Document:

EX-10.1

CONFIDENTIAL TREATMENT REQUESTED

Barclays Bank PLC

5 The North Colonnade

Canary Wharf, London E14 4BB

Facsimile: +44(20)77736461

Telephone: +44 (20) 777
36810

c/o Barclays Capital Inc.

as Agent for Barclays Bank
PLC

	 	 	 
	DATE:

TO:

ATTENTION:

TELEPHONE:

FACSIMILE:

FROM:

TELEPHONE:

SUBJECT:
	 	745 Seventh Ave

New York, NY 10019

Telephone: +1 212 412 4000

December 4, 2013

RAIT Financial Trust

Cira Centre

2929 Arch Street, 17th Floor

Philadelphia, PA 19104

Chief Financial Officer

+1 215 243 9120

+1 215 405 2945

Barclays Capital Inc., acting as Agent for Barclays Bank PLC

+1 212 412 4000

Base Capped Call Option Transaction

The purpose of this letter agreement (this “Confirmation”) is to confirm the terms and
conditions of the Transaction entered into between Barclays Bank PLC (“Barclays”), through its
agent Barclays Capital Inc. (the “Agent”), and RAIT Financial Trust (“Counterparty”) on the Trade
Date specified below (the “Transaction”). This Confirmation constitutes a “Confirmation” as
referred to in the Master Agreement specified below. Barclays is authorized by the Prudential
Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation
Authority. Barclays Bank PLC is not a member of the Securities Investor Protection Corporation
(“SIPC”).

The definitions and provisions contained in the 2002 ISDA Equity Derivatives Definitions (the
“Equity Definitions”), as published by the International Swaps and Derivatives Association, Inc.,
are incorporated into this Confirmation. In the event of any inconsistency between the Equity
Definitions and this Confirmation, this Confirmation shall govern. For purposes of the Equity
Definitions, this Transaction shall be deemed to be a Share Option Transaction.

Each party is hereby advised, and each such party acknowledges, that the other party has
engaged in, or refrained from engaging in, substantial financial transactions and has taken other
material actions in reliance upon the parties’ entry into the Transaction to which this
Confirmation relates on the terms and conditions set forth below.

1. This Confirmation evidences a complete and binding agreement between Barclays and Counterparty
as to the terms of the Transaction to which this Confirmation relates. This Confirmation shall
supplement, form a part of, and be subject to, an agreement in the form of the ISDA 1992 Master
Agreement (Multicurrency – Cross Border) (the “Agreement”) as if Barclays and Counterparty had
executed an agreement in such form (without any Schedule but with the “Cross-Default” provisions of
Section 5(a)(vi) applicable to Counterparty with a “Threshold” of $25,000,000 and with such other
elections set forth in this Confirmation) on the Trade Date. In the event of any inconsistency
between provisions of the Agreement and this Confirmation, this Confirmation will prevail for the
purpose of the Transaction. The parties hereby agree that no Transaction other than the
Transaction to which this Confirmation relates shall be governed by the Agreement.

2. The terms of the particular Transaction to which this Confirmation relates are as follows:

	 	 	 
	General Terms:
	Trade Date:
	 	December 4, 2013

	Components:
	 	The Transaction will be divided into individual

Components, each with the terms set forth in

this Confirmation, and, in particular, with the

Number of Options and Expiration Date set forth

in Schedule A to this Confirmation. The

exercise, valuation and settlement of the

Transaction will be effected separately for each

Component as if each Component were a separate

Transaction under the Agreement.

	 	 	 

	Option Style:
	 	European

	Option Type:
	 	Call

	Seller:
	 	Barclays

	Buyer:
	 	Counterparty

	Shares:
	 	The common stock, par value USD 0.03 per share,

of Counterparty (Ticker symbol “RAS”).

	Number of Options:
	 	For each Component, as provided in Schedule B to

this Confirmation.

	 	 	 

	Option Entitlement:
	 	One Share per Option

	Strike Price:
	 	As provided in Schedule A to this Confirmation.

	 	 	 

	Cap Price:
	 	As provided in Schedule A to this Confirmation.

	 	 	 

	Premium:
	 	As provided in Schedule A to this Confirmation.

	 	 	 

	Premium Payment Date:
	 	December 10, 2013

	Exchange:
	 	The New York Stock Exchange.

	Related Exchange(s):
	 	All Exchanges.

	Calculation Agent:
	 	Barclays.

	Disrupted Day:
	 	The definition of “Disrupted Day” in Section 6.4

of the Equity Definitions shall be amended by

adding the following sentence after the first

sentence: “A Scheduled Trading Day on which a

Related Exchange fails to open during its

regular trading session will not be a Disrupted

Day if the Calculation Agent determines that

such failure will not have a material impact on

Barclays’s ability to unwind any related hedging

transactions related to the Transaction.”

	Procedures for Exercise:
	In respect of any Component
	Expiration Time:
	 	The Valuation Time.

	Expiration Date:
	 	As provided in Schedule B to this Confirmation

(or, if such date is not a Scheduled Trading

Day, the next following Scheduled Trading Day

that is not already an Expiration Date for

another Component); provided that if that date

is a Disrupted Day, the Expiration Date for such

Component shall be the first succeeding

Scheduled Trading Day that is not a Disrupted

Day and is not or is not deemed to be an

Expiration Date in respect of any other

Component of the Transaction hereunder; and

provided further that if the Expiration Date has

not occurred pursuant to the preceding proviso

as of the Final Disruption Date, the Calculation

Agent shall have the right to elect, in its sole

discretion, that the Final Disruption Date shall

be the Expiration Date (irrespective of whether

such date is a Disrupted Day or an Expiration

Date in respect of any other Component for the

Transaction) and the Settlement Price for the

Final Disruption Date shall be determined by the

Calculation Agent in a commercially reasonable

manner. Notwithstanding the foregoing and

anything to the contrary in the Equity

Definitions, if a Market Disruption Event occurs

on any Expiration Date, (i) the Calculation

Agent may determine that such Expiration Date is

a Disrupted Day only in part, in which case the

Calculation Agent shall make adjustments to the

Number of Options for the relevant Component for

which such day shall be the Expiration Date and

shall designate the Scheduled Trading Day

determined in the manner described in the

immediately preceding sentence as the Expiration

Date for the remaining Warrants for such

Component and (ii) the Settlement Price for such

Disrupted Day may be adjusted by the Calculation

Agent as appropriate on the basis of the nature

and duration of the relevant Market Disruption

Event. Any day on which the Exchange is

scheduled as of the Trade Date to close prior to

its normal closing time shall be considered a

Disrupted Day in whole. Section 6.6 of the

Equity Definitions shall not apply to any

Valuation Date occurring on an Expiration Date.

	 	 	 

	Final Disruption Date:
	 	As provided in Schedule A to this Confirmation.

	 	 	 

	Automatic Exercise:
	 	Applicable; and means that the Number of Options

for the relevant Component will be deemed to be

automatically exercised at the Expiration Time

on the Expiration Date for such Component if at

such time such Component is In-the-Money, as

determined by the Calculation Agent, unless

Buyer notifies Seller (by telephone or in

writing) prior to the Expiration Time on such

Expiration Date that it does not wish Automatic

Exercise to occur with respect to such

Component, in which case Automatic Exercise will

not apply with respect to such Component.

“In-the-Money” means, in respect of any

Component, that the VWAP Price on the Expiration

Date for such Component is greater than the

Strike Price for such Component.

	Market Disruption Event:
	 	Section 6.3(a) of the Equity Definitions shall

be amended (i) by deleting the words “at any

time during the one hour period that ends at the

relevant Valuation Time, Latest Exercise Time,

Knock-in Valuation Time or Knock-out Valuation

Time, as the case may be” and replacing them

with the words “at any time during the regular

trading session on the Exchange, without regard

to after hours or any other trading outside of

the regular trading session hours”; (ii) by

amending and restating clause (a)(iii) thereof

in its entirety to read as follows: “(iii) an

Early Closure that the Calculation Agent

determines is material”; and (iii) by adding the

words “, (iv) a Regulatory Disruption or (v) a

Liquidity Event” after clause (a)(iii) as

restated above.

Section 6.3(d) of the Equity Definitions is

hereby amended by deleting the remainder of the

provision following the term “Scheduled Closing

Time” in the fourth line thereof.

	Regulatory Disruption:
	 	A “Regulatory Disruption” shall occur if

Barclays determines in its reasonable discretion

that it is appropriate in light of legal,

regulatory or self-regulatory requirements or

related policies or procedures for Barclays to

refrain from all or any part of the market

activity in which it would otherwise engage in

connection with this Transaction.

	Liquidity Event:
	 	A “Liquidity Event” shall occur if on any day

the trading volume or liquidity of trading in

the Shares is materially reduced from levels

prevailing on the Trade Date and the Calculation

Agent determines in its commercially reasonable

discretion that as a result it would be

appropriate to treat such day as a Disrupted Day

or a partially Disrupted Day.

	Valuation:
In respect of any Component
	Valuation Time:
	 	Scheduled Closing Time; provided that if the

principal trading session is extended, the

Calculation Agent shall determine the Valuation

Time in its reasonable discretion.

	Valuation Date:
	 	The Expiration Date.

	Settlement Terms:
	In respect of any Component
	Settlement Method Election:
	 	Applicable; provided that the same Settlement

Method shall apply to all Components; and

provided further that references in the Equity

Definitions to “Physical Settlement” shall be

deemed to be references to “Net Share

Settlement” as defined herein; and provided

further that Counterparty may elect Cash

Settlement only if at the time of such election

it provides to Barclays a written statement that

the representations contained in paragraph 5(m)

below are true and correct as of and as if made

on the date of such election.

	Electing Party:
	 	Counterparty.

	Settlement Method Election Date:
	 	The tenth Scheduled Trading Day prior to the

scheduled Expiration Date for the first

Component.

	Settlement Currency:
	 	USD

	Default Settlement Method:
	 	Net Share Settlement.

	VWAP Price:
	 	For any Exchange Business Day, the dollar volume

weighted average price per Share for that

Exchange Business Day based on transactions

executed during that Exchange Business Day on

the Exchange, as reported on Bloomberg Page “RAS

<Equity> AQR” (or any successor thereto),

or in the event such price is not so reported on

such Exchange Business Day for any reason, as

reasonably determined by the Calculation Agent.

	Cash Settlement Terms:
	 	

	Cash Settlement:
	 	If Cash Settlement applies, on the relevant Cash

Settlement Payment Date for such Component,

Barclays shall pay to Counterparty an amount

equal to the Cash Settlement Amount for such

Component to the account specified by

Counterparty.

	Cash Settlement Amount:
	 	For each Component, an amount, as calculated by

the Calculation Agent, equal to (i) the Strike

Price Differential for such Component,

multiplied by (ii) the Number of Options for

such Component, multiplied by (iii) the Option

Entitlement as of the Expiration Date for such

Component.

