<SEC-DOCUMENT>0001062993-12-005509.txt : 20121220
<SEC-HEADER>0001062993-12-005509.hdr.sgml : 20121220
<ACCEPTANCE-DATETIME>20121220133635
ACCESSION NUMBER:		0001062993-12-005509
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20121220
FILED AS OF DATE:		20121220
DATE AS OF CHANGE:		20121220

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST MAJESTIC SILVER CORP
		CENTRAL INDEX KEY:			0001308648
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34984
		FILM NUMBER:		121276730

	BUSINESS ADDRESS:	
		STREET 1:		925 WEST GEORGIA STREET
		STREET 2:		SUITE 1805
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 3L2
		BUSINESS PHONE:		604-688-3033

	MAIL ADDRESS:	
		STREET 1:		925 WEST GEORGIA STREET
		STREET 2:		SUITE 1805
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 3L2

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST MAJESTIC RESOURCE CORP
		DATE OF NAME CHANGE:	20041115
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
<TITLE>First Majestic Silver Corp.: Form 6-K - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF" style="font-size: 10pt;">
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<p align="center"><font size="5"><strong>UNITED STATES<br>
  SECURITIES AND EXCHANGE COMMISSION</strong></font><br>
  Washington, D.C. 20549</p>

<p align="center"><b><font size="5">FORM 6-K</font></b></p>
<p align="center"><b>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16
  OR 15d-16 <br>
  UNDER THE SECURITIES EXCHANGE ACT OF 1934</b></p>
<P align=center>For the month of <u><b>DECEMBER 20, 2012</b></u></P>
<P align=center>Commission File Number <B><u>001-34984</u></B></P>
<p align="center"><b><u><font size=5>FIRST MAJESTIC SILVER CORP. </font></u></b> <br>(Translation of registrant's name into English) </p>

<p align="center"><b><u>925 West Georgia Street, Suite 1805, Vancouver BC V6C 3L2</u></b><br>(Address of principal executive offices) </p>

<p align="center">Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.</p>
<p align="center">[<font style="font-size:1px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>] Form 20-F &nbsp;&nbsp;[ x ] Form 40-F</p>

<p align="center">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [<font style="font-size:1px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>]</p>
<p align="center"> Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [<font style="font-size:1px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>]</p>
<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">
<p align="center"><img src="fmlogo.jpg" width="194" height="116"></p>
<p align="center"><b><u>SUBMITTED HEREWITH</u></b></p>

<p align="left"><u>Exhibits</u></p>

<table style="font-size: 10pt;" width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%" height="19" valign="top" bgcolor="#EEEEEE">&nbsp;</td>
    <td width="5%" valign="top" bgcolor="#EEEEEE"><a href="exhibit99-1.htm">99.1</a></td>
    <td bgcolor="#EEEEEE"><a href="exhibit99-1.htm">2002 Master Agreement</a></td>
  </tr>
  <tr>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="5%" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="5%" valign="top" bgcolor="#EEEEEE">&nbsp;</td>
    <td width="5%" valign="top" bgcolor="#EEEEEE"> <a href="exhibit99-2.htm">99.2</a></td>
    <td bgcolor="#EEEEEE"><a href="exhibit99-2.htm">Schedule to 2002 Master
    Agreement</a></td>
  </tr>
  </table>

<p>&nbsp;</p>

<hr noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">

<p align="center"><B>SIGNATURES </B></p>

<P align=justify>Pursuant to the requirements of the Securities Exchange Act of
  1934, the registrant has duly caused this report to be signed on its behalf by
  the undersigned, thereunto duly authorized. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left>FIRST MAJESTIC SILVER CORP. </TD>
    <TD align=left width="60%"  >&nbsp;</TD>
  </TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="60%"  >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>By: </TD>
    <TD align=left width="60%"  >&nbsp;</TD>
  </TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="60%"  >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><I>/s/ Connie
      Lillico</I> </TD>
    <TD align=left width="60%"  >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Connie Lillico </TD>
    <TD align=left width="60%"  >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Corporate Secretary </TD>
    <TD align=left width="60%"  >&nbsp;</TD>
  </TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="60%"  >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>December 20, 2012</TD>
    <TD align=left width="60%"
>&nbsp;</TD>
  </TR>
</TABLE>
<p>&nbsp; </p>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>2002 MASTER AGREEMENT
<TEXT>

