he/she is appropriately authorized to enter into this Amendment Number 16 on behalf of the Party for which he/she signs. 

SALT RIVER PROJECT AGRICULTURAL
IMPROVEMENT AND POWER DISTRICT

By: _/s/ Michael Hummel     ________________

Its: _AGM & Chief Power System Executive __

Date: _    4/10/2014________________________

ATTEST AND COUNTERSIGN:

By: _____________________________________

Its: _____________________________________

Date: ____________________________________

STATE OF ARIZONA    )
) ss.
County of Maricopa     )            
CMH
      2014
On this _10_ day of  _April______, 2012, before me, the undersigned Notary Public, personally appeared _Michael Hummel____ who acknowledged him/herself to be the _AGM & Chief Power System Executive________ of SALT RIVER PROJECT AGRICULTURAL IMPROVEMENT AND POWER DISTRICT, an Arizona corporation, and that he/she as such officer, being authorized to do, executed the foregoing instrument for the purposes therein contained by signing the name of the company by him/herself as such ____________________________.

IN WITNESS WHEREOF, I hereunto set my hand and official seal.

___/s/ Christina M. Hallows________________
Notary Public

My Commission Expires: 
_September 5, 2014      __        OFFICIAL SEAL
CHRISTINA M. HALLOWS
SEAL    Notary Public – State of Arizona
Maricopa County
My Comm. Expires Sept. 5, 2014

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8.       SIGNATURE CLAUSE:

Each of the signatories below represents that he/she is appropriately authorized to enter into this Amendment Number 16 on behalf of the Party for which he/she signs. 

SOUTHERN CALIFORNIA EDISON 
COMPANY

By:     /s/ Thomas J. Palmisano             

Its:     Vice President  & CNO            

Date:     3/16/2014                 

STATE OF CALIFORNIA    )
Orange        ) ss.
County of Los Angeles        )

On this   16   day of      April     , 20124, before me, the undersigned Notary Public, personally appeared     Thomas J. Palmisano       who acknowledged him/herself to be the        Vice President              of SOUTHERN CALIFORNIA EDISON COMPANY, a California corporation, and that he/she as such officer, being authorized to do, executed the foregoing instrument for the purposes therein contained by signing the name of the company by him/herself as such             Southern California Edison        .

IN WITNESS WHEREOF, I hereunto set my hand and official seal.

BRAD MEINDERTSMA
Commission #1962205
SEAL    Notary Public – California
Orange County
My Comm. Expires Dec 1, 2015
/s/ Brad Meindertsma             
Notary Public

My Commission Expires: 

12-1-2015        

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8.     SIGNATURE CLAUSE:
Each of the signatories below represents that he/she is appropriately authorized to enter into this Amendment Number 16 on behalf of the Party for which he/she signs. 

PUBLIC SERVICE COMPANY OF NEW
MEXICO

By:   /s/ Ronald E. Talbot                 

Its:   SVP and COO                 

Date:   4/16/14                    

STATE OF NEW MEXICO    )
) ss.
County of Bernalillo        )
2014   sgg
On this _16 _ day of   April    , 2012, before me, the undersigned Notary Public, personally appeared      Ronald E. Talbot         who acknowledged him/herself to be the ___SVP and COO         of PUBLIC SERVICE COMPANY OF NEW MEXICO, a New Mexico corporation, and that he/she as such officer, being authorized to do, executed the foregoing instrument for the purposes therein contained by signing the name of the company by him/herself as such _Public Service Company of New Mexico, 
SVP and COO

IN WITNESS WHEREOF, I hereunto set my hand and official seal.

__/s/ Susan G. Gordon            
Notary Public

My Commission Expires: 

__September 12, 2016    
(SEAL)

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8.     SIGNATURE CLAUSE:

Each of the signatories below represents that he/she is appropriately authorized to enter into this Amendment Number 16 on behalf of the Party for which he/she signs. 

EL PASO ELECTRIC COMPANY

By:     /s/ T.V. Shockley            

Its:     Chief Executive Officer            

Date:     March 17, 2014                

STATE OF TEXAS    )
) ss.
County of El Paso    )
                    
On this   17th   day of     March     , 201214, before me, the undersigned Notary Public, personally appeared    T.V. Shockley    , who acknowledged him/herself to be the    Chief Executive Officer      of EL PASO ELECTRIC COMPANY, a Texas corporation, and that he/she as such officer, being authorized to do, executed the foregoing instrument for the purposes therein contained by signing the name of the company by him/herself as such      Chief Executive Officer        .

IN WITNESS WHEREOF, I hereunto set my hand and official seal.

/s/ Hilda Vargas                
HILDA VARGAS
SEAL    My Commission Expires
July 1, 2017
Notary Public

My Commission Expires: 

July 1, 2017        

APPROVED AS TO FORM
OFFICE OF GENERAL COUNSEL   /s/    

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8.     SIGNATURE CLAUSE:

Each of the signatories below represents that he/she is appropriately authorized to enter into this Amendment Number 16 on behalf of the Party for which he/she signs. 

SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY, doing business in the State of Arizona as SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY ASSOCIATION 

By:    R.E. Davis                    

Its:   President                    

Date:   12/20/2012                

This is attached to a
________________________
Acknowledgment or Jurat
Salpi Ortiz, Notary Public

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State of California

County of   Los Angeles            

On   December 20, 2012     before me,         Salpi Ortiz, a notary public            
personally appeared         Ron Davis                                
who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity and that by his signature on the instrument the person or the entity upon behalf of which the person acted, executed the instrument.

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

WITNESS my hand and official seal.

Signature:   /s/ Salpi Ortiz            

Notary Public
SALPI ORTIZ
Commission # 1926232
SEAL    Notary Public – California
Los Angeles County
My Comm. Expires Feb 20, 2015

8.     SIGNATURE CLAUSE:

Each of the signatories below represents that he/she is appropriately authorized to enter into this Amendment Number 16 on behalf of the Party for which he/she signs. 

DEPARTMENT OF WATER AND
POWER OF THE CITY OF 
LOS ANGELES

By:     /s/ Marcie L. Edwards            
MARCIE L. EDWARDS
General Manager
APPROVED AS TO FORM AND LEGALITY
CARMEN A. TRUTANICH, CITY ATTORNEY
AUTHORIZED BY RES.  013 311
JUN 19 2013
                              JUN 06 2013
By   /s/ Syndi Driscoll            
SYNDI DRISCOLL
           DEPUTY CITY ATTORNEY
Date:_____3/31/14  ________________________

And    /s/ Barbara E. Moschos            
BARBARA E. MOSCHOS
Board Secretary

STATE OF CALIFORNIA    )
) ss.
County of Los Angeles        )

On this _31ST _ day of __March___, 20124, before me, the undersigned Notary Public, personally appeared __ Marcie L. Edwards      who acknowledged him/herself to be the _     General Manager_    _ of DEPARTMENT OF WATER AND POWER OF THE CITY OF LOS ANGELES, a California joint powers agency, and that he/she as such officer, being authorized to do, executed the foregoing instrument for the purposes therein contained by signing the name of the company by him/herself as such 
___General Manager____.

IN WITNESS WHEREOF, I hereunto set my hand and official seal.

___/s/ Reynan L. Ledesma________________
Notary Public

My Commission Expires:               
July 17, 2014_______              
Reynan L. Ledesma
Comm. # 1895685
SEAL    Notary Public – California
County of Los Angeles
My Comm. Exp. July 17, 2014

10PNM 3.31.2014 EX.10.4

Exhibit 10.4

PNMR DEVELOPMENT AND MANAGEMENT CORPORATION
c/o PNM Resources, Inc.
414 Silver Ave. SW
Albuquerque, New Mexico 87102-3289
(505) 241-2700

May 1, 2014

Cypress Verde LLC
Cypress Second PV Partnership
c/o Cypress Financial Corporation
188 The Embarcadero, Suite 420
San Francisco, California 94105
Attention of Mr. Peter E. Metzner

Re: Purchase of Two (2) Owner Participant Interests: 

(i) all of the Owner Participant Interest (“Interest 136”) owned by Cypress Verde LLC (“CVLLC”) in a 1.36% undivided ownership interest in Palo Verde Nuclear Generating Station (“PVNGS”) Unit 2 (and related interests in certain PVNGS common facilities and real property) leased to Public Service Company of New Mexico (“PNM”); and

(i) all of the Owner Participant Interest (“Interest 113”) owned by Cypress Second PV Partnership (“CSPVP”) in a 1.1333333% undivided ownership interest in PVNGS Unit 2 (and related interests in certain PVNGS common facilities and real property) leased to PNM.