	Strike Price Differential:
	 	For any Component:

	 	 	(i) if the VWAP Price on the Expiration Date for

such Component exceeds the Strike Price for such

Component but is less than the Cap Price for

such Component, an amount equal to the excess of

such VWAP Price over such Strike Price;

(ii) if the VWAP Price on the Expiration Date

for such Component equals or exceeds the Cap

Price for such Component, an amount equal to the

excess of such Cap Price over the Strike Price

for such Component; or

(iii) if the VWAP Price on the Expiration Date

for such Component is less than or equal to the

Strike Price for such Component, zero.

	Cash Settlement Payment Date:
	 	For all Components, the third Scheduled Trading

Day after the Expiration Date for the Component

with the latest scheduled Expiration Date.

	Net Share Settlement Terms:
	 	

	Net Share Settlement:
	 	If Net Share Settlement applies, on the

Settlement Date for each Component, Barclays

shall deliver to Counterparty a number of Shares

equal to the Number of Shares to be Delivered

for such Component to the account specified by

Counterparty and cash in lieu of any fractional

shares for such Component valued at the VWAP

Price on the Expiration Date for such Component.

	Number of Shares to be Delivered:
	 	For any Component, subject to the last sentence

of Section 9.5 of the Equity Definitions:

	 	 	(i) if the VWAP Price on the Expiration Date for

such Component exceeds the Strike Price for such

Component but is less than the Cap Price for

such Component, a number of Shares equal to (i)

the product of (A) the excess of such VWAP Price

over such Strike Price, (B) the Number of

Options for such Component and (C) the Option

Entitlement, divided by (ii) such VWAP Price;

(ii) if the VWAP Price on the Expiration Date

for such Component equals or exceeds the Cap

Price for such Component, a number of Shares

equal to (i) the product of (A) the excess of

such Cap Price over the Strike Price for such

Component, (B) the Number of Options for such

Component and (C) the Option Entitlement,

divided by (ii) such VWAP Price; or

(iii) if the VWAP Price on the Expiration Date

for such Component is less than or equal to the

Strike Price for such Component, a number of

Shares equal to zero.

	Settlement Date:
	 	For all Components, one Settlement Cycle after

the Expiration Date for the Component with the

latest scheduled Expiration Date.

	Other Provisions Applicable to Net Share

Settlement:
	 	The provisions of Sections 9.1(c), 9.4 (except

that “Settlement Date” shall be as defined

above, unless a Market Disruption Event prevents

delivery of such Shares on that date), 9.8, 9.9,

9.10, 9.11 (as modified herein), 9.12 and 10.5

of the Equity Definitions will be applicable as

if “Physical Settlement” applied to the

Transaction.

	Representation and Agreement:
	 	The parties acknowledge that Barclays does not,

and shall not, make the agreement or the

representations set forth in Section 9.11 of the

Equity Definitions related to the restrictions

and limitations imposed by applicable securities

laws with respect to any Shares delivered by

Barclays to Counterparty hereunder.

	Dividends:
	Dividend Adjustment:
	 	If an ex-dividend date with respect to a

dividend (a “Declared Dividend”) that, together

with all other dividends with an ex-dividend

date in the same regular dividend period of

Counterparty, differs in amount from the Regular

Dividend occurs at any time from but excluding

the Trade Date to and including the Expiration

Date for any Component, or no ex-dividend date

occurs during any regular dividend period of

Counterparty, then in addition to any

adjustments as provided under “Adjustments”

below, the Calculation Agent will make

adjustments to the Cap Price in a commercially

reasonable manner to preserve for the parties

the intended economic benefits of such

Component.

	Regular Dividend:
	 	As provided in Schedule A to this Confirmation.

	 	 	 

	Adjustments:
	Adjustments to Strike Price:
	 	Notwithstanding Section 11.2(c) of the Equity

Definitions, upon any adjustment to the

“Conversion Rate” (as defined in the

Supplemental Indenture to be dated as of

December 10, 2013 between Counterparty and Wells

Fargo Bank, National Association (together with

the Base Indenture referenced therein, the

“Indenture”)), other than an increase in the

“Conversion Rate” pursuant to Sections 10.03 and

10.04(h) of the Indenture, the Calculation

Agent will make a corresponding adjustment to

the Strike Price. Counterparty agrees that it

will notify Barclays prior to the effectiveness

of any such adjustment and, to the extent such

adjustment requires an exercise of discretion by

Counterparty under the terms of the Indenture,

it shall consult with the Calculation Agent in

order to achieve a commercially reasonable

adjustment, determination or calculation.

	Method of Adjustment:
	 	Calculation Agent Adjustment; provided that the

Equity Definitions shall be amended by (x)

replacing the words “diluting or concentrative”

in Sections 11.2(a), 11.2(c) (in two instances)

and 11.2(e)(vii) with the word “material”, (y)

by adding the words “or the Transaction” after

the words “theoretical value of the relevant

Shares” in Section 11.2(a), 11.2(c) and

11.2(e)(vii) and (z) deleting the words “Strike

Price” from clause (A) of Section 11.2(c) and

replacing such words with “Cap Price”, and

inserting the words “(but not the Strike Price)”

after the phrase “any other variable relevant to

the exercise, settlement, payment or other terms

of that Transaction” in Section 11.2(c);

provided, further that adjustments may be made

to account for changes in volatility, expected

dividends, stock loan rate and liquidity

relative to the relevant Shares. In connection

with determining any such adjustment, the

Calculation Agent may, in its sole good faith

commercially reasonable discretion, take into

account analogous adjustments, if any, effected

to the “Conversion Rate” in accordance with the

Indenture (other than Sections 10.03 and

10.04(h) thereof), it being understood that the

Calculation Agent shall not, in its sole

discretion, be bound by such adjustment to the

Conversion Rate or limited to the events set

forth in Section 10.04 of the Indenture.

For the avoidance of doubt, no adjustments to

the Strike Price shall be effected pursuant to

Calculation Agent Adjustment.

	Extraordinary Events:
	New Shares:
	 	Section 12.1(i) of the Equity Definitions is

hereby amended by deleting the text in clause

(i) thereof in its entirety and replacing it

with the phrase “publicly quoted, traded or

listed on any of the New York Stock Exchange,

The NASDAQ Global Select Market or The NASDAQ

Global Market (or their respective successors)”.

	Share-for-Share:
	 	The definition of “Share-for-Share” set forth in

Section 12.1(f) of the Equity Definitions is

hereby amended by the deletion of the

parenthetical in clause (i) thereof.

	Consequence of Merger Events:
	Merger Event:
	 	Applicable; provided Section 12.1(b) of the

Equity Definitions is hereby amended by (i)

adding the words “or Issuer” after the words

“relevant Shares”; (ii) deleting the word “or”

after the parenthetical in line 10 thereof;

(iii) deleting the remainder of Section 12.1(b)

following the definition of “Reverse Merger” in

subsection (iv) thereof; (iv) adding the words

“(v) the sale or transfer of all or

substantially all of the assets of the Issuer,

(vi) any acquisition by Issuer or any of its

subsidiaries where the estimated value of the

aggregate consideration transferable by Issuer

or its subsidiaries exceeds 50% of the market

capitalization of the Issuer, in each case, as

determined by the Calculation Agent as of the

date such acquisition is first announced or

(vii) any lease, exchange, transfer, disposition

(including, without limitation, by way of

spin-off or distribution) of assets (including,

without limitation, any capital stock or other

ownership interests or other ownership interest

in the Issuer’s subsidiaries) or other similar

event by Issuer or any of its subsidiaries where

the estimated value of the aggregate

consideration transferable to or receivable by

Issuer or its subsidiaries exceeds 15% of the

market capitalization of the Issuer, in each

case, as determined by the Calculation Agent as

of the date such transaction is first announced”

after subsection (iv).

	Share-for-Share:
	 	Modified Calculation Agent Adjustment or

Cancellation and Payment (Calculation Agent

Determination), at the election of Barclays.

	Share-for-Other:
	 	Modified Calculation Agent Adjustment or

Cancellation and Payment (Calculation Agent

Determination), at the election of Barclays.

	Share-for-Combined:
	 	Modified Calculation Agent Adjustment or

Cancellation and Payment (Calculation Agent

Determination), at the election of Barclays.

	Consequence of Tender Offers:
	Tender Offer:
	 	Applicable

	Share-for-Share:
	 	Modified Calculation Agent Adjustment or

Cancellation and Payment (Calculation Agent

Determination), at the election of Barclays.

	Share-for-Other:
	 	Modified Calculation Agent Adjustment or

Cancellation and Payment (Calculation Agent

Determination), at the election of Barclays.

	Share-for-Combined:
	 	Modified Calculation Agent Adjustment or

Cancellation and Payment (Calculation Agent

Determination), at the election of Barclays.

	Modified Calculation Agent Adjustment:
	 	For greater certainty, the definition of

“Modified Calculation Agent Adjustment” in

Sections 12.2 and 12.3 of the Equity Definitions

shall be amended by (adding the following

italicized language after the stipulated

parenthetical provision: “(including adjustments

to account for changes in volatility, expected

dividends, stock loan rate or liquidity relevant

to the Shares or to the Transaction) from the

Exchange Business Day immediately preceding the

Announcement Date or the Determination Date, as

applicable, to the first Exchange Business Day

immediately following the Merger Date (Section

12.2) or Tender Offer Date (Section 12.3).”

	Announcement Date:
	 	The definition of “Announcement Date” in Section

12.1 of the Equity Definitions shall be amended

by (i) replacing the word “leads to the” in the

third and the fifth lines thereof with the words

“, if completed, would lead to a”; (ii)

replacing the words “voting shares” in the fifth

line thereof with the word “Shares”; (iii)

inserting the words “by any entity” after the

word “announcement” in the second and the fourth

lines thereof; (iv) replacing the words “a firm”

with the word “any” in the second and fourth

lines thereof; (v) inserting the words “or to

explore the possibility of engaging in” after

the words “engage in” in the second line

thereto; and (vi) inserting the words “or to

explore the possibility of purchasing or

otherwise obtaining” after the word “obtain” in

the fourth line thereto.

	Announcement Event:
	 	If an Announcement Event occurs, the Calculation

Agent will determine the economic effect of the

Announcement Event on the theoretical value of

this Transaction (including without limitation

any change in volatility, expected dividends,

stock loan rate or liquidity relevant to the

Shares or to this Transaction) from the

Announcement Date to the Expiration Date. If

such economic effect is material, the

Calculation Agent will adjust the terms of this

Transaction to reflect such economic effect.

“Announcement Event” shall mean the occurrence

of the Announcement Date of a Merger Event or

Tender Offer.

	Composition of Combined Consideration:
	 	Not Applicable; provided that, notwithstanding

Sections 12.5(b) and 12.1(f) of the Equity

Definitions, to the extent that the composition

of the consideration for the relevant Shares

pursuant to a Tender Offer or Merger Event could

be elected by an actual holder of the Shares,

the Calculation Agent will, in its sole

discretion, determine such composition.