<HTML>
<HEAD>
   <TITLE>First Majestic Silver Corp. - Exhibit 99.1 - Filed by newsfilecorp.com</TITLE>
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><B><FONT size=7>ISDA</FONT></B><B>&#174;</B></P>
<P align=center>International Swaps and Derivatives Association, Inc. </P>
<P align=center><B>2002 MASTER AGREEMENT </B></P>
<P align=center>dated as of <U>10 December 2012 </U></P>
<P align=justify><B>MERRILL LYNCH INTERNATIONAL </B>and <B>FIRST MAJESTIC SILVER
CORP. </B>have entered and/or anticipate entering into one or more transactions
(each a &#147;Transaction&#148;) that are or will be governed by this 2002 Master
Agreement, which includes the schedule (the &#147;Schedule&#148;), and the documents and
other confirming evidence (each a &#147;Confirmation&#148;) exchanged between the parties
or otherwise effective for the purpose of confirming or evidencing those
Transactions. This 2002 Master Agreement and the Schedule are together referred
to as this &#147;Master Agreement&#148;. </P>
<P align=justify>Accordingly, the parties agree as follows:&#151; </P>
<P
align=justify><STRONG>1.&nbsp;</STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>Interpretation
</STRONG></P>
<P
align=justify>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Definitions</I></B>.
The terms defined in Section 14 and elsewhere in this Master Agreement will have
the meanings therein specified for the purpose of this Master Agreement. </P>
<P
align=justify>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Inconsistency</I></B>.
In the event of any inconsistency between the provisions of the Schedule and the
other provisions of this Master Agreement, the Schedule will prevail. In the
event of any inconsistency between the provisions of any Confirmation and this
Master Agreement, such Confirmation will prevail for the purpose of the relevant
Transaction. </P>
<P
align=justify>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Single
Agreement</I></B>. All Transactions are entered into in reliance on the fact
that this Master Agreement and all Confirmations form a single agreement between
the parties (collectively referred to as this &#147;Agreement&#148;), and the parties
would not otherwise enter into any Transactions. </P>
<P
align=justify><STRONG>2.&nbsp;</STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>Obligations
</STRONG></P>
<P
align=justify>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>General
Conditions</I></B>. </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
party will make each payment or delivery specified in each Confirmation to be
made by it, subject to the other provisions of this Agreement. </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments
under this Agreement will be made on the due date for value on that date in the
place of the account specified in the relevant Confirmation or otherwise
pursuant to this Agreement, in freely transferable funds and in the manner
customary for payments in the required currency. Where settlement is by delivery
(that is, other than by payment), such delivery will be made for receipt on the
due date in the manner customary for the relevant obligation unless otherwise
specified in the relevant Confirmation or elsewhere in this Agreement. </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each
obligation of each party under Section 2(a)(i) is subject to (1) the condition
precedent that no Event of Default or Potential Event of Default with respect to
the other party has occurred and is continuing, (2) the condition precedent that
no Early Termination Date in respect of the relevant Transaction has occurred or
been effectively designated and (3) each other condition specified in this
Agreement to be a condition precedent for the purpose of this Section 2(a)(iii).
</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_2></A>
<P align=justify>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Change of Account</I></B>. Either party may change its account for
receiving a payment or delivery by giving notice to the other party at least
five Local Business Days prior to the Scheduled Settlement Date for the payment
or delivery to which such change applies unless such other party gives timely
notice of a reasonable objection to such change. </P>
<P
align=justify>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Netting
of Payments</I></B>. If on any date amounts would otherwise be payable:&#151; </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
the same currency; and </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
respect of the same Transaction, </P>
<P align=justify>by each party to the other, then, on such date, each party&#146;s
obligation to make payment of any such amount will be automatically satisfied
and discharged and, if the aggregate amount that would otherwise have been
payable by one party exceeds the aggregate amount that would otherwise have been
payable by the other party, replaced by an obligation upon the party by which
the larger aggregate amount would have been payable to pay to the other party
the excess of the larger aggregate amount over the smaller aggregate amount.
</P>
<P align=justify>The parties may elect in respect of two or more Transactions
that a net amount and payment obligation will be determined in respect of all
amounts payable on the same date in the same currency in respect of those
Transactions, regardless of whether such amounts are payable in respect of the
same Transaction. The election may be made in the Schedule or any Confirmation
by specifying that &#147;Multiple Transaction Payment Netting&#148; applies to the
Transactions identified as being subject to the election (in which case clause
(ii) above will not apply to such Transactions). If Multiple Transaction Payment
Netting is applicable to Transactions, it will apply to those Transactions with
effect from the starting date specified in the Schedule or such Confirmation,
or, if a starting date is not specified in the Schedule or such Confirmation,
the starting date otherwise agreed by the parties in writing. This election may
be made separately for different groups of Transactions and will apply
separately to each pairing of Offices through which the parties make and receive
payments or deliveries. </P>
<P
align=justify>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Deduction
or Withholding for Tax</I></B>. </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Gross-Up</I></B>.
All payments under this Agreement will be made without any deduction or
withholding for or on account of any Tax unless such deduction or withholding is
required by any applicable law, as modified by the practice of any relevant
governmental revenue authority, then in effect. If a party is so required to
deduct or withhold, then that party (&#147;X&#148;) will:&#151; </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;promptly
notify the other party (&#147;Y&#148;) of such requirement; </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
pay to the relevant authorities the full amount required to be deducted or
withheld (including the full amount required to be deducted or withheld from any
additional amount paid by X to Y under this Section 2(d)) promptly upon the
earlier of determining that such deduction or withholding is required or
receiving notice that such amount has been assessed against Y; </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;promptly
forward to Y an official receipt (or a certified copy), or other documentation
reasonably acceptable to Y, evidencing such payment to such authorities; and
</P>
<P style="MARGIN-LEFT: 10%"
align=justify>(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
such Tax is an Indemnifiable Tax, pay to Y, in addition to the payment to which
Y is otherwise entitled under this Agreement, such additional amount as is
necessary to ensure that the net amount actually received by Y (free and clear
of Indemnifiable Taxes, whether assessed against X or Y) will equal the full
amount Y would have received had no such deduction or withholding been required.
However, X will not be required to pay any additional amount to Y to the extent
that it would not be required to be paid but for:&#151; </P>
<P style="MARGIN-LEFT: 15%"
align=justify>(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the failure by Y to comply with or perform any agreement contained in Section
4(a)(i), 4(a)(iii) or 4(d); or </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_3></A>
<P style="MARGIN-LEFT: 15%"
align=justify>(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
failure of a representation made by Y pursuant to Section 3(f) to be accurate
and true unless such failure would not have occurred but for (I) any action
taken by a taxing authority, or brought in a court of competent jurisdiction,
after a Transaction is entered into (regardless of whether such action is taken
or brought with respect to a party to this Agreement) or (II) a Change in Tax
Law. </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Liability</I></B>. If:&#151; </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X
is required by any applicable law, as modified by the practice of any relevant
governmental revenue authority, to make any deduction or withholding in respect
of which X would not be required to pay an additional amount to Y under Section
2(d)(i)(4); </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X
does not so deduct or withhold; and </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a
liability resulting from such Tax is assessed directly against X, </P>
<P style="MARGIN-LEFT: 5%" align=justify>then, except to the extent Y has
satisfied or then satisfies the liability resulting from such Tax, Y will
promptly pay to X the amount of such liability (including any related liability
for interest, but including any related liability for penalties only if Y has
failed to comply with or perform any agreement contained in Section 4(a)(i),
4(a)(iii) or 4(d)). </P>
<P
align=justify><STRONG>3.</STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>
Representations </STRONG></P>
<P align=justify>Each party makes the representations contained in Sections
3(a), 3(b), 3(c), 3(d), 3(e) and 3(f) and, if specified in the Schedule as
applying, 3(g) to the other party (which representations will be deemed to be
repeated by each party on each date on which a Transaction is entered into and,
in the case of the representations in Section 3(f), at all times until the
termination of this Agreement). If any &#147;Additional Representation&#148; is specified
in the Schedule or any Confirmation as applying, the party or parties specified
for such Additional Representation will make and, if applicable, be deemed to
repeat such Additional Representation at the time or times specified for such
Additional Representation. </P>
<P
align=justify>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Basic
Representations</I></B>. </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Status</I></B>. It is duly organised and validly existing under the laws
of the jurisdiction of its organisation or incorporation and, if relevant under
such laws, in good standing; </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Powers</I></B>. It has the power to execute this Agreement and any other
documentation relating to this Agreement to which it is a party, to deliver this
Agreement and any other documentation relating to this Agreement that it is
required by this Agreement to deliver and to perform its obligations under this
Agreement and any obligations it has under any Credit Support Document to which
it is a party and has taken all necessary action to authorise such execution,
delivery and performance; </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>No
Violation or Conflict</I></B>. Such execution, delivery and performance do not
violate or conflict with any law applicable to it, any provision of its
constitutional documents, any order or judgment of any court or other agency of
government applicable to it or any of its assets or any contractual restriction
binding on or affecting it or any of its assets; </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Consents</I></B>.
All governmental and other consents that are required to have been obtained by
it with respect to this Agreement or any Credit Support Document to which it is
a party have been obtained and are in full force and effect and all conditions
of any such consents have been complied with; and </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Obligations Binding</I></B>. Its obligations under this Agreement and any
Credit Support Document to which it is a party constitute its legal, valid and
binding obligations, enforceable in accordance with their respective terms
(subject to applicable bankruptcy, reorganisation, insolvency, moratorium or
similar laws affecting creditors&#146; rights generally
and subject, as to enforceability, to equitable principles of general
application (regardless of whether enforcement is sought in a proceeding in
equity or at law)). </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_4></A>
<P align=justify>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Absence of Certain Events</I></B>. No Event of Default or Potential Event
of Default or, to its knowledge, Termination Event with respect to it has
occurred and is continuing and no such event or circumstance would occur as a
result of its entering into or performing its obligations under this Agreement
or any Credit Support Document to which it is a party. </P>
<P
align=justify>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Absence
of Litigation</I></B>. There is not pending or, to its knowledge, threatened
against it, any of its Credit Support Providers or any of its applicable
Specified Entities any action, suit or proceeding at law or in equity or before
any court, tribunal, governmental body, agency or official or any arbitrator
that is likely to affect the legality, validity or enforceability against it of
this Agreement or any Credit Support Document to which it is a party or its
ability to perform its obligations under this Agreement or such Credit Support
Document. </P>
<P
align=justify>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Accuracy
of Specified Information</I></B>. All applicable information that is furnished
in writing by or on behalf of it to the other party and is identified for the
purpose of this Section 3(d) in the Schedule is, as of the date of the
information, true, accurate and complete in every material respect. </P>
<P
align=justify>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Payer
Tax Representation</I></B>. Each representation specified in the Schedule as
being made by it for the purpose of this Section 3(e) is accurate and true. </P>
<P
align=justify>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Payee
Tax Representations</I></B>. Each representation specified in the Schedule as
being made by it for the purpose of this Section 3(f) is accurate and true. </P>
<P align=justify>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>No Agency</I></B>. It is entering into this Agreement, including each
Transaction, as principal and not as agent of any person or entity. </P>
<P
align=justify><STRONG>4.&nbsp;</STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>Agreements
</STRONG></P>
<P align=justify>Each party agrees with the other that, so long as either party
has or may have any obligation under this Agreement or under any Credit Support
Document to which it is a party:&#151; </P>
<P
align=justify>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Furnish
Specified Information</I></B>. It will deliver to the other party or, in certain
cases under clause (iii) below, to such government or taxing authority as the
other party reasonably directs:&#151; </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
forms, documents or certificates relating to taxation specified in the Schedule
or any Confirmation; </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
other documents specified in the Schedule or any Confirmation; and </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; upon
reasonable demand by such other party, any form or document that may be required
or reasonably requested in writing in order to allow such other party or its
Credit Support Provider to make a payment under this Agreement or any applicable
Credit Support Document without any deduction or withholding for or on account
of any Tax or with such deduction or withholding at a reduced rate (so long as
the completion, execution or submission of such form or document would not
materially prejudice the legal or commercial position of the party in receipt of
such demand), with any such form or document to be accurate and completed in a
manner reasonably satisfactory to such other party and to be executed and to be
delivered with any reasonably required certification, </P>
<P align=justify>in each case by the date specified in the Schedule or such
Confirmation or, if none is specified, as soon as reasonably practicable. </P>
<P
align=justify>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Maintain
Authorisations</I></B>. It will use all reasonable efforts to maintain in full
force and effect all consents of any governmental or other authority that are
required to be obtained by it with respect to this Agreement or any Credit Support Document to which it is a party and will use all
reasonable efforts to obtain any that may become necessary in the future. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_5></A>
<P
align=justify>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Comply
With Laws</I></B>. It will comply in all material respects with all applicable
laws and orders to which it may be subject if failure so to comply would
materially impair its ability to perform its obligations under this Agreement or
any Credit Support Document to which it is a party. </P>
<P
align=justify>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Tax
Agreement</I></B>. It will give notice of any failure of a representation made
by it under Section 3(f) to be accurate and true promptly upon learning of such
failure. </P>
<P
align=justify>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Payment
of Stamp Tax</I></B>. Subject to Section 11, it will pay any Stamp Tax levied or
imposed upon it or in respect of its execution or performance of this Agreement
by a jurisdiction in which it is incorporated, organised, managed and controlled
or considered to have its seat, or where an Office through which it is acting
for the purpose of this Agreement is located (&#147;Stamp Tax Jurisdiction&#148;), and
will indemnify the other party against any Stamp Tax levied or imposed upon the
other party or in respect of the other party&#146;s execution or performance of this
Agreement by any such Stamp Tax Jurisdiction which is not also a Stamp Tax
Jurisdiction with respect to the other party. </P>
<P
align=justify><STRONG>5.</STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>
Events of Default and Termination Events </STRONG></P>
<P
align=justify>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Events
of Default</I></B>. The occurrence at any time with respect to a party or, if
applicable, any Credit Support Provider of such party or any Specified Entity of
such party of any of the following events constitutes (subject to Sections 5(c)
and 6(e)(iv)) an event of default (an &#147;Event of Default&#148;) with respect to such
party:&#151; </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Failure
to Pay or Deliver</I></B>. Failure by the party to make, when due, any payment
under this Agreement or delivery under Section 2(a)(i) or 9(h)(i)(2) or (4)
required to be made by it if such failure is not remedied on or before the first
Local Business Day in the case of any such payment or the first Local Delivery
Day in the case of any such delivery after, in each case, notice of such failure
is given to the party; </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Breach of Agreement; Repudiation of Agreement</I></B>. </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Failure by the party to comply with or perform any agreement or obligation
(other than an obligation to make any payment under this Agreement or delivery
under Section 2(a)(i) or 9(h)(i)(2) or (4) or to give notice of a Termination
Event or any agreement or obligation under Section 4(a)(i), 4(a)(iii) or 4(d))
to be complied with or performed by the party in accordance with this Agreement
if such failure is not remedied within 30 days after notice of such failure is
given to the party; or </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the party disaffirms, disclaims, repudiates or rejects, in whole or in part, or
challenges the validity of, this Master Agreement, any Confirmation executed and
delivered by that party or any Transaction evidenced by such a Confirmation (or
such action is taken by any person or entity appointed or empowered to operate
it or act on its behalf); </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B><I>Credit
Support Default</I></B>. </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Failure by the party or any Credit Support Provider of such party to comply with
or perform any agreement or obligation to be complied with or performed by it in
accordance with any Credit Support Document if such failure is continuing after
any applicable grace period has elapsed; </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
expiration or termination of such Credit Support Document or the failing or
ceasing of such Credit Support Document, or any security interest granted by
such party or such Credit Support Provider to the other party pursuant to any
such Credit Support Document, to be in full force and effect for the purpose of
this Agreement (in each case other than in accordance with its terms) prior to
the satisfaction of all obligations of such party under each Transaction to
which such Credit Support Document relates without the written consent of the
other party; or </P>
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<A name=page_6></A>
<P style="MARGIN-LEFT: 10%"
align=justify>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the party or such Credit Support Provider disaffirms, disclaims, repudiates or
rejects, in whole or in part, or challenges the validity of, such Credit Support
Document (or such action is taken by any person or entity appointed or empowered
to operate it or act on its behalf); </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Misrepresentation</I></B>.
A representation (other than a representation under Section 3(e) or 3(f)) made
or repeated or deemed to have been made or repeated by the party or any Credit
Support Provider of such party in this Agreement or any Credit Support Document
proves to have been incorrect or misleading in any material respect when made or
repeated or deemed to have been made or repeated; </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Default Under Specified Transaction</I></B>. The party, any Credit Support
Provider of such party or any applicable Specified Entity of such party:&#151; </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
defaults (other than by failing to make a delivery) under a Specified
Transaction or any credit support arrangement relating to a Specified
Transaction and, after giving effect to any applicable notice requirement or
grace period, such default results in a liquidation of, an acceleration of
obligations under, or an early termination of, that Specified Transaction; </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;defaults,
after giving effect to any applicable notice requirement or grace period, in
making any payment due on the last payment or exchange date of, or any payment
on early termination of, a Specified Transaction (or, if there is no applicable
notice requirement or grace period, such default continues for at least one
Local Business Day); </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
defaults in making any delivery due under (including any delivery due on the
last delivery or exchange date of) a Specified Transaction or any credit support
arrangement relating to a Specified Transaction and, after giving effect to any
applicable notice requirement or grace period, such default results in a
liquidation of, an acceleration of obligations under, or an early termination
of, all transactions outstanding under the documentation applicable to that
Specified Transaction; or </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges
the validity of, a Specified Transaction or any credit support arrangement
relating to a Specified Transaction that is, in either case, confirmed or
evidenced by a document or other confirming evidence executed and delivered by
that party, Credit Support Provider or Specified Entity (or such action is taken
by any person or entity appointed or empowered to operate it or act on its
behalf); </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Cross-Default</I></B>. If &#147;Cross-Default&#148; is specified in the Schedule as
applying to the party, the occurrence or existence of:&#151; </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a
default, event of default or other similar condition or event (however
described) in respect of such party, any Credit Support Provider of such party
or any applicable Specified Entity of such party under one or more agreements or
instruments relating to Specified Indebtedness of any of them (individually or
collectively) where the aggregate principal amount of such agreements or
instruments, either alone or together with the amount, if any, referred to in
clause (2) below, is not less than the applicable Threshold Amount (as specified
in the Schedule) which has resulted in such Specified Indebtedness becoming, or
becoming capable at such time of being declared, due and payable under such
agreements or instruments before it would otherwise have been due and payable;
or </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
default by such party, such Credit Support Provider or such Specified Entity
(individually or collectively) in making one or more payments under such
agreements or instruments on the due date for payment (after giving effect to
any applicable notice requirement or grace period) in an aggregate amount,
either alone or together with the amount, if any, referred to in clause (1)
above, of not less than the applicable Threshold Amount; </P>
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<A name=page_7></A>
<P style="MARGIN-LEFT: 5%"
align=justify>(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Bankruptcy</I></B>.
The party, any Credit Support Provider of such party or any applicable Specified
Entity of such party:&#151; </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; is
dissolved (other than pursuant to a consolidation, amalgamation or merger); (2)
becomes insolvent or is unable to pay its debts or fails or admits in writing
its inability generally to pay its debts as they become due; (3) makes a general
assignment, arrangement or composition with or for the benefit of its creditors;
(4)(A) institutes or has instituted against it, by a regulator, supervisor or
any similar official with primary insolvency, rehabilitative or regulatory
jurisdiction over it in the jurisdiction of its incorporation or organisation or
the jurisdiction of its head or home office, a proceeding seeking a judgment of
insolvency or bankruptcy or any other relief under any bankruptcy or insolvency
law or other similar law affecting creditors&#146; rights, or a petition is presented
for its winding-up or liquidation by it or such regulator, supervisor or similar
official, or (B) has instituted against it a proceeding seeking a judgment of
insolvency or bankruptcy or any other relief under any bankruptcy or insolvency
law or other similar law affecting creditors&#146; rights, or a petition is presented
for its winding-up or liquidation, and such proceeding or petition is instituted
or presented by a person or entity not described in clause (A) above and either
(I) results in a judgment of insolvency or bankruptcy or the entry of an order
for relief or the making of an order for its winding-up or liquidation or (II)
is not dismissed, discharged, stayed or restrained in each case within 15 days
of the institution or presentation thereof; (5) has a resolution passed for its
winding-up, official management or liquidation (other than pursuant to a
consolidation, amalgamation or merger); (6) seeks or becomes subject to the
appointment of an administrator, provisional liquidator, conservator, receiver,
trustee, custodian or other similar official for it or for all or substantially
all its assets; (7) has a secured party take possession of all or substantially
all its assets or has a distress, execution, attachment, sequestration or other
legal process levied, enforced or sued on or against all or substantially all
its assets and such secured party maintains possession, or any such process is
not dismissed, discharged, stayed or restrained, in each case within 15 days
thereafter; (8) causes or is subject to any event with respect to it which,
under the applicable laws of any jurisdiction, has an analogous effect to any of
the events specified in clauses (l) to (7) above (inclusive); or (9) takes any
action in furtherance of, or indicating its consent to, approval of, or
acquiescence in, any of the foregoing acts; or </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Merger
Without Assumption</I></B>. The party or any Credit Support Provider of such
party consolidates or amalgamates with, or merges with or into, or transfers all
or substantially all its assets to, or reorganises, reincorporates or
reconstitutes into or as, another entity and, at the time of such consolidation,
amalgamation, merger, transfer, reorganisation, reincorporation or
reconstitution:&#151; </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
resulting, surviving or transferee entity fails to assume all the obligations of
such party or such Credit Support Provider under this Agreement or any Credit
Support Document to which it or its predecessor was a party; or </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the benefits of any Credit Support Document fail to extend (without the consent
of the other party) to the performance by such resulting, surviving or
transferee entity of its obligations under this Agreement. </P>
<P
align=justify>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Termination
Events</I></B>. The occurrence at any time with respect to a party or, if
applicable, any Credit Support Provider of such party or any Specified Entity of
such party of any event specified below constitutes (subject to Section 5(c)) an
Illegality if the event is specified in clause (i) below, a Force Majeure Event
if the event is specified in clause (ii) below, a Tax Event if the event is
specified in clause (iii) below, a Tax Event Upon Merger if the event is
specified in clause (iv) below, and, if specified to be applicable, a Credit
Event Upon Merger if the event is specified pursuant to clause (v) below or an
Additional Termination Event if the event is specified pursuant to clause (vi)
below:&#151; </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Illegality</I></B>.
After giving effect to any applicable provision, disruption fallback or remedy
specified in, or pursuant to, the relevant Confirmation or elsewhere in this
Agreement, due to an event or circumstance (other than any action taken by a
party or, if applicable, any Credit Support Provider of such party) occurring
after a Transaction is entered into, it becomes unlawful under any applicable
law (including without limitation the laws
of any country in which payment, delivery or compliance is required by either
party or any Credit Support Provider, as the case may be), on any day, or it
would be unlawful if the relevant payment, delivery or compliance were required
on that day (in each case, other than as a result of a breach by the party of
Section 4(b)):&#151; </P>
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<A name=page_8></A>
<P style="MARGIN-LEFT: 10%"
align=justify>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
for the Office through which such party (which will be the Affected Party) makes
and receives payments or deliveries with respect to such Transaction to perform
any absolute or contingent obligation to make a payment or delivery in respect
of such Transaction, to receive a payment or delivery in respect of such
Transaction or to comply with any other material provision of this Agreement
relating to such Transaction; or </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
for such party or any Credit Support Provider of such party (which will be the
Affected Party) to perform any absolute or contingent obligation to make a
payment or delivery which such party or Credit Support Provider has under any
Credit Support Document relating to such Transaction, to receive a payment or
delivery under such Credit Support Document or to comply with any other material
provision of such Credit Support Document; </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Force Majeure Event</I></B>. After giving effect to any applicable
provision, disruption fallback or remedy specified in, or pursuant to, the
relevant Confirmation or elsewhere in this Agreement, by reason of force majeure
or act of state occurring after a Transaction is entered into, on any day:&#151; </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Office through which such party (which will be the Affected Party) makes and
receives payments or deliveries with respect to such Transaction is prevented
from performing any absolute or contingent obligation to make a payment or
delivery in respect of such Transaction, from receiving a payment or delivery in
respect of such Transaction or from complying with any other material provision
of this Agreement relating to such Transaction (or would be so prevented if such
payment, delivery or compliance were required on that day), or it becomes
impossible or impracticable for such Office so to perform, receive or comply (or
it would be impossible or impracticable for such Office so to perform, receive
or comply if such payment, delivery or compliance were required on that day); or
</P>
<P style="MARGIN-LEFT: 10%"
align=justify>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
party or any Credit Support Provider of such party (which will be the Affected
Party) is prevented from performing any absolute or contingent obligation to
make a payment or delivery which such party or Credit Support Provider has under
any Credit Support Document relating to such Transaction, from receiving a
payment or delivery under such Credit Support Document or from complying with
any other material provision of such Credit Support Document (or would be so
prevented if such payment, delivery or compliance were required on that day), or
it becomes impossible or impracticable for such party or Credit Support Provider
so to perform, receive or comply (or it would be impossible or impracticable for
such party or Credit Support Provider so to perform, receive or comply if such
payment, delivery or compliance were required on that day), </P>
<P style="MARGIN-LEFT: 5%" align=justify>so long as the force majeure or act of
state is beyond the control of such Office, such party or such Credit Support
Provider, as appropriate, and such Office, party or Credit Support Provider
could not, after using all reasonable efforts (which will not require such party
or Credit Support Provider to incur a loss, other than immaterial, incidental
expenses), overcome such prevention, impossibility or impracticability; </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Tax
Event</I></B>. Due to (1) any action taken by a taxing authority, or brought in
a court of competent jurisdiction, after a Transaction is entered into
(regardless of whether such action is taken or brought with respect to a party
to this Agreement) or (2) a Change in Tax Law, the party (which will be the
Affected Party) will, or there is a substantial likelihood that it will, on the
next succeeding Scheduled Settlement Date (A) be required to pay to the other
party an additional amount in respect of an Indemnifiable Tax under Section
2(d)(i)(4) (except in respect of interest under Section 9(h)) or (B) receive a
payment from which an amount is required to be deducted or withheld for or on
account of a Tax (except in respect of interest under Section 9(h)) and no
additional amount is required to be paid in respect of such Tax under Section
2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(A) or (B)); </P>
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<P style="MARGIN-LEFT: 5%"
align=justify>(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Tax
Event Upon Merger</I></B>. The party (the &#147;Burdened Party&#148;) on the next
succeeding Scheduled Settlement Date will either (1) be required to pay an
additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4)
(except in respect of interest under Section 9(h)) or (2) receive a payment from
which an amount has been deducted or withheld for or on account of any Tax in
respect of which the other party is not required to pay an additional amount
(other than by reason of Section 2(d)(i)(4)(A) or (B)), in either case as a
result of a party consolidating or amalgamating with, or merging with or into,
or transferring all or substantially all its assets (or any substantial part of
the assets comprising the business conducted by it as of the date of this Master
Agreement) to, or reorganising, reincorporating or reconstituting into or as,
another entity (which will be the Affected Party) where such action does not
constitute a Merger Without Assumption; </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Credit
Event Upon Merger</I></B>. If &#147;Credit Event Upon Merger&#148; is specified in the
Schedule as applying to the party, a Designated Event (as defined below) occurs
with respect to such party, any Credit Support Provider of such party or any
applicable Specified Entity of such party (in each case, &#147;X&#148;) and such
Designated Event does not constitute a Merger Without Assumption, and the
creditworthiness of X or, if applicable, the successor, surviving or transferee
entity of X, after taking into account any applicable Credit Support Document,
is materially weaker immediately after the occurrence of such Designated Event
than that of X immediately prior to the occurrence of such Designated Event
(and, in any such event, such party or its successor, surviving or transferee
entity, as appropriate, will be the Affected Party). A &#147;Designated Event&#148; with
respect to X means that:&#151; </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; X
consolidates or amalgamates with, or merges with or into, or transfers all or
substantially all its assets (or any substantial part of the assets comprising
the business conducted by X as of the date of this Master Agreement) to, or
reorganises, reincorporates or reconstitutes into or as, another entity; </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
person, related group of persons or entity acquires directly or indirectly the
beneficial ownership of (A) equity securities having the power to elect a
majority of the board of directors (or its equivalent) of X or (B) any other
ownership interest enabling it to exercise control of X; or </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X
effects any substantial change in its capital structure by means of the
issuance, incurrence or guarantee of debt or the issuance of (A) preferred stock
or other securities convertible into or exchangeable for debt or preferred stock
or (B) in the case of entities other than corporations, any other form of
ownership interest; or </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Additional
Termination Event</I></B>. If any &#147;Additional Termination Event&#148; is specified in
the Schedule or any Confirmation as applying, the occurrence of such event (and,
in such event, the Affected Party or Affected Parties will be as specified for
such Additional Termination Event in the Schedule or such Confirmation). </P>
<P
align=justify>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Hierarchy
of Events</I></B>. </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
event or circumstance that constitutes or gives rise to an Illegality or a Force
Majeure Event will not, for so long as that is the case, also constitute or give
rise to an Event of Default under Section 5(a)(i), 5(a)(ii)(1) or 5(a)(iii)(1)
insofar as such event or circumstance relates to the failure to make any payment
or delivery or a failure to comply with any other material provision of this
Agreement or a Credit Support Document, as the case may be. </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
in circumstances contemplated by clause (i) above, if an event or circumstance
which would otherwise constitute or give rise to an Illegality or a Force
Majeure Event also constitutes an Event of Default or any other Termination
Event, it will be treated as an Event of Default or such other Termination
Event, as the case may be, and will not constitute or give rise to an Illegality
or a Force Majeure Event. </P>
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width="100%" noShade>
<A name=page_10></A>
<P style="MARGIN-LEFT: 5%"
align=justify>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an
event or circumstance which would otherwise constitute or give rise to a Force
Majeure Event also constitutes an Illegality, it will be treated as an
Illegality, except as described in clause (ii) above, and not a Force Majeure