Dear Mr. Metzner:

1. (a) We refer to (x) the Participation Agreement dated as of August 12, 1986, as amended, to which PNM and CVLLC (successor in interest by assignment), among others are party (“Participation Agreement 136”), with respect to Interest 136 and the lease thereof to PNM, and (y) the Participation Agreement dated as of August 12, 1986, as amended, to which PNM and CSPVP (successor in interest by assignment), among others are party (“Participation Agreement 113”), with respect to Interest 113 and the lease thereof to PNM.  Generally, capitalized terms used herein without definition shall have the meanings specified in Appendix A to each of Participation Agreement 136 and Participation Agreement 113 (collectively, the “Participation Agreements”) except that, 

1
Letter Agreement dated May 1, 2014

where use of a defined term is preceded by either “136” or “113”, use of such defined term will bear the meaning specified in Appendix A to Participation Agreement 136 or in Appendix A to Participation Agreement 113, as applicable. Thus, the term “136 Undivided Interest” shall mean the Undivided Interest as such term is defined in Appendix A to Participation Agreement 136, and the term “113 Transaction Documents” shall mean the Transaction Documents as such term is defined in Appendix A to Participation Agreement 113. “Development” shall mean PNMR Development and Management Corporation, a New Mexico corporation. Each of Development and the Lessee is a direct, wholly-owned subsidiary of PNM Resources, Inc., a New Mexico corporation (“Resources”).
 
(b) While this letter of intent (this “Letter”) is not a binding agreement (except as provided in item 13 below), it outlines the preliminary terms of the transactions contemplated herein (the “Transactions”). This Letter is intended to serve as an outline of the proposed principal terms and conditions regarding the Transactions, and is subject to (i) the execution and delivery of Purchase Documentation (as defined in item 4(a) below) among the parties to this Letter, and, (ii) in the case of Development, approval by its Board of Directors and the Board of Directors of Resources. The parties recognize that there are other terms and conditions that have yet to be addressed, but the parties agree to work together in good faith to address these issues and to complete Purchase Documentation that is acceptable to the parties as quickly as is reasonably practicable.

2. By letter dated January 13, 2014, the Lessee provided notice of its irrevocable election to purchase (the “Notice of Option Exercise”) the subject Undivided Interest and Real Property Interest (the “Option Property”) pursuant to Section 13(a) of each Facility Lease. Following delivery of each Notice of Option Exercise, Section 13(a) of each Facility Lease requires that the Lessee and the Owner Participant promptly agree upon the Fair Market Sale Value (“FMSV”) of the Option Property under such Facility Lease to be paid by the Lessee on January 15, 2016 (the “Option Exercise Date”), following the expiration of the Basic Lease Term on January 15, 2016. The equity portion of scheduled Basic Rent under such Facility Lease that would otherwise be payable for the Final Rent Payment Date has been addressed as hereinafter described. 

3. This Letter  serves to memorialize the binding agreement of  the Lessee, on the one hand, and CVLLC and CSPVP, on the other hand (collectively, the “Cypress Parties”)with respect to the FMSV of the Option Property to be paid by the Lessee on the Option Exercise Date in connection with consummating the Lessee’s irrevocable Purchase Option contemplated by Section 13(b) of each Facility Lease (collectively, the “Option Transactions” and, individually, an “Option Transaction”) and, in accordance with the requirements of Section 13(a) of each Facility Lease, the Lessee and the applicable Owner Participant have agreed that the FMSV of: 

2
Letter Agreement dated May 1, 2014

(i) the 136 Undivided Interest to be purchased on the Option Exercise Date is $46,433,631.73 and the 136 Real Property Interest to be purchased on the Option Exercise Date is $19,701.60, for a total of $46,453,333.33 (the “136 Option Purchase Price”), and

(ii) the 113 Undivided Interest to be purchased on the Option Exercise Date is $38,694,579.76 and the 113 Real Property Interest to be purchased on the Option Exercise Date is $16,417.50, for a total of $38,710,997.26 (the “113 Option Purchase Price”).

The Lessee and the Cypress Parties acknowledge and agree that the equity portion of the installment of Basic Rent otherwise payable under each Facility Lease on the Option Exercise Date has not been included in the 136 Option Purchase Price or the 113 Option Purchase Price, and such equity portion of the installment of Basic Rent (being $694,926.00 for Interest 136 and $553,708.00 for Interest 113) will be due and payable on the Option Exercise Date in accordance with the Transaction Documents in addition to the 136 Option Purchase Price and the 113 Option Purchase Price, as applicable, all of the foregoing being payable in immediately available funds on the Option Exercise Date.  The purchase and sale of the Option Properties shall be consummated on the Option Exercise Date as required by the Transaction Documents if the Purchase Transactions described in item 4 below shall not have been consummated prior thereto. The obligations of the Lessee detailed in this item 3 are effective for all purposes of the Transaction Documents without need for confirmation or further action of any sort by the Board of Directors of the Lessee.

4. (a) The Cypress Parties and Development (collectively, the “Purchase Parties”)  have reached a mutual intent  (subject to completion of mutually satisfactory purchase documentation (the “Purchase Documentation”) as described in item 5(a)(i) below) with respect to the sale and purchase (collectively, the “Purchase Transactions” and, individually, a “Purchase Transaction”) by Development of 

(i) the  Interest 136 including all right title and interest of CVLLC in, to and under the 136 Transaction Documents, but excluding, however, all Excepted Payments (other than the equity portion of basic rent and payments of Supplemental Rent otherwise specifically addressed in this Letter) from CVLLC, and 

(ii) the  Interest 113 including all right, title and interest of CSPVP in, to and under the 113 Transaction Documents, but excluding, however, all Excepted Payments (other than the equity portion of basic rent and payments of Supplemental Rent otherwise specifically addressed in this Letter) from CSPVP

on the Business Day mutually agreeable to the Purchase Parties (the “Early Purchase Date”), provided that the Early Purchase Date shall not be earlier than June 1, 2014 nor 

3
Letter Agreement dated May 1, 2014

later than January 14, 2016.  The transfer by CVLLC and CSPVP, respectively, of its right, title and interest in and to Interest 136 and Interest 113 shall be:

(i) free and clear of any and all 

(x) Owner Participant's Liens and 

(y) Claims by any Person arising by, through or under any act or omission of CVLLC and CSPVP or any of their respective Affiliates that are Claims based in whole or in part on indebtedness (excluding the 136 Transaction Documents or the 113 Transaction Documents (as applicable), and whether secured or unsecured and recourse or non-recourse), remarketing rights, residual sharing arrangements or guarantees, options, servicing or administration rights, management contracts or other right or entitlement similar to the foregoing “Specified Claims”); and

(ii) pursuant to an assignment and assumption agreement in form satisfactory to the Purchase Parties, 

but otherwise without recourse, representation or warranty.

(b) The purchase price for Interest 136 (the “136 Early Purchase Price”) shall be the amount shown in the Early Purchase Schedule attached hereto (the “Early Purchase Schedule”) under the caption “Interest 136 Purchase Price” for the Early Purchase Date. The 136 Early Purchase Price shall be allocated as follows: 

(i) $19,701.60 as the purchase price for the 136 Real Property Interest (the “136 RPI Purchase Price”); and 

(ii) an amount equal to excess of the 136 Purchase Price over the 136 RPI Purchase Price as the purchase price for the 136 Undivided Interest.

(c) The purchase price for Interest 113 (the “113 Early Purchase Price”) shall be the amount shown in the Early Purchase Schedule under the caption “Interest 113 Purchase Price” for the Early Purchase Date. The 113 Early Purchase Price shall be allocated as follows: 

(i) $16,417.50 as the purchase price for the 113 Real Property Interest (the “113 RPI Purchase Price”); and 

(ii) an amount equal to excess of the 113 Purchase Price over the 113 RPI Purchase Price as the purchase price for the 113 Undivided Interest.