	Nationalization, Insolvency or Delisting:
	 	Cancellation and Payment (Calculation Agent

Determination); provided that, in addition to

the provisions of Section 12.6(a)(iii) of the

Equity Definitions, it will also constitute a

Delisting if the Exchange is located in the

United States and the Shares are not immediately

re-listed, re-traded or re-quoted on any of the

New York Stock Exchange, The NASDAQ Global

Select Market or The NASDAQ Global Market (or

their respective successors); if the Shares are

immediately re-listed, re-traded or re-quoted on

any such exchange or quotation system, such

exchange or quotation system shall thereafter be

deemed to be the Exchange.

	Additional Disruption Events:
	Change in Law:
	 	Applicable; provided that Section 12.9(a)(ii) of

the Equity Definitions is hereby amended by (i)

replacing the phrase “the interpretation” in the

third line thereof with the phrase “, or public

announcement of, the formal or informal

interpretation”, (ii) by replacing the word

“Shares” where it appears in clause (X) thereof

with the words “Hedge Position” and (iii) by

immediately following the word “Transaction” in

clause (X) thereof, adding the phrase “in the

manner contemplated by the Hedging Party on the

Trade Date”.

	Failure to Deliver:
	 	Applicable.

	Insolvency Filing:
	 	Applicable; provided that the definition of

“Insolvency Filing” in Section 12.9 of the

Equity Definitions shall be amended by deleting

the clause “provided that proceedings instituted

or petitions presented by creditors and not

consented to by the Issuer shall not be deemed

an Insolvency Filing” at the end of such

definition and replacing it with the following:

	 	 	“; or it has instituted against it a proceeding

seeking a judgment of insolvency or bankruptcy

or any other relief under any bankruptcy or

insolvency law or other similar law affecting

creditors’ rights, or a petition is presented

for its winding-up or liquidation by a creditor

and such proceeding is not dismissed,

discharged, stayed or restrained in each case

within thirty (30) days of the institution or

presentation thereof.”

Section 12.9(b)(i) of the Equity Definitions is

hereby amended by adding the following sentence

at the end: “If neither party elects to

terminate the Transaction, the Calculation Agent

may adjust the terms of the Transaction upon the

occurrence of such an event pursuant to Modified

Calculation Agent Adjustment (as if such event

were a Tender Offer).”

	Hedging Disruption:
	 	Applicable

	Increased Cost of Hedging:
	 	Applicable

	Loss of Stock Borrow:
	 	Not Applicable

	Increased Cost of Stock Borrow:
	 	Not Applicable

	Hedging Party:
	 	Barclays or an affiliate of Barclays for all

applicable Additional Disruption Events.

	Hedge Positions:
	 	The definition of “Hedge Positions” in Section

13.2(b) of the Equity Definitions shall be

amended by inserting the words “or an affiliate

thereof” after the words “a party” in the third

line.

	Determining Party:
	 	Barclays for all applicable Extraordinary Events.

	Acknowledgments:
	Non-Reliance:
	 	Applicable.

	Agreements and Acknowledgments

Regarding Hedging Activities:
	 	

Applicable.

	Additional Acknowledgments:
	 	Applicable.

3. Mutual Representations, Warranties and Agreements.

In addition to the representations, warranties and agreements in the Agreement and those contained
elsewhere herein, each of Barclays and Counterparty represents and warrants to, and agrees with,
the other party that:

	 	(a)	 	Commodity Exchange Act. It is an “eligible contract participant” within the
meaning of Section 1a(18) of the U.S. Commodity Exchange Act, as amended (the “CEA”).
The Transaction has been subject to individual negotiation by the parties. The
Transaction has not been executed or traded on a “trading facility” as defined in the
CEA;

	 	(b)	 	Securities Act. It is a “qualified institutional buyer” as defined in Rule
144A under the Securities Act of 1933, as amended (the “Securities Act”), or an
“accredited investor” as defined in Section 2(a)(15)(ii) of the Securities Act; and

	 	(c)	 	ERISA. The assets used in the Transaction (1) are not assets of any “plan” (as
such term is defined in Section 4975 of the U.S. Internal Revenue Code (the “Code”))
subject to Section 4975 of the Code or any “employee benefit plan” (as such term is
defined in Section 3(3) of the U.S. Employee Retirement Income Security Act of 1974, as
amended (“ERISA”)) subject to Title I of ERISA, and (2) do not constitute “plan assets”
within the meaning of Department of Labor Regulation 2510.3-101, 29 CFR Section
2510-3-101.

4. Representations, Warranties and Agreements of Counterparty.

In addition to the representations and warranties in the Agreement and those contained elsewhere
herein, Counterparty further represents, warrants and agrees that:

	 	(a)	 	the representations and warranties of Counterparty set forth in Section 1 of
the Underwriting Agreement dated as of the Trade Date between Counterparty and Barclays
Capital Inc., as representative of the underwriters party thereto (the “Underwriting
Agreement”), are true and correct and are hereby deemed to be repeated to Barclays as
if set forth herein;

	 	(b)	 	Counterparty is not as of the Trade Date, and shall not be after giving effect
to the transactions contemplated hereby, “insolvent” (as such term is defined in
Section 101(32) of the U.S. Bankruptcy Code (Title 11 of the United States Code) (the
“Bankruptcy Code”)) and Counterparty would be able to purchase a number of Shares equal
to the Number of Shares in compliance with the laws of the jurisdiction of
Counterparty’s incorporation or organization;

	 	(c)	 	Counterparty shall immediately provide written notice to Barclays upon
obtaining knowledge of the occurrence of any event that would constitute an Event of
Default, a Potential Event of Default, a Potential Adjustment Event, a Merger Event or
any other Extraordinary Event; provided, however, that should Counterparty be in
possession of material non-public information regarding Counterparty, Counterparty
shall not communicate such information to Barclays;

	 	(d)	 	Counterparty has not and will not directly or indirectly violate any applicable
law (including, without limitation, the Securities Act and the Securities Exchange Act
of 1934, as amended (the “Exchange Act”), and the regulations promulgated thereunder)
in connection with the Transaction;

	 	(e)	 	Counterparty has (and shall at all times during the Transaction have) the
capacity and authority to invest directly in the Shares underlying the Transaction and
has not entered into the Transaction with the intent to avoid any regulatory filings;

	 	(f)	 	Counterparty’s financial condition is such that it has no need for liquidity
with respect to its investment in the Transaction and no need to dispose of any portion
thereof to satisfy any existing or contemplated undertaking or indebtedness;

	 	(g)	 	Counterparty’s investments in and liabilities in respect of the Transaction,
which it understands are not readily marketable, are not disproportionate to its net
worth, and Counterparty is able to bear any loss in connection with the Transaction,
including the loss of its entire investment in the Transaction;

	 	(h)	 	Counterparty understands, agrees and acknowledges that Barclays has no
obligation or intention to register the Transaction under the Securities Act, any state
securities law or other applicable federal securities law;

	 	(i)	 	each of Counterparty’s filings under the Securities Act, the Exchange Act, or
other applicable securities laws that are required to be filed have been filed and
that, as of the respective dates thereof and as of the date of this representation,
there is no misstatement of material fact contained therein or omission of a material
fact required to be stated therein or necessary to make the statements made therein, in
the light of the circumstances under which they were made, not misleading;

	 	(j)	 	Counterparty is not, and after giving effect to the transactions contemplated
hereby will not be, an “investment company” as such term is defined in the Investment
Company Act;

	 	(k)	 	Counterparty understands, agrees and acknowledges that no obligations of
Barclays to it hereunder shall be entitled to the benefit of deposit insurance and that
such obligations shall not be guaranteed by any affiliate of Barclays or any
governmental agency;

	 	(l)	 	(A) Counterparty is acting for its own account, and it has made its own
independent decisions to enter into the Transaction and as to whether the Transaction
is appropriate or proper for it based upon its own judgment and upon advice from such
advisers as it has deemed necessary, (B) Counterparty is not relying on any
communication (written or oral) of Barclays or any of its affiliates as investment
advice or as a recommendation to enter into the Transaction (it being understood that
information and explanations related to the terms and conditions of the Transaction
shall not be considered investment advice or a recommendation to enter into the
Transaction) and (C) no communication (written or oral) received from Barclays or any
of its affiliates shall be deemed to be an assurance or guarantee as to the expected
results of the Transaction;

	 	(m)	 	without limiting the generality of Section 13.1 of the Equity Definitions,
Counterparty acknowledges that Barclays is not making any representations or warranties
with respect to the treatment of the Transaction under any accounting standards
including ASC Topic 260, Earnings Per Share, ASC Topic 815, Derivatives and Hedging,
ASC Topic 480, Distinguishing Liabilities from Equity and ASC 815-40, Derivatives and
Hedging – Contracts in Entity’s Own Equity (or any successor issue statements) or under
FASB’s Liabilities & Equity Project;

	 	(n)	 	Counterparty is not entering into the Transaction for the purpose of (i)
creating actual or apparent trading activity in the Shares (or any security convertible
into or exchangeable for the Shares) or (ii) raising or depressing or otherwise
manipulating the price of the Shares (or any security convertible into or exchangeable
for the Shares) or otherwise in violation of the Exchange Act;

	 	(o)	 	Counterparty has not entered into any obligation or undertaking that would
contractually limit it from effecting Net Share Settlement or settlement under this
Transaction and it agrees not to enter into any such obligation or undertaking during
the term of this Transaction;

	 	(p)	 	No federal, state or local (including non-U.S. jurisdictions) law, rule,
regulation or regulatory order applicable to Counterparty or the Shares would give rise
to any reporting, consent, registration or other requirement (including without
limitation a requirement to obtain prior approval from any person or entity) as a
result of Barclays or its affiliates owning or holding (however defined) Shares, other
than Section 13(d) under the Exchange Act;

	 	(q)	 	Counterparty shall deliver to Barclays an opinion of counsel, dated as of the
Trade Date and reasonably acceptable to Barclays in form and substance, with respect to
the matters set forth in Section 3(a) of the Agreement;

	 	(r)	 	Counterparty represents that for the 1-year period ending on the Trade Date,
less than 50 percent in value of any class of its stock which is regularly traded on an
established securities market located in the United States was held directly or
indirectly by foreign persons; and

	 	(s)	 	Counterparty agrees that for the during the entire term of the Transaction,
less than 50 percent in value of any class of its stock which is regularly traded on an
established securities market located in the United States will be held directly or
indirectly by foreign persons. Counterparty agrees to monitor its stock ownership on a
daily basis and notify Barclays if on any day 50 percent or more in value of any class
of its stock which is regularly traded on an established securities market located in
the United States is held directly or indirectly by foreign persons.