Event. </P>
<P align=justify>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Deferral of Payments and Deliveries During Waiting Period</I></B>. If an
Illegality or a Force Majeure Event has occurred and is continuing with respect
to a Transaction, each payment or delivery which would otherwise be required to
be made under that Transaction will be deferred to, and will not be due until:&#151;
</P>
<P style="MARGIN-LEFT: 5%"
align=justify>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the first Local Business Day or, in the case of a delivery, the first Local
Delivery Day (or the first day that would have been a Local Business Day or
Local Delivery Day, as appropriate, but for the occurrence of the event or
circumstance constituting or giving rise to that Illegality or Force Majeure
Event) following the end of any applicable Waiting Period in respect of that
Illegality or Force Majeure Event, as the case may be; or </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if
earlier, the date on which the event or circumstance constituting or giving rise
to that Illegality or Force Majeure Event ceases to exist or, if such date is
not a Local Business Day or, in the case of a delivery, a Local Delivery Day,
the first following day that is a Local Business Day or Local Delivery Day, as
appropriate. </P>
<P align=justify>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Inability of Head or Home Office to Perform Obligations of Branch</I></B>.
If (i) an Illegality or a Force Majeure Event occurs under Section 5(b)(i)(1) or
5(b)(ii)(1) and the relevant Office is not the Affected Party&#146;s head or home
office, (ii) Section 10(a) applies, (iii) the other party seeks performance of
the relevant obligation or compliance with the relevant provision by the
Affected Party&#146;s head or home office and (iv) the Affected Party&#146;s head or home
office fails so to perform or comply due to the occurrence of an event or
circumstance which would, if that head or home office were the Office through
which the Affected Party makes and receives payments and deliveries with respect
to the relevant Transaction, constitute or give rise to an Illegality or a Force
Majeure Event, and such failure would otherwise constitute an Event of Default
under Section 5(a)(i) or 5(a)(iii)(1) with respect to such party, then, for so
long as the relevant event or circumstance continues to exist with respect to
both the Office referred to in Section 5(b)(i)(1) or 5(b)(ii)(1), as the case
may be, and the Affected Party&#146;s head or home office, such failure will not
constitute an Event of Default under Section 5(a)(i) or 5(a)(iii)(1). </P>
<P
align=justify><STRONG>6.&nbsp;</STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>Early
Termination; Close-Out Netting </STRONG></P>
<P
align=justify>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Right
to Terminate Following Event of Default</I></B>. If at any time an Event of
Default with respect to a party (the &#147;Defaulting Party&#148;) has occurred and is
then continuing, the other party (the &#147;Non-defaulting Party&#148;) may, by not more
than 20 days notice to the Defaulting Party specifying the relevant Event of
Default, designate a day not earlier than the day such notice is effective as an
Early Termination Date in respect of all outstanding Transactions. If, however,
&#147;Automatic Early Termination&#148; is specified in the Schedule as applying to a
party, then an Early Termination Date in respect of all outstanding Transactions
will occur immediately upon the occurrence with respect to such party of an
Event of Default specified in Section 5(a)(vii)(1), (3), (5), (6) or, to the
extent analogous thereto, (8), and as of the time immediately preceding the
institution of the relevant proceeding or the presentation of the relevant
petition upon the occurrence with respect to such party of an Event of Default
specified in Section 5(a)(vii)(4) or, to the extent analogous thereto, (8). </P>
<P
align=justify>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Right
to Terminate Following Termination Event</I></B>. </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Notice</I></B>.
If a Termination Event other than a Force Majeure Event occurs, an Affected
Party will, promptly upon becoming aware of it, notify the other party,
specifying the nature of that Termination Event and each Affected Transaction,
and will also give the other party such other information about that Termination
Event as the other party may reasonably require. If a Force Majeure Event
occurs, each party will, promptly upon becoming aware of it, use all reasonable
efforts to notify the other party, specifying the nature of that Force Majeure
Event, and will also give the other party such other information about that
Force Majeure Event as the other party may reasonably require. </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Transfer to Avoid Termination Event</I></B>. If a Tax Event occurs and
there is only one Affected Party, or if a Tax Event Upon Merger occurs and the
Burdened Party is the Affected Party, the Affected Party will, as a condition to its right
to designate an Early Termination Date under Section 6(b)(iv), use all
reasonable efforts (which will not require such party to incur a loss, other
than immaterial, incidental expenses) to transfer within 20 days after it gives
notice under Section 6(b)(i) all its rights and obligations under this Agreement
in respect of the Affected Transactions to another of its Offices or Affiliates
so that such Termination Event ceases to exist. </P>
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width="100%" noShade>
<A name=page_11></A>
<P style="MARGIN-LEFT: 5%" align=justify>If the Affected Party is not able to
make such a transfer it will give notice to the other party to that effect
within such 20 day period, whereupon the other party may effect such a transfer
within 30 days after the notice is given under Section 6(b)(i). </P>
<P style="MARGIN-LEFT: 5%" align=justify>Any such transfer by a party under this
Section 6(b)(ii) will be subject to and conditional upon the prior written
consent of the other party, which consent will not be withheld if such other
party&#146;s policies in effect at such time would permit it to enter into
transactions with the transferee on the terms proposed. </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B><I>Two
Affected Parties</I></B>. If a Tax Event occurs and there are two Affected
Parties, each party will use all reasonable efforts to reach agreement within 30
days after notice of such occurrence is given under Section 6(b)(i) to avoid
that Termination Event. </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Right
to Terminate</I></B>. </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If:&#151;
</P>
<P style="MARGIN-LEFT: 15%"
align=justify>(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a
transfer under Section 6(b)(ii) or an agreement under Section 6(b)(iii), as the
case may be, has not been effected with respect to all Affected Transactions
within 30 days after an Affected Party gives notice under Section 6(b)(i); or
</P>
<P style="MARGIN-LEFT: 15%"
align=justify>(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a
Credit Event Upon Merger or an Additional Termination Event occurs, or a Tax
Event Upon Merger occurs and the Burdened Party is not the Affected Party, </P>
<P style="MARGIN-LEFT: 10%" align=justify>the Burdened Party in the case of a Tax
Event Upon Merger, any Affected Party in the case of a Tax Event or an
Additional Termination Event if there are two Affected Parties, or the
Non-affected Party in the case of a Credit Event Upon Merger or an Additional
Termination Event if there is only one Affected Party may, if the relevant
Termination Event is then continuing, by not more than 20 days notice to the
other party, designate a day not earlier than the day such notice is effective
as an Early Termination Date in respect of all Affected Transactions. </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If
at any time an Illegality or a Force Majeure Event has occurred and is then
continuing and any applicable Waiting Period has expired:&#151; </P>
<P style="MARGIN-LEFT: 15%"
align=justify>(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Subject to clause (B) below, either party may, by not more than 20 days notice
to the other party, designate (I) a day not earlier than the day on which such
notice becomes effective as an Early Termination Date in respect of all Affected
Transactions or (II) by specifying in that notice the Affected Transactions in
respect of which it is designating the relevant day as an Early Termination
Date, a day not earlier than two Local Business Days following the day on which
such notice becomes effective as an Early Termination Date in respect of less
than all Affected Transactions. Upon receipt of a notice designating an Early
Termination Date in respect of less than all Affected Transactions, the other
party may, by notice to the designating party, if such notice is effective on or
before the day so designated, designate that same day as an Early Termination
Date in respect of any or all other Affected Transactions. </P>
<P style="MARGIN-LEFT: 15%" align=justify>(B) An Affected Party (if the
Illegality or Force Majeure Event relates to performance by such party or any
Credit Support Provider of such party of an obligation to make any payment or
delivery under, or to compliance with any other material provision of, the
relevant Credit Support Document) will only have the right to designate an Early
Termination Date under Section 6(b)(iv)(2)(A) as a result of an Illegality under Section 5(b)(i)(2) or a Force Majeure
Event under Section 5(b)(ii)(2) following the prior designation by the other
party of an Early Termination Date, pursuant to Section 6(b)(iv)(2)(A), in
respect of less than all Affected Transactions.
</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_12></A>
<P align=justify>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Effect of Designation</I></B>. </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
notice designating an Early Termination Date is given under Section 6(a) or
6(b), the Early Termination Date will occur on the date so designated, whether
or not the relevant Event of Default or Termination Event is then continuing.
</P>
<P style="MARGIN-LEFT: 5%"
align=justify>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the occurrence or effective designation of an Early Termination Date, no further
payments or deliveries under Section 2(a)(i) or 9(h)(i) in respect of the
Terminated Transactions will be required to be made, but without prejudice to
the other provisions of this Agreement. The amount, if any, payable in respect
of an Early Termination Date will be determined pursuant to Sections 6(e) and
9(h)(ii). </P>
<P
align=justify>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Calculations;
Payment Date</I></B>. </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Statement</I></B>. On or as soon as reasonably practicable following the
occurrence of an Early Termination Date, each party will make the calculations
on its part, if any, contemplated by Section 6(e) and will provide to the other
party a statement (l) showing, in reasonable detail, such calculations
(including any quotations, market data or information from internal sources used
in making such calculations), (2) specifying (except where there are two
Affected Parties) any Early Termination Amount payable and (3) giving details of
the relevant account to which any amount payable to it is to be paid. In the
absence of written confirmation from the source of a quotation or market data
obtained in determining a Close-out Amount, the records of the party obtaining
such quotation or market data will be conclusive evidence of the existence and
accuracy of such quotation or market data. </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Payment Date</I></B>. An Early Termination Amount due in respect of any
Early Termination Date will, together with any amount of interest payable
pursuant to Section 9(h)(ii)(2), be payable (1) on the day on which notice of
the amount payable is effective in the case of an Early Termination Date which
is designated or occurs as a result of an Event of Default and (2) on the day
which is two Local Business Days after the day on which notice of the amount
payable is effective (or, if there are two Affected Parties, after the day on
which the statement provided pursuant to clause (i) above by the second party to
provide such a statement is effective) in the case of an Early Termination Date
which is designated as a result of a Termination Event. </P>
<P
align=justify>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Payments
on Early Termination</I></B>. If an Early Termination Date occurs, the amount,
if any, payable in respect of that Early Termination Date (the &#147;Early
Termination Amount&#148;) will be determined pursuant to this Section 6(e) and will
be subject to Section 6(f). </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Events
of Default</I></B>. If the Early Termination Date results from an Event of
Default, the Early Termination Amount will be an amount equal to (1) the sum of
(A) the Termination Currency Equivalent of the Close-out Amount or Close-out
Amounts (whether positive or negative) determined by the Non-defaulting Party
for each Terminated Transaction or group of Terminated Transactions, as the case
may be, and (B) the Termination Currency Equivalent of the Unpaid Amounts owing
to the Non-defaulting Party less (2) the Termination Currency Equivalent of the
Unpaid Amounts owing to the Defaulting Party. If the Early Termination Amount is
a positive number, the Defaulting Party will pay it to the Non-defaulting Party;
if it is a negative number, the Non-defaulting Party will pay the absolute value
of the Early Termination Amount to the Defaulting Party. </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Termination Events</I></B>. If the Early Termination Date results from a
Termination Event:&#151; </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>One Affected Party</I>. Subject to clause (3) below, if there is one Affected
Party, the Early Termination Amount will be determined in accordance with
Section 6(e)(i), except that references to the Defaulting Party and to the
Non-defaulting Party will be deemed to be references to the Affected Party and
to the Non-affected Party, respectively. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_13></A>
<P style="MARGIN-LEFT: 10%"
align=justify>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Two
Affected Parties</I>. Subject to clause (3) below, if there are two Affected
Parties, each party will determine an amount equal to the Termination Currency
Equivalent of the sum of the Close-out Amount or Close-out Amounts (whether
positive or negative) for each Terminated Transaction or group of Terminated
Transactions, as the case may be, and the Early Termination Amount will be an
amount equal to (A) the sum of (I) one-half of the difference between the higher
amount so determined (by party &#147;X&#148;) and the lower amount so determined (by party
&#147;Y&#148;) and (II) the Termination Currency Equivalent of the Unpaid Amounts owing to
X less (B) the Termination Currency Equivalent of the Unpaid Amounts owing to Y.
If the Early Termination Amount is a positive number, Y will pay it to X; if it
is a negative number, X will pay the absolute value of the Early Termination
Amount to Y. </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Mid-Market
Events</I>. If that Termination Event is an Illegality or a Force Majeure Event,
then the Early Termination Amount will be determined in accordance with clause
(1) or (2) above, as appropriate, except that, for the purpose of determining a
Close-out Amount or Close-out Amounts, the Determining Party will:&#151; </P>
<P style="MARGIN-LEFT: 15%"
align=justify>(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if
obtaining quotations from one or more third parties (or from any of the
Determining Party&#146;s Affiliates), ask each third party or Affiliate (I) not to
take account of the current creditworthiness of the Determining Party or any
existing Credit Support Document and (II) to provide mid-market quotations; and
</P>
<P style="MARGIN-LEFT: 15%"
align=justify>(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in
any other case, use mid-market values without regard to the creditworthiness of
the Determining Party. </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Adjustment for Bankruptcy</I></B>. In circumstances where an Early
Termination Date occurs because Automatic Early Termination applies in respect
of a party, the Early Termination Amount will be subject to such adjustments as
are appropriate and permitted by applicable law to reflect any payments or
deliveries made by one party to the other under this Agreement (and retained by
such other party) during the period from the relevant Early Termination Date to
the date for payment determined under Section 6(d)(ii). </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Adjustment
for Illegality or Force Majeure Event</I></B>. The failure by a party or any
Credit Support Provider of such party to pay, when due, any Early Termination
Amount will not constitute an Event of Default under Section 5(a)(i) or
5(a)(iii)(1) if such failure is due to the occurrence of an event or
circumstance which would, if it occurred with respect to payment, delivery or
compliance related to a Transaction, constitute or give rise to an Illegality or
a Force Majeure Event. Such amount will (1) accrue interest and otherwise be
treated as an Unpaid Amount owing to the other party if subsequently an Early
Termination Date results from an Event of Default, a Credit Event Upon Merger or
an Additional Termination Event in respect of which all outstanding Transactions
are Affected Transactions and (2) otherwise accrue interest in accordance with
Section 9(h)(ii)(2). </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Pre-Estimate</I></B>.
The parties agree that an amount recoverable under this Section 6(e) is a
reasonable pre-estimate of loss and not a penalty. Such amount is payable for
the loss of bargain and the loss of protection against future risks, and, except
as otherwise provided in this Agreement, neither party will be entitled to
recover any additional damages as a consequence of the termination of the
Terminated Transactions. </P>
<P align=justify>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Set-Off</I></B>. Any Early Termination Amount payable to one party (the
&#147;Payee&#148;) by the other party (the &#147;Payer&#148;), in circumstances where there is a
Defaulting Party or where there is one Affected Party in the case where either a
Credit Event Upon Merger has occurred or any other Termination Event in respect
of which all outstanding Transactions are Affected Transactions has occurred,
will, at the option of the Non-defaulting Party or the Non-affected Party, as
the case may be (&#147;X&#148;) (and without prior notice to the Defaulting Party or the
Affected Party, as the case may be), be reduced by its set-off against any other
amounts (&#147;Other Amounts&#148;) payable by the Payee to the Payer (whether or not
arising under this Agreement, matured or contingent and irrespective of the
currency, place of payment or place of booking of the obligation). To the extent
that any Other Amounts are so set off, those Other Amounts will be discharged
promptly and in all respects. X will give notice to the other party of any
set-off effected under this Section 6(f). </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_14></A>
<P align=justify>For this purpose, either the Early Termination Amount or the
Other Amounts (or the relevant portion of such amounts) may be converted by X
into the currency in which the other is denominated at the rate of exchange at
which such party would be able, in good faith and using commercially reasonable
procedures, to purchase the relevant amount of such currency. </P>
<P align=justify>If an obligation is unascertained, X may in good faith estimate
that obligation and set off in respect of the estimate, subject to the relevant
party accounting to the other when the obligation is ascertained. </P>
<P align=justify>Nothing in this Section 6(f) will be effective to create a
charge or other security interest. This Section 6(f) will be without prejudice
and in addition to any right of set-off, offset, combination of accounts, lien,
right of retention or withholding or similar right or requirement to which any
party is at any time otherwise entitled or subject (whether by operation of law,
contract or otherwise). </P>
<P
align=justify><STRONG>7.&nbsp;</STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<STRONG>Transfer </STRONG></P>
<P align=justify>Subject to Section 6(b)(ii) and to the extent permitted by
applicable law, neither this Agreement nor any interest or obligation in or
under this Agreement may be transferred (whether by way of security or
otherwise) by either party without the prior written consent of the other party,
except that:&#151; </P>
<P
align=justify>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
party may make such a transfer of this Agreement pursuant to a consolidation or
amalgamation with, or merger with or into, or transfer of all or substantially
all its assets to, another entity (but without prejudice to any other right or
remedy under this Agreement); and </P>
<P
align=justify>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
party may make such a transfer of all or any part of its interest in any Early
Termination Amount payable to it by a Defaulting Party, together with any
amounts payable on or with respect to that interest and any other rights
associated with that interest pursuant to Sections 8, 9(h) and 11. </P>
<P align=justify>Any purported transfer that is not in compliance with this
Section 7 will be void. </P>
<P
align=justify><STRONG>8.&nbsp;</STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<STRONG>Contractual Currency </STRONG></P>
<P
align=justify>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Payment
in the Contractual Currency</I></B>. Each payment under this Agreement will be
made in the relevant currency specified in this Agreement for that payment (the
&#147;Contractual Currency&#148;). To the extent permitted by applicable law, any
obligation to make payments under this Agreement in the Contractual Currency
will not be discharged or satisfied by any tender in any currency other than the
Contractual Currency, except to the extent such tender results in the actual
receipt by the party to which payment is owed, acting in good faith and using
commercially reasonable procedures in converting the currency so tendered into
the Contractual Currency, of the full amount in the Contractual Currency of all
amounts payable in respect of this Agreement. If for any reason the amount in
the Contractual Currency so received falls short of the amount in the
Contractual Currency payable in respect of this Agreement, the party required to
make the payment will, to the extent permitted by applicable law, immediately
pay such additional amount in the Contractual Currency as may be necessary to
compensate for the shortfall. If for any reason the amount in the Contractual
Currency so received exceeds the amount in the Contractual Currency payable in
respect of this Agreement, the party receiving the payment will refund promptly
the amount of such excess. </P>
<P
align=justify>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Judgments</I></B>.
To the extent permitted by applicable law, if any judgment or order expressed in
a currency other than the Contractual Currency is rendered (i) for the payment
of any amount owing in respect of this Agreement, (ii) for the payment of any
amount relating to any early termination in respect of this Agreement or (iii)
in respect of a judgment or order of another court for the payment of any amount
described in clause (i) or (ii) above, the party seeking recovery, after
recovery in full of the aggregate amount to which such party is entitled
pursuant to the judgment or order, will be entitled to receive immediately from
the other party the amount of any shortfall of the Contractual Currency received
by such party as a consequence of sums paid in such other currency and will
refund promptly to the other party any excess of the Contractual Currency
received by such party as a consequence of sums paid in such other currency if
such shortfall or such excess arises or results from any variation between the
rate of exchange at which the Contractual Currency is converted into the
currency of the judgment or order for the purpose of such judgment or order and
the rate of exchange at which such party is able, acting in good faith and using commercially reasonable procedures in
converting the currency received into the Contractual Currency, to purchase the
Contractual Currency with the amount of the currency of the judgment or order
actually received by such party. </P>
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width="100%" noShade>
<A name=page_15></A>
<P
align=justify>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Separate
Indemnities</I></B>. To the extent permitted by applicable law, the indemnities
in this Section 8 constitute separate and independent obligations from the other
obligations in this Agreement, will be enforceable as separate and independent
causes of action, will apply notwithstanding any indulgence granted by the party
to which any payment is owed and will not be affected by judgment being obtained
or claim or proof being made for any other sums payable in respect of this
Agreement. </P>
<P
align=justify>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Evidence
of Loss</I></B>. For the purpose of this Section 8, it will be sufficient for a
party to demonstrate that it would have suffered a loss had an actual exchange
or purchase been made. </P>
<P align=justify><STRONG>9.&nbsp;</STRONG>&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>Miscellaneous
</STRONG></P>
<P
align=justify>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Entire
Agreement</I></B>. This Agreement constitutes the entire agreement and
understanding of the parties with respect to its subject matter. Each of the
parties acknowledges that in entering into this Agreement it has not relied on
any oral or written representation, warranty or other assurance (except as
provided for or referred to in this Agreement) and waives all rights and
remedies which might otherwise be available to it in respect thereof, except
that nothing in this Agreement will limit or exclude any liability of a party
for fraud. </P>
<P align=justify>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Amendments</I></B>. An amendment, modification or waiver in respect of
this Agreement will only be effective if in writing (including a writing
evidenced by a facsimile transmission) and executed by each of the parties or
confirmed by an exchange of telexes or by an exchange of electronic messages on
an electronic messaging system. </P>
<P
align=justify>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Survival
of Obligations</I></B>. Without prejudice to Sections 2(a)(iii) and 6(c)(ii),
the obligations of the parties under this Agreement will survive the termination
of any Transaction. </P>
<P
align=justify>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Remedies
Cumulative</I></B>. Except as provided in this Agreement, the rights, powers,
remedies and privileges provided in this Agreement are cumulative and not
exclusive of any rights, powers, remedies and privileges provided by law. </P>
<P align=justify>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Counterparts and Confirmations</I></B>. </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This Agreement (and each amendment, modification and waiver in respect of it)
may be executed and delivered in counterparts (including by facsimile
transmission and by electronic messaging system), each of which will be deemed
an original. </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
parties intend that they are legally bound by the terms of each Transaction from
the moment they agree to those terms (whether orally or otherwise). A
Confirmation will be entered into as soon as practicable and may be executed and
delivered in counterparts (including by facsimile transmission) or be created by
an exchange of telexes, by an exchange of electronic messages on an electronic
messaging system or by an exchange of e-mails, which in each case will be
sufficient for all purposes to evidence a binding supplement to this Agreement.
The parties will specify therein or through another effective means that any
such counterpart, telex, electronic message or e-mail constitutes a
Confirmation. </P>
<P
align=justify>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>No
Waiver of Rights</I></B>. A failure or delay in exercising any right, power or
privilege in respect of this Agreement will not be presumed to operate as a
waiver, and a single or partial exercise of any right, power or privilege will
not be presumed to preclude any subsequent or further exercise, of that right,
power or privilege or the exercise of any other right, power or privilege. </P>
<P
align=justify>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Headings</I></B>.
The headings used in this Agreement are for convenience of reference only and
are not to affect the construction of or to be taken into consideration in
interpreting this Agreement. </P>
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<P
align=justify>(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Interest
and Compensation</I></B>. </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Prior
to Early Termination</I></B>. Prior to the occurrence or effective designation
of an Early Termination Date in respect of the relevant Transaction:&#151; </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Interest
on Defaulted Payments</I>. If a party defaults in the performance of any payment
obligation, it will, to the extent permitted by applicable law and subject to
Section 6(c), pay interest (before as well as after judgment) on the overdue
amount to the other party on demand in the same currency as the overdue amount,
for the period from (and including) the original due date for payment to (but
excluding) the date of actual payment (and excluding any period in respect of
which interest or compensation in respect of the overdue amount is due pursuant
to clause (3)(B) or (C) below), at the Default Rate. </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Compensation
for Defaulted Deliveries</I>. If a party defaults in the performance of any
obligation required to be settled by delivery, it will on demand (A) compensate
the other party to the extent provided for in the relevant Confirmation or
elsewhere in this Agreement and (B) unless otherwise provided in the relevant
Confirmation or elsewhere in this Agreement, to the extent permitted by
applicable law and subject to Section 6(c), pay to the other party interest
(before as well as after judgment) on an amount equal to the fair market value
of that which was required to be delivered in the same currency as that amount,
for the period from (and including) the originally scheduled date for delivery
to (but excluding) the date of actual delivery (and excluding any period in
respect of which interest or compensation in respect of that amount is due
pursuant to clause (4) below), at the Default Rate. The fair market value of any
obligation referred to above will be determined as of the originally scheduled
date for delivery, in good faith and using commercially reasonable procedures,
by the party that was entitled to take delivery. </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<EM>I</EM><EM>nterest
on Deferred Payments</EM>. If:&#151; </P>
<P style="MARGIN-LEFT: 15%"
align=justify>(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a
party does not pay any amount that, but for Section 2(a)(iii), would have been
payable, it will, to the extent permitted by applicable law and subject to
Section 6(c) and clauses (B) and (C) below, pay interest (before as well as
after judgment) on that amount to the other party on demand (after such amount
becomes payable) in the same currency as that amount, for the period from (and
including) the date the amount would, but for Section 2(a)(iii), have been
payable to (but excluding) the date the amount actually becomes payable, at the
Applicable Deferral Rate; </P>
<P style="MARGIN-LEFT: 15%"
align=justify>(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
payment is deferred pursuant to Section 5(d), the party which would otherwise
have been required to make that payment will, to the extent permitted by
applicable law, subject to Section 6(c) and for so long as no Event of Default
or Potential Event of Default with respect to that party has occurred and is
continuing, pay interest (before as well as after judgment) on the amount of the
deferred payment to the other party on demand (after such amount becomes
payable) in the same currency as the deferred payment, for the period from (and
including) the date the amount would, but for Section 5(d), have been payable to
(but excluding) the earlier of the date the payment is no longer deferred
pursuant to Section 5(d) and the date during the deferral period upon which an
Event of Default or Potential Event of Default with respect to that party
occurs, at the Applicable Deferral Rate; or </P>
<P style="MARGIN-LEFT: 15%"
align=justify>(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a
party fails to make any payment due to the occurrence of an Illegality or a
Force Majeure Event (after giving effect to any deferral period contemplated by
clause (B) above), it will, to the extent permitted by applicable law, subject
to Section 6(c) and for so long as the event or circumstance giving rise to that
Illegality or Force Majeure Event continues and no Event of Default or Potential
Event of Default with respect to that party has occurred and is continuing, pay
interest (before as well as after judgment) on the overdue amount to the other
party on demand in the same currency as the overdue amount, for the period from
(and including) the date the party fails to make the payment due to the occurrence of the relevant
Illegality or Force Majeure Event (or, if later, the date the payment is no
longer deferred pursuant to Section 5(d)) to (but excluding) the earlier of the
date the event or circumstance giving rise to that Illegality or Force Majeure
Event ceases to exist and the date during the period upon which an Event of
Default or Potential Event of Default with respect to that party occurs (and
excluding any period in respect of which interest or compensation in respect of
the overdue amount is due pursuant to clause (B) above), at the Applicable
Deferral Rate. </P>
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<P style="MARGIN-LEFT: 10%"
align=justify>(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Compensation
for Deferred Deliveries</I>. If:&#151; </P>
<P style="MARGIN-LEFT: 15%"
align=justify>(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a
party does not perform any obligation that, but for Section 2(a)(iii), would
have been required to be settled by delivery; </P>
<P style="MARGIN-LEFT: 15%"
align=justify>(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a
delivery is deferred pursuant to Section 5(d); or </P>
<P style="MARGIN-LEFT: 15%"
align=justify>(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a
party fails to make a delivery due to the occurrence of an Illegality or a Force
Majeure Event at a time when any applicable Waiting Period has expired, </P>
<P style="MARGIN-LEFT: 10%" align=justify>the party required (or that would
otherwise have been required) to make the delivery will, to the extent permitted
by applicable law and subject to Section 6(c), compensate and pay interest to
the other party on demand (after, in the case of clauses (A) and (B) above, such
delivery is required) if and to the extent provided for in the relevant
Confirmation or elsewhere in this Agreement. </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRONG><EM>Early
Termination</EM></STRONG>. Upon the occurrence or effective designation of an
Early Termination Date in respect of a Transaction:&#151; </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Unpaid
Amounts</I>. For the purpose of determining an Unpaid Amount in respect of the
relevant Transaction, and to the extent permitted by applicable law, interest
will accrue on the amount of any payment obligation or the amount equal to the
fair market value of any obligation required to be settled by delivery included
in such determination in the same currency as that amount, for the period from
(and including) the date the relevant obligation was (or would have been but for
Section 2(a)(iii) or 5(d)) required to have been performed to (but excluding)
the relevant Early Termination Date, at the Applicable Close-out Rate. </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Interest on Early Termination Amounts</I>. If an Early Termination Amount is
due in respect of such Early Termination Date, that amount will, to the extent
permitted by applicable law, be paid together with interest (before as well as
after judgment) on that amount in the Termination Currency, for the period from
(and including) such Early Termination Date to (but excluding) the date the
amount is paid, at the Applicable Close-out Rate. </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRONG><EM>Interest
Calculation</EM></STRONG>. Any interest pursuant to this Section 9(h) will be
calculated on the basis of daily compounding and the actual number of days
elapsed. </P>
<P
align=justify><STRONG>10.&nbsp;</STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>Offices;
Multibranch Parties </STRONG></P>
<P
align=justify>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
Section 10(a) is specified in the Schedule as applying, each party that enters
into a Transaction through an Office other than its head or home office
represents to and agrees with the other party that, notwithstanding the place of
booking or its jurisdiction of incorporation or organisation, its obligations
are the same in terms of recourse against it as if it had entered into the
Transaction through its head or home office, except that a party will not have
recourse to the head or home office of the other party in respect of any payment
or delivery deferred pursuant to Section 5(d) for so long as the payment or
delivery is so deferred. This representation and agreement will be deemed to be
repeated by each party on each date on which the parties enter into a
Transaction. </P>
<P
align=justify>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a party is specified as a Multibranch Party in the Schedule, such party may,
subject to clause (c) below, enter into a Transaction through, book a
Transaction in and make and receive payments and deliveries with respect to a Transaction through any Office listed in respect of that
party in the Schedule (but not any other Office unless otherwise agreed by the
parties in writing). </P>
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<P align=justify>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Office through which a party enters into a Transaction will be the Office
specified for that party in the relevant Confirmation or as otherwise agreed by
the parties in writing, and, if an Office for that party is not specified in the
Confirmation or otherwise agreed by the parties in writing, its head or home
office. Unless the parties otherwise agree in writing, the Office through which
a party enters into a Transaction will also be the Office in which it books the
Transaction and the Office through which it makes and receives payments and
deliveries with respect to the Transaction. Subject to Section 6(b)(ii), neither
party may change the Office in which it books the Transaction or the Office
through which it makes and receives payments or deliveries with respect to a
Transaction without the prior written consent of the other party. </P>
<P
align=justify><STRONG>11.&nbsp;</STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>Expenses
</STRONG></P>
<P align=justify>A Defaulting Party will on demand indemnify and hold harmless
the other party for and against all reasonable out-of-pocket expenses, including
legal fees, execution fees and Stamp Tax, incurred by such other party by reason
of the enforcement and protection of its rights under this Agreement or any
Credit Support Document to which the Defaulting Party is a party or by reason of
the early termination of any Transaction, including, but not limited to, costs
of collection. </P>
<P
align=justify><STRONG>12.</STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>
Notices </STRONG></P>
<P
align=justify>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Effectiveness</I></B>.
Any notice or other communication in respect of this Agreement may be given in
any manner described below (except that a notice or other communication under
Section 5 or 6 may not be given by electronic messaging system or e-mail) to the
address or number or in accordance with the electronic messaging system or
e-mail details provided (see the Schedule) and will be deemed effective as
indicated:&#151; </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if
in writing and delivered in person or by courier, on the date it is delivered;
</P>
<P style="MARGIN-LEFT: 5%"
align=justify>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if sent