    

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Letter Agreement dated May 1, 2014

(d) If the Early Purchase Date shall be a Rent Payment Date, the equity portion of Basic Rent due to the Cypress Parties in respect of such interest due on such Rent Payment Date as provided in the 113 Transaction Documents and the 136 Transaction Documents, as applicable, has been included in the 113 Early Purchase Price and the 136 Early Purchase Price applicable for such Early Purchase Date. If the Early Purchase Date shall not be a Rent Payment Date, the 113 Early Purchase Price and the 136 Early Purchase Price each include an amount agreed by the Purchase Parties in lieu of the equity portion of Basic Rent otherwise due to the Cypress Parties in respect of the period following the Rent Payment Date next preceding the Early Purchase Date through the end of the Basic Lease Term.  Any Basic Rent due and payable prior to an Early Purchase Date shall be paid in accordance with the Transaction Documents.  The 113 Early Purchase Price and the 136 Early Purchase Price shall be payable in immediately available funds on the Early Purchase Date.

5. (a)  Development, on the one hand, and the Cypress Parties, on the other hand,  further acknowledge and agree in good faith to: 

(i) enter into definitive Purchase Documentation (including a purchase and sale agreement, assignment and assumption agreement, bill of sale and/or such other documentation as appropriate to effectuate the Purchase Transactions) or, in lieu of consummation of the Purchase Transactions, to consummate the Option Transactions as contemplated by each Notice of Option Exercise (separate but substantially identical Purchase Documentation shall be prepared for each of the Interest 136 and the Interest 113), including without limitation an (x) assignment and assumption agreement in form satisfactory to the parties in connection with the Purchase Transactions and (y) other documents contemplated to effect a Transfer of the Option Property; and

(ii) cooperate with respect to actions to be undertaken by the Lessee with respect to regulatory matters, including seeking necessary FERC approvals with respect to consummation of the Option Transactions. 

The Purchase Documentation shall contain reasonable and customary terms and conditions consistent with the provisions of the 113 Transaction Documents and the 136 Transaction Documents, as applicable. Development will provide the initial draft of the Purchase Documentation.

(b) Notwithstanding the execution and delivery of any Purchase Documentation, each Notice of Option Exercise shall remain irrevocable in accordance with its terms and the applicable Facility Lease, and the failure of the Lessee to obtain any required consent or approval shall not relieve the Lessee of its obligation to purchase each Option Property on the Option Exercise Date; provided, that, in accordance with Section 13(a) of such Facility Lease, the Lessee’s irrevocable Notice of Option Exercise shall not be binding on the Lessor (or the Owner Participant) if an Event of Default shall have 

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Letter Agreement dated May 1, 2014

occurred under such Facility Lease and be continuing or an Event of Loss or a Deemed Event of Loss shall have occurred under such Facility Lease.

6. This Letter may be executed in counterparts, each of which shall constitute an original, but all of which when taken together shall constitute a single agreement. This Letter shall be effective as of the date hereof. Delivery of an executed counterpart of a signature page to this Letter by telecopy or portable document format (“PDF”) shall be effective as delivery of a manually executed counterpart of this Letter. Except as otherwise expressly provided herein, the terms of the Transaction Documents shall continue in full force and effect and nothing herein shall be interpreted or construed to limit or otherwise waive the rights or obligations of the parties set forth therein.

7. (a) CVLLC and CSPVP shall be solely responsible for all fees and expenses incurred by them in connection with the execution and delivery of Purchase Documentation, including fees and expenses of CVLLC and CSPVP (and their respective Affiliates) and their respective counsel.  

(b) Development shall be responsible for: 

(i) all fees and expenses incurred by PNM or by Development in connection with the execution and delivery of the Purchase Documentation contemplated hereby, including fees and expenses of  counsel to PNM and Development; and

(ii) all Taxes  imposed upon or arising from the transfer to the Lessee of Interest 113 or Interest 136 (including, without limitation, any Taxes that would otherwise be excluded by Participation Agreement Section 13(b)(2)(iv) from the Lessee's General Tax Indemnity pursuant to Section 13(b) thereof).

(c) In addition, Development shall be solely responsible for: 

(i) the fees and expenses relating to 

(A) all filings, including fees and expenses relating to the recordation of PNM’s interest in the property being acquired pursuant to the Purchase Documentation, as advised by PNM’s counsel, and 

(B) any third party consents required in connection with the Purchase  Documentation; and 

(ii) the fees and expenses of the Owner Trustee and Indenture Trustee (including, without limitation, their respective counsel) in connection with the Transaction Documentation and the transactions contemplated thereby.

    

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Letter Agreement dated May 1, 2014

8. This Letter shall be governed by, and construed in accordance with, the laws of the State of New York.

9. If each Owner Participant is in agreement with the terms set forth herein, please acknowledge our agreement in the space provided below and return a copy of this Letter to me by facsimile transmission or in PDF. By executing this Letter, each Owner Participant hereby instructs the Lessor to agree, and the Lessor hereby agrees, in its capacity as Owner Trustee and Lessor, to the terms set forth herein and to acknowledge agreement in the space provided below and return a copy of this Letter to the Lessee and each Owner Participant by facsimile transmission or in PDF.

10. Pursuant to the Purchase Documentation, 

(i) each of CVLLC and CSPVP shall provide customary evidence (including certificates, lien and judgment searches, lender releases  and opinions of California counsel) 

(x)  of its authority to execute, deliver and perform its respective obligations under the Purchase Documentation, and 

(y) that the transfer of the Option Interests, or the Interest 113 and the Interest 136, are free and clear of Owner Participant's Liens and Specified Claims; and

(ii) with respect only to a purchase of Interest 113 or Interest 136, each Cypress fund that is a recipient of a portion of any purchase price funds (including funds paid directly or indirectly paid to a fund to discharge direct or indirect indebtedness of such fund) shall 

(x) participate in a several guarantee (pro rata in accordance with its share of such purchase price funds) of the obligations of the sellers under such Purchase Documentation (the obligations under such guarantees shall expire on the earlier of (A) one year after the closing date or (B) January 15, 2016 (provided that such expiration date shall not apply to a Claim where, on or prior to such expiration date, Development shall have given written notice of such Claim)), and 

(y) provide customary evidence (including certificates and opinions of counsel)  of its authority to execute, deliver and perform its respective obligations under the Transaction Documents.

(iii)  Each of Development and PNM shall provide customary evidence (including certificates, and opinions of counsel) of its authority to execute, deliver and perform its obligations under the Transaction Documents and that all consents, approvals and 

7
Letter Agreement dated May 1, 2014

filings necessary or required in connection with the transactions contemplated by the Purchase Documentation shall have been obtained and/or effected, as applicable, and remain in full force and effect.

11. This Letter is being entered into on behalf of CVLLC and CSPVP by Cypress Equipment Management Corporation V (“CEMC V”). CEMC V is: 

(i) the manager of CVLLC; and 

(ii) the manager of each of the two partners in CSPVP, Cypress Second PV-A LLC and Cypress Second PV-B LLC. 

CEMC V represents and warrants to each of Development and PNM that CEMC V has full right, power and authority to enter into and perform this Letter so as to bind CVLLC or CSPVP, as the case may be, without necessity of notice to, or consent, approval or other action by, any partner or member thereof, or any of its or their affiliates, which shall not have been obtained and shall remain in full force and effect.

12. In consideration hereof and of the time and resources that the parties will devote to the Transactions and the Purchase Documentation, and the various investigations and reviews undertaken by the parties, between the date of execution by them of this Letter and September 1, 2014 (or as such period may be mutually extended in writing by the parties) CEMC V and its subsidiaries, affiliates, directors, officers, employees, representatives and agents will not, directly or indirectly, solicit, initiate, enter into or continue any discussions or transactions with, or encourage, or provide any information to any person or entity with respect to any proposal pursuant to which CEMC V, CVLLC or CSVPP would sell Interest 113 or Interest 136. . 

13. Except for items 2, 3, 4(b) and 4(c) (each applicable only if the Cypress Parties and Development shall complete the Purchase Documentation), 5 (as to the Option Transactions only), 6, 8, 9 and 12 of this Letter (which items are legally binding upon execution of this Letter), this Letter is a statement of mutual intention; this Letter is not intended to be legally binding, and does not constitute a binding contractual commitment with respect to the transaction. Without limiting the foregoing, the failure of the parties to reach agreement on the terms and conditions to be included in the Purchase Documentation shall not be construed as a breach of this Letter by any party hereto. A legally binding obligation with respect to the Purchase Transactions will arise only upon execution and delivery of the Purchase Documentation by the parties thereto, subject to the conditions expressed therein.