5. Other Provisions:

	 	(a)	 	Repurchase Notices. Counterparty shall, on any day on which Counterparty
effects any repurchase of Shares, promptly give Barclays a written notice of such
repurchase (a “Repurchase Notice”) on such day if following such repurchase, the Option
Equity Percentage as determined on such day is (i) equal to or greater than 8.0% or
(ii) greater by 0.5% than the Option Equity Percentage included in the immediately
preceding Repurchase Notice (or, in the case of the first such Repurchase Notice,
greater than the Option Equity Percentage as of the Trade Date). The “Option Equity
Percentage” as of any day is the fraction (A) the numerator of which is the product of
the Number of Options and Option Entitlement and (B) the denominator of which is the
number of Shares outstanding on such day. Counterparty agrees to indemnify and hold
harmless Barclays and its affiliates and their respective officers, directors,
employees, affiliates, advisors, agents and controlling persons (each, an “Indemnified
Person”) from and against any and all losses (including losses relating to Barclays’
hedging activities as a consequence of becoming, or of the risk of becoming, a Section
16 “insider”, including without limitation, any forbearance from hedging activities or
cessation of hedging activities and any losses in connection therewith with respect to
the Transaction), claims, damages, judgments, liabilities and expenses (including
reasonable attorney’s fees), joint or several, which an Indemnified Person may become
subject to, as a result of Counterparty’s failure to provide Barclays with a Repurchase
Notice on the day and in the manner specified in this paragraph, and to reimburse,
within 30 days, upon written request, each of such Indemnified Persons for any
reasonable legal or other expenses incurred in connection with investigating, preparing
for, providing testimony or other evidence in connection with or defending any of the
foregoing. If any suit, action, proceeding (including any governmental or regulatory
investigation), claim or demand shall be brought or asserted against the Indemnified
Person in respect of the foregoing, such Indemnified Person shall promptly notify
Counterparty in writing, and Counterparty, upon request of the Indemnified Person,
shall retain counsel reasonably satisfactory to the Indemnified Person to represent the
Indemnified Person and any others Counterparty may designate in such proceeding and
shall pay the fees and expenses of such counsel related to such proceeding.
Counterparty shall not be liable for any settlement of any proceeding contemplated by
this paragraph that is effected without its written consent, but if settled with such
consent or if there be a final judgment for the plaintiff, Counterparty agrees to
indemnify any Indemnified Person from and against any loss or liability by reason of
such settlement or judgment. Counterparty shall not, without the prior written consent
of the Indemnified Person, effect any settlement of any pending or threatened
proceeding contemplated by this paragraph that is in respect of which any Indemnified
Person is or could have been a party and indemnity could have been sought hereunder by
such Indemnified Person, unless such settlement includes an unconditional release of
such Indemnified Person from all liability on claims that are the subject matter of
such proceeding on terms reasonably satisfactory to such Indemnified Person. If the
indemnification provided for in this paragraph is unavailable to an Indemnified Person
or insufficient in respect of any losses, claims, damages or liabilities referred to
therein, then Counterparty hereunder, in lieu of indemnifying such Indemnified Person
thereunder, shall contribute to the amount paid or payable by such Indemnified Person
as a result of such losses, claims, damages or liabilities. The remedies provided for
in this paragraph are not exclusive and shall not limit any rights or remedies which
may otherwise be available to any Indemnified Person at law or in equity. The
indemnity and contribution agreements contained in this paragraph shall remain
operative and in full force and effect regardless of the termination of the
Transaction.

	 	(b)	 	Rule 10b-18.

(i) Except as disclosed to Barclays in writing prior to the Trade Date,
Counterparty represents and warrants to Barclays that it has not made any purchases
of blocks by or for itself or any of its Affiliated Purchasers pursuant to the one
block purchase per week exception in Rule 10b-18(b)(4) under the Exchange Act during
each of the four calendar weeks preceding such date (“Rule 10b-18 purchase,”
“blocks” and “Affiliated Purchaser” each as defined in Rule 10b-18 under the
Exchange Act). Counterparty agrees and acknowledges that it shall not, and shall
cause its affiliates and Affiliated Purchasers not to, directly or indirectly
(including by means of a derivative instrument) enter into any transaction to
purchase any Shares during the period beginning on such date and ending on the day
on which Barclays has informed Counterparty in writing that it has completed all
purchases of Shares to hedge initially its exposure to the Transaction.

(ii) On any Expiration Date, neither Counterparty nor any “affiliate” or
“affiliated purchaser” (each as defined in Rule 10b-18 of the Exchange Act (“Rule
10b-18”)) shall directly or indirectly (including, without limitation, by means of
any cash-settled or other derivative instrument) purchase, offer to purchase, place
any bid or limit order that would effect a purchase of, or commence any tender offer
relating to, any Shares (or an equivalent interest, including a unit of beneficial
interest in a trust or limited partnership or a depository share) or any security
convertible into or exchangeable or exercisable for Shares, except through Barclays.

(iii) Counterparty agrees that it (A) will not, on any Expiration Date, make, or
permit to be made, any public announcement (as defined in Rule 165(f) under the
Securities Act) of any Merger Transaction or potential Merger Transaction unless
such public announcement is made prior to the opening or after the close of the
regular trading session on the Exchange for the Shares; (B) shall promptly (but in
any event prior to the next opening of the regular trading session on the Exchange)
notify Barclays following any such announcement that such announcement has been
made; and (C) shall promptly (but in any event prior to the next opening of the
regular trading session on the Exchange) provide Barclays with written notice
specifying (i) Counterparty’s average daily Rule 10b-18 Purchases (as defined in
Rule 10b-18) during the three full calendar months immediately preceding the
announcement date that were not effected through Barclays or its affiliates and (ii)
the number of Shares purchased pursuant to the proviso in Rule 10b-18(b)(4) under
the Exchange Act for the three full calendar months preceding the announcement date.
Such written notice shall be deemed to be a certification by Counterparty to
Barclays that such information is true and correct. In addition, Counterparty shall
promptly notify Barclays of the earlier to occur of the completion of such
transaction and the completion of the vote by target shareholders. “Merger
Transaction” means any merger, acquisition or similar transaction involving a
recapitalization as contemplated by Rule 10b-18(a)(13)(iv) under the Exchange Act.

	 	(c)	 	Regulation M. (x) Counterparty (A) was not on the Trade Date, has not since
such date, and is not on the date hereof, engaged in a distribution, as such term is
used in Regulation M under the Exchange Act, of any securities of Counterparty, other
than the distribution of the Convertible Notes (as defined below) and (B) shall not
engage in any “distribution,” as such term is defined in Regulation M, other than the
distribution of the Convertible Notes and a distribution meeting the requirements of
the exceptions set forth in sections 101(b)(10) and 102(b)(7) of Regulation M, until
the day on which Barclays has informed Counterparty in writing that it has completed
all purchases of Shares to hedge initially its exposure to the Transaction, and (y)(A)
on any Expiration Date, the Shares or securities that are convertible into, or
exchangeable or exercisable for Shares, are not, and shall not be, subject to a
“restricted period,” as defined in Regulation M and (B) Counterparty shall not engage
in any “distribution,” as such term is defined in Regulation M, other than a
distribution meeting the requirements of the exceptions set forth in sections
101(b)(10) and 102(b)(7) of Regulation M, until the second Exchange Business Day
following the final Expiration Date.

	 	(d)	 	Early Unwind. In the event the sale of Convertible Notes is not consummated
with the underwriters for any reason by the close of business in New York on December
10, 2013 (or such later date as agreed upon by the parties) (December 10, 2013 or such
later date as agreed upon being the “Early Unwind Date”), the Transaction shall
automatically terminate (the “Early Unwind”), on the Early Unwind Date and (i) the
Transaction and all of the respective rights and obligations of Barclays and
Counterparty under the Transaction shall be cancelled and terminated and (ii) each
party shall be released and discharged by the other party from and agrees not to make
any claim against the other party with respect to any obligations or liabilities of the
other party arising out of and to be performed in connection with the Transaction
either prior to or after the Early Unwind Date; provided that Counterparty shall
purchase from Barclays on the Early Unwind Date all Shares purchased by Barclays or one
of more of its affiliates and reimburse Barclays for any costs or expenses (including
market losses) relating to the unwinding of its hedging activities in connection with
the Transaction (including any loss or cost incurred as a result of its terminating,
liquidating, obtaining or reestablishing any hedge or related trading position). The
amount of any such reimbursement shall be determined by Barclays in its sole good faith
discretion. Barclays shall notify Counterparty of such amount and Counterparty shall
pay such amount in immediately available funds on the Early Unwind Date. Barclays and
Counterparty represent and acknowledge to the other that, subject to the proviso
included in this paragraph, upon an Early Unwind, all obligations with respect to the
Transaction shall be deemed fully and finally discharged. As used herein, “Convertible
Notes” means the USD 125,000,000 principal amount of 4.00% convertible senior notes due
October 2033 to be issued by Counterparty on or about the Premium Payment Date.

	 	(e)	 	Transfer or Assignment. Counterparty may not transfer or assign any of its
rights or obligations under the Transaction or the Agreement without the prior written
consent of Barclays. Notwithstanding any provision of the Agreement to the contrary,
Barclays may, subject to applicable law, freely transfer and assign all of its rights
and obligations under the Transaction or the Agreement without the consent of
Counterparty to any affiliate of Barclays, or to any third party with a rating (or
whose guarantor has a rating) for its long term, unsecured and unsubordinated
indebtedness of A- or better by Standard & Poor’s Ratings Services or its successor
(“S&P”), or A3 or better by Moody’s Investors Service, Inc. or its successor
(“Moody’s”) or, if either S&P or Moody’s ceases to rate such debt, at least an
equivalent rating or better by a substitute rating agency mutually agreed by
Counterparty and Barclays.