by telex, on the date the recipient&#146;s answerback is received; </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if sent
by facsimile transmission, on the date it is received by a responsible employee
of the recipient in legible form (it being agreed that the burden of proving
receipt will be on the sender and will not be met by a transmission report
generated by the sender&#146;s facsimile machine); </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if sent
by certified or registered mail (airmail, if overseas) or the equivalent (return
receipt requested), on the date it is delivered or its delivery is attempted;
</P>
<P style="MARGIN-LEFT: 5%"
align=justify>(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
sent by electronic messaging system, on the date it is received; or </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if sent
by e-mail, on the date it is delivered, </P>
<P align=justify>unless the date of that delivery (or attempted delivery) or
that receipt, as applicable, is not a Local Business Day or that communication
is delivered (or attempted) or received, as applicable, after the close of
business on a Local Business Day, in which case that communication will be
deemed given and effective on the first following day that is a Local Business
Day. </P>
<P
align=justify>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Change
of Details</I></B>. Either party may by notice to the other change the address,
telex or facsimile number or electronic messaging system or e-mail details at
which notices or other communications are to be given to it. </P>
<P
align=justify><STRONG>13.&nbsp;</STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>Governing
Law and Jurisdiction </STRONG></P>
<P
align=justify>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Governing
Law</I></B>. This Agreement will be governed by and construed in accordance with
the law specified in the Schedule. </P>
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<P align=justify>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Jurisdiction</I></B>. With respect to any suit, action or proceedings
relating to any dispute arising out of or in connection with this Agreement
(&#147;Proceedings&#148;), each party irrevocably:&#151; </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;submits:&#151;
</P>
<P style="MARGIN-LEFT: 10%"
align=justify>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if
this Agreement is expressed to be governed by English law, to (A) the
non-exclusive jurisdiction of the English courts if the Proceedings do not
involve a Convention Court and (B) the exclusive jurisdiction of the English
courts if the Proceedings do involve a Convention Court; or </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if
this Agreement is expressed to be governed by the laws of the State of New York,
to the non-exclusive jurisdiction of the courts of the State of New York and the
United States District Court located in the Borough of Manhattan in New York
City; </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; waives
any objection which it may have at any time to the laying of venue of any
Proceedings brought in any such court, waives any claim that such Proceedings
have been brought in an inconvenient forum and further waives the right to
object, with respect to such Proceedings, that such court does not have any
jurisdiction over such party; and </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;agrees,
to the extent permitted by applicable law, that the bringing of Proceedings in
any one or more jurisdictions will not preclude the bringing of Proceedings in
any other jurisdiction. </P>
<P
align=justify>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Service
of Process</I></B>. Each party irrevocably appoints the Process Agent, if any,
specified opposite its name in the Schedule to receive, for it and on its
behalf, service of process in any Proceedings. If for any reason any party&#146;s
Process Agent is unable to act as such, such party will promptly notify the
other party and within 30 days appoint a substitute process agent acceptable to
the other party. The parties irrevocably consent to service of process given in
the manner provided for notices in Section 12(a)(i), 12(a)(iii) or 12(a)(iv).
Nothing in this Agreement will affect the right of either party to serve process
in any other manner permitted by applicable law. </P>
<P
align=justify>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Waiver
of Immunities</I></B>. Each party irrevocably waives, to the extent permitted by
applicable law, with respect to itself and its revenues and assets (irrespective
of their use or intended use), all immunity on the grounds of sovereignty or
other similar grounds from (i) suit, (ii) jurisdiction of any court, (iii)
relief by way of injunction or order for specific performance or recovery of
property, (iv) attachment of its assets (whether before or after judgment) and
(v) execution or enforcement of any judgment to which it or its revenues or
assets might otherwise be entitled in any Proceedings in the courts of any
jurisdiction and irrevocably agrees, to the extent permitted by applicable law,
that it will not claim any such immunity in any Proceedings. </P>
<P
align=justify><STRONG>14.</STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>
Definitions </STRONG></P>
<P align=justify>As used in this Agreement:&#151; </P>
<P align=justify>&#147;<B><I>Additional Representation</I></B>&#148; has the meaning
specified in Section 3.</P>
<P align=justify>&#147;<B><I>Additional Termination Event</I></B>&#148; has the meaning
specified in Section 5(b).</P>
<P align=justify>&#147;<B><I>Affected Party</I></B>&#148; has the meaning specified in
Section 5(b). </P>
<P align=justify>&#147;<B><I>Affected Transactions</I></B>&#148; means (a) with respect to
any Termination Event consisting of an Illegality, Force Majeure Event, Tax
Event or Tax Event Upon Merger, all Transactions affected by the occurrence of
such Termination Event (which, in the case of an Illegality under Section
5(b)(i)(2) or a Force Majeure Event under Section 5(b)(ii)(2), means all
Transactions unless the relevant Credit Support Document references only certain
Transactions, in which case those Transactions and, if the relevant Credit
Support Document constitutes a Confirmation for a Transaction, that Transaction)
and (b) with respect to any other Termination Event, all Transactions. </P>
<P align=justify>&#147;<B><I>Affiliate</I></B>&#148; means, subject to the Schedule, in
relation to any person, any entity controlled, directly or indirectly, by the
person, any entity that controls, directly or indirectly, the person or any
entity directly or indirectly under common control with the person. For this purpose, &#147;control&#148; of
any entity or person means ownership of a majority of the voting power of the
entity or person. </P>
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<P align=justify>&#147;<B><I>Agreement</I></B>&#148; has the meaning specified in Section
1(c).</P>
<P align=justify>&#147;<B><I>Applicable Close-out Rate</I></B>&#148; means:&#151; </P>
<P align=justify>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
in respect of the determination of an Unpaid Amount:&#151; </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in
respect of obligations payable or deliverable (or which would have been but for
Section 2(a)(iii)) by a Defaulting Party, the Default Rate; </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
respect of obligations payable or deliverable (or which would have been but for
Section 2(a)(iii)) by a Non-defaulting Party, the Non-default Rate; </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in respect
of obligations deferred pursuant to Section 5(d), if there is no Defaulting
Party and for so long as the deferral period continues, the Applicable Deferral
Rate; and </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in all
other cases following the occurrence of a Termination Event (except where
interest accrues pursuant to clause (iii) above), the Applicable Deferral Rate;
and </P>
<P align=justify>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
in respect of an Early Termination Amount:&#151; </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for
the period from (and including) the relevant Early Termination Date to (but
excluding) the date (determined in accordance with Section 6(d)(ii)) on which
that amount is payable:&#151; </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if
the Early Termination Amount is payable by a Defaulting Party, the Default Rate;
</P>
<P style="MARGIN-LEFT: 10%"
align=justify>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if
the Early Termination Amount is payable by a Non-defaulting Party, the
Non-default Rate; and </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in
all other cases, the Applicable Deferral Rate; and </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; for the
period from (and including) the date (determined in accordance with Section
6(d)(ii)) on which that amount is payable to (but excluding) the date of actual
payment:&#151; </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if
a party fails to pay the Early Termination Amount due to the occurrence of an
event or circumstance which would, if it occurred with respect to a payment or
delivery under a Transaction, constitute or give rise to an Illegality or a
Force Majeure Event, and for so long as the Early Termination Amount remains
unpaid due to the continuing existence of such event or circumstance, the
Applicable Deferral Rate; </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if
the Early Termination Amount is payable by a Defaulting Party (but excluding any
period in respect of which clause (1) above applies), the Default Rate; </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if
the Early Termination Amount is payable by a Non-defaulting Party (but excluding
any period in respect of which clause (1) above applies), the Non-default Rate;
and </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in
all other cases, the Termination Rate.</P>
<P align=justify>&#147;<B><I>Applicable Deferral Rate</I></B>&#148; means:&#151; </P>
<P align=justify>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
for the purpose of Section 9(h)(i)(3)(A), the rate certified by the relevant
payer to be a rate offered to the payer by a major bank in a relevant interbank
market for overnight deposits in the applicable currency, such bank to be selected in good faith by the payer for the purpose of
obtaining a representative rate that will reasonably reflect conditions
prevailing at the time in that relevant market; </P>
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<P align=justify>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
for purposes of Section 9(h)(i)(3)(B) and clause (a)(iii) of the definition of
Applicable Close-out Rate, the rate certified by the relevant payer to be a rate
offered to prime banks by a major bank in a relevant interbank market for
overnight deposits in the applicable currency, such bank to be selected in good
faith by the payer after consultation with the other party, if practicable, for
the purpose of obtaining a representative rate that will reasonably reflect
conditions prevailing at the time in that relevant market; and </P>
<P align=justify>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
for purposes of Section 9(h)(i)(3)(C) and clauses (a)(iv), (b)(i)(3) and
(b)(ii)(1) of the definition of Applicable Close-out Rate, a rate equal to the
arithmetic mean of the rate determined pursuant to clause (a) above and a rate
per annum equal to the cost (without proof or evidence of any actual cost) to
the relevant payee (as certified by it) if it were to fund or of funding the
relevant amount. </P>
<P align=justify>&#147;<B><I>Automatic Early Termination</I></B>&#148; has the meaning
specified in Section 6(a).</P>
<P align=justify>&#147;<B><I>Burdened Party</I></B>&#148; has the meaning specified in
Section 5(b)(iv). </P>
<P align=justify>&#147;<B><I>Change in Tax Law</I></B>&#148; means the enactment,
promulgation, execution or ratification of, or any change in or amendment to,
any law (or in the application or official interpretation of any law) that
occurs after the parties enter into the relevant Transaction. </P>
<P align=justify>&#147;<B><I>Close-out Amount</I></B>&#148; means, with respect to each
Terminated Transaction or each group of Terminated Transactions and a
Determining Party, the amount of the losses or costs of the Determining Party
that are or would be incurred under then prevailing circumstances (expressed as
a positive number) or gains of the Determining Party that are or would be
realised under then prevailing circumstances (expressed as a negative number) in
replacing, or in providing for the Determining Party the economic equivalent of,
(a) the material terms of that Terminated Transaction or group of Terminated
Transactions, including the payments and deliveries by the parties under Section
2(a)(i) in respect of that Terminated Transaction or group of Terminated
Transactions that would, but for the occurrence of the relevant Early
Termination Date, have been required after that date (assuming satisfaction of
the conditions precedent in Section 2(a)(iii)) and (b) the option rights of the
parties in respect of that Terminated Transaction or group of Terminated
Transactions. </P>
<P align=justify>Any Close-out Amount will be determined by the Determining
Party (or its agent), which will act in good faith and use commercially
reasonable procedures in order to produce a commercially reasonable result. The
Determining Party may determine a Close-out Amount for any group of Terminated
Transactions or any individual Terminated Transaction but, in the aggregate, for
not less than all Terminated Transactions. Each Close-out Amount will be
determined as of the Early Termination Date or, if that would not be
commercially reasonable, as of the date or dates following the Early Termination
Date as would be commercially reasonable. </P>
<P align=justify>Unpaid Amounts in respect of a Terminated Transaction or group
of Terminated Transactions and legal fees and out-of-pocket expenses referred to
in Section 11 are to be excluded in all determinations of Close-out Amounts.
</P>
<P align=justify>In determining a Close-out Amount, the Determining Party may
consider any relevant information, including, without limitation, one or more of
the following types of information:&#151; </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;quotations
(either firm or indicative) for replacement transactions supplied by one or more
third parties that may take into account the creditworthiness of the Determining
Party at the time the quotation is provided and the terms of any relevant
documentation, including credit support documentation, between the Determining
Party and the third party providing the quotation; </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
information consisting of relevant market data in the relevant market supplied
by one or more third parties including, without limitation, relevant rates,
prices, yields, yield curves, volatilities, spreads, correlations or other
relevant market data in the relevant market; or </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_22></A>
<P style="MARGIN-LEFT: 5%"
align=justify>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;information of the
types described in clause (i) or (ii) above from internal sources (including any
of the Determining Party&#146;s Affiliates) if that information is of the same type
used by the Determining Party in the regular course of its business for the
valuation of similar transactions. </P>
<P align=justify>The Determining Party will consider, taking into account the
standards and procedures described in this definition, quotations pursuant to
clause (i) above or relevant market data pursuant to clause (ii) above unless
the Determining Party reasonably believes in good faith that such quotations or
relevant market data are not readily available or would produce a result that
would not satisfy those standards. When considering information described in
clause (i), (ii) or (iii) above, the Determining Party may include costs of
funding, to the extent costs of funding are not and would not be a component of
the other information being utilised. Third parties supplying quotations
pursuant to clause (i) above or market data pursuant to clause (ii) above may
include, without limitation, dealers in the relevant markets, end-users of the
relevant product, information vendors, brokers and other sources of market
information. </P>
<P align=justify>Without duplication of amounts calculated based on information
described in clause (i), (ii) or (iii) above, or other relevant information, and
when it is commercially reasonable to do so, the Determining Party may in
addition consider in calculating a Close-out Amount any loss or cost incurred in
connection with its terminating, liquidating or re-establishing any hedge
related to a Terminated Transaction or group of Terminated Transactions (or any
gain resulting from any of them). </P>
<P align=justify>Commercially reasonable procedures used in determining a
Close-out Amount may include the following:&#151; </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;application
to relevant market data from third parties pursuant to clause (ii) above or
information from internal sources pursuant to clause (iii) above of pricing or
other valuation models that are, at the time of the determination of the
Close-out Amount, used by the Determining Party in the regular course of its
business in pricing or valuing transactions between the Determining Party and
unrelated third parties that are similar to the Terminated Transaction or group
of Terminated Transactions; and </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;application
of different valuation methods to Terminated Transactions or groups of
Terminated Transactions depending on the type, complexity, size or number of the
Terminated Transactions or group of Terminated Transactions. </P>
<P align=justify>&#147;<B><I>Confirmation</I></B>&#148; has the meaning specified in the
preamble. </P>
<P align=justify>&#147;<B><I>Consent</I></B>&#148; includes a consent, approval, action,
authorisation, exemption, notice, filing, registration or exchange control
consent. </P>
<P align=justify>&#147;<B><I>Contractual Currency</I></B>&#148; has the meaning specified
in Section 8(a). </P>
<P align=justify>&#147;<B><I>Convention Court</I></B>&#148; means any court which is bound
to apply to the Proceedings either Article 17 of the 1968 Brussels Convention on
Jurisdiction and the Enforcement of Judgments in Civil and Commercial Matters or
Article 17 of the 1988 Lugano Convention on Jurisdiction and the Enforcement of
Judgments in Civil and Commercial Matters. </P>
<P align=justify>&#147;<B><I>Credit Event Upon Merger</I></B>&#148; has the meaning
specified in Section 5(b). </P>
<P align=justify>&#147;<B><I>Credit Support Document</I></B>&#148; means any agreement or
instrument that is specified as such in this Agreement.</P>
<P align=justify>&#147;<B><I>Credit Support Provider</I></B>&#148; has the meaning
specified in the Schedule. </P>
<P align=justify>&#147;<B><I>Cross-Default</I></B>&#148; means the event specified in
Section 5(a)(vi). </P>
<P align=justify>&#147;<B><I>Default Rate</I></B>&#148; means a rate per annum equal to
the cost (without proof or evidence of any actual cost) to the relevant payee
(as certified by it) if it were to fund or of funding the relevant amount plus
1% per annum. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_23></A>
<P align=justify>&#147;<B><I>Defaulting Party</I></B>&#148; has the meaning specified in
Section 6(a). </P>
<P align=justify>&#147;<B><I>Designated Event</I></B>&#148; has the meaning specified in
Section 5(b)(v). </P>
<P align=justify>&#147;<B><I>Determining Party</I></B>&#148; means the party determining a
Close-out Amount. </P>
<P align=justify>&#147;<B><I>Early Termination Amount</I></B>&#148; has the meaning
specified in Section 6(e). </P>
<P align=justify>&#147;<B><I>Early Termination Date</I></B>&#148; means the date
determined in accordance with Section 6(a) or 6(b)(iv). </P>
<P align=justify>&#147;<B><I>Electronic messages</I></B>&#148; does not include e-mails
but does include documents expressed in markup languages, and &#147;<B><I>electronic
messaging system</I></B>&#148; will be construed accordingly. </P>
<P align=justify>&#147;<B><I>English law</I></B>&#148; means the law of England and Wales,
and &#147;<B><I>English</I></B>&#148; will be construed accordingly.</P>
<P align=justify>&#147;<B><I>Event of Default</I></B>&#148; has the meaning specified in
Section 5(a) and, if applicable, in the Schedule. </P>
<P align=justify>&#147;<B><I>Force Majeure Event</I></B>&#148; has the meaning specified
in Section 5(b). </P>
<P align=justify>&#147;<B><I>General Business Day</I></B>&#148; means a day on which
commercial banks are open for general business (including dealings in foreign
exchange and foreign currency deposits). </P>
<P align=justify>&#147;<B><I>Illegality</I></B>&#148; has the meaning specified in Section
5(b). </P>
<P align=justify>&#147;<B><I>Indemnifiable Tax</I></B>&#148; means any Tax other than a
Tax that would not be imposed in respect of a payment under this Agreement but
for a present or former connection between the jurisdiction of the government or
taxation authority imposing such Tax and the recipient of such payment or a
person related to such recipient (including, without limitation, a connection
arising from such recipient or related person being or having been a citizen or
resident of such jurisdiction, or being or having been organised, present or
engaged in a trade or business in such jurisdiction, or having or having had a
permanent establishment or fixed place of business in such jurisdiction, but
excluding a connection arising solely from such recipient or related person
having executed, delivered, performed its obligations or received a payment
under, or enforced, this Agreement or a Credit Support Document). </P>
<P align=justify>&#147;<B><I>Law</I></B>&#148; includes any treaty, law, rule or
regulation (as modified, in the case of tax matters, by the practice of any
relevant governmental revenue authority), and &#147;unlawful&#148; will be construed
accordingly. </P>
<P align=justify>&#147;<B><I>Local Business Day</I></B>&#148; means (a) in relation to any
obligation under Section 2(a)(i), a General Business Day in the place or places
specified in the relevant Confirmation and a day on which a relevant settlement
system is open or operating as specified in the relevant Confirmation or, if a
place or a settlement system is not so specified, as otherwise agreed by the
parties in writing or determined pursuant to provisions contained, or
incorporated by reference, in this Agreement, (b) for the purpose of determining
when a Waiting Period expires, a General Business Day in the place where the
event or circumstance that constitutes or gives rise to the Illegality or Force
Majeure Event, as the case may be, occurs, (c) in relation to any other payment,
a General Business Day in the place where the relevant account is located and,
if different, in the principal financial centre, if any, of the currency of such
payment and, if that currency does not have a single recognised principal
financial centre, a day on which the settlement system necessary to accomplish
such payment is open, (d) in relation to any notice or other communication,
including notice contemplated under Section 5(a)(i), a General Business Day (or
a day that would have been a General Business Day but for the occurrence of an
event or circumstance which would, if it occurred with respect to payment,
delivery or compliance related to a Transaction, constitute or give rise to an
Illegality or a Force Majeure Event) in the place specified in the address for
notice provided by the recipient and, in the case of a notice contemplated by
Section 2(b), in the place where the relevant new account is to be located and
(e) in relation to Section 5(a)(v)(2), a General Business Day in the relevant
locations for performance with respect to such Specified Transaction. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_24></A>
<P align=justify>&#147;<B><I>Local Delivery Day</I></B>&#148; means, for purposes of
Sections 5(a)(i) and 5(d), a day on which settlement systems necessary to
accomplish the relevant delivery are generally open for business so that the
delivery is capable of being accomplished in accordance with customary market
practice, in the place specified in the relevant Confirmation or, if not so
specified, in a location as determined in accordance with customary market
practice for the relevant delivery. </P>
<P align=justify>&#147;<B><I>Master Agreement</I></B>&#148; has the meaning specified in
the preamble. </P>
<P align=justify>&#147;<B><I>Merger Without Assumption</I></B>&#148; means the event
specified in Section 5(a)(viii).</P>
<P align=justify>&#147;<B><I>Multiple Transaction Payment Netting</I></B>&#148; has the
meaning specified in Section 2(c).</P>
<P align=justify>&#147;<B><I>Non-affected Party</I></B>&#148; means, so long as there is
only one Affected Party, the other party. </P>
<P align=justify>&#147;<B><I>Non-default Rate</I></B>&#148; means the rate certified by
the Non-defaulting Party to be a rate offered to the Non-defaulting Party by a
major bank in a relevant interbank market for overnight deposits in the
applicable currency, such bank to be selected in good faith by the
Non-defaulting Party for the purpose of obtaining a representative rate that
will reasonably reflect conditions prevailing at the time in that relevant
market. </P>
<P align=justify>&#147;<B><I>Non-defaulting Party</I></B>&#148; has the meaning specified
in Section 6(a). </P>
<P align=justify>&#147;<B><I>Office</I></B>&#148; means a branch or office of a party,
which may be such party&#146;s head or home office.</P>
<P align=justify>&#147;<B><I>Other Amounts</I></B>&#148; has the meaning specified in
Section 6(f). </P>
<P align=justify>&#147;<B><I>Payee</I></B>&#148; has the meaning specified in Section
6(f).</P>
<P align=justify>&#147;<B><I>Payer</I></B>&#148; has the meaning specified in Section
6(f). </P>
<P align=justify>&#147;<B><I>Potential Event of Default</I></B>&#148; means any event
which, with the giving of notice or the lapse of time or both, would constitute
an Event of Default. </P>
<P align=justify>&#147;<B><I>Proceedings</I></B>&#148; has the meaning specified in
Section 13(b).</P>
<P align=justify>&#147;<B><I>Process Agent</I></B>&#148; has the meaning specified in the
Schedule. </P>
<P align=justify>&#147;<B><I>Rate of exchange</I></B>&#148; includes, without limitation,
any premiums and costs of exchange payable in connection with the purchase of or
conversion into the Contractual Currency. </P>
<P align=justify>&#147;<B><I>Relevant Jurisdiction</I></B>&#148; means, with respect to a
party, the jurisdictions (a) in which the party is incorporated, organised,
managed and controlled or considered to have its seat, (b) where an Office
through which the party is acting for purposes of this Agreement is located, (c)
in which the party executes this Agreement and (d) in relation to any payment,
from or through which such payment is made. </P>
<P align=justify>&#147;<B><I>Schedule</I></B>&#148; has the meaning specified in the
preamble. </P>
<P align=justify>&#147;<B><I>Scheduled Settlement Date</I></B>&#148; means a date on which
a payment or delivery is to be made under Section 2(a)(i) with respect to a
Transaction. </P>
<P align=justify>&#147;<B><I>Specified Entity</I></B>&#148; has the meaning specified in
the Schedule. </P>
<P align=justify>&#147;<B><I>Specified Indebtedness</I></B>&#148; means, subject to the
Schedule, any obligation (whether present or future, contingent or otherwise, as
principal or surety or otherwise) in respect of borrowed money. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_25></A>
<P align=justify>&#147;<B><I>Specified Transaction</I></B>&#148; means, subject to the
Schedule, (a) any transaction (including an agreement with respect to any such
transaction) now existing or hereafter entered into between one party to this
Agreement (or any Credit Support Provider of such party or any applicable
Specified Entity of such party) and the other party to this Agreement (or any
Credit Support Provider of such other party or any applicable Specified Entity
of such other party) which is not a Transaction under this Agreement but (i)
which is a rate swap transaction, swap option, basis swap, forward rate
transaction, commodity swap, commodity option, equity or equity index swap,
equity or equity index option, bond option, interest rate option, foreign
exchange transaction, cap transaction, floor transaction, collar transaction,
currency swap transaction, cross-currency rate swap transaction, currency
option, credit protection transaction, credit swap, credit default swap, credit
default option, total return swap, credit spread transaction, repurchase
transaction, reverse repurchase transaction, buy/sell-back transaction,
securities lending transaction, weather index transaction or forward purchase or
sale of a security, commodity or other financial instrument or interest
(including any option with respect to any of these transactions) or (ii) which
is a type of transaction that is similar to any transaction referred to in
clause (i) above that is currently, or in the future becomes, recurrently
entered into in the financial markets (including terms and conditions
incorporated by reference in such agreement) and which is a forward, swap,
future, option or other derivative on one or more rates, currencies,
commodities, equity securities or other equity instruments, debt securities or
other debt instruments, economic indices or measures of economic risk or value,
or other benchmarks against which payments or deliveries are to be made, (b) any
combination of these transactions and (c) any other transaction identified as a
Specified Transaction in this Agreement or the relevant confirmation. </P>
<P align=justify>&#147;<B><I>Stamp Tax</I></B>&#148; means any stamp, registration,
documentation or similar tax.</P>
<P align=justify>&#147;<B><I>Stamp Tax Jurisdiction</I></B>&#148; has the meaning
specified in Section 4(e). </P>
<P align=justify>&#147;<B><I>Tax</I></B>&#148; means any present or future tax, levy,
impost, duty, charge, assessment or fee of any nature (including interest,
penalties and additions thereto) that is imposed by any government or other
taxing authority in respect of any payment under this Agreement other than a
stamp, registration, documentation or similar tax. </P>
<P align=justify>&#147;<B><I>Tax Event</I></B>&#148; has the meaning specified in Section
5(b). </P>
<P align=justify>&#147;<B><I>Tax Event Upon Merger</I></B>&#148; has the meaning specified
in Section 5(b). </P>
<P align=justify>&#147;<B><I>Terminated Transactions</I></B>&#148; means, with respect to
any Early Termination Date, (a) if resulting from an Illegality or a Force
Majeure Event, all Affected Transactions specified in the notice given pursuant
to Section 6(b)(iv), (b) if resulting from any other Termination Event, all
Affected Transactions and (c) if resulting from an Event of Default, all
Transactions in effect either immediately before the effectiveness of the notice
designating that Early Termination Date or, if Automatic Early Termination
applies, immediately before that Early Termination Date. </P>
<P align=justify>&#147;<B><I>Termination Currency</I></B>&#148; means (a) if a Termination
Currency is specified in the Schedule and that currency is freely available,
that currency, and (b) otherwise, euro if this Agreement is expressed to be
governed by English law or United States Dollars if this Agreement is expressed
to be governed by the laws of the State of New York. </P>
<P align=justify>&#147;<B><I>Termination Currency Equivalent</I></B>&#148; means, in
respect of any amount denominated in the Termination Currency, such Termination
Currency amount and, in respect of any amount denominated in a currency other
than the Termination Currency (the &#147;Other Currency&#148;), the amount in the
Termination Currency determined by the party making the relevant determination
as being required to purchase such amount of such Other Currency as at the
relevant Early Termination Date, or, if the relevant Close-out Amount is
determined as of a later date, that later date, with the Termination Currency at
the rate equal to the spot exchange rate of the foreign exchange agent (selected
as provided below) for the purchase of such Other Currency with the Termination
Currency at or about 11:00 a.m. (in the city in which such foreign exchange
agent is located) on such date as would be customary for the determination of
such a rate for the purchase of such Other Currency for value on the relevant
Early Termination Date or that later date. The foreign exchange agent will, if
only one party is obliged to make a determination under Section 6(e), be
selected in good faith by that party and otherwise will be agreed by the
parties. </P>
<P align=justify>&#147;<B><I>Termination Event</I></B>&#148; means an Illegality, a Force
Majeure Event, a Tax Event, a Tax Event Upon Merger or, if specified to be
applicable, a Credit Event Upon Merger or an Additional Termination Event. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_26></A>
<P align=justify>&#147;<B><I>Termination Rate</I></B>&#148; means a rate per annum equal
to the arithmetic mean of the cost (without proof or evidence of any actual
cost) to each party (as certified by such party) if it were to fund or of
funding such amounts. </P>
<P align=justify>&#147;<B><I>Threshold Amount</I></B>&#148; means the amount, if any,
specified as such in the Schedule.</P>
<P align=justify>&#147;<B><I>Transaction</I></B>&#148; has the meaning specified in the
preamble. </P>
<P align=justify>&#147;<B><I>Unpaid Amounts</I></B>&#148; owing to any party means, with
respect to an Early Termination Date, the aggregate of (a) in respect of all
Terminated Transactions, the amounts that became payable (or that would have
become payable but for Section 2(a)(iii) or due but for Section 5(d)) to such
party under Section 2(a)(i) or 2(d)(i)(4) on or prior to such Early Termination
Date and which remain unpaid as at such Early Termination Date, (b) in respect
of each Terminated Transaction, for each obligation under Section 2(a)(i) which
was (or would have been but for Section 2(a)(iii) or 5(d)) required to be
settled by delivery to such party on or prior to such Early Termination Date and
which has not been so settled as at such Early Termination Date, an amount equal
to the fair market value of that which was (or would have been) required to be
delivered and (c) if the Early Termination Date results from an Event of
Default, a Credit Event Upon Merger or an Additional Termination Event in
respect of which all outstanding Transactions are Affected Transactions, any
Early Termination Amount due prior to such Early Termination Date and which
remains unpaid as of such Early Termination Date, in each case together with any
amount of interest accrued or other compensation in respect of that obligation
or deferred obligation, as the case may be, pursuant to Section 9(h)(ii)(1) or
(2), as appropriate. The fair market value of any obligation referred to in
clause (b) above will be determined as of the originally scheduled date for
delivery, in good faith and using commercially reasonable procedures, by the
party obliged to make the determination under Section 6(e) or, if each party is
so obliged, it will be the average of the Termination Currency Equivalents of
the fair market values so determined by both parties. </P>
<P align=justify>&#147;<B><I>Waiting Period</I></B>&#148; means:&#151; </P>
<P align=justify>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;in respect of an event or circumstance under Section 5(b)(i), other than
in the case of Section 5(b)(i)(2) where the relevant payment, delivery or
compliance is actually required on the relevant day (in which case no Waiting
Period will apply), a period of three Local Business Days (or days that would
have been Local Business Days but for the occurrence of that event or
circumstance) following the occurrence of that event or circumstance; and </P>
<P align=justify>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
in respect of an event or circumstance under Section 5(b)(ii), other than in the
case of Section 5(b)(ii)(2) where the relevant payment, delivery or compliance
is actually required on the relevant day (in which case no Waiting Period will
apply), a period of eight Local Business Days (or days that would have been
Local Business Days but for the occurrence of that event or circumstance)
following the occurrence of that event or circumstance. </P>
<P align=justify><B>IN WITNESS WHEREOF</B> the parties have executed this
document on the respective dates specified below with effect from the date
specified on the first page of this document. </P>
<DIV>
  <TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">
    <TR vAlign=top>
      <TD colspan="3" align=left ><STRONG>MERRILL LYNCH INTERNATIONAL</STRONG>
      </TD>
      <TD align=left>&nbsp;</TD>
      <TD colspan="3" align=left><STRONG>FIRST MAJESTIC SILVER CORP.</STRONG>
      </TD>
    </TR>
    <TR>
      <TD width="5%" >&nbsp; </TD>
      <TD width="7%">&nbsp; </TD>
      <TD width="35%">&nbsp; </TD>
      <TD>&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="7%">&nbsp; </TD>
      <TD width="35%">&nbsp; </TD>
    </TR>
    <TR vAlign=top>
      <TD width="5%" align=left >By: </TD>
      <TD colspan="2" align=left style="BORDER-BOTTOM: #000000 1px solid">&nbsp;<EM>&#147;signed&#148;</EM>&nbsp;&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
      <TD width="5%" align=left>By: </TD>
      <TD colspan="2" align=left style="BORDER-BOTTOM: #000000 1px solid">&nbsp;<I>&#147;signed&#148;</I>
      </TD>
    </TR>
    <TR vAlign=top>
      <TD width="5%" align=left >&nbsp; </TD>
      <TD width="7%" align=left>Name: </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" width="35%" align=left>Anne
        Richmond-Patrick </TD>
      <TD align=left>&nbsp;</TD>
      <TD width="5%" align=left>&nbsp;</TD>
      <TD width="7%" align=left>Name: </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" width="35%"
      align=left>Raymond Polman </TD>
    </TR>
    <TR vAlign=top>
      <TD width="5%" align=left >&nbsp; </TD>
      <TD width="7%" align=left>Title: </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" width="35%"
      align=left>Authorized Signatory </TD>
      <TD align=left>&nbsp;</TD>
      <TD width="5%" align=left>&nbsp;</TD>
      <TD width="7%" align=left>Title: </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" width="35%" align=left>Chief
        Financial Officer </TD>
    </TR>
    <TR vAlign=top>
      <TD width="5%" align=left >&nbsp; </TD>
      <TD width="7%" align=left>Date: </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" width="35%" align=left>11 December
        2012 </TD>
      <TD align=left>&nbsp;</TD>
      <TD width="5%" align=left>&nbsp;</TD>
      <TD width="7%" align=left>Date: </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" width="35%"
      align=left>December 10, 2012 </TD>
    </TR>
    <TR>
      <TD width="5%" >&nbsp; </TD>
      <TD width="7%">&nbsp; </TD>
      <TD width="35%">&nbsp; </TD>
      <TD>&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="7%">&nbsp; </TD>
      <TD width="35%">&nbsp; </TD>
    </TR>
    <TR>
      <TD width="5%" >&nbsp; </TD>
      <TD width="7%">&nbsp; </TD>
      <TD width="35%">&nbsp; </TD>
      <TD>&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="7%">&nbsp; </TD>
      <TD width="35%">&nbsp; </TD>
    </TR>
    <TR vAlign=top>
      <TD width="5%" align=left >&nbsp; </TD>
      <TD width="7%" align=left>&nbsp; </TD>
      <TD width="35%" align=left>&nbsp; </TD>
      <TD align=left>&nbsp;</TD>
      <TD width="5%" align=left>By: </TD>
      <TD colspan="2" align=left style="BORDER-BOTTOM: #000000 1px solid">&nbsp;<I>&#147;signed&#148;</I>
      </TD>
    </TR>
    <TR vAlign=top>
      <TD width="5%" align=left >&nbsp; </TD>
      <TD width="7%" align=left>&nbsp; </TD>
      <TD width="35%" align=left>&nbsp; </TD>
      <TD align=left>&nbsp;</TD>
      <TD width="5%" align=left>&nbsp;</TD>
      <TD width="7%" align=left>Name: </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" width="35%" align=left>Keith
        Neumeyer </TD>
    </TR>
    <TR vAlign=top>
      <TD width="5%" align=left >&nbsp; </TD>
      <TD width="7%" align=left>&nbsp; </TD>
      <TD width="35%" align=left>&nbsp; </TD>
      <TD align=left>&nbsp;</TD>
      <TD width="5%" align=left>&nbsp;</TD>
      <TD width="7%" align=left>Title: </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" width="35%"
      align=left>President and CEO </TD>
    </TR>
    <TR vAlign=top>
      <TD width="5%" align=left >&nbsp; </TD>
      <TD width="7%" align=left>&nbsp; </TD>
      <TD width="35%" align=left>&nbsp; </TD>
      <TD align=left>&nbsp;</TD>
      <TD width="5%" align=left>&nbsp;</TD>
      <TD width="7%" align=left>Date: </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" width="35%"
      align=left>December 10, 2012 </TD>
    </TR>
  </TABLE>
</DIV><BR>
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<HR align=center color=black SIZE=5 width="100%" noShade>
</P>
</BODY>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>SCHEDULE TO 2002 MASTER AGREEMENT
<TEXT>