[The balance of this page is intentionally blank.]

8
Letter Agreement dated May 1, 2014

Signature Pages for Letter Agreement dated May 1, 2014

Sincerely,

PNMR DEVELOPMENT AND MANAGEMENT CORPORATION

By:/s/ Terry R. Horn_________________
Name: Terry R. Horn
Title:  President, Chief Executive Officer 
               and Treasurer

Confirmation

PNM  confirms: (i) the matters concerning it and the Option Transactions expressed in the above Letter; and (ii) that, notwithstanding the above Letter, it shall remain responsible for (x) all Supplemental Rent in accordance with the provisions of the 113 Transaction Documents and the 136 Transaction Documents, as applicable (excluding items of Supplemental Rent, such as expense payment or expense reimbursement, that are otherwise specifically addressed in above Letter), and (y) all Taxes imposed upon or arising from the transfer to the Lessee of the Option Property as required by the 113 Transaction Documents or the 136 Transaction Documents, as applicable. 

PUBLIC SERVICE COMPANY OF NEW MEXICO

By:/s/ Charles N. Eldred ____________
Name: Charles N. Eldred
Title:  Executive Vice President 
                and Chief Financial Officer

9
Letter Agreement dated May 1, 2014

Signature Pages for Letter Agreement dated May 1, 2014

Acknowledged and Agreed:

CYPRESS VERDE LLC

By:    Cypress Equipment Management Corporation V, its manager    

By:/s/ Peter E. Metzner __________
Name:     Peter E. Metzner
Title:     President

CYPRESS SECOND PV PARTNERSHIP

By:    Cypress Second PV-A LLC, a partner

By:    Cypress Equipment Management Corporation V, its manager

By:/s/ Peter E. Metzner__________
Name:     Peter E. Metzner
Title:     President

By:    Cypress Second PV-B LLC, a partner

By:    Cypress Equipment Management Corporation V, its manager

By: /s/ Peter E. Metzner__________ 
Name:     Peter E. Metzner
Title:     President

10
Letter Agreement dated May 1, 2014

Signature Pages for Letter Agreement dated May 1, 2014

Acknowledged and Agreed:

U.S. BANK NATIONAL ASSOCIATION, not in  
its individual capacity but solely as Owner Trustee 
under the Trust Agreement with each instructing
Owner Participant,

By:/s/Todd R. DiNezza_______________
Name: Todd R. DiNezza
Title: Assistant Vice President

11
Letter Agreement dated May 1, 2014

EARLY PURCHASE SCHEDULE

	
				
	 	Early 
Purchase Date
	Interest 136
Purchase Price 
	          Interest  113
Purchase Price 

	 
	 
	 	6/1/2014
	46,814,560.50
	38,922,681.72

	 	6/2/2014
	46,819,591.18
	38,926,864.35

	 	6/3/2014
	46,824,622.41
	38,931,047.42

	 	6/4/2014
	46,829,654.17
	38,935,230.94

	 	6/5/2014
	46,834,686.47
	38,939,414.91

	 	6/6/2014
	46,839,719.32
	38,943,599.33

	 	6/7/2014
	46,844,752.71
	38,947,784.20

	 	6/8/2014
	46,849,786.63
	38,951,969.53

	 	6/9/2014
	46,854,821.10
	38,956,155.30

	 	6/10/2014
	46,859,856.11
	38,960,341.52

	 	6/11/2014
	46,864,891.66
	38,964,528.19

	 	6/12/2014
	46,869,927.75
	38,968,715.30

	 	6/13/2014
	46,874,964.38
	38,972,902.87

	 	6/14/2014
	46,880,001.56
	38,977,090.89

	 	6/15/2014
	46,885,039.27
	38,981,279.36

	 	6/16/2014
	46,890,077.53
	38,985,468.28

	 	6/17/2014
	46,895,116.32
	38,989,657.65

	 	6/18/2014
	46,900,155.66
	38,993,847.47

	 	6/19/2014
	46,905,195.54
	38,998,037.74

	 	6/20/2014
	46,910,235.97
	39,002,228.46

	 	6/21/2014
	46,915,276.93
	39,006,419.64

	 	6/22/2014
	46,920,318.43
	39,010,611.26

	 	6/23/2014
	46,925,360.48
	39,014,803.33

	 	6/24/2014
	46,930,403.07
	39,018,995.85

	 	6/25/2014
	46,935,446.20
	39,023,188.82

	 	6/26/2014
	46,940,489.87
	39,027,382.25

	 	6/27/2014
	46,945,534.09
	39,031,576.12

	 	6/28/2014
	46,950,578.85
	39,035,770.45

	 	6/29/2014
	46,955,624.15
	39,039,965.22

	 	 
	 
	 

12
Letter Agreement dated May 1, 2014

	
			
	6/30/2014
	46,960,669.99
	39,044,160.45

	7/1/2014
	46,965,716.37
	39,048,356.12

	7/2/2014
	46,970,763.30
	39,052,552.25

	7/3/2014
	46,975,810.76
	39,056,748.83

	7/4/2014
	46,980,858.77
	39,060,945.86

	7/5/2014
	46,985,907.33
	39,065,143.34

	7/6/2014
	46,990,956.42
	39,069,341.27

	7/7/2014
	46,996,006.06
	39,073,539.66

	7/8/2014
	47,001,056.24
	39,077,738.49

	7/9/2014
	47,006,106.96
	39,081,937.78

	7/10/2014
	47,011,158.23
	39,086,137.51

	7/11/2014
	47,016,210.04
	39,090,337.70

	7/12/2014
	47,021,262.39
	39,094,538.34

	7/13/2014
	47,026,315.28
	39,098,739.43

	7/14/2014
	47,031,368.72
	39,102,940.97

	7/15/2014
	47,036,422.70
	39,107,142.96

	7/16/2014
	46,243,812.27
	38,467,676.22

	7/17/2014
	46,248,781.62
	38,471,809.95

	7/18/2014
	46,253,751.50
	38,475,944.12

	7/19/2014
	46,258,721.92
	38,480,078.74

	7/20/2014
	46,263,692.87
	38,484,213.80

	7/21/2014
	46,268,664.36
	38,488,349.30

	7/22/2014
	46,273,636.38
	38,492,485.25

	7/23/2014
	46,278,608.94
	38,496,621.65

	7/24/2014
	46,283,582.02
	38,500,758.48

	7/25/2014
	46,288,555.65
	38,504,895.77

	7/26/2014
	46,293,529.81
	38,509,033.49

	7/27/2014
	46,298,504.50
	38,513,171.67

	7/28/2014
	46,303,479.73
	38,517,310.28

	7/29/2014
	46,308,455.49
	38,521,449.35

	7/30/2014
	46,313,431.78
	38,525,588.85

	7/31/2014
	46,318,408.62
	38,529,728.80

	8/1/2014
	46,323,385.98
	38,533,869.20

	8/2/2014
	46,328,363.88
	38,538,010.04

	8/3/2014
	46,333,342.32
	38,542,151.33

	8/4/2014
	46,338,321.29
	38,546,293.06

	8/5/2014
	46,343,300.80
	38,550,435.24

	8/6/2014
	46,348,280.84
	38,554,577.86

	8/7/2014
	46,353,261.41
	38,558,720.92

	8/8/2014
	46,358,242.52
	38,562,864.43

	8/9/2014
	46,363,224.17
	38,567,008.39

	8/10/2014
	46,368,206.35
	38,571,152.79

	8/11/2014
	46,373,189.07
	38,575,297.64

13
Letter Agreement dated May 1, 2014

	
			