If at any time at which (1) the Equity Percentage exceeds 8.0% or (2) Barclays,
Barclays Group (as defined below) or any person whose ownership position would be
aggregated with that of Barclays or Barclays Group (Barclays, Barclays Group or any
such person, a “Barclays Person”) under any relevant state corporate law or state or
federal bank holding company or banking laws, or other federal, state or local laws,
regulations or regulatory orders applicable to ownership of Shares, including
without limitation Subtitles 6, 7 and 8 of Title 3 of the Maryland Corporations and
Associations Code (“Applicable Laws”), owns, beneficially owns, constructively owns,
controls, holds the power to vote or otherwise meets a relevant definition of
ownership in excess of a number of Shares equal to (x) the number of Shares that
would give rise to reporting or registration obligations or other requirements
(including obtaining prior approval by a state or federal regulator) of a Barclays
Person under Applicable Laws and with respect to which such requirements have not
been met or the relevant approval has not been received minus (y) 1.0% of the number
of Shares outstanding on the date of determination (either such condition described
in clause (1) or (2), an “Excess Ownership Position”) and Barclays is unable, after
commercially reasonable efforts, to effect a transfer or assignment on pricing terms
and within a time period reasonably acceptable to it of all or a portion of the
Transaction such that an Excess Ownership Position no longer exists, Barclays may
designate any Scheduled Trading Day as an Early Termination Date with respect to a
portion (the “Terminated Portion”) of the Transaction, such that an Excess Ownership
Position no longer exists. In the event that Barclays so designates an Early
Termination Date with respect to a portion of this Transaction, a payment shall be
made pursuant to Section 6 of the Agreement as if (x) an Early Termination Date had
been designated in respect of a Transaction having terms identical to this
Transaction and a Number of Shares equal to the Terminated Portion, (y) Counterparty
shall be the sole Affected Party with respect to such partial termination and (z)
such Transaction shall be the only Terminated Transaction (and, for the avoidance of
doubt, the provisions of paragraph 5(j) shall apply to any amount that is payable by
Barclays to Counterparty pursuant to this sentence). The “Equity Percentage” as of
any day is the fraction, expressed as a percentage, (A) the numerator of which is
the number of Shares that Barclays and any of its affiliates subject to aggregation
with Barclays, for purposes of the “beneficial ownership” test under Section 13 of
the Exchange Act, and all persons who may form a “group” (within the meaning of Rule
13d-5(b)(1) under the Exchange Act) with Barclays (“Barclays Group”), beneficially
own (within the meaning of Section 13 of the Exchange Act) on such day and (B) the
denominator of which is the number of Shares outstanding on such day.

	 	(f)	 	Staggered Settlement. Barclays may, by notice to Counterparty on or prior to
any Settlement Date (a “Nominal Settlement Date”), elect to deliver the Shares
deliverable on such Nominal Settlement Date on two or more dates (each, a “Staggered
Settlement Date”) or at two or more times on the Nominal Settlement Date as follows:
(i) in such notice, Barclays will specify to Counterparty the related Staggered
Settlement Dates (each of which will be on or prior to such Nominal Settlement Date,
but not prior to the beginning of the related Exercise Period) or delivery times and
how it will allocate the Shares it is required to deliver under the applicable
settlement method above among the Staggered Settlement Dates or delivery times; (ii)
the aggregate number of Shares that Barclays will deliver to Counterparty hereunder on
all such Staggered Settlement Dates and delivery times will equal the number of Shares
that Barclays would otherwise be required to deliver on such Nominal Settlement Date,
and (iii) if Net Share Settlement is applicable hereunder, the applicable settlement
method terms set forth above will apply on each Staggered Settlement Date, except that
the related Shares to be delivered by Barclays will be allocated among such Staggered
Settlement Dates as specified by Barclays in the notice referred to in clause (i)
above.

	 	(g)	 	Role of Agent. Each of Barclays and Counterparty acknowledges to and agrees
with the other party hereto and to and with the Agent that (i) the Agent is acting as
agent for Barclays under the Transaction pursuant to instructions from such party, (ii)
the Agent is not a principal or party to the Transaction, and may transfer its rights
and obligations with respect to the Transaction, (iii) the Agent shall have no
responsibility, obligation or liability, by way of issuance, guaranty, endorsement or
otherwise in any manner with respect to the performance of either party under the
Transaction, (iv) Barclays and the Agent have not given, and Counterparty is not
relying (for purposes of making any investment decision or otherwise) upon, any
statements, opinions or representations (whether written or oral) of Barclays or the
Agent, other than the representations expressly set forth in this Confirmation or the
Agreement, and (v) each party agrees to proceed solely against the other party, and not
the Agent, to collect or recover any money or securities owed to it in connection with
the Transaction. Each party hereto acknowledges and agrees that the Agent is an
intended third party beneficiary hereunder. Counterparty acknowledges that the Agent
is an affiliate of Barclays. Barclays will be acting for its own account in respect of
this Confirmation and the Transaction contemplated hereunder.

	 	(h)	 	Regulatory Provisions. The time of dealing for the Transaction will be
confirmed by Barclays upon written request by Counterparty. The Agent will furnish to
Counterparty upon written request a statement as to the source and amount of any
remuneration received or to be received by the Agent in connection with a Transaction.

	 	(i)	 	Netting and Setoff. Obligations under the Transaction shall not be netted,
recouped or set off (including pursuant to Section 6 of the Agreement) against any
other obligations of the parties, whether arising under the Agreement, this
Confirmation, under any other agreement between the parties hereto, by operation of law
or otherwise, and no other obligations of the parties shall be netted, recouped or set
off (including pursuant to Section 6 of the Agreement) against obligations under the
Transaction, whether arising under the Agreement, this Confirmation, under any other
agreement between the parties hereto, by operation of law or otherwise, and each party
hereby waives any such right of setoff, netting or recoupment provided that both
parties agree that subparagraph (ii) of Section 2(c) of the Agreement shall apply to
the Transaction.

	 	(j)	 	Alternative Calculations and Barclays Payment on Early Termination and on
Certain Extraordinary Events. If Barclays owes Counterparty any amount in connection
with the Transaction (i) pursuant to Sections 12.2, 12.3 (and “Consequences of Merger
Events” above), 12.6, 12.7 or 12.9 of the Equity Definitions or (ii) pursuant to
Section 6(d)(ii) of the Agreement (a “Payment Obligation”), Barclays shall satisfy any
such Payment Obligation by delivery of Termination Delivery Units (as defined below)
unless Counterparty elects for Barclays to satisfy such Payment Obligation by delivery
of cash by giving irrevocable telephonic notice to Barclays, confirmed in writing
within one Scheduled Trading Day, no later than noon New York time on the Early
Termination Date or other date the Transaction is cancelled or terminated, as
applicable, where such notice shall include a representation and warranty from
Counterparty that it is not, as of the date of the telephonic notice and the date of
such written notice, aware of any material non-public information concerning itself or
the Shares (where “material” shall have the meaning set forth in paragraph 5(n) below);
provided that Barclays shall have the right, in its sole discretion and notwithstanding
any election by Counterparty to the contrary, to elect to satisfy any such Payment
Obligation (x) by delivery of Termination Delivery Units or (y) by delivery of cash in
the event of (i) an Insolvency, a Nationalization or a Merger Event, in each case, in
which the consideration or proceeds to be paid to holders of Shares consists solely of
cash or (ii) an Event of Default in which Counterparty is the Defaulting Party or a
Termination Event in which Counterparty is the Affected Party, which Event of Default
or Termination Event resulted from an event or events within Counterparty’s control.
Where Barclays is required to deliver Termination Delivery Units, Barclays shall
deliver to Counterparty a number of Termination Delivery Units having a fair market
value (net of any brokerage and underwriting commissions and fees, including any
customary private placement fees) equal to the amount of such Payment Obligation (such
number of Termination Delivery Units to be delivered to be determined by the
Calculation Agent as the number of whole Termination Delivery Units that could be
purchased over a commercially reasonable period of time with the cash equivalent of
such Payment Obligation). If the provisions set forth in this paragraph are
applicable, the provisions of Sections 9.8, 9.9, 9.10, 9.11 (modified as described
above) and 9.12 of the Equity Definitions shall be applicable, except that all
references to “Shares” shall be read as references to “Termination Delivery Units.”
“Termination Delivery Units” means in the case of a Termination Event, Event of Default
or Delisting, one Share or, in the case of Nationalization, Insolvency, Tender Offer or
Merger Event, a unit consisting of the number or amount of each type of property
received by a holder of one Share (without consideration of any requirement to pay cash
or other consideration in lieu of fractional amounts of any securities) in such
Nationalization, Insolvency, Tender Offer or Merger Event; provided that if such
Nationalization, Insolvency, Tender Offer or Merger Event involves a choice of
consideration to be received by holders, such holder shall be deemed to have elected to
receive the maximum possible amount of cash.

	 	(k)	 	No Collateral. Notwithstanding any provision of this Confirmation, the
Agreement, Equity Definitions or any other agreement between the parties to the
contrary, the obligations of Counterparty under the Transaction are not secured by any
collateral.

	 	(l)	 	Maximum Share Delivery. Notwithstanding any other provision of this
Confirmation or the Agreement, in no event will Counterparty be required to deliver
more than the Number of Options in the aggregate to Barclays in connection with the
Transaction.

	 	(m)	 	No Material Non-Public Information. On each day during the period beginning on
the Trade Date and ending on the day on which Barclays has informed Counterparty in
writing that Barclays has completed all purchases or sales of Shares or other
transactions to hedge initially its exposure with respect to the Transaction,
Counterparty represents and warrants to Barclays that none of Counterparty and its
officers and directors is aware or in possession of any material non-public information
concerning Counterparty or the Shares. “Material” information for these purposes is any
information to which an investor would reasonably attach importance in reaching a
decision to buy, sell or hold any securities of Counterparty.

	 	(n)	 	Registration. Counterparty hereby agrees that if, in the good faith reasonable
judgment of Barclays, the Shares (“Hedge Shares”) acquired by Barclays for the purpose
of hedging its obligations pursuant to the Transaction cannot be sold in the public
market by Barclays without registration under the Securities Act, Counterparty shall,
at its election, either (i) in order to allow Barclays to sell the Hedge Shares in a
registered offering, make available to Barclays an effective registration statement
under the Securities Act and (A) enter into an agreement, in form and substance
satisfactory to Barclays, substantially in the form of an underwriting agreement for a
registered offering, (B) use its reasonable best efforts to provide accountant’s
“comfort” letters customary in form for registered offerings of equity securities, (C)
provide disclosure opinions of nationally recognized outside counsel to Counterparty
reasonably acceptable to Barclays, (D) provide other customary opinions, certificates
and closing documents customary in form for registered offerings of equity securities
and (E) afford Barclays a reasonable opportunity to conduct a due diligence
investigation with respect to Counterparty customary in scope for underwritten
offerings of equity securities; provided, however, that if Barclays, in its sole
reasonable discretion, is not satisfied with access to due diligence materials, the
results of its due diligence investigation, or the procedures and documentation for the
registered offering referred to above, then clause (ii) or clause (iii) of this
paragraph shall apply at the election of Counterparty, (ii) in order to allow Barclays
to sell the Hedge Shares in a private placement, enter into and comply with a private
placement agreement substantially similar to private placement purchase agreements
customary for private placements of equity securities, in form and substance
satisfactory to Barclays (in which case, the Calculation Agent shall make any
adjustments to the terms of the Transaction that are necessary, in its reasonable
judgment, to compensate Barclays for any discount from the public market price of the
Shares incurred on the sale of Hedge Shares in a private placement), or (iii) purchase
the Hedge Shares from Barclays at the closing price on such Exchange Business Days, and
in the amounts, requested by Barclays.