<HTML>
<HEAD>
   <TITLE>First Majestic Silver Corp. - Exhibit 99.2 - Filed by newsfilecorp.com</TITLE>
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><B><FONT size=7>ISDA</FONT></B><B> &#174; </B></P>
<P align=center>International Swaps and Derivatives Association, Inc. </P>
<P align=center><B>SCHEDULE <BR>to the <BR>2002 Master Agreement </B></P>
<P align=center>dated as of December 10, 2012 </P>
<P align=center>between </P>
<P align=center><B>MERRILL LYNCH INTERNATIONAL, <BR></B>a company organized
under the laws of the England and Wales, </P>
<P align=center>(&#147;Party A&#148;) </P>
<P align=center>and </P>
<P align=center><B>FIRST MAJESTIC SILVER CORP. <BR></B>a corporation
<BR>organized and existing under the laws of the province of British Columbia
</P>
<P align=center>(&#147;Party B&#148;) </P>
<P align=center><B>Part 1 <BR>Termination Provisions </B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify><B><I>&#147;Specified Entity&#148; </I></B>means in relation to
      Party A for the purpose of Sections 5(a)(v), 5(a)(vi), 5(a)(vii) and
      5(b)(v): none.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B><I>&#147;Specified Entity&#148; </I></B>means in relation to
      Party B for the purpose of Sections 5(a)(v), 5(a)(vi), 5(a)(vii) and
      5(b)(v): none.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify><B><I>&#147;Specified Transaction&#148; </I></B>will have the
      meaning specified in Section 14 as amended by inserting the words, &#147;or any
      Affiliate of Party A&#148; immediately after &#147;Agreement&#148; in the second line
      thereof, and shall also include any transaction with respect to margin
      loans, cash loans and short sales of any financial instrument.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>The <B><I>&#147;Cross-Default&#148; </I></B>provisions of Section
      5(a)(vi): <br>
      will apply to Party A and <br>
      will apply to Party B</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In connection therewith, &#147;<B><I>Specified
      Indebtedness</I></B>&#148; will not have the meaning specified in Section 14,
      and such definition shall be replaced by the following: &#147;any obligation in
      respect of the repayment of moneys (whether present or future, contingent
      or otherwise, as principal or surety or otherwise) including, but without
      limitation, any obligation in respect of borrowed money or other advance
      of credit, except that such term shall not include obligations in respect
      of deposits received in the ordinary course of a party&#146;s banking
      business.&#148;</P></TD></TR></TABLE>
<P align=center>29 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_2></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B><I>&#147;Threshold Amount&#148; </I></B>means with respect to
      Party A an amount equal to three percent (3%) of the Shareholders&#146; Equity
      of Bank of America Corporation and with respect to Party B, an amount
      equal to USD 25,000,000.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B><I>&#147;Shareholders&#146; Equity&#148; </I></B>means with respect
      to an entity, at any time, the sum (as shown in the most recent annual
      audited financial statements of such entity) of (i) its capital stock
      (including preferred stock) outstanding, taken at par value, (ii) its
      capital surplus and (iii) its retained earnings, minus (iv) treasury
      stock, each to be determined in accordance with generally accepted
      accounting principles.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>The <B><I>&#147;Credit Event Upon Merger&#148; </I></B>provisions
      of Section 5(b)(v): <br>
      will apply to Party A and <br>
      will apply to Party
  B</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>The <B><I>&#147;Automatic Early Termination&#148; </I></B>provision
      of Section 6(a): <br>
      will not apply to Party A and <br>
      will not apply to Party
      B</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify><B><I>&#147;Termination Currency&#148; </I></B>means United States
      Dollars.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify><B><I>Additional Termination Event </I></B>will apply. It
      shall be an Additional Termination Event with respect to which Party B
      shall be the sole Affected Party if Party B fails to maintain minimum
      Tangible Net Worth of USD 425,000,000.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>&#147;<B><I>Tangible Net Worth</I></B>&#148; shall mean Party B&#146;s
      Consolidated Shareholder&#146;s Equity less the consolidated value of all of
      Party B&#146;s Goodwill. Capitalized terms not defined herein shall have the
      meaning set forth in Party B&#146;s most recently available financial
      statements, or if not publicly available, as provided to Party A, whether
      audited or unaudited.</P></TD></TR></TABLE>
<P align=center><B>Part 2 <BR>Tax Representations</B> </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify><B><I>Payer Representations</I></B><B>. </B>For the
      purpose of Section 3(e) of this Agreement, Party A and Party B will make
      the following representation:-</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>It is not required by any applicable law, as modified by
      the practice of any relevant governmental revenue authority of any
      Relevant Jurisdiction to make any deduction or withholding for or on
      account of any Tax from any payment (other than interest under Section
      9(h) of this Agreement) to be made by it to the other party under this
      Agreement. In making this representation, it may rely on (i) the accuracy
      of any representations made by the other party pursuant to Section 3(f) of
      this Agreement, (ii) the satisfaction of the agreement contained in
      Section 4(a)(i) or 4(a)(iii) of this Agreement and the accuracy and
      effectiveness of any document provided by the other party pursuant to
      Section 4(a)(i) or 4(a)(iii) of this Agreement and (iii) the satisfaction
      of the agreement of the other party contained in Section 4(d) of this
      Agreement, except that it will not be a breach of this representation
      where reliance is placed on clause (ii) above and the other party does not
      deliver a form or document under Section 4(a)(iii) by reason of material
      prejudice to its legal or commercial position.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify><B><I>Payee Tax Representations. </I></B>For the purpose
      of Section 3(f) of this Agreement, Party A and Party B make the
      representations specified below, if any:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>The following representation will apply to Party
  A:</P></TD></TR></TABLE>
<P align=center>30 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_3></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Party A is a company organized under the laws of England
      and Wales. It is a hybrid entity that is treated as a pass-thru entity for
      U.S. federal income tax purposes and each partner or owner of Party A is a
      &#147;non-U.S. branch of a foreign person&#148; for purposes of section
      1.1441-4(a)(3)(ii) of the United States Treasury Regulations and a
      &#147;foreign person&#148; for purposes of section 1.6041- 4(a)(4) of the United
      States Treasury Regulations.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD colSpan=2>
      <P align=justify>The following representations will apply to Party
    B:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Party B is a corporation organized under the laws of
      Canada. It is treated as a corporation for U.S. federal income tax
      purposes.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Party B is a &#147;non-U.S. branch of a foreign person&#148; (as
      that term is used in section 1.1441-4(a)(3)(ii) of the United States
      Treasury Regulations) for U.S. federal income tax purposes, each payment
      received or to be received by it under this Agreement will not be
      effectively connected with its conduct of a trade or business in the
      United States and it is a &#147;foreign person&#148; for purposes of section
      1.6041-4(a)(4) of the United States Treasury
Regulations.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify><B><I>Withholding Tax imposed on payments to non-US
      counterparties under the United States Foreign Account Tax Compliance
      Act</I></B>. &#147;Tax&#148; as used in Part 2(a) of this Schedule (Payer Tax
      Representation) and &#147;Indemnifiable Tax&#148; as defined in Section 14 of this
      Agreement shall not include any U.S. federal withholding tax imposed or
      collected pursuant to Sections 1471 through 1474 of the U.S. Internal
      Revenue Code of 1986, as amended (the &#147;Code&#148;), any current or future
      regulations or official interpretations thereof, any agreement entered
      into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory
      legislation, rules or practices adopted pursuant to any intergovernmental
      agreement entered into in connection with the implementation of such
      Sections of the Code (a "FATCA Withholding Tax"). For the avoidance of
      doubt, a FATCA Withholding Tax is a Tax the deduction or withholding of
      which is required by applicable law for the purposes of Section 2(d) of
      this Agreement.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>This Part 2(c) shall replace any &#147;Express Provisions&#148;
      where &#147;Express Provisions&#148; means any provisions expressly set out in any
      confirmation of a Transaction that supplements, forms a part of, and is
      subject to, this ISDA Master Agreement; that provide for amendments to (i)
      any Payer Tax Representation contained in this ISDA Master Agreement, (ii)
      Section 2(d) of this ISDA Master Agreement, or (iii) the definition of
      &#147;Indemnifiable Tax&#148; in this ISDA Master Agreement, in each case, only in
      relation to FATCA Withholding Tax.&#148;</P></TD></TR></TABLE>
<P align=center>31 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_4></A>
<P align=center><B>Part 3 <BR></B><B>Agreement to Deliver Documents </B></P>
<P align=justify>For the purpose of Section 4(a)(i) and 4(a)(ii) of this
Agreement, each party agrees to deliver the following documents:- </P>
<P align=justify>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Tax forms, documents or certificates to be delivered are:- </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=3 width="100%">