	8/12/2014
	46,378,172.32
	38,579,442.93

	8/13/2014
	46,383,156.11
	38,583,588.67

	8/14/2014
	46,388,140.43
	38,587,734.86

	8/15/2014
	46,393,125.29
	38,591,881.49

	8/16/2014
	46,398,110.69
	38,596,028.56

	8/17/2014
	46,403,096.62
	38,600,176.08

	8/18/2014
	46,408,083.09
	38,604,324.05

	8/19/2014
	46,413,070.09
	38,608,472.46

	8/20/2014
	46,418,057.63
	38,612,621.32

	8/21/2014
	46,423,045.70
	38,616,770.62

	8/22/2014
	46,428,034.31
	38,620,920.37

	8/23/2014
	46,433,023.46
	38,625,070.57

	8/24/2014
	46,438,013.14
	38,629,221.21

	8/25/2014
	46,443,003.36
	38,633,372.30

	8/26/2014
	46,447,994.12
	38,637,523.83

	8/27/2014
	46,452,985.41
	38,641,675.81

	8/28/2014
	46,457,977.23
	38,645,828.24

	8/29/2014
	46,462,969.60
	38,649,981.11

	8/30/2014
	46,467,962.50
	38,654,134.43

	8/31/2014
	46,472,955.94
	38,658,288.19

	9/1/2014
	46,477,949.91
	38,662,442.40

	9/2/2014
	46,482,944.42
	38,666,597.06

	9/3/2014
	46,487,939.47
	38,670,752.17

	9/4/2014
	46,492,935.05
	38,674,907.72

	9/5/2014
	46,497,931.17
	38,679,063.71

	9/6/2014
	46,502,927.83
	38,683,220.16

	9/7/2014
	46,507,925.02
	38,687,377.05

	9/8/2014
	46,512,922.76
	38,691,534.39

	9/9/2014
	46,517,921.02
	38,695,692.17

	9/10/2014
	46,522,919.83
	38,699,850.40

	9/11/2014
	46,527,919.17
	38,704,009.08

	9/12/2014
	46,532,919.05
	38,708,168.20

	9/13/2014
	46,537,919.47
	38,712,327.77

	9/14/2014
	46,542,920.42
	38,716,487.79

	9/15/2014
	46,547,921.92
	38,720,648.26

	9/16/2014
	46,552,923.95
	38,724,809.17

	9/17/2014
	46,557,926.51
	38,728,970.53

	9/18/2014
	46,562,929.62
	38,733,132.34

	9/19/2014
	46,567,933.26
	38,737,294.59

	9/20/2014
	46,572,937.44
	38,741,457.29

	9/21/2014
	46,577,942.16
	38,745,620.44

	9/22/2014
	46,582,947.41
	38,749,784.04

	9/23/2014
	46,587,953.21
	38,753,948.08

14
Letter Agreement dated May 1, 2014

	
			
	9/24/2014
	46,592,959.54
	38,758,112.57

	9/25/2014
	46,597,966.41
	38,762,277.51

	9/26/2014
	46,602,973.81
	38,766,442.89

	9/27/2014
	46,607,981.76
	38,770,608.73

	9/28/2014
	46,612,990.24
	38,774,775.01

	9/29/2014
	46,617,999.26
	38,778,941.74

	9/30/2014
	46,623,008.82
	38,783,108.91

	10/1/2014
	46,628,018.92
	38,787,276.54

	10/2/2014
	46,633,029.56
	38,791,444.61

	10/3/2014
	46,638,040.74
	38,795,613.13

	10/4/2014
	46,643,052.45
	38,799,782.10

	10/5/2014
	46,648,064.70
	38,803,951.52

	10/6/2014
	46,653,077.49
	38,808,121.38

	10/7/2014
	46,658,090.82
	38,812,291.69

	10/8/2014
	46,663,104.69
	38,816,462.45

	10/9/2014
	46,668,119.10
	38,820,633.66

	10/10/2014
	46,673,134.04
	38,824,805.32

	10/11/2014
	46,678,149.53
	38,828,977.42

	10/12/2014
	46,683,165.55
	38,833,149.98

	10/13/2014
	46,688,182.11
	38,837,322.98

	10/14/2014
	46,693,199.22
	38,841,496.43

	10/15/2014
	46,698,216.86
	38,845,670.33

	10/16/2014
	46,703,235.04
	38,849,844.67

	10/17/2014
	46,708,253.76
	38,854,019.47

	10/18/2014
	46,713,273.02
	38,858,194.71

	10/19/2014
	46,718,292.81
	38,862,370.41

	10/20/2014
	46,723,313.15
	38,866,546.55

	10/21/2014
	46,728,334.03
	38,870,723.14

	10/22/2014
	46,733,355.44
	38,874,900.18

	10/23/2014
	46,738,377.40
	38,879,077.67

	10/24/2014
	46,743,399.90
	38,883,255.60

	10/25/2014
	46,748,422.93
	38,887,433.99

	10/26/2014
	46,753,446.51
	38,891,612.83

	10/27/2014
	46,758,470.62
	38,895,792.11

	10/28/2014
	46,763,495.28
	38,899,971.84

	10/29/2014
	46,768,520.47
	38,904,152.03

	10/30/2014
	46,773,546.21
	38,908,332.66

	10/31/2014
	46,778,572.48
	38,912,513.74

	11/1/2014
	46,783,599.30
	38,916,695.27

	11/2/2014
	46,788,626.65
	38,920,877.25

	11/3/2014
	46,793,654.55
	38,925,059.68

	11/4/2014
	46,798,682.99
	38,929,242.56

	11/5/2014
	46,803,711.96
	38,933,425.88

15
Letter Agreement dated May 1, 2014

	
			
	11/6/2014
	46,808,741.48
	38,937,609.66

	11/7/2014
	46,813,771.54
	38,941,793.89

	11/8/2014
	46,818,802.13
	38,945,978.57

	11/9/2014
	46,823,833.27
	38,950,163.69

	11/10/2014
	46,828,864.95
	38,954,349.27

	11/11/2014
	46,833,897.17
	38,958,535.29

	11/12/2014
	46,838,929.93
	38,962,721.77

	11/13/2014
	46,843,963.23
	38,966,908.69

	11/14/2014
	46,848,997.07
	38,971,096.07

	11/15/2014
	46,854,031.46
	38,975,283.90

	11/16/2014
	46,859,066.38
	38,979,472.17

	11/17/2014
	46,864,101.85
	38,983,660.90

	11/18/2014
	46,869,137.85
	38,987,850.07

	11/19/2014
	46,874,174.40
	38,992,039.70

	11/20/2014
	46,879,211.49
	38,996,229.77

	11/21/2014
	46,884,249.12
	39,000,420.30

	11/22/2014
	46,889,287.29
	39,004,611.28

	11/23/2014
	46,894,326.00
	39,008,802.70

	11/24/2014
	46,899,365.26
	39,012,994.58

	11/25/2014
	46,904,405.05
	39,017,186.91

	11/26/2014
	46,909,445.39
	39,021,379.69

	11/27/2014
	46,914,486.27
	39,025,572.92

	11/28/2014
	46,919,527.69
	39,029,766.60

	11/29/2014
	46,924,569.65
	39,033,960.73

	11/30/2014
	46,929,612.15
	39,038,155.31

	12/1/2014
	46,934,655.20
	39,042,350.34

	12/2/2014
	46,939,698.79
	39,046,545.82

	12/3/2014
	46,944,742.92
	39,050,741.76

	12/4/2014
	46,949,787.59
	39,054,938.14

	12/5/2014
	46,954,832.80
	39,059,134.97

	12/6/2014
	46,959,878.56
	39,063,332.26

	12/7/2014
	46,964,924.86
	39,067,530.00

	12/8/2014
	46,969,971.70
	39,071,728.19

	12/9/2014
	46,975,019.08
	39,075,926.83

	12/10/2014
	46,980,067.01
	39,080,125.92

	12/11/2014
	46,985,115.47
	39,084,325.46

	12/12/2014
	46,990,164.48
	39,088,525.45

	12/13/2014
	46,995,214.04
	39,092,725.90

	12/14/2014
	47,000,264.13
	39,096,926.79

	12/15/2014
	47,005,314.77
	39,101,128.14

	12/16/2014
	47,010,365.95
	39,105,329.94

	12/17/2014
	47,015,417.67
	39,109,532.19

	12/18/2014
	47,020,469.94
	39,113,734.89

16
Letter Agreement dated May 1, 2014

	
			
