<SEC-DOCUMENT>0001144204-17-029626.txt : 20170525
<SEC-HEADER>0001144204-17-029626.hdr.sgml : 20170525
<ACCEPTANCE-DATETIME>20170525171842
ACCESSION NUMBER:		0001144204-17-029626
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		13
CONFORMED PERIOD OF REPORT:	20170519
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Submission of Matters to a Vote of Security Holders
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170525
DATE AS OF CHANGE:		20170525

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CION Investment Corp
		CENTRAL INDEX KEY:			0001534254
		IRS NUMBER:				453058280
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	814-00941
		FILM NUMBER:		17870962

	BUSINESS ADDRESS:	
		STREET 1:		3 PARK AVENUE
		STREET 2:		36TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016
		BUSINESS PHONE:		212 - 418 - 4700

	MAIL ADDRESS:	
		STREET 1:		3 PARK AVENUE
		STREET 2:		36TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	C&#298;ON Investment Corp
		DATE OF NAME CHANGE:	20111104
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v467817_8k.htm
<DESCRIPTION>FORM 8-K
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 12pt"><B>UNITED
STATES</B></FONT><BR>
<FONT STYLE="font-size: 12pt"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>WASHINGTON, D.C. 20549</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Pursuant to Section 13 or 15(d)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>of the Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Date of Report </B>(Date of earliest
event reported): <B>May 25, 2017</B> (May 19, 2017)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>C&#298;ON Investment Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Exact Name of Registrant as Specified in
Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%; font-size: 10pt; text-align: center"><B>Maryland</B></TD>
    <TD STYLE="width: 30%; font-size: 10pt; text-align: center"><B>000-54755</B></TD>
    <TD STYLE="width: 35%; font-size: 10pt; text-align: center"><B>45-3058280</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">(State or Other Jurisdiction of Incorporation)</TD>
    <TD STYLE="font-size: 10pt; text-align: center">(Commission File Number)</TD>
    <TD STYLE="font-size: 10pt; text-align: center">(I.R.S. Employer Identification No.)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>3 Park Avenue, 36<SUP>th</SUP> Floor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>New York, New York 10016</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Address of Principal Executive Offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="background-color: white"><B>(212)
418-4700</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Registrant&rsquo;s telephone number, including
area code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Not applicable</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Former name or former address, if changed
since last report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;&nbsp;&nbsp;Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;&nbsp;&nbsp;Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;&nbsp;&nbsp;Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant
to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Emerging
growth company <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><B>Item 1.01.</B></TD><TD STYLE="text-align: justify"><B>Entry Into a Material Definitive Agreement.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">On May 19, 2017, C&#298;ON
Investment Corporation (&ldquo;C&#298;ON&rdquo;), through two newly-formed, wholly-owned, special-purpose financing subsidiaries,
entered into a financing arrangement with UBS AG, London Branch (&ldquo;UBS&rdquo;), pursuant to which up to $125,000,000 will
be made available to C&#298;ON to fund investments and for other general corporate purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Pursuant to the
financing arrangement, assets in C&#298;ON&rsquo;s portfolio may be contributed by it from time to time to Murray Hill
Funding II, LLC (&ldquo;Murray Hill Funding II&rdquo;) through Murray Hill Funding, LLC (&ldquo;Murray Hill Funding&rdquo;),
each a newly-formed, wholly-owned, special-purpose financing subsidiary of C&#298;ON, pursuant to a Contribution Agreement,
dated as of May 19, 2017, between C&#298;ON, Murray Hill Funding and Murray Hill Funding II (the &ldquo;CIC Contribution
Agreement&rdquo;). As of May 19, 2017, C&#298;ON contributed assets to Murray Hill Funding II pursuant to the CIC
Contribution Agreement. The assets held by Murray Hill Funding II will secure the obligations of Murray Hill Funding II under
Class A Notes (the &ldquo;Notes&rdquo;) to be issued from time to time by Murray Hill Funding II pursuant to an Indenture,
dated as of May 19, 2017, with U.S. Bank National Association (&ldquo;U.S. Bank&rdquo;), as trustee
(the &ldquo;Indenture&rdquo;). Pursuant to the Indenture, the aggregate principal amount of Notes that may be issued by
Murray Hill Funding II from time to time is $192,307,692. Murray Hill Funding will purchase the Notes to be issued by Murray
Hill Funding II from time to time at a purchase price equal to their par value. Pursuant to a Contribution Agreement, dated
as of May 19, 2017 (the &ldquo;MHF Contribution Agreement&rdquo;), among Murray Hill Funding II, Murray Hill Funding, U.S.
Bank and CION Investment Management, LLC, C&#298;ON&rsquo;s investment adviser (&ldquo;CIM&rdquo;), Murray Hill Funding makes
capital contributions to Murray Hill Funding II to, among other things, maintain the value of the portfolio of assets held by