  <TR vAlign=top>
    <TD align=left>
    <p style="margin-right: 5pt"><B>Party</B> <B>required to</B> <B>deliver</B>
      <B>document</B> </TD>
    <TD width="40%" align=left>
    <p style="margin-right: 5pt"><B>Document</B> </TD>
    <TD width="40%" align=left><B>Date by which to be</B> <B>delivered</B>
  </TD></TR>
  <TR>
    <TD>
    <p style="margin-right: 5pt">&nbsp; </TD>
    <TD width="40%" align=left>
    <p style="margin-right: 5pt">&nbsp;</TD>
    <TD width="40%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="margin-right: 5pt">Party B </TD>
    <TD width="40%" align=left>
    <p style="margin-right: 5pt">Internal Revenue Service Form W-8 IMY together
      with the applicable withholding statement or W-8BEN, W-8ECI or W-9
      relating to the beneficial owners of Party B. </TD>
    <TD width="40%" align=left>(i) Upon execution and delivery of this
      Agreement, (ii) before December 31 of each third succeeding calendar year,
      (iii) promptly upon reasonable demand by Party A, and (iv) promptly upon
      learning that any such tax form previously provided by Party B has become
      obsolete or incorrect. </TD></TR>
  <TR>
    <TD align=left>
    <p style="margin-right: 5pt">&nbsp; </TD>
    <TD width="40%" align=left>
    <p style="margin-right: 5pt">&nbsp;</TD>
    <TD width="40%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="margin-right: 5pt">Party A and Party B </TD>
    <TD width="40%" align=left>
    <p style="margin-right: 5pt">Any other document required or reasonably
      requested to allow the other party to make payments under this Agreement
      without any deduction or withholding for or on account of any Tax or with
      such deduction or withholding at a reduced rate. </TD>
    <TD width="40%" align=left>Promptly upon reasonable demand by the other
      party. </TD></TR></TABLE></DIV>
<P align=justify>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Other documents to be delivered are:- </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=3 width="100%">