	 	(o)	 	Tax Disclosure. Notwithstanding anything to the contrary herein, in the Equity
Definitions or in the Agreement, and notwithstanding any express or implied claims of
exclusivity or proprietary rights, the parties (and each of their employees,
representatives or other agents) are authorized to disclose to any and all persons,
beginning immediately upon commencement of their discussions and without limitation of
any kind, the tax treatment and tax structure of the Transaction, and all materials of
any kind (including opinions or other tax analyses) that are provided by either party
to the other relating to such tax treatment and tax structure.

	 	(p)	 	Status of Claims in Bankruptcy. Barclays acknowledges and agrees that this
Confirmation is not intended to convey to Barclays rights with respect to the
Transaction that are senior to the claims of common stockholders in any U.S. bankruptcy
proceedings of Counterparty; provided that nothing herein shall limit or shall be
deemed to limit Barclays’ right to pursue remedies in the event of a breach by
Counterparty of its obligations and agreements with respect to the Transaction;
provided, further, that nothing herein shall limit or shall be deemed to limit
Barclays’ rights in respect of any transactions other than the Transaction.

	 	(q)	 	Securities Contract. The parties hereto agree and acknowledge that Barclays is
one or more of a “financial institution” and “financial participant” within the meaning
of Sections 101(22) and 101(22A) of the Bankruptcy Code. The parties hereto further
agree and acknowledge (A) that this Confirmation is a “securities contract,” as such
term is defined in Section 741(7) of the Bankruptcy Code, with respect to which each
payment and delivery hereunder or in connection herewith is a “termination value,”
“payment amount” or “other transfer obligation” within the meaning of Section 362 of
the Bankruptcy Code and a “settlement payment” (as such term is defined in Section
741(8) of the Bankruptcy Code) or a “transfer” within the meaning of Section 546 of the
Bankruptcy Code and (B) that Barclays is entitled to the protections afforded by, among
other sections, Section 362(b)(6), 362(b)(27), 362(o), 546(e), 546(j), 548(d)(2), 555
and 561 of the Bankruptcy Code.

	 	(r)	 	Right to Extend. Barclays may postpone any potential Exercise Date or postpone
or extend any other date of valuation or delivery with respect to some or all of the
relevant Options (in which event the Calculation Agent shall make appropriate
adjustments to the Cash Settlement Amount or the Number of Shares to be Delivered, as
applicable, for such Options), if Barclays determines, in its reasonable discretion,
that such postponement or extension is reasonably necessary or appropriate to preserve
Barclays’ hedging or hedge unwind activity hereunder in light of existing liquidity
conditions or to enable Barclays to effect purchases of Shares in connection with its
hedging, hedge unwind or settlement activity hereunder in a manner that would, if
Barclays were Counterparty or an affiliated purchaser of Counterparty, be in compliance
with applicable legal, regulatory or self-regulatory requirements, or with related
policies and procedures applicable to Barclays.

	 	(s)	 	Adjustments. For the avoidance of doubt, whenever the Calculation Agent is
called upon to make an adjustment pursuant to the terms of this Confirmation or the
Equity Definitions to take into account the effect of an event, the Calculation Agent
shall make such adjustment by reference to the effect of such event on the Hedging
Party, assuming that the Hedging Party maintains a commercially reasonable hedge
position.

	 	(t)	 	Designation by Barclays. Notwithstanding any other provision in this
Confirmation to the contrary requiring or allowing Barclays to purchase or deliver any
Shares or other securities to Counterparty, Barclays may designate any of its
affiliates to purchase or deliver such Shares or other securities and otherwise to
perform Barclays’s obligations in respect of the Transaction and any such designee may
assume such obligations. Barclays shall be discharged of its obligations to
Counterparty to the extent of any such performance.

	 	(u)	 	Wall Street Transparency and Accountability Act of 2010. The parties hereby
agree that none of (i) Section 739 of the Wall Street Transparency and Accountability
Act of 2010 (the “WSTAA”), (ii) any similar legal certainty provision included in any
legislation enacted, or rule or regulation promulgated, on or after the Trade Date,
(iii) the enactment of the WSTAA or any regulation under the WSTAA, (iv) any
requirement under the WSTAA or (v) any amendment made by the WSTAA shall limit or
otherwise impair either party’s right to terminate, renegotiate, modify, amend or
supplement this Confirmation, any Transaction hereunder or the Agreement, as
applicable, arising from a termination event, force majeure, illegality, increased
cost, regulatory change or similar event under this Confirmation, the Equity
Definitions or the Agreement (including, but not limited to, any right arising from any
Change in Law, Insolvency Filing, Hedging Disruption, Increased Cost of Hedging, or
Illegality (as defined in the Agreement)).

	 	(v)	 	Payments on Early Termination. The parties hereto agree that for the
Transaction, for the purposes of Section 6(e) of the Agreement, Loss and Second Method
will apply.

	 	(w)	 	Governing Law. The law of the State of New York (without reference to choice
of law doctrine).

	 	(x)	 	Waiver of Jury Trial. EACH PARTY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY SUIT, ACTION
OR PROCEEDING RELATING TO THE TRANSACTION. EACH PARTY (I) CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR
OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF SUCH A SUIT, ACTION OR
PROCEEDING, SEEK TO ENFORCE THE FOREGOING WAIVER AND (II) ACKNOWLEDGES THAT IT AND THE
OTHER PARTY HAVE BEEN INDUCED TO ENTER INTO THE TRANSACTION, AS APPLICABLE, BY, AMONG
OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS PROVIDED HEREIN.

	 	(y)	 	2013 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol.
The parties agree that the terms of the 2013 EMIR Portfolio Reconciliation, Dispute
Resolution and Disclosure Protocol published by ISDA on July 19, 2013 (“Protocol”)
apply to the Agreement as if the parties had adhered to the Protocol without amendment.
In respect of the Attachment to the Protocol, (i) the definition of “Adherence Letter”
shall be deemed to be deleted and references to “Adherence Letter” shall be deemed to
be to this section (and references to “such party’s Adherence Letter” and “its
Adherence Letter” shall be read accordingly), (ii) references to “adheres to the
Protocol” shall be deemed to be “enters into this Agreement”, (iii) references to
“Protocol Covered Agreement” shall be deemed to be references to this Agreement (and
each “Protocol Covered Agreement” shall be read accordingly), and (iv) references to
“Implementation Date” shall be deemed to be references to the date of this Agreement.
For the purposes of this section:

	 	1.	 	Barclays is a Portfolio Data Sending Entity and Counterparty is
a Portfolio Data Receiving Entity;

	 	2.	 	Barclays and Counterparty may use a Third Party Service
Provider, and each of Barclays and Counterparty consents to such use including
the communication of the relevant data in relation to Barclays and Counterparty
to such Third Party Service Provider for the purposes of the reconciliation
services provided by such entity.

	 	3.	 	The Local Business Days for such purposes in relation to
Barclays and Counterparty is New York, New York, USA.

	 	4.	 	The following are the applicable email addresses.

	 	 	 	Portfolio Data: Barclays: MarginServicesPortRec@barclays.com

Counterparty: jsebra@raitft.com

	 	 	 	Notice of discrepancy: Barclays: PortRecDiscrepancy@barclays.com and
paul.robinson1@barclayscapital.com

Counterparty: jsebra@raitft.com

	 	 	 	Dispute Notice: Barclays: EMIRdisputenotices@barclays.com and
paul.robinson1@barclayscapital.com

Counterparty: jsebra@raitft.com

	 	(z)	 	NFC Representation Protocol. The parties agree that the provisions set out
in the Attachment to the ISDA 2013 EMIR NFC Representation Protocol published by ISDA
on March 8, 2013 (the “NFC Representation Protocol”) shall apply to the Agreement as if
each party were an Adhering Party under the terms of the NFC Representation Protocol.
In respect of the Attachment to the Protocol, (i) the definition of “Adherence Letter”
shall be deemed to be deleted and references to “Adherence Letter” shall be deemed to
be to this section (and references to “the relevant Adherence Letter” and “its
Adherence Letter” shall be read accordingly), (ii) references to “adheres to the
Protocol” shall be deemed to be “enters into this Agreement”, (iii) references to
“Covered Master Agreement” shall be deemed to be references to this Agreement (and each
“Covered Master Agreement” shall be read accordingly), and (iv) references to
“Implementation Date” shall be deemed to be references to the date of this Agreement.
Counterparty confirms that it enters into this Agreement as a party making the NFC
Representation (as such term is defined in the NFC Representation Protocol).
Counterparty shall promptly notify Barclays of any change to its status as a party
making the NFC Representation.

	 	(aa)	 	Part 2(b) of the ISDA Schedule – Payee Representation:

For the purpose of Section 3(f) of this Agreement, Counterparty makes the following
representation to Barclays:

Counterparty is a real estate investment trust organized under the laws of
Maryland, and is a U.S. person (as that term is defined in Section
7701(a)(30) of the United States Internal Revenue Code of 1986, as amended).

For the purpose of Section 3(f) of this Agreement, Barclays makes the following
representation to Counterparty:

(A) Each payment received or to be received by it in connection with this
Agreement is effectively connected with its conduct of a trade or business
within the United States; and

(B) It is a “foreign person” (as that term is used in Section 1.6041-4(a)(4)
of the United States Treasury Regulations) for United States federal income
tax purposes.

	 	(bb)	 	Part 3(a) of the ISDA Schedule – Tax Forms:

Party Required to Deliver Document

	 	 	 	 	 
	 	 	Form/Document/Certificate
	 	Date by which to be Delivered

	 	 	 
	 	 

	Counterparty
	 	A complete and duly

executed W-9.
	 	(i) Upon execution and delivery of

this Agreement; (ii) promptly upon

reasonable demand by Barclays; and

(iii) promptly upon learning that

any such Form previously provided

by Counterparty has become

obsolete or incorrect.

	 
	 	 
	 	 

	Barclays
	 	A complete and duly

executed United States

Internal Revenue Service

Form W-8ECI (or successor

thereto.)
	 	(i) Upon execution and delivery of

this Agreement; and (ii) promptly

upon learning that any such Form

previously provided by Barclays

has become obsolete or incorrect.

	 
	 	 
	 	 

6. Account Details:

	 	(a)	 	Account for payments to Counterparty:

	 	 	 	To be advised

	 	 	 	Account for delivery of Shares to Counterparty:

	 	 	 	To be advised

	 	(b)	 	Account for payments to Barclays:

	 	 	 	Bank: Barclays Bank plc NY

	 	 	 	ABA#  026 00 2574 

	 	 	 	BIC: BARCUS33

	 	 	 	Acct: 50038524

	 	 	 	Beneficiary: BARCGB33

	 	 	 	Ref: Barclays Bank plc London Equity Derivatives

7. Offices:

The Office of Counterparty for the Transaction is: Inapplicable, Counterparty is not a Multibranch
Party.

The Office of Barclays for the Transaction is: Inapplicable, Barclays is not a Multibranch Party.