	12/19/2014
	47,025,522.75
	39,117,938.04

	12/20/2014
	47,030,576.10
	39,122,141.65

	12/21/2014
	47,035,630.00
	39,126,345.70

	12/22/2014
	47,040,684.44
	39,130,550.21

	12/23/2014
	47,045,739.42
	39,134,755.17

	12/24/2014
	47,050,794.94
	39,138,960.59

	12/25/2014
	47,055,851.01
	39,143,166.45

	12/26/2014
	47,060,907.62
	39,147,372.77

	12/27/2014
	47,065,964.78
	39,151,579.53

	12/28/2014
	47,071,022.48
	39,155,786.75

	12/29/2014
	47,076,080.72
	39,159,994.43

	12/30/2014
	47,081,139.50
	39,164,202.55

	12/31/2014
	47,086,198.83
	39,168,411.13

	1/1/2015
	47,091,258.71
	39,172,620.16

	1/2/2015
	47,096,319.12
	39,176,829.64

	1/3/2015
	47,101,380.08
	39,181,039.57

	1/4/2015
	47,106,441.59
	39,185,249.96

	1/5/2015
	47,111,503.63
	39,189,460.80

	1/6/2015
	47,116,566.23
	39,193,672.09

	1/7/2015
	47,121,629.36
	39,197,883.83

	1/8/2015
	47,126,693.04
	39,202,096.03

	1/9/2015
	47,131,757.27
	39,206,308.68

	1/10/2015
	47,136,822.03
	39,210,521.78

	1/11/2015
	47,141,887.35
	39,214,735.33

	1/12/2015
	47,146,953.20
	39,218,949.34

	1/13/2015
	47,152,019.61
	39,223,163.80

	1/14/2015
	47,157,086.55
	39,227,378.71

	1/15/2015
	47,162,154.04
	39,231,594.08

	1/16/2015
	46,173,855.09
	38,428,905.94

	1/17/2015
	46,178,816.92
	38,433,035.51

	1/18/2015
	46,183,779.29
	38,437,165.51

	1/19/2015
	46,188,742.19
	38,441,295.96

	1/20/2015
	46,193,705.62
	38,445,426.85

	1/21/2015
	46,198,669.59
	38,449,558.19

	1/22/2015
	46,203,634.08
	38,453,689.97

	1/23/2015
	46,208,599.12
	38,457,822.20

	1/24/2015
	46,213,564.68
	38,461,954.87

	1/25/2015
	46,218,530.78
	38,466,087.98

	1/26/2015
	46,223,497.42
	38,470,221.54

	1/27/2015
	46,228,464.58
	38,474,355.54

	1/28/2015
	46,233,432.28
	38,478,489.98

	1/29/2015
	46,238,400.52
	38,482,624.87

	1/30/2015
	46,243,369.29
	38,486,760.21

17
Letter Agreement dated May 1, 2014

	
			
	1/31/2015
	46,248,338.59
	38,490,895.99

	2/1/2015
	46,253,308.42
	38,495,032.21

	2/2/2015
	46,258,278.80
	38,499,168.88

	2/3/2015
	46,263,249.70
	38,503,305.99

	2/4/2015
	46,268,221.14
	38,507,443.55

	2/5/2015
	46,273,193.11
	38,511,581.55

	2/6/2015
	46,278,165.62
	38,515,720.00

	2/7/2015
	46,283,138.66
	38,519,858.89

	2/8/2015
	46,288,112.24
	38,523,998.22

	2/9/2015
	46,293,086.35
	38,528,138.00

	2/10/2015
	46,298,060.99
	38,532,278.23

	2/11/2015
	46,303,036.17
	38,536,418.90

	2/12/2015
	46,308,011.89
	38,540,560.01

	2/13/2015
	46,312,988.13
	38,544,701.57

	2/14/2015
	46,317,964.92
	38,548,843.58

	2/15/2015
	46,322,942.24
	38,552,986.03

	2/16/2015
	46,327,920.09
	38,557,128.92

	2/17/2015
	46,332,898.48
	38,561,272.27

	2/18/2015
	46,337,877.40
	38,565,416.05

	2/19/2015
	46,342,856.86
	38,569,560.28

	2/20/2015
	46,347,836.85
	38,573,704.96

	2/21/2015
	46,352,817.38
	38,577,850.08

	2/22/2015
	46,357,798.44
	38,581,995.65

	2/23/2015
	46,362,780.04
	38,586,141.66

	2/24/2015
	46,367,762.18
	38,590,288.12

	2/25/2015
	46,372,744.85
	38,594,435.02

	2/26/2015
	46,377,728.05
	38,598,582.37

	2/27/2015
	46,382,711.79
	38,602,730.17

	2/28/2015
	46,387,696.07
	38,606,878.41

	3/1/2015
	46,392,680.88
	38,611,027.10

	3/2/2015
	46,397,666.23
	38,615,176.23

	3/3/2015
	46,402,652.11
	38,619,325.81

	3/4/2015
	46,407,638.53
	38,623,475.83

	3/5/2015
	46,412,625.48
	38,627,626.30

	3/6/2015
	46,417,612.98
	38,631,777.22

	3/7/2015
	46,422,601.00
	38,635,928.58

	3/8/2015
	46,427,589.56
	38,640,080.39

	3/9/2015
	46,432,578.66
	38,644,232.64

	3/10/2015
	46,437,568.30
	38,648,385.34

	3/11/2015
	46,442,558.47
	38,652,538.49

	3/12/2015
	46,447,549.18
	38,656,692.08

	3/13/2015
	46,452,540.42
	38,660,846.12

	3/14/2015
	46,457,532.20
	38,665,000.61

18
Letter Agreement dated May 1, 2014

	
			
	3/15/2015
	46,462,524.52
	38,669,155.54

	3/16/2015
	46,467,517.37
	38,673,310.92

	3/17/2015
	46,472,510.76
	38,677,466.75

	3/18/2015
	46,477,504.68
	38,681,623.02

	3/19/2015
	46,482,499.15
	38,685,779.74

	3/20/2015
	46,487,494.15
	38,689,936.90

	3/21/2015
	46,492,489.68
	38,694,094.52

	3/22/2015
	46,497,485.75
	38,698,252.58

	3/23/2015
	46,502,482.36
	38,702,411.08

	3/24/2015
	46,507,479.51
	38,706,570.03

	3/25/2015
	46,512,477.19
	38,710,729.43

	3/26/2015
	46,517,475.41
	38,714,889.28

	3/27/2015
	46,522,474.17
	38,719,049.57

	3/28/2015
	46,527,473.47
	38,723,210.31

	3/29/2015
	46,532,473.30
	38,727,371.50

	3/30/2015
	46,537,473.67
	38,731,533.14

	3/31/2015
	46,542,474.58
	38,735,695.22

	4/1/2015
	46,547,476.02
	38,739,857.75

	4/2/2015
	46,552,478.00
	38,744,020.72

	4/3/2015
	46,557,480.52
	38,748,184.15

	4/4/2015
	46,562,483.58
	38,752,348.02

	4/5/2015
	46,567,487.17
	38,756,512.34

	4/6/2015
	46,572,491.30
	38,760,677.11

	4/7/2015
	46,577,495.97
	38,764,842.32

	4/8/2015
	46,582,501.18
	38,769,007.98

	4/9/2015
	46,587,506.93
	38,773,174.09

	4/10/2015
	46,592,513.21
	38,777,340.65

	4/11/2015
	46,597,520.03
	38,781,507.65

	4/12/2015
	46,602,527.39
	38,785,675.10

	4/13/2015
	46,607,535.29
	38,789,843.00

	4/14/2015
	46,612,543.72
	38,794,011.35

	4/15/2015
	46,617,552.70
	38,798,180.15

	4/16/2015
	46,622,562.21
	38,802,349.39

	4/17/2015
	46,627,572.26
	38,806,519.08

	4/18/2015
	46,632,582.85
	38,810,689.22

	4/19/2015
	46,637,593.98
	38,814,859.81

	4/20/2015
	46,642,605.64
	38,819,030.85

	4/21/2015
	46,647,617.85
	38,823,202.33

	4/22/2015
	46,652,630.59
	38,827,374.27

	4/23/2015
	46,657,643.87
	38,831,546.65

	4/24/2015
	46,662,657.69
	38,835,719.48

	4/25/2015
	46,667,672.05
	38,839,892.75

	4/26/2015
	46,672,686.95
	38,844,066.48

19
Letter Agreement dated May 1, 2014

	
			