  <TR vAlign=top>
    <TD align=left>
    <p style="margin-right: 5pt"><B>Party required</B> <B>to deliver</B> <B>document</B> </TD>
    <TD width="40%" align=left>
    <p style="margin-right: 5pt"><B>Form/Document/Certificate</B> </TD>
    <TD width="20%" align=left>
    <p style="margin-right: 5pt"><B>Date by which to</B> <B>be delivered</B> </TD>
    <TD width="20%" align=left><B>Covered by Section</B> <B>3(d)</B>
      <B>Representation</B> </TD></TR>
  <TR>
    <TD>
    <p style="margin-right: 5pt">&nbsp; </TD>
    <TD width="40%">
    <p style="margin-right: 5pt">&nbsp; </TD>
    <TD width="20%">
    <p style="margin-right: 5pt">&nbsp; </TD>
    <TD width="20%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="margin-right: 5pt">Party A and Party B </TD>
    <TD width="40%" align=left>
    <p style="margin-right: 5pt">Credit Support Document, if any, specified in
      Part 4 of the Schedule, such Credit Support Document being duly executed
      if required. </TD>
    <TD width="20%" align=left>
    <p style="margin-right: 5pt">Upon execution and delivery of this Agreement.
    </TD>
    <TD width="20%" align=center>No </TD></TR>
  <TR>
    <TD>
    <p style="margin-right: 5pt">&nbsp; </TD>
    <TD width="40%">
    <p style="margin-right: 5pt">&nbsp; </TD>
    <TD width="20%">
    <p style="margin-right: 5pt">&nbsp; </TD>
    <TD width="20%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="margin-right: 5pt">Party A and Party B </TD>
    <TD width="40%" align=left>
    <p style="margin-right: 5pt">Resolution(s) of its board of directors or
      other documents authorizing the execution and delivery of this Agreement
      and the Transactions thereunder. </TD>
    <TD width="20%" align=left>
    <p style="margin-right: 5pt">Upon execution and delivery of this Agreement
    </TD>
    <TD width="20%" align=center>Yes </TD></TR></TABLE></DIV>
<P align=center>32 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_5></A><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=3 width="100%">