8. Notices:

For purposes of this Confirmation:

	 	(a)	 	Address for notices or communications to Counterparty:

	 	 	 	RAIT Financial Trust

	 	 	 	Cira Centre

	 	2929	 	Arch Street, 17th Floor

	 	 	 	Philadelphia, PA 19104

	 	 	 	Attention: Chief Financial Officer

	 	 	 	Telephone No.: (+1) 215-243-9120

	 	 	 	Facsimile No.: (+1) 215-405-2945

	 	(b)	 	Address for notices or communications to Barclays:

	 	 	 	Barclays Bank PLC

	 	 	 	c/o Barclays Capital Inc.

	 	745	 	Seventh Ave.

	 	 	 	New York, NY 10019

	 	 	 	Attention: Paul Robinson

	 	 	 	Telephone No.: (+1) 212-526-0111

Facsimile No.: (+1) 917-522-0458

This Confirmation may be executed in several counterparts, each of which shall be deemed an
original but all of which together shall constitute one and the same instrument.

1

Counterparty hereby agrees to check this Confirmation and to confirm that the foregoing correctly
sets forth the terms of the Transaction by signing in the space provided below and returning to
Barclays a facsimile of the fully-executed Confirmation to Barclays at (+1) 917-522-0458.
Originals shall be provided for your execution upon your request.

	 	 	 
	Very truly yours,

BARCLAYS CAPITAL INC.,

	 	

	acting solely as Agent in connection with this Transaction

	By:

	 	     /s/       Shobha Vaidyanath—

	 	 	 
	 	 	Name:	 	 	Shobha Vaidyanath
	 	 	Title: AVP: Structured Derivatives	 
	 	 	Accepted and confirmed as of the Trade Date:	 
	 	 	RAIT FINANCIAL TRUST	 
	 	 	By:	 	 	__/s/_James Sebra_______________
	Name:	James Sebra

Title: Chief Financial Officer

SCHEDULE A

For purposes of this Transaction, the following terms shall have the following values/meanings:

	 	 	 
	Strike Price:

	 	USD 9.5738
	Cap Price:

	 	USD 11.9140
	Premium:

	 	USD 8,837,500.00
	Final Disruption Date:

	 	October 12, 2018
	Regular Dividend:

	 	USD 0.15

2

SCHEDULE B

PURSUANT TO 17 CFR 240.24b-2, CONFIDENTIAL INFORMATION (INDICATED BY [****]) HAS BEEN OMITTED FROM
THIS DOCUMENT AND HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO
A CONFIDENTIAL TREATMENT APPLICATION FILED WITH THE COMMISSION.

For each Component of the Transaction, the Number of Options and Expiration Date is set forth
below.

	 	 	 	 	 
	Component Number	 	Number of Options	 	Expiration Date
	[****]

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3Exhibit104-ConsensualForeclosureAgreement

EXHIBIT 10.4
VIA FIRST CLASS MAIL  

DATE: October 11, 2013

Plainfield Renewable Energy Holdings, LLC
c/o Enova Energy Group, LLC
5256 Peachtree Road, Suite 130
Atlanta, Georgia  30341
Attn: William D. Brunstad

		
	Re:
	Proposal and Agreement With Respect to Acceptance of Certain 
Collateral Pursuant to Section 9-620 of the UCC (“Instrument”)

Ladies and Gentlemen:

RECITALS:

A.    Whereas the following agreements have been entered into by PLAINFIELD RENEWABLE ENERGY OWNER, LLC (“Borrower”), and/or PLAINFIELD RENEWABLE ENERGY HOLDINGS, LLC (the “Pledged Entity” and collectively, the “Loan Parties”), as indicated, and are in full force and effect:

1.    Secured Promissory Note and Agreement, dated as of December 29, 2011 entered into by and between LEIDOS CONSTRUCTORS, LLC, an Oklahoma limited liability company (f/k/a SAIC CONSTRUCTORS, LLC) (“Lender”) and Borrower (as amended, amended and restated, supplemented or otherwise modified from time to time in accordance with the terms thereof, the “Owner Note”), pursuant to which the Lender extended certain credit to Borrower (the “Advances”).  Lender has assigned all of its rights in the Owner Note and the Pledge Agreement to LEIDOS RENEWABLE ENERGY, LLC, a Delaware limited liability company (“Secured Creditor”).

2.     Pledge and Security Agreement, dated as of December 29, 2011 (as amended, amended and restated, supplemented or otherwise modified from time to time in accordance with the terms thereof, the “Pledge Agreement”), pursuant to which Borrower granted to Lender, as security for the payment of all amounts due under the terms of the Owner Note (the “Obligations”) a security interest in the Collateral, as defined in the Pledge Agreement (the “Foreclosure Collateral”). 

B.    Whereas, the Borrower and the Secured Creditor further acknowledge and agree that:

PROPOSAL AND AGREEMENT 
PURSUANT TO UCC §9-620
#4830-4377-1926    

1.    As of September 30, 2013, the Obligations outstanding under the Note and all due and payable were at least $99,242,226, consisting of principal, accrued and unpaid interest and reimbursable expenses.  

2.    Borrower is in default under the Owner Note and Pledge Agreement.  Pursuant to the Owner Note and Pledge Agreement, by reason of such event of default, the Secured Creditor has, and may exercise, among other rights remedies and powers, all of its rights as a secured party under the Pledge Agreement with respect to the Foreclosure Collateral pursuant to the Uniform Commercial Code in effect in the state of New York (the “UCC”) and such additional rights, remedies, powers and privileges to which a secured party is entitled under any other applicable laws.

3.    The Loan Parties have agreed to execute this Agreement, and to tender to the Secured Creditor the Foreclosure Collateral in full satisfaction of the Obligations outstanding as of the date hereof.

4.    Secured Creditor has agreed that, concurrently with the dating and delivery of the Bill of Sale as provided hereinbelow, and the transfer of all right title and interest in and to the Collateral to Secured Creditor following receipt of all required regulatory approvals for the transfer of title to the Collateral, the Obligations shall be satisfied in full and the Owner Note shall be fully satisfied and terminated without need for further action by any person.

Accordingly, intending to be legally bound hereby, the undersigned parties hereby agree as follows:

PROPOSAL AND AGREEMENT

Section 1.  Proposal Regarding Acceptance of Foreclosure Collateral; Designation of Transferees.  The Secured Creditor hereby proposes and agrees to accept the Foreclosure Collateral identified on Schedule 1 hereto in full satisfaction of the Obligations under the Owner Note, pursuant to Section 9-620 of the UCC.  Secured Creditor agrees that, concurrently with the dating and delivery of the Bill of Sale as provided hereinbelow, and the transfer of all right title and interest in and to the Collateral to Secured Creditor following receipt of all required regulatory approvals for the transfer of title to the Collateral, the Obligations shall be satisfied in full and the Owner Note shall be fully satisfied and terminated without need for further action by any person.  By signing this Instrument, each Loan Party consents to the acceptance of the Foreclosure Collateral by the Secured Creditor in full satisfaction of such Obligations under the Owner Note.  With respect to the Foreclosure Collateral, Secured Creditor shall have the right to designate its controlled affiliate to receive title to such Foreclosure Collateral.  

Section 2.  Consent and Acknowledgment. 

(a)    Each Loan Party and Secured Creditor hereby acknowledges and agrees that this Instrument constitutes proper notice under the Owner Note and Pledge Agreement and a proper 

2    PROPOSAL AND AGREEMENT 
PURSUANT TO UCC §9-620
#4830-4377-1926    

proposal pursuant to Section 9-620 of the UCC and other applicable provisions of the UCC. Each Loan Party and Secured Creditor, on behalf of itself, its subsidiaries, affiliates and any person that claims by, through or under it, hereby consents and agrees to the terms of this Instrument to the extent its consent or agreement is required under the Owner Note, the Pledge Agreement, the UCC or any other applicable law.

(b)    The Borrower hereby represents and warrants to the Secured Creditor that (i) it has the requisite corporate power and authority (as applicable) to execute, deliver and perform its obligations under this Instrument and such execution, delivery and performance have been duly authorized by all requisite corporate action on its part, and (ii) this Instrument has been duly executed by its authorized officer or representative and constitutes its legal, valid, binding and enforceable obligation and does not violate any applicable law. 

(c)    The Borrower and the Pledged Entity hereby represent and warrant to the Secured Creditor that (i) to their knowledge, all of the Foreclosure Collateral is owned by the Borrower and (ii) Borrower has not granted any voluntary liens against the Foreclosure Collateral that are not disclosed on Schedule 2.

Section 3.  Closing Date; Bill of Sale.  Secured Creditor shall determine the date upon which the transfer contemplated in this proposal shall be consummated as further provided below.  Concurrently with the execution of this Instrument, Borrower shall execute an undated General Assignment and Bill of Sale (“Bill of Sale”) in the form of Exhibit A, which undated Bill of Sale shall not be effective until a date is inserted by the Secured Creditor and a copy thereof is sent to Borrower and Pledged Entity.  The Bill of Sale shall be dated and the transfer contemplated in this proposal shall be consummated and effective after the date hereof and on or before December 31, 2013 (the “Foreclosure Date”), provided, however, in the event that (i) a uniform commercial code disposition of the collateral granted to secure the Owner Note (including without limitation the equity issued by Pledged Entity to Borrower that is pledged to Secured Creditor) has conditionally taken place by the Foreclosure Date, (ii) Secured Creditor or a foreclosure vehicle formed by Secured Creditor is named on the Bill of Sale (subject to and conditioned upon the receipt of all governmental approvals) and (iii) Secured Creditor or a foreclosure vehicle is diligently seeking all such governmental approvals but has not yet received one or more of such governmental approvals on or before the Foreclosure Date, then the Foreclosure Date shall be automatically extended from December 31, 2013 to and including March 2, 2014 without the need for any further action by any party to this Instrument.

Section 4.  Further Assurances.  In addition to the foregoing, the Borrower from and after the Closing Date shall take all steps and execute all documents that may be reasonably requested by the Secured Creditor to effect the assignment, transfer and acceptance of the Foreclosure Collateral as contemplated by, and otherwise to effectuate the purposes of, this Instrument, including, without limitation, seeking and obtaining such governmental authorizations, court orders or other approvals as the Secured Creditor may reasonably request.

Section 5.  Reservation of Rights.  Prior to the Bill of Sale being dated and delivered as provided herein, and except for the matters that are the subject of this Instrument and the 

3    PROPOSAL AND AGREEMENT 
PURSUANT TO UCC §9-620
#4830-4377-1926    

instruments and other documents executed in connection herewith, the Secured Creditor reserves and preserves any and all rights, powers and remedies under the Owner Note and the Note Documents defined therein or under applicable law or equity against the Borrower with respect to any existing or future events of default, and no failure, delay or discontinuance on the part of any person in exercising any right, power or remedy against the Borrower shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy against the Borrower.