	4/27/2015
	46,677,702.38
	38,848,240.66

	4/28/2015
	46,682,718.36
	38,852,415.28

	4/29/2015
	46,687,734.87
	38,856,590.35

	4/30/2015
	46,692,751.93
	38,860,765.87

	5/1/2015
	46,697,769.52
	38,864,941.84

	5/2/2015
	46,702,787.65
	38,869,118.26

	5/3/2015
	46,707,806.32
	38,873,295.13

	5/4/2015
	46,712,825.54
	38,877,472.44

	5/5/2015
	46,717,845.29
	38,881,650.21

	5/6/2015
	46,722,865.58
	38,885,828.42

	5/7/2015
	46,727,886.40
	38,890,007.08

	5/8/2015
	46,732,907.77
	38,894,186.20

	5/9/2015
	46,737,929.68
	38,898,365.76

	5/10/2015
	46,742,952.13
	38,902,545.77

	5/11/2015
	46,747,975.12
	38,906,726.23

	5/12/2015
	46,752,998.64
	38,910,907.13

	5/13/2015
	46,758,022.71
	38,915,088.49

	5/14/2015
	46,763,047.32
	38,919,270.30

	5/15/2015
	46,768,072.46
	38,923,452.55

	5/16/2015
	46,773,098.15
	38,927,635.26

	5/17/2015
	46,778,124.38
	38,931,818.42

	5/18/2015
	46,783,151.14
	38,936,002.02

	5/19/2015
	46,788,178.45
	38,940,186.07

	5/20/2015
	46,793,206.30
	38,944,370.58

	5/21/2015
	46,798,234.69
	38,948,555.53

	5/22/2015
	46,803,263.62
	38,952,740.94

	5/23/2015
	46,808,293.08
	38,956,926.79

	5/24/2015
	46,813,323.09
	38,961,113.09

	5/25/2015
	46,818,353.64
	38,965,299.84

	5/26/2015
	46,823,384.73
	38,969,487.05

	5/27/2015
	46,828,416.36
	38,973,674.70

	5/28/2015
	46,833,448.53
	38,977,862.80

	5/29/2015
	46,838,481.25
	38,982,051.35

	5/30/2015
	46,843,514.50
	38,986,240.36

	5/31/2015
	46,848,548.29
	38,990,429.81

	6/1/2015
	46,853,582.63
	38,994,619.71

	6/2/2015
	46,858,617.50
	38,998,810.07

	6/3/2015
	46,863,652.92
	39,003,000.87

	6/4/2015
	46,868,688.88
	39,007,192.12

	6/5/2015
	46,873,725.38
	39,011,383.83

	6/6/2015
	46,878,762.42
	39,015,575.98

	6/7/2015
	46,883,800.00
	39,019,768.59

	6/8/2015
	46,888,838.12
	39,023,961.64

20
Letter Agreement dated May 1, 2014

	
			
	6/9/2015
	46,893,876.79
	39,028,155.15

	6/10/2015
	46,898,915.99
	39,032,349.11

	6/11/2015
	46,903,955.74
	39,036,543.52

	6/12/2015
	46,908,996.03
	39,040,738.37

	6/13/2015
	46,914,036.86
	39,044,933.68

	6/14/2015
	46,919,078.23
	39,049,129.44

	6/15/2015
	46,924,120.15
	39,053,325.65

	6/16/2015
	46,929,162.60
	39,057,522.32

	6/17/2015
	46,934,205.60
	39,061,719.43

	6/18/2015
	46,939,249.14
	39,065,916.99

	6/19/2015
	46,944,293.22
	39,070,115.01

	6/20/2015
	46,949,337.84
	39,074,313.47

	6/21/2015
	46,954,383.01
	39,078,512.39

	6/22/2015
	46,959,428.72
	39,082,711.76

	6/23/2015
	46,964,474.97
	39,086,911.58

	6/24/2015
	46,969,521.76
	39,091,111.85

	6/25/2015
	46,974,569.09
	39,095,312.57

	6/26/2015
	46,979,616.97
	39,099,513.75

	6/27/2015
	46,984,665.39
	39,103,715.37

	6/28/2015
	46,989,714.35
	39,107,917.45

	6/29/2015
	46,994,763.86
	39,112,119.98

	6/30/2015
	46,999,813.90
	39,116,322.96

	7/1/2015
	47,004,864.49
	39,120,526.39

	7/2/2015
	47,009,915.63
	39,124,730.27

	7/3/2015
	47,014,967.30
	39,128,934.61

	7/4/2015
	47,020,019.52
	39,133,139.39

	7/5/2015
	47,025,072.28
	39,137,344.63

	7/6/2015
	47,030,125.58
	39,141,550.32

	7/7/2015
	47,035,179.43
	39,145,756.46

	7/8/2015
	47,040,233.82
	39,149,963.06

	7/9/2015
	47,045,288.75
	39,154,170.11

	7/10/2015
	47,050,344.23
	39,158,377.60

	7/11/2015
	47,055,400.25
	39,162,585.55

	7/12/2015
	47,060,456.81
	39,166,793.96

	7/13/2015
	47,065,513.92
	39,171,002.81

	7/14/2015
	47,070,571.57
	39,175,212.12

	7/15/2015
	47,075,629.76
	39,179,421.88

	7/16/2015
	46,230,188.12
	38,500,142.65

	7/17/2015
	46,235,156.00
	38,504,279.87

	7/18/2015
	46,240,124.42
	38,508,417.53

	7/19/2015
	46,245,093.37
	38,512,555.64

	7/20/2015
	46,250,062.86
	38,516,694.19

	7/21/2015
	46,255,032.88
	38,520,833.18

21
Letter Agreement dated May 1, 2014

	
			
	7/22/2015
	46,260,003.44
	38,524,972.62

	7/23/2015
	46,264,974.53
	38,529,112.51

	7/24/2015
	46,269,946.15
	38,533,252.84

	7/25/2015
	46,274,918.31
	38,537,393.61

	7/26/2015
	46,279,891.00
	38,541,534.83

	7/27/2015
	46,284,864.23
	38,545,676.50

	7/28/2015
	46,289,837.99
	38,549,818.61

	7/29/2015
	46,294,812.29
	38,553,961.16

	7/30/2015
	46,299,787.12
	38,558,104.16

	7/31/2015
	46,304,762.48
	38,562,247.61

	8/1/2015
	46,309,738.38
	38,566,391.50

	8/2/2015
	46,314,714.82
	38,570,535.84

	8/3/2015
	46,319,691.79
	38,574,680.62

	8/4/2015
	46,324,669.29
	38,578,825.84

	8/5/2015
	46,329,647.33
	38,582,971.52

	8/6/2015
	46,334,625.90
	38,587,117.63

	8/7/2015
	46,339,605.01
	38,591,264.20

	8/8/2015
	46,344,584.66
	38,595,411.21

	8/9/2015
	46,349,564.84
	38,599,558.66

	8/10/2015
	46,354,545.55
	38,603,706.56

	8/11/2015
	46,359,526.80
	38,607,854.91

	8/12/2015
	46,364,508.58
	38,612,003.70

	8/13/2015
	46,369,490.90
	38,616,152.94

	8/14/2015
	46,374,473.76
	38,620,302.62

	8/15/2015
	46,379,457.15
	38,624,452.75

	8/16/2015
	46,384,441.08
	38,628,603.32

	8/17/2015
	46,389,425.54
	38,632,754.35

	8/18/2015
	46,394,410.54
	38,636,905.81

	8/19/2015
	46,399,396.07
	38,641,057.73

	8/20/2015
	46,404,382.14
	38,645,210.09

	8/21/2015
	46,409,368.74
	38,649,362.89

	8/22/2015
	46,414,355.88
	38,653,516.14

	8/23/2015
	46,419,343.56
	38,657,669.84

	8/24/2015
	46,424,331.77
	38,661,823.99

	8/25/2015
	46,429,320.52
	38,665,978.58

	8/26/2015
	46,434,309.81
	38,670,133.62

	8/27/2015
	46,439,299.63
	38,674,289.10

	8/28/2015
	46,444,289.98
	38,678,445.03

	8/29/2015
	46,449,280.88
	38,682,601.41

	8/30/2015
	46,454,272.31
	38,686,758.23

	8/31/2015
	46,459,264.27
	38,690,915.50

	9/1/2015
	46,464,256.78
	38,695,073.22

	9/2/2015
	46,469,249.81
	38,699,231.38

22
Letter Agreement dated May 1, 2014

	
			