  <TR vAlign=top>
    <TD align=left>
    <p style="margin-right: 5pt"><B>Party required</B> <B>to deliver</B> <B>document</B> </TD>
    <TD width="40%" align=left>
    <p style="margin-right: 5pt"><B>Form/Document/Certificate</B> </TD>
    <TD width="20%" align=left>
    <p style="margin-right: 5pt"><B>Date by which to</B> <B>be delivered</B> </TD>
    <TD width="20%" align=left><B>Covered by Section</B> <B>3(d)</B>
      <B>Representation</B> </TD></TR>
  <TR>
    <TD>
    <p style="margin-right: 5pt">&nbsp; </TD>
    <TD width="40%">
    <p style="margin-right: 5pt">&nbsp; </TD>
    <TD width="20%">
    <p style="margin-right: 5pt">&nbsp; </TD>
    <TD width="20%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="margin-right: 5pt">Party A and Party B </TD>
    <TD width="40%" align=left>
    <p style="margin-right: 5pt">Incumbency certificate or other documents
      evidencing the authority of individuals executing this Agreement or any
      other document executed in connection with this Agreement. </TD>
    <TD width="20%" align=left>
    <p style="margin-right: 5pt">Upon execution and delivery of this Agreement
      or any other documents executed in connection with this Agreement. </TD>
    <TD width="20%" align=center>Yes </TD></TR>
  <TR>
    <TD>
    <p style="margin-right: 5pt">&nbsp; </TD>
    <TD width="40%">
    <p style="margin-right: 5pt">&nbsp; </TD>
    <TD width="20%">
    <p style="margin-right: 5pt">&nbsp; </TD>
    <TD width="20%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="margin-right: 5pt">Party A </TD>
    <TD width="40%" align=left>
    <p style="margin-right: 5pt">Annual audited financial statements of Party
      A&#146;s Credit Support Provider prepared in accordance with generally accepted
      accounting principles in the country in which Party A&#146;s Credit Support
      Provider is organized. </TD>
    <TD width="20%" align=left>
    <p style="margin-right: 5pt">Promptly upon request. </TD>
    <TD width="20%" align=center>Yes </TD></TR>
  <TR>
    <TD>
    <p style="margin-right: 5pt">&nbsp; </TD>
    <TD width="40%">
    <p style="margin-right: 5pt">&nbsp; </TD>
    <TD width="20%">
    <p style="margin-right: 5pt">&nbsp; </TD>
    <TD width="20%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="margin-right: 5pt">Party B </TD>
    <TD width="40%" align=left>
    <p style="margin-right: 5pt">Annual Report of Party B containing audited,
      consolidated financial statements certified by independent certified
      public accountants and prepared in accordance with generally accepted
      accounting principles in the country in which such party is organized. </TD>
    <TD width="20%" align=left>
    <p style="margin-right: 5pt">As soon as available and in any event within 90
      days after the end of each fiscal year of Party B. </TD>
    <TD width="20%" align=center>Yes </TD></TR>
  <TR>
    <TD>
    <p style="margin-right: 5pt">&nbsp; </TD>
    <TD width="40%">
    <p style="margin-right: 5pt">&nbsp; </TD>
    <TD width="20%">
    <p style="margin-right: 5pt">&nbsp; </TD>
    <TD width="20%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="margin-right: 5pt">Party B </TD>
    <TD width="40%" align=left>
    <p style="margin-right: 5pt">Quarterly Financial Statements of Party B
      containing unaudited, consolidated financial statements of such party&#146;s
      fiscal quarter prepared in accordance with generally accepted accounting
      principles in the country in which such party is organized. </TD>
    <TD width="20%" align=left>
    <p style="margin-right: 5pt">As soon as available and in any event within 45
      days after the end of each fiscal quarter of Party B. </TD>
    <TD width="20%" align=center>Yes </TD></TR>
  <TR>
    <TD>
    <p style="margin-right: 5pt">&nbsp; </TD>
    <TD width="40%">
    <p style="margin-right: 5pt">&nbsp; </TD>
    <TD width="20%">
    <p style="margin-right: 5pt">&nbsp; </TD>
    <TD width="20%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="margin-right: 5pt">Party B </TD>
    <TD width="40%" align=left>
    <p style="margin-right: 5pt">A report of Party B&#146;s aggregate mark to market
      exposure of any obligations relating to derivatives transactions, whether
      secured or unsecured, in a form acceptable to Party A in its reasonable
      discretion. </TD>
    <TD width="20%" align=left>
    <p style="margin-right: 5pt">(i) Initially upon execution and delivery of
      this Agreement and (ii) thereafter within 45 days after the end of each
      fiscal quarter of Party B in so far as there are any obligations existing
      in respect of outstanding derivatives transactions during the relevant
      fiscal quarter. </TD>
    <TD width="20%" align=center>Yes </TD></TR></TABLE></DIV>
<P align=center>33 </P>
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width="100%" noShade>
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<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left>
    <p style="margin-right: 5pt"><B>Party required</B> <B>to deliver</B> <B>document</B> </TD>
    <TD width="40%" align=left >
    <p style="margin-right: 5pt"><B>Form/Document/Certificate</B>
    </TD>
    <TD width="20%" align=left >
    <p style="margin-right: 5pt"><B>Date by which to</B> <B>be
      delivered</B> </TD>
    <TD width="20%" align=left ><B>Covered by Section</B>
      <B>3(d)</B> <B>Representation</B> </TD></TR>
  <TR>
    <TD>
    <p style="margin-right: 5pt">&nbsp; </TD>
    <TD width="40%" >
    <p style="margin-right: 5pt">&nbsp; </TD>
    <TD width="20%" >
    <p style="margin-right: 5pt">&nbsp; </TD>
    <TD width="20%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="margin-right: 5pt">Party B </TD>
    <TD width="40%" align=left >
    <p style="margin-right: 5pt">A written notice from Party B&#146;s
      Chief Financial Officer certifying that it is in compliance with the
      covenants contained in Part 5(h) hereof. </TD>
    <TD width="20%" align=left >
    <p style="margin-right: 5pt">(i) Initially upon execution and
      delivery of this Agreement and (ii) thereafter within 45 days after the
      end of each fiscal quarter of Party B in so far as there are any
      obligations existing in respect of outstanding derivatives transactions
      during the relevant fiscal quarter, in each case in the form set forth in
      Exhibit II hereto. </TD>
    <TD width="20%" align=center >Yes </TD></TR></TABLE>
<P align=center><B>Part 4 <BR>Miscellaneous </B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify><B><I>Address for Notices</I></B><B>. </B>For the purpose
      of Section 12(a) of this Agreement:-</P></TD></TR>
  <TR>
    <TD vAlign=top  width="5%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" align=left></TD>
    <TD align=left>Address for notices or communications to Party A:-</TD></TR>
  <TR>
    <TD  width="5%" align=left>&nbsp;</TD>
    <TD  align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" align=left></TD>
    <TD align=left>(For Equity Derivative Transactions)</TD></TR>
  <TR>
    <TD  width="5%" align=left>&nbsp;</TD>
    <TD  align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" align=left></TD>
    <TD align=left>Merrill Lynch International</TD></TR>
  <TR>
    <TD width="5%" align=left></TD>
    <TD align=left>Bank of America Merrill Lynch Financial Centre</TD></TR>
  <TR>
    <TD width="5%" align=left></TD>
    <TD vAlign=top align=left>2 King Edward Street</TD></TR>
  <TR>
    <TD width="5%" align=left></TD>
    <TD align=left>London EC1A 1HQ <BR>United Kingdom</TD></TR>
  <TR>
    <TD  width="5%" align=left>&nbsp;</TD>
    <TD  align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" align=left></TD>
    <TD align=left>Attention: Global Equity Derivatives Department
      <BR>Telephone No.: (44-20) 7996 4671 <BR>Facsimile No.:&nbsp;&nbsp;
      (44-20) 7553 3166</TD></TR>
  <TR>
    <TD  width="5%" align=left>&nbsp;</TD>
    <TD  align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" align=left></TD>
    <TD align=left>(For Bond Option Transactions)</TD></TR>
  <TR>
    <TD  width="5%" align=left>&nbsp;</TD>
    <TD  align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" align=left></TD>
    <TD align=left>Merrill Lynch International</TD></TR>
  <TR>
    <TD width="5%" align=left></TD>
    <TD align=left>Bank of America Merrill Lynch Financial Centre</TD></TR>
  <TR>
    <TD width="5%" align=left></TD>
    <TD vAlign=top align=left>2 King Edward Street</TD></TR>
  <TR>
    <TD width="5%" align=left></TD>
    <TD align=left>London EC1A 1HQ United Kingdom</TD></TR>
  <TR>
    <TD  width="5%" align=left>&nbsp;</TD>
    <TD  align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" align=left></TD>
    <TD align=left>Attention: Manager - Fixed Income Settlements <BR>Telephone
      No.: (44-20) 7995 7126 <BR>Facsimile No.:&nbsp;&nbsp;&nbsp; (44-20) 7995
      0616</TD></TR></TABLE>
<P align=center>34 </P>
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width="100%" noShade>
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<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%"></TD>
    <TD align=left>Additionally, a copy of all notices pursuant to Sections 5,
      6, and 7 as well as any changes to Party B&#146;s address, telephone number or
      facsimile number should be sent to:</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD align=left>Merrill Lynch International</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD align=left>Bank of America Merrill Lynch Financial Centre</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top align=left>2 King Edward Street</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD align=left>London EC1A 1HQ United Kingdom</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD align=left>Attention: Client Integration &amp; Documentation
      <BR>Facsimile No.:&nbsp;&nbsp; (44-20) 7996 2995</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD align=left>Address for notices or communications to Party B:-</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD align=left>First Majestic Silver Corp. <BR>#1805 - 925 West Georgia
      Street <BR>Vancouver, British Columbia <BR>V6C 3L2
      <BR>Attention:&nbsp;&nbsp; Raymond Polman <BR>Telephone No.: 604-639-8818
      <BR>Facsimile No.:&nbsp;&nbsp; 604-639-8873</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Any notice, demand or other communication to be provided
      by Party A pursuant to this Agreement (including, without limitation, any
      notice, demand or communication pursuant to Section 6(a) or Section
      6(b)(iv) of this Agreement) shall be effective when sent to the address of
      Party B provided in this Part 4(a) without regard to the delivery to any
      other persons required to be copied on distributions to Party B. Any
      failure by Party A to provide copies to such other entities or persons
      shall in no way abrogate, invalidate or otherwise affect the validity or
      enforceability of the notice, demand or communication or the matters set
      forth therein, including, without limitation, the designation of an Event
      of Default, Termination Event, Early Termination Date or any other such
      matter.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify><B><I>Process Agent. </I></B>For the purpose of Section
      13(c):</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" align=left></TD>
    <TD align=left>Party A appoints as its Process Agent:</TD></TR>
  <TR>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" align=left></TD>
    <TD align=left>Bank of America, N.A., One Bryant Park, 18th Floor, New
      York, NY 10036, Attention Litigation Department.</TD></TR>
  <TR>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" align=left></TD>
    <TD align=left>Party B appoints as its Process Agent: <BR>CT
  Corporation</TD></TR>
  <TR>
    <TD width="5%" align=left></TD>
    <TD vAlign=top align=left>111 Eighth Avenue</TD></TR>
  <TR>
    <TD width="5%" align=left></TD>
    <TD align=left>13th Floor <BR>New York <BR>NY, 10011</TD></TR>
  <TR>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify><B><I>Offices. </I></B>The provisions of Section 10(a)
      will apply to this Agreement.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify><B><I>Multibranch Party. </I></B>For the purpose of
      Section 10(b) of this Agreement:</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Party A is not a Multibranch
Party.</P></TD></TR></TABLE>
<P align=center>35 </P>
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width="100%" noShade>
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<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%"></TD>
    <TD colSpan=3>
      <P align=justify>Party B is not a Multibranch Party.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(e) </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Calculation Agent. </I></B>The Calculation Agent is
      Party A.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(f) </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Credit Support Document. </I></B>Details of any
      Credit Support Document:</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=3>
      <P align=justify>Each of the following, as amended, extended, supplemented
      or otherwise modified in writing from time to time, is a &#147;Credit Support
      Document&#148;:</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=3>
      <P align=justify>In relation to Party A: Guarantee of Merrill Lynch &amp;
      Co., Inc. (&#147;<B><I>ML&amp;Co.</I></B>&#148;) in the form attached hereto as
      Exhibit I.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=3>
      <P align=justify>In relation to Party B: none.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(g) </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Credit Support Provider.</I></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=3>
      <P align=justify>Credit Support Provider means in relation to Party A:
      ML&amp;Co.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=3>
      <P align=justify>Credit Support Provider means in relation to Party B: Not
      applicable.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(h) </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Governing Law; Jurisdiction</I></B>. This Agreement
      and any and all controversies arising out of or in relation to this
      Agreement shall be governed by and construed in accordance with the laws
      of the State of New York (without reference to its conflict of laws
      doctrine).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=3>
      <P align=justify>Section 13 is amended by (i) deleting in Section
      13(b)(i)(2) the word &#147;non-exclusive&#148; and replacing it with &#147;exclusive&#148; and
      (ii) deleting Section 13(b)(iii) in its entirety.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(i) </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Netting of Payments. </I></B>Unless the parties
      otherwise so agree, &#147;Multiple Transaction Payment Netting&#148; will apply for
      the purpose of Section 2(c) of this Agreement to all Transactions,
      starting as of the date of this Agreement.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(j) </TD>
    <TD colSpan=3>
      <P align=justify>&#147;<B><I>Affiliate</I></B>&#148; will have the meaning specified
      in Section 14 of this Agreement.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(k) </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Absence of Litigation. </I></B>For the purpose of
      Section 3(c):</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=3>
      <P align=justify>&#147;<B><I>Specified Entity</I></B>&#148; means in relation to
      Party A, none;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=3>
      <P align=justify>&#147;<B><I>Specified Entity</I></B>&#148; means in relation to
      Party B, any Affiliate of Party B.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(l) </TD>
    <TD colSpan=3>
      <P align=justify><B><I>No Agency. </I></B>The provisions of Section 3(g)
      will apply to this Agreement.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(m) </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Additional Representation </I></B>will apply. For
      the purpose of Section 3 of this Agreement, each of the following will
      constitute an Additional Representation, which will be made by the party
      indicated below at the times specified below:</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD colSpan=2>
      <P align=justify><B><I>Mutual Representations. </I></B>Each party makes
      the following representations to the other party (which representations
      will be deemed to be repeated by each party on each date on which a
      Transaction is entered into):</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(A) </TD>
    <TD>
      <P align=justify><B><I>Relationship Between Parties. </I></B>Each party
      will be deemed to represent to the other party on the date on which it
      enters into a Transaction that (absent a written agreement between the parties
that expressly imposes affirmative obligations to the contrary for that
Transaction): </P></TD></TR></TABLE>
<P align=center>36 </P>
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width="100%" noShade>
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<BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify><B><I>Non-Reliance. </I></B>It is acting for its own
      account, and it has made its own independent decisions to enter into that
      Transaction and as to whether that Transaction is appropriate or proper
      for it based upon its own judgment and upon advice from such advisors as
      it has deemed necessary. It is not relying on any communication (written
      or oral) of the other party as investment advice or as a recommendation to
      enter into that Transaction, it being understood that information and
      explanations related to the terms and conditions of a Transaction shall
      not be considered investment advice or a recommendation to enter into that
      Transaction. No communication (written or oral) received from the other
      party will be deemed to be an assurance or guarantee as to the expected
      results of that Transaction.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify><B><I>Assessment and Understanding. </I></B>It is capable
      of assessing the merits of and understanding (on its own behalf or through
      independent professional advice), and understands and accepts, the terms,
      conditions and risks of that Transaction. It is also capable of assuming,
      and assumes, the risks of that Transaction.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify><B><I>Status of Parties. </I></B>The other party is not
      acting as a fiduciary for or an advisor to it in respect of that
      Transaction.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(B) </TD>
    <TD>
      <P align=justify><B><I>Eligible Contract Participant. </I></B>It is an
      &#147;eligible contract participant&#148; as defined in Section 1 of the U.S.
      Commodity Exchange Act, 7 U.S.C.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(C) </TD>
    <TD>
      <P align=justify><B><I>Qualified Party. </I></B>Party B hereunder
      represents and warrants to the other party that as of the date of this
      Agreement and as of the date of each Transaction entered into under this
      Agreement it is (1) and will remain a Qualified Party within the meaning
      of paragraph 1.1 of the British Columbia Securities Commission's
      Instrument 91- 501 entitled "Over-The-Counter Derivatives", and that it is
      similarly qualified pursuant to any equivalent or analogous law, order or
      enactment of any other jurisdiction that may have application to such
      Transaction, and (2) a &#147;Canadian Permitted Client&#148; as defined in Section
      8.18 of National Instrument 31-103 - Registration Requirements, Exemptions
      and Ongoing Registrant Obligations</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(n) </TD>
    <TD>
      <P align=justify><B><I>Recording of Conversations. </I></B>Each party to
      this Agreement acknowledges and agrees to the recording of conversations
      between trading and marketing personnel of the parties to this Agreement,
      whether by one or the other or both of the parties or their
  agents.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(o) </TD>
    <TD>
      <P align=justify><B><I>Eligible Financial Contract. </I></B>Each party
      acknowledges and agrees that this Agreement, including all Transactions
      hereunder, each and together constitute an &#147;eligible financial contract&#148;
      under and in all proceedings related to the <I>Bankruptcy and Insolvency
      Act </I>(Canada), the <I>Companies&#146; Creditors Arrangement Act </I>(Canada)
      or the <I>Winding-up and Restructuring Act </I>(Canada), as the same may
      be amended, restated, replaced or re-enacted from time to time, and will
      be treated similarly under and in all proceedings related to any
      bankruptcy, insolvency or similar law (regardless of the jurisdiction of
      application or competence of such law) or any ruling, order, directive or
      pronouncement made pursuant thereto.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B><I>(p)</I></B> </TD>
    <TD>
      <P align=justify><B><I>Equivalency Clause. </I></B>For purposes of
      disclosure pursuant to the Interest Act (Canada), the yearly rate of
      interest to which any rate of interest payable under the Agreement which
      is to be calculated on any basis other than a full calendar
      year is equivalent may be determined by multiplying such rate by a
      fraction the numerator of which is the number of days in the calendar year
      in which the period for which interest at such rate is payable ends and
      the denominator of which is the number of days comprising such other
      basis.</P></TD></TR></TABLE>
<P align=center>37 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_10></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><I>(q)</I></B> </TD>
    <TD colSpan=2>
      <P align=justify><B><I>Bankruptcy. </I></B>Section 5(a)(vii) (4)(A) is
      hereby amended by adding after the words &#147;or other similar law affecting
      creditors&#146; rights&#148;, the following:</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>&#147;(including any plan of arrangement law under any
      corporations statute where the plan proposes or will propose an
      arrangement with respect to any class of creditors)&#148;.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(r) </TD>
    <TD colSpan=2>
      <P align=justify><B><I>Force Majeure Event</I></B>. Section 5(b)(ii) is
      hereby amended as follows:</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(A) </TD>
    <TD>
      <P align=justify>Delete the words &#147;force majeure or act of state&#148; from the
      third line in Section 5(b)(ii) and replace them with the following: &#147;any
      event or circumstance, including, without limitation, any natural,
      technological, political, governmental (which for greater certainty
      includes an act of state) or similar event or circumstance,&#148;.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(B) </TD>
    <TD>
      <P align=justify>Delete the words &#147;force majeure or act of state&#148; from the
      first line in the last paragraph of Section 5(b)(ii) and replace them with
      the following: &#147;such event or circumstance was not anticipated at the date
      of entering into the Transaction (or, in the case of the Early Termination
      Amount, the date of entering into this
Agreement),&#148;.</P></TD></TR></TABLE>
<P align=center><B>Part 5 <BR>Other Provisions </B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify><B><I>Financial Statements. </I></B>Section 3(d) is
      hereby amended by adding in the third line thereof after the word
      &#147;respect&#148; and before the period: &#147;or, in the case of financial statements,
      a fair presentation of the financial condition of the relevant
    party&#148;.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify><B><I>2002 Master Agreement Protocol. </I></B>Annexes 1
      to 18 and Section 6 of the ISDA 2002 Master Agreement Protocol as
      published by the International Swaps and Derivatives Association, Inc. on
      July 15, 2003 are incorporated into and apply to this Agreement.
      References in those definitions and provisions to any ISDA Master
      Agreement will be deemed to be references to this Master
  Agreement.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify><B><I>Consent to Disclosure. </I></B>Party B consents to
      Party A effecting such disclosure as Party A may reasonably deem
      appropriate to enable Party A to transfer Party B&#146;s records and
      information to process and execute Party B&#146;s instructions to any of its
      Affiliates. For the avoidance of doubt, Party B&#146;s consent to disclosure
      includes the right on the part of Party A to allow access to any intended
      recipient of Party B&#146;s information, to the records of Party A by any
      means.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify><B><I>Transfer. </I></B>Notwithstanding the provisions of
      Section 7, Party A may assign and delegate its rights and obligations
      under (i) any one or more Transactions or (ii) this Agreement and all
      Transactions hereunder (the &#147;<B><I>Transferred Obligations</I></B>&#148;) to
      any direct or indirect affiliate of ML&amp;Co. (the
      &#147;<B><I>Assignee</I></B>&#148;) by notice specifying the effective date of such
      transfer (&#147;<B><I>Effective Date</I></B>&#148;) and including an executed
      acceptance and assumption by the Assignee of the Transferred Obligations;
      provided that, in the case of Transferred Obligations assigned or
      delegated to a direct or indirect subsidiary of ML&amp;Co., the guarantee
      of ML&amp;Co. will continue in full force and effect with respect to such
      Transferred Obligations.</P></TD></TR>
  </TABLE>
<P align=center>38 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_11></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>On the Effective Date, (a) Party A shall be released from
      all obligations and liabilities arising under the Transferred Obligations;
      and (b) if Party A has not assigned and delegated its
  rights and obligations under this Agreement and all Transactions
      hereunder, the Transferred Obligations shall cease to be Transaction(s)
      under this Agreement and shall be deemed to be Transaction(s) under the
      master agreement, if any, between Assignee and Party B, provided that, if
      at such time Assignee and Party B have not entered into a master
      agreement, Assignee and Party B shall be deemed to have entered into an
      ISDA 2002 form of Master Agreement with a Schedule substantially in the
      form hereof but amended to reflect the name of the Assignee and the
      address for notices and any amended representations under Part 2 hereof as
      may be specified in the notice of transfer.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify><B><I>Set-off. </I></B>Section 6(f) is hereby amended by
      inserting in the sixth line thereof the words &#147;or any affiliates of the
      Payee in circumstances where the Payee is the Non-defaulting Party or
      Non-Affected Party&#148; following the words &#147;payable by the Payee&#148;.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify><B><I>Method of Notice. </I></B>Section 12(a)(ii) of the
      Master Agreement is deleted in its entirety and replaced with &#147;(ii)
      [RESERVED];&#148;.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify><B><I>Third-Party Rights. </I></B>The parties to this
      Agreement do not intend that any term of this Agreement should be
      enforceable by virtue of the Contracts (Rights of Third Parties) Act 1999
      by any person who is not a party to this Agreement.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify><B><I>Covenants</I></B>. Party B covenants as
    follows:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>The Permitted Indebtedness of Party B shall not at any
      time exceed USD 75,000,000 in the aggregate. Notwithstanding the
      foregoing, in the event Party B&#146;s Permitted Indebtedness exceeds USD
      75,000,000 solely as a result of fluctuations in the mark to market value
      of Party B&#146;s derivatives transactions, then in such instance the breach of
      this covenant shall not constitute an Event of Default but instead Party B
      may not incur any additional unsecured indebtedness (including but not
      limited to Specified Indebtedness) until such time as the value of Party
      B&#146;s Permitted Indebtedness is less than USD
75,000,000.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>As used herein, &#147;Permitted
Indebtedness&#148; shall mean the sum of (x) any unsecured indebtedness including but
not limited to amounts owed pursuant to Transactions under this Agreement and
Specified Indebtedness, and (y) the net mark to market exposure of Party B&#146;s
counterparties to Party B under any derivatives transactions between such
counterparties and Party B. </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>Party B and the Party B Affiliates shall not at any time
      incur any secured indebtedness other than Fleet Financing Loans. The
      aggregate amount of Fleet Financing Loans incurred by Party B and the
      Party B Affiliates shall not at any time exceed USD 75,000,000 in the
      aggregate. &#147;Fleet Financing Loans&#148; means debt incurred by Party B or a
      Party B Affiliate as part of the financing of vehicles that is secured by
      the value of such vehicles and is incurred in the ordinary course of its
      business.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>Party B&#146;s Affiliates shall not at any time (a) incur any
      unsecured indebtedness, including but not limited to Specified
      Indebtedness, other than unsecured indebtedness that is a Party B
      Affiliate Loan; or (b) be a party to any derivative transaction. &#147;Party B
      Affiliate Loan&#148; means any unsecured loan, note, advance, other
      indebtedness or extension of credit (a) from Party B to a Party B
      Affiliate or (b) from a Party B Affiliate to another Party B
    Affiliate.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>As of the date of this Agreement, there are no loans,
      notes, advances, other indebtedness (including but not limited to
      Specified Indebtedness) or extensions of credit from any Party B Affiliate
      to Party B.</P></TD></TR></TABLE>
<P align=center>39 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_12></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>Party B shall not at any time incur any indebtedness,
      including but not limited to Specified Indebtedness, that is owed to any
      Party B Affiliate.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(vi) </TD>
    <TD>
      <P align=justify>Neither Party B nor any Party B Affiliate shall transfer,
      whether in whole or in part, any Party B Affiliate Loan to an entity that
      is not a Party B Affiliate.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>For the purposes of this Part 5(h), Section 5(a)(ii) of
      the Agreement shall be amended to replace the words &#147;thirtieth day&#148; by
      &#147;fifth day&#148;.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify><B><I>Safe Harbors. </I></B>(1) Each party to this
      Agreement acknowledges that:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>This Agreement, including any Credit Support Document, is
      a &#147;master netting agreement&#148; as defined in the U.S. Bankruptcy Code (the
      &#147;Code&#148;), and a &#147;netting contract&#148; as defined in the netting provisions of
      the Federal Deposit Insurance Corporation Improvement Act of 1991
      (&#147;FDICIA&#148;), and this Agreement, including any Credit Support Document, and
      each Transaction hereunder is of a type set forth in Section 561(a)(1)-(5)
      of the Code;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>Party A is a &#147;master netting agreement participant,&#148; a
      &#147;financial institution,&#148; a &#147;financial participant,&#148; a &#147;forward contract
      merchant&#148; and a &#147;swap participant&#148; as defined in the Code, and a
      &#147;financial institution&#148; as defined in the netting provisions of
    FDICIA;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>The remedies provided herein, and in any Credit Support
      Document, are the remedies referred to in Section 561(a), Sections
      362(b)(6), (7), (17) and (27), and Section 362(o) of the Code, and in
      Section 11(e)(8)(A) and (C) of the Federal Deposit Insurance
Act;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>All transfers of cash, securities or other property under
      or in connection with this Agreement, any Credit Support Document or any
      Transaction hereunder are &#147;margin payments,&#148; &#147;settlement payments&#148; and
      &#147;transfers&#148; under Sections 546(e), (f), (g) or (j), and under Section
      548(d)(2) of the Code; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>Each obligation under this Agreement, any Credit Support
      Document or any Transaction hereunder is an obligation to make a &#147;margin
      payment,&#148; &#147;settlement payment&#148; and &#147;payment&#148; within the meaning of
      Sections 362, 560 and 561 of the Code.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>(2) Party B acknowledges and agrees that this Agreement
      and all Transactions, related guarantee or other credit support
      arrangements, each and together constitute an "eligible financial
      contract" under the <I>Bankruptcy and Insolvency Act </I>(Canada), the
      <I>Companies' Creditors Arrangement Act </I>(Canada) and the <I>Winding up
      and Restructuring Act </I>(Canada), as the same may be amended, restated,
      replaced or re enacted from time to time, and will be similarly treated
      under and in all proceedings related to bankruptcy or insolvency of a
      party.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(J) </TD>
    <TD>
      <P align=justify><B><I>WAIVER OF RIGHT TO TRIAL BY JURY</I></B><I>. EACH
      PARTY HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHTS TO TRIAL BY JURY WITH
      RESPECT TO ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS
      AGREEMENT, ANY CREDIT SUPPORT DOCUMENT OR ANY TRANSACTION CONTEMPLATED
      HEREBY.</I></P></TD></TR></TABLE>
<P align=center>40 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_13></A>
<P align=center><B><U>Part 6</U></B><B> </B></P>
<P align=center><B><U>ADDITIONAL PROVISIONS FOR COMMODITY DERIVATIVE
TRANSACTIONS</U></B></P>
<P align=center>(for the avoidance of doubt such provisions shall not apply to
derivatives where the <BR>underlying reference price is data concerning a
climatic variable.) </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>The <B>&#147;Market Disruption Events&#148; </B>specified in
      Section 7.4(d)(i) of the Commodity Definitions shall apply, except as
      otherwise specifically provided in the Confirmation.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify><B>&#147;Additional Market Disruption Events&#148; </B>shall apply
      only if so specified in the relevant Confirmation.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>Section 7.5 of the ISDA 2005 Commodity Definitions (as
      amended, supplemented, updated and restated from time to time) shall
      apply; however, Section 7.5(d)(ii)(B) shall be replaced with the
      following:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>if a Relevant Price (or a method for determining a
      Relevant Price) has not been determined or agreed on by the conclusion of
      the tenth (10th) Business Day or Bullion Business Day following the expiry
      of the Maximum Days of Disruption applicable pursuant to Section
      7.5(d)(i)(B), then "Negotiated Fallback" shall cease to operate as a
      Disruption Fallback and the next applicable Disruption Fallback shall
      apply to the Transaction."</P></TD></TR></TABLE>
<P align=justify><B>IN WITNESS WHEREOF</B>, the parties have executed this
Schedule by their duly authorized officers as of the date hereof. </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">
  <TR vAlign=top>
    <TD width="5%" align=left nowrap ></TD>
    <TD  width="40%" align=left ><STRONG>MERRILL
      LYNCH INTERNATIONAL</STRONG> </TD>
    <TD align=left>&nbsp;</TD>
    <TD width="5%" align=left nowrap ></TD>
    <TD  width="40%" align=left ><STRONG>FIRST
      MAJESTIC SILVER CORP.</STRONG> </TD></TR>
  <TR>
    <TD width="5%" nowrap >&nbsp; </TD>
    <TD width="40%" >&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD width="5%" nowrap >&nbsp; </TD>
    <TD width="40%" >&nbsp; </TD></TR>
  <TR>
    <TD width="5%" nowrap >&nbsp; </TD>
    <TD width="40%" >&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD width="5%" nowrap >&nbsp; </TD>
    <TD width="40%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left nowrap >By: </TD>
    <TD width="40%" align=left ><I>&#148;signed&#148;</I></TD>
    <TD align=left>&nbsp;</TD>
    <TD width="5%" align=left nowrap >By: </TD>
    <TD width="40%" align=left >&nbsp;<I>&#147;signed&#148;</I> </TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left nowrap >Name:&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD  width="40%" align=left >Anne
      Richmond-Patrick </TD>
    <TD align=left>&nbsp;</TD>
    <TD width="5%" align=left nowrap >Name: </TD>
    <TD width="40%" align=left >&nbsp;Raymond Polman </TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left nowrap >Title: </TD>
    <TD width="40%" align=left >Authorized Signatory </TD>
    <TD align=left>&nbsp;</TD>
    <TD width="5%" align=left nowrap >Title: </TD>
    <TD width="40%" align=left >&nbsp;Chief Financial Officer
  </TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left nowrap >Date: </TD>
    <TD width="40%" align=left >11 December 2012 </TD>
    <TD align=left>&nbsp;</TD>
    <TD width="5%" align=left nowrap >Date: </TD>
    <TD width="40%" align=left >&nbsp;December 10, 2012 </TD></TR>
  <TR>
    <TD width="5%" nowrap >&nbsp; </TD>
    <TD width="40%" >&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD width="5%" nowrap >&nbsp; </TD>
    <TD width="40%" >&nbsp; </TD></TR>
  <TR>
    <TD width="5%" nowrap >&nbsp; </TD>
    <TD width="40%" >&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD width="5%" nowrap >&nbsp; </TD>
    <TD width="40%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left nowrap >&nbsp; </TD>
    <TD width="40%" align=left >&nbsp; </TD>
    <TD align=left>&nbsp;</TD>
    <TD width="5%" align=left nowrap >By: </TD>
    <TD width="40%" align=left ><I>&#147;signed&#148;</I> </TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left nowrap >&nbsp; </TD>
    <TD width="40%" align=left >&nbsp; </TD>
    <TD align=left>&nbsp;</TD>
    <TD width="5%" align=left nowrap >Name:&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width="40%" align=left >Keith Neumeyer </TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left nowrap >&nbsp; </TD>
    <TD width="40%" align=left >&nbsp; </TD>
    <TD align=left>&nbsp;</TD>
    <TD width="5%" align=left nowrap >Title: </TD>
    <TD width="40%" align=left >President &amp; CEO </TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left nowrap >&nbsp; </TD>
    <TD width="40%" align=left >&nbsp; </TD>
    <TD align=left>&nbsp;</TD>
    <TD width="5%" align=left nowrap >Date: </TD>
    <TD width="40%" align=left >December 10, 2012
</TD></TR></TABLE>
<P align=center>41 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_14></A>
<P align=right><B>EXHIBIT I </B></P>
<P align=center><B>GUARANTY OF MERRILL LYNCH &amp; CO., INC. </B></P>
<P align=justify><B>FOR VALUE RECEIVED</B>, the receipt of which is hereby
acknowledged, <B>MERRILL LYNCH &amp; CO., INC.</B>, a corporation duly organized
and existing under the laws of the State of Delaware
(&#147;<B><I>ML&amp;Co.</I></B>&#148;), hereby unconditionally guarantees to [ ] (the
&#147;<B><I>Company</I></B>&#148;) the prompt payment of any and all obligations and
liabilities of <B>Merrill Lynch International</B>, a company organized under the
laws of England and Wales (the &#147;<B><I>Affiliate</I></B>&#148;), any successors and
permitted assigns (&#147;<B><I>Affiliate Parties</I></B>&#148;) under the terms of that
certain ISDA 2002 Master Agreement between the Company and the Affiliate, dated
as of [ ] (as amended, supplemented or otherwise modified from time to time, the
&#147;<B><I>Agreement</I></B>&#148;), including, in case of default, interest on any
amount due, when and as the same shall become due and payable, whether on the
scheduled payment dates, at maturity, upon declaration of termination or
otherwise, after giving effect to any applicable notice requirement or grace
period and, at all times, in accordance with the terms of the Agreement. In the
event that the Affiliate or any applicable Affiliate Party fails to make any
payment under the Agreement when due after giving effect to any applicable
notice requirement and grace period, ML&amp;Co. hereby agrees to make such
payment, or cause any such payment to be made, promptly upon receipt of written
demand from the Company to ML&amp;Co.; <I>provided, however,</I> that delay by
the Company in giving such demand shall in no event affect ML&amp;Co.&#146;s
obligations under this Guaranty. This Guaranty shall remain in full force and
effect or shall be reinstated (as the case may be) if at any time any payment
guaranteed hereunder, in whole or in part, is rescinded or must otherwise be
returned by the Company upon the insolvency, bankruptcy or reorganization of the
Affiliate or other applicable Affiliate Party or otherwise, all as though such
payment had not been made. </P>
<P align=justify>This Guaranty shall be one of payment and not of collection and
shall be irrevocable in respect of any payment obligations incurred by the
Affiliate or other applicable Affiliate Party under the Agreement prior to the
termination of this Guaranty as further provided below.<B> </B>ML&amp;Co. hereby
agrees that its obligations hereunder shall be unconditional, irrespective of
(i) the validity, regularity or enforceability (except as may result from any
applicable statute of limitations) of the Agreement, (ii) the absence of any
action to enforce the same, (iii) any waiver or consent by the Company
concerning any provisions thereof, (iv) the rendering of any judgment against
the Affiliate or other applicable Affiliate Party or any action to enforce the
same or (v) any other circumstances that might otherwise constitute a legal or
equitable discharge of a guarantor, a surety or principal debtor, or a defense
of a guarantor, surety or principal debtor, other than defense of payment.
ML&amp;Co. covenants that this Guaranty shall not be discharged except by
complete payment of the amounts payable under the Agreement. This Guaranty shall
continue to be effective if ML&amp;Co., the Affiliate or other applicable
Affiliate Party merges or consolidates with or into another entity, loses its
separate legal identity or ceases to exist. </P>
<P align=justify>ML&amp;Co. hereby waives diligence, presentment, protest,
notice of protest, acceleration, and dishonor, filing of claims with any court
in the event of insolvency or bankruptcy of the Affiliate or other applicable
Affiliate Party, all demands whatsoever, except as noted in the first paragraph
hereof, and any right to require a proceeding first against the Affiliate or
other applicable Affiliate Party. </P>
<P align=justify>Neither ML&amp;Co. nor the Company may assign its rights,
interests or obligations hereunder to any other person (except by operation of
law) without the prior written consent of the other party.</P>
<P align=justify>ML&amp;Co. shall not exercise any right that it may acquire by
way of subrogation under this Guaranty, by payment made hereunder or otherwise,
until all amounts then due and payable by the Affiliate or other applicable
Affiliate Party under the Agreement shall have been paid in full. Subject to the
foregoing, upon payment of all such obligations of the Affiliate or other
applicable Affiliate Party, ML&amp;Co. shall be subrogated to the rights of the
Company against the Affiliate or other applicable Affiliate Party, and the
Company agrees to take at ML&amp;Co.&#146;s expense such steps as ML&amp;Co. may
reasonably request to implement such subrogation. </P>
<P align=center>42 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_15></A>
<P align=justify>ML&amp;Co. shall reimburse the Company for any reasonable fees
and expenses incurred by the Company in the enforcement of the Company&#146;s rights
under this Guaranty (including the reasonable fees and expenses of outside
counsel) if ML&amp;Co. shall be found liable for any non-payment hereunder in a
final, non-appealable judicial determination of a court of competent
jurisdiction. ML&amp;Co. shall not be required to pay, or otherwise be liable
to, the Company for any consequential, indirect or punitive damages (including,
but not limited to, opportunity costs or lost profits). </P>
<P align=justify>If any or all of the guaranteed obligations are determined
unenforceable by a court of competent jurisdiction, ML&amp;Co. will, as a
separate and distinct obligation from the guarantee herein, indemnify and save
the Company harmless from and against all losses and expenses that the Company
may suffer or incur in connection with or in respect of any failure by any
Affiliate or Affiliate Party for any reason to pay or perform any of its
obligations, and shall pay such amount to the Company after demand as herein
provided. </P>
<P align=justify>ML&amp;Co. hereby represents and warrants that this Guaranty
constitutes the valid and binding obligation of ML&amp;Co. and does not violate
or conflict with any applicable law.</P>
<P align=justify>If a court of competent jurisdiction shall hold any provision
of this Guaranty to be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby. </P>
<P align=justify>This Guarantee becomes effective concurrent with the
effectiveness of the Agreement, according to its terms. </P>
<P align=justify>This Guaranty shall be governed by and construed in accordance
with the internal laws of the State of New York as applicable to contracts or
instruments made and to be performed therein. </P>
<P align=justify><B>IN WITNESS WHEREOF</B>, ML&amp;Co. caused this Guaranty to
be executed in its corporate name by its duly authorized representative. </P>
<P align=justify><B>MERRILL LYNCH &amp; CO., INC. </B></P>
<P align=justify>&nbsp;</P>
<P align=justify>By:___________________________<BR>Name: <BR>Title: <BR>Date:
</P>
<P align=center>43 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_16></A>
<P align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>EXHIBIT II </B></P>
<P align=justify><B>FORM OF COVENANT CERTIFICATE </B></P>
<P align=justify>Merrill Lynch International <BR>[address]
<BR>[address]<BR>Attn: [contact] <BR>Facsimile No.: [number] <BR></P>
<P style="MARGIN-LEFT: 5%" align=justify>Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;<B>First Majestic Silver Corp. </B></P>
<P align=justify>To Whom it May Concern: </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Covenant Certificate is being delivered pursuant to the terms of the Schedule to
the ISDA Master Agreement dated as of December 10,<B> </B>2012 between Merrill
Lynch International and First Majestic Silver Corp. (&#147;Party B&#148;) (including the
ISDA Master Agreement executed as of the same date and all schedules, annexes,
exhibits and confirmations thereto) (the &#147;ISDA Agreement&#148;). Unless otherwise
defined herein, all capitalized terms used herein which are defined in the ISDA
Master Agreement shall have the meanings ascribed to them therein. All
certifications and statements herein are made in my capacity as an officer of
Party B and not in any personal capacity. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The calculations set forth below have been made as of [date]. I hereby certify
that the Tangible Net Worth as of the date hereof is $_________________. Such
figure is calculated as follows: </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left>Party B&#146;s Consolidated Shareholders&#146; Equity </TD>
    <TD width="15%" align=center nowrap>1. </TD>
    <TD width="15%" align=right nowrap>$_____ </TD></TR>
  <TR vAlign=top>
    <TD align=left>Consolidated value of Party B&#146;s Goodwill </TD>
    <TD width="15%" align=center nowrap>2. </TD>
    <TD width="15%" align=left nowrap>$_____ </TD></TR>
  <TR vAlign=top>
    <TD align=left>The Tangible Net Worth equals: row 1 <U>minus </U>row 2 </TD>
    <TD width="15%" align=center nowrap>&nbsp; </TD>
    <TD width="15%" align=right nowrap>$<U>_____</U> </TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I
hereby certify that as of the date hereof the Permitted Indebtedness of Party B
does not exceed USD 75,000,000 in the aggregate.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
hereby certify that as of the date hereof the aggregate amount of Fleet
Financing Loans incurred by Party B and the Party B Affiliates does not exceed
USD 75,000,000 in the aggregate.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
hereby certify that as of the date hereof the Party B Affiliates have not
incurred any indebtedness that is unpaid and outstanding, including but not
limited to Specified Indebtedness, other than unsecured indebtedness that is a
Party B Affiliate Loan or secured indebtedness that is a Fleet Financing Loan.
</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
hereby certify that as of the date hereof no Party B Affiliate is a party to any
derivative transaction.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
hereby certify that as of the date hereof, there are no loans, notes, advances,
other indebtedness (including but not limited to Specified Indebtedness) or
extensions of credit from any Party B Affiliate to Party B. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
hereby certify that as of the date hereof, Party B does not owe any
indebtedness, including but not limited to Specified Indebtedness, to any Party
B Affiliate. </P>
<P align=center>44 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_17></A>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
hereby certify that as of the date hereof, neither Party B nor any Party B
Affiliate has transferred, whether in whole or in part, any Party B Affiliate
Loan to an entity that is not a Party B Affiliate. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
my knowledge, after reasonable inquiry, Party B has to date observed or
performed in all material respects all of its covenants and other agreements,
and satisfied in all material respects every condition, contained in the ISDA
Agreement to be observed, performed, or satisfied by it, and that I have
obtained no knowledge of any Event of Default or Potential Event of Default
under the ISDA Agreement with respect to Party B, or Termination Event with
Party B as the Affected Party. </P>
<P align=center><I>[Remainder of page intentionally left blank</I>]</P>
<P align=center>45 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_18></A>
<P style="MARGIN-LEFT: 50%" align=justify><B>FIRST MAJESTIC SILVER CORP.</B></P>
<P style="MARGIN-LEFT: 50%" align=justify>By:
_____________________________________<BR>Name:
___________________________________<BR>
  Title: Chief Financial Officer </P>
<P align=center>46 </P>
<HR align=center color=black SIZE=5 width="100%" noShade>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