Section 6.  Benefit of Instrument.  All representations, warranties, covenants, promises and agreements by or on behalf of, or for the benefit of the Loan Parties or the Secured Creditor that are contained in this Instrument shall survive the Foreclosure Date and shall bind and inure to the benefit of their respective successors and assigns for a period of four years from the date hereof.

Section 7.    Miscellaneous. 

(a)    This Instrument may not be modified or amended except in a writing signed by each of the Loan Parties and the Secured Creditor; and the terms of this Instrument may not be waived except in writing signed by each of the Loan Parties and the Secured Creditor.  

(b)    This Instrument (i) may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument, and any of the parties hereto may execute this Instrument by signing any such counterpart and (ii) may be delivered by facsimile transmission.

(c)    This Instrument shall be governed by, and construed in accordance with, the laws of the State of New York applicable to contracts made and to be performed in such State.  EACH OF THE PARTIES HERETO WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO TRIAL BY JURY IN ANY PROCEEDING ARISING OUT OF OR RELATED TO THIS INSTRUMENT.

(d)    In this Instrument, the singular includes the plural and the plural the singular; words importing any gender include the other genders; references to statutes are to be construed as including all statutory provisions consolidating, amending or replacing the statute referred to; the words “including”, “includes” and “include” shall be deemed to be followed by the words “without limitation”; and references to Persons include their respective permitted successors and assigns.  All references herein to Articles, Sections, Exhibits, Appendices and Schedules shall be deemed references to Articles and Sections of, and Exhibits, Appendices and Schedules to this Instrument unless the context shall otherwise require.  The words “shall” and “will” are used interchangeably with the same meaning.

[SIGNATURE PAGES FOLLOW]

4    PROPOSAL AND AGREEMENT 
PURSUANT TO UCC §9-620
#4830-4377-1926    

Very truly yours, 

LEIDOS RENEWABLE ENERGY, LLC
A Delaware limited liability company

By: /s/ James R. Moos     
Name: James R. Moos
Title:    CEO

PROPOSAL AND AGREEMENT 
PURSUANT TO UCC §9-620
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EACH OF THE SIGNATORIES BELOW ACKNOWLEDGES AND AGREES TO THIS INSTRUMENT AND APPROVES THE PROPOSAL PURSUANT TO SECTION 9-620 OF THE UCC CONTAINED HEREIN AND ALL OTHER TERMS AND CONDITIONS SET FORTH HEREIN:

ACCEPTED AND AGREED:

PLAINFIELD RENEWABLE ENERGY OWNER, LLC
a Delaware limited liability company

By: /s/ James R. Moos     
Name: James R. Moos
Title:    Authorized Person

PLAINFIELD RENEWABLE ENERGY HOLDINGS, LLC
a Delaware limited liability company

By:    /s/  Daniel P. Wollenhaupf         
Name: Daniel P. Wollenhaupf
Title: CEO

PROPOSAL AND AGREEMENT 
PURSUANT TO UCC §9-620
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SCHEDULE 1
Foreclosure Collateral

a.all of Borrower’s right, title and interest in and to all of the equity interests issued by Pledged Entity, which interest constitutes one hundred percent (100%) of the total outstanding membership interest in Pledged Entity.
b.all rights to receive income, gain, profit, dividends and other distributions allocated or distributed to the Pledgor in respect of or in exchange for all or any portion of all of Borrower’s right, title and interest in and to all of the equity interests issued by Pledged Entity (the “Pledged Capital Stock”);
c.all of the Borrower’s capital or ownership interest or other capital stock, including capital accounts, in the Pledged Entity;
d.all other rights, title and interest in or to the Pledged Entity derived from the Pledged Capital Stock;
e.all intercompany indebtedness or other obligations of the Pledged Entity owed to the Borrower:
f.all claims of the Borrower for damages arising out of, or for any breach or default relating to, the Pledged Capital Stock;
g.all securities, intercompany notes, certificates and other instruments representing or evidencing any of the foregoing rights and interests or the ownership thereof and any interest of the Borrower reflected in the books of any financial intermediary pertaining to such rights and interests;
h.all future distributions, non-cash dividends, options, warrants, stock splits, reclassifications, rights, instruments or other investment property and other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such rights and interests;
i.all rights of the Borrower under the organizational documents of the Pledged Entity (including all of the Borrower 's voting rights in or rights to control or direct the affairs of the Pledged Entity, any right to terminate, amend, supplement modify or waive performance under the organizational documents or to compel performance or otherwise exercise remedies thereunder);  
j.all security entitlements of the Borrower in any and all of the foregoing; and

PROPOSAL AND AGREEMENT 
PURSUANT TO UCC §9-620
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k.all proceeds (including proceeds of proceeds) of the foregoing Collateral, including, without limitation, “proceeds” as defined in Section 9-102(a)(64) of the UCC.

PROPOSAL AND AGREEMENT 
PURSUANT TO UCC §9-620
#4830-4377-1926    

SCHEDULE 2
(Notice Parties)

SECURED CREDITORS OF RECORD OF
PLAINFIELD RENEWABLE ENERGY OWNER, LLC

None

PROPOSAL AND AGREEMENT 
PURSUANT TO UCC §9-620
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EXHIBIT A
to Proposal and Agreement With Respect
to Acceptance of Certain Collateral 
Pursuant to Section 9-620 of the UCC

GENERAL ASSIGNMENT AND BILL OF SALE

THIS GENERAL ASSIGNMENT AND BILL OF SALE is entered into this 25th  day of November, 2013 by Plainfield Renewable Energy Owner, LLC (“Seller”) in favor of LEIDOS RENEWABLE ENERGY, LLC, a Delaware limited liability company (“Purchaser”).

WHEREAS, Purchaser and Seller entered into a Proposal and Agreement With Respect to Acceptance of Certain Collateral Pursuant to Section 9-620 of the Uniform Commercial Code as enacted in the State of New York (the “UCC”), dated as of November 25, 2013, 2013 (the “Instrument”) and without limiting Section 4 of the Instrument, this General Assignment and Bill of Sale further confirms the delivery of the Assigned Assets (defined below);

WHEREAS, Seller desires to transfer and assign to Purchaser the assets described below pursuant to Section 1 of the Instrument and Purchaser desires to accept the sale, transfer, conveyance, assignment and delivery thereof; 

WHEREAS, this General Assignment and Bill of Sale is delivered undated and shall not become effective until a date is inserted in the preamble by the Purchaser; and
 
WHEREAS, Seller and Purchaser have heretofore entered into the Secured Promissory Note and Agreement, dated as of December 29, 2011, in which Seller extended to Purchaser certain Advances, as defined therein. 

NOW, THEREFORE, for and in consideration of the mutual covenants contained herein and other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, Seller hereby irrevocably sells, transfers, conveys, assigns and delivers to Purchaser all of Seller’s right, title and interest in, to and under the foreclosure collateral described on Schedule 1 hereto (collectively, the “Assigned Assets”), 

TO HAVE AND TO HOLD the same unto Purchaser, its successors and assigns, forever.  

Purchaser hereby accepts the sale, transfer, conveyance, assignment and delivery of the Assigned Assets.

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At any time or from time to time after the date hereof, at Purchaser’s request and without further consideration, Seller shall execute and deliver to Purchaser such other instruments of sale, transfer, conveyance, assignment and confirmation, provide such materials and information and take such other actions as Purchaser may reasonably deem necessary or desirable in order to more effectively transfer, convey and assign to Purchaser, and to confirm Purchaser’s title to, all of the Assigned Assets.

Seller hereby constitutes and appoints Purchaser the true and lawful attorney of Seller, with full power of substitution, in the name of Seller or Purchaser, but on behalf of and for the benefit of Purchaser:  (i) to demand and receive from time to time any and all of the Assigned Assets and to make endorsements and give receipts and releases for and in respect of the same and any part thereof; (ii) to institute, prosecute, compromise and settle any and all actions or proceedings that Purchaser may deem proper in order to collect, assert or enforce any claim, right or title of any kind in or to the Assigned Assets; (iii) to defend or compromise any or all actions or proceedings in respect of any of the Assigned Assets; and (iv) to do all such acts and things in relation to the matters set forth in the preceding clauses (i) through (iii) as Purchaser shall deem desirable.  Seller hereby acknowledges that the appointment hereby made and the powers hereby granted are coupled with an interest and are not and shall not be revocable by it in any manner or for any reason.  

This General Assignment and Bill of Sale may be executed in any number of counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument.

This General Assignment and Bill of Sale shall be governed by and construed in accordance with the laws of the State of New York applicable to a contract executed and performed in such State without giving effect to the conflicts of laws principles thereof, except that if it is necessary in any other jurisdiction to have the law of such other jurisdiction govern this General Assignment and Bill of Sale in order for this General Assignment and Bill of Sale to be effective in any respect, then the laws of such other jurisdiction shall govern this General Assignment and Bill of Sale to such extent.

IN WITNESS WHEREOF, the undersigned have caused their duly authorized officers (or officers of their sole or managing member) to execute this General Assignment and Bill of Sale on the day and year first above written.

                        

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PLAINFIELD RENEWABLE ENERGY OWNER, LLC

By:    ____________________________
Name: 
Title: 

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SCHEDULE 1
ASSIGNED ASSETS

a.    all of Borrower’s right, title and interest in and to all of the equity interests issued by Pledged Entity, which interest constitutes one hundred percent (100%) of the total outstanding membership interest in Pledged Entity.
b.    all rights to receive income, gain, profit, dividends and other distributions allocated or distributed to the Pledgor in respect of or in exchange for all or any portion of all of Borrower’s right, title and interest in and to all of the equity interests issued by Pledged Entity (the “Pledged Capital Stock”);
c.    all of the Borrower’s capital or ownership interest or other capital stock, including capital accounts, in the Pledged Entity;
d.    all other rights, title and interest in or to the Pledged Entity derived from the Pledged Capital Stock;
e.    all intercompany indebtedness or other obligations of the Pledged Entity owed to the Borrower:
f.    all claims of the Borrower for damages arising out of, or for any breach or default relating to, the Pledged Capital Stock;
g.    all securities, intercompany notes, certificates and other instruments representing or evidencing any of the foregoing rights and interests or the ownership thereof and any interest of the Borrower reflected in the books of any financial intermediary pertaining to such rights and interests;
h.    all future distributions, non-cash dividends, options, warrants, stock splits, reclassifications, rights, instruments or other investment property and other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such rights and interests;
i.    all rights of the Borrower under the organizational documents of the Pledged Entity (including all of the Borrower 's voting rights in or rights to control or direct the affairs of the Pledged Entity, any right to terminate, amend, supplement modify or waive performance under the organizational documents or to compel performance or otherwise exercise remedies thereunder);  

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j.    all security entitlements of the Borrower in any and all of the foregoing;  and
k.    all proceeds (including proceeds of proceeds) of the foregoing Collateral, including, without limitation, “proceeds” as defined in Section 9-102(a)(64) of the UCC.

#4830-4377-1926

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