	9/3/2015
	46,474,243.39
	38,703,389.99

	9/4/2015
	46,479,237.50
	38,707,549.05

	9/5/2015
	46,484,232.15
	38,711,708.56

	9/6/2015
	46,489,227.34
	38,715,868.51

	9/7/2015
	46,494,223.06
	38,720,028.91

	9/8/2015
	46,499,219.32
	38,724,189.75

	9/9/2015
	46,504,216.11
	38,728,351.05

	9/10/2015
	46,509,213.45
	38,732,512.79

	9/11/2015
	46,514,211.32
	38,736,674.97

	9/12/2015
	46,519,209.72
	38,740,837.61

	9/13/2015
	46,524,208.67
	38,745,000.69

	9/14/2015
	46,529,208.15
	38,749,164.22

	9/15/2015
	46,534,208.17
	38,753,328.20

	9/16/2015
	46,539,208.72
	38,757,492.62

	9/17/2015
	46,544,209.82
	38,761,657.49

	9/18/2015
	46,549,211.45
	38,765,822.81

	9/19/2015
	46,554,213.62
	38,769,988.58

	9/20/2015
	46,559,216.32
	38,774,154.79

	9/21/2015
	46,564,219.56
	38,778,321.46

	9/22/2015
	46,569,223.34
	38,782,488.57

	9/23/2015
	46,574,227.66
	38,786,656.12

	9/24/2015
	46,579,232.52
	38,790,824.13

	9/25/2015
	46,584,237.91
	38,794,992.58

	9/26/2015
	46,589,243.85
	38,799,161.48

	9/27/2015
	46,594,250.32
	38,803,330.83

	9/28/2015
	46,599,257.32
	38,807,500.63

	9/29/2015
	46,604,264.87
	38,811,670.88

	9/30/2015
	46,609,272.95
	38,815,841.57

	10/1/2015
	46,614,281.58
	38,820,012.71

	10/2/2015
	46,619,290.74
	38,824,184.30

	10/3/2015
	46,624,300.44
	38,828,356.34

	10/4/2015
	46,629,310.67
	38,832,528.83

	10/5/2015
	46,634,321.45
	38,836,701.76

	10/6/2015
	46,639,332.76
	38,840,875.15

	10/7/2015
	46,644,344.62
	38,845,048.98

	10/8/2015
	46,649,357.01
	38,849,223.26

	10/9/2015
	46,654,369.94
	38,853,397.99

	10/10/2015
	46,659,383.40
	38,857,573.16

	10/11/2015
	46,664,397.41
	38,861,748.79

	10/12/2015
	46,669,411.96
	38,865,924.87

	10/13/2015
	46,674,427.04
	38,870,101.39

	10/14/2015
	46,679,442.67
	38,874,278.36

	10/15/2015
	46,684,458.83
	38,878,455.78

23
Letter Agreement dated May 1, 2014

	
			
	10/16/2015
	46,689,475.53
	38,882,633.65

	10/17/2015
	46,694,492.77
	38,886,811.97

	10/18/2015
	46,699,510.55
	38,890,990.74

	10/19/2015
	46,704,528.87
	38,895,169.96

	10/20/2015
	46,709,547.73
	38,899,349.63

	10/21/2015
	46,714,567.13
	38,903,529.74

	10/22/2015
	46,719,587.06
	38,907,710.31

	10/23/2015
	46,724,607.54
	38,911,891.32

	10/24/2015
	46,729,628.56
	38,916,072.78

	10/25/2015
	46,734,650.11
	38,920,254.70

	10/26/2015
	46,739,672.21
	38,924,437.06

	10/27/2015
	46,744,694.84
	38,928,619.87

	10/28/2015
	46,749,718.02
	38,932,803.13

	10/29/2015
	46,754,741.73
	38,936,986.84

	10/30/2015
	46,759,765.99
	38,941,171.00

	10/31/2015
	46,764,790.78
	38,945,355.61

	11/1/2015
	46,769,816.11
	38,949,540.67

	11/2/2015
	46,774,841.99
	38,953,726.18

	11/3/2015
	46,779,868.40
	38,957,912.14

	11/4/2015
	46,784,895.36
	38,962,098.55

	11/5/2015
	46,789,922.85
	38,966,285.41

	11/6/2015
	46,794,950.89
	38,970,472.72

	11/7/2015
	46,799,979.46
	38,974,660.47

	11/8/2015
	46,805,008.58
	38,978,848.68

	11/9/2015
	46,810,038.23
	38,983,037.34

	11/10/2015
	46,815,068.43
	38,987,226.45

	11/11/2015
	46,820,099.17
	38,991,416.01

	11/12/2015
	46,825,130.45
	38,995,606.02

	11/13/2015
	46,830,162.26
	38,999,796.48

	11/14/2015
	46,835,194.62
	39,003,987.39

	11/15/2015
	46,840,227.52
	39,008,178.75

	11/16/2015
	46,845,260.96
	39,012,370.56

	11/17/2015
	46,850,294.94
	39,016,562.82

	11/18/2015
	46,855,329.47
	39,020,755.53

	11/19/2015
	46,860,364.53
	39,024,948.69

	11/20/2015
	46,865,400.14
	39,029,142.30

	11/21/2015
	46,870,436.28
	39,033,336.37

	11/22/2015
	46,875,472.97
	39,037,530.88

	11/23/2015
	46,880,510.20
	39,041,725.84

	11/24/2015
	46,885,547.97
	39,045,921.26

	11/25/2015
	46,890,586.28
	39,050,117.13

	11/26/2015
	46,895,625.13
	39,054,313.44

	11/27/2015
	46,900,664.52
	39,058,510.21

24
Letter Agreement dated May 1, 2014

	
			
	11/28/2015
	46,905,704.46
	39,062,707.43

	11/29/2015
	46,910,744.93
	39,066,905.10

	11/30/2015
	46,915,785.95
	39,071,103.22

	12/1/2015
	46,920,827.51
	39,075,301.79

	12/2/2015
	46,925,869.61
	39,079,500.82

	12/3/2015
	46,930,912.26
	39,083,700.29

	12/4/2015
	46,935,955.44
	39,087,900.22

	12/5/2015
	46,940,999.17
	39,092,100.59

	12/6/2015
	46,946,043.44
	39,096,301.42

	12/7/2015
	46,951,088.25
	39,100,502.70

	12/8/2015
	46,956,133.61
	39,104,704.44

	12/9/2015
	46,961,179.50
	39,108,906.62

	12/10/2015
	46,966,225.94
	39,113,109.25

	12/11/2015
	46,971,272.92
	39,117,312.34

	12/12/2015
	46,976,320.44
	39,121,515.88

	12/13/2015
	46,981,368.51
	39,125,719.87

	12/14/2015
	46,986,417.12
	39,129,924.31

	12/15/2015
	46,991,466.27
	39,134,129.20

	12/16/2015
	46,996,515.96
	39,138,334.55

	12/17/2015
	47,001,566.19
	39,142,540.34

	12/18/2015
	47,006,616.97
	39,146,746.59

	12/19/2015
	47,011,668.29
	39,150,953.29

	12/20/2015
	47,016,720.16
	39,155,160.45

	12/21/2015
	47,021,772.56
	39,159,368.05

	12/22/2015
	47,026,825.51
	39,163,576.11

	12/23/2015
	47,031,879.01
	39,167,784.62

	12/24/2015
	47,036,933.04
	39,171,993.58

	12/25/2015
	47,041,987.62
	39,176,202.99

	12/26/2015
	47,047,042.74
	39,180,412.86

	12/27/2015
	47,052,098.41
	39,184,623.18

	12/28/2015
	47,057,154.61
	39,188,833.95

	12/29/2015
	47,062,211.37
	39,193,045.17

	12/30/2015
	47,067,268.66
	39,197,256.85

	12/31/2015
	47,072,326.50
	39,201,468.98

	1/1/2016
	47,077,384.88
	39,205,681.56

	1/2/2016
	47,082,443.81
	39,209,894.59

	1/3/2016
	47,087,503.28
	39,214,108.08

	1/4/2016
	47,092,563.29
	39,218,322.02

	1/5/2016
	47,097,623.85
	39,222,536.41

	1/6/2016
	47,102,684.95
	39,226,751.26

	1/7/2016
	47,107,746.59
	39,230,966.55

	1/8/2016
	47,112,808.78
	39,235,182.30

	1/9/2016
	47,117,871.51
	39,239,398.51

25
Letter Agreement dated May 1, 2014

	
			
	1/10/2016
	47,122,934.79
	39,243,615.17

	1/11/2016
	47,127,998.61
	39,247,832.28

	1/12/2016
	47,133,062.97
	39,252,049.84

	1/13/2016
	47,138,127.88
	39,256,267.86

	1/14/2016
	47,143,193.33
	39,260,486.33

26
Letter Agreement dated May 1, 2014

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00230-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00230-of-00352.parquet"}]]