Murray Hill Funding II.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Principal on the Notes
will be due and payable on the stated maturity date of May 19, 2027. Pursuant to the Indenture, Murray Hill Funding II has made
certain representations and warranties and is required to comply with various covenants, reporting requirements and other customary
requirements for similar transactions. The Indenture contains events of default customary for similar transactions, including,
without limitation: (a) the failure to make principal payments on the Notes at their stated maturity or any earlier redemption
date or to make interest payments on the Notes and such failure is not cured within three business days; (b) the failure to disburse
amounts in accordance with the priority of payments and such failure is not cured within three business days; and (c) the occurrence
of certain bankruptcy and insolvency events with respect to Murray Hill Funding II or Murray Hill Funding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Murray Hill Funding,
in turn, has entered into a repurchase transaction with UBS, pursuant to the terms of a Global Master Repurchase Agreement and
the related Annex and Master Confirmation thereto, each dated as of May 19, 2017 (collectively, the &ldquo;UBS Facility&rdquo;).
Pursuant to the UBS Facility, on May 19, 2017 UBS purchased, and on or after June 19, 2017 UBS will purchase, Notes held by Murray
Hill Funding for an aggregate purchase price equal to 65% of the principal amount of Notes purchased. Subject to certain conditions,
the maximum principal amount of Notes that may be purchased under the UBS Facility is $192,307,692. Accordingly, the aggregate
maximum amount payable to Murray Hill Funding under the UBS Facility will not exceed $125,000,000. Murray Hill Funding will repurchase
the Notes sold to UBS under the UBS Facility by no later than May 19, 2020. The repurchase price paid by Murray Hill Funding to
UBS will be equal to the purchase price paid by UBS for the repurchased Notes (giving effect to any reductions resulting from voluntary
partial prepayment(s)). If the UBS Facility is accelerated prior to May 19, 2020 due to an event of default or a mandatory or voluntary
full payment by Murray Hill Funding, then Murray Hill Funding must pay to UBS a fee equal to the present value of the spread portion
of the financing fees that would have been payable to UBS from the date of acceleration through May 19, 2020 had the acceleration
not occurred. The financing fee under the UBS Facility is equal to the three-month London Interbank Offered Rate plus a spread
of up to 3.50% per year for the relevant period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">UBS may require Murray
Hill Funding to post cash collateral if, without limitation, the sum of the market value of the portfolio of assets and the cash
and eligible investments held by Murray Hill Funding II, together with any posted cash collateral, is less than the required margin
amount under the UBS Facility; provided, however, that Murray Hill Funding will not be required to post cash collateral with UBS
until such market value has declined at least 10% from the initial market value of the portfolio assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the UBS
Facility, Murray Hill Funding has made certain representations and warranties and is required to comply with various covenants,
reporting requirements and other customary requirements for similar transactions. The UBS Facility contains events of default customary
for similar financing transactions, including, without limitation: (a) failure to transfer the Notes to UBS on the applicable purchase
date or repurchase the Notes from UBS on the applicable repurchase date; (b) failure to pay certain fees and make-whole amounts
when due; (c) failure to post cash collateral as required; (d) the occurrence of insolvency events with respect to Murray Hill
Funding; and (e) the admission by Murray Hill Funding of its inability to, or its intention not to, perform any of its obligations
under the UBS Facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Murray Hill Funding
paid an upfront fee and incurred certain other customary costs and expenses in connection with obtaining the UBS Facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the
CIC Contribution Agreement, the MHF Contribution Agreement, the Notes and the Indenture, Murray Hill Funding II also entered into
(i) a Collateral Management Agreement with CIM, as collateral manager, dated as of May 19, 2017 (the &ldquo;Collateral Management
Agreement&rdquo;), pursuant to which CIM will manage the assets of Murray Hill Funding II; and (ii) a Collateral Administration
Agreement with U.S. Bank, as collateral administrator, dated as of May 19, 2017 (the &ldquo;Administration Agreement&rdquo;), pursuant
to which U.S. Bank will perform certain administrative services with respect to the assets of Murray Hill Funding II.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing descriptions
of the CIC Contribution Agreement, the Indenture, the Notes, the MHF Contribution Agreement, the UBS Facility, the Collateral Management
Agreement and the Administration Agreement, as set forth in this Item 1.01, are summaries only and are each qualified in all respects
by the provisions of such agreements, copies of which are filed as Exhibits 10.1 through 10.7 and are incorporated by reference
herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><B>Item 2.03.</B></TD><TD STYLE="text-align: justify"><B>Creation of a Direct Financial Obligation or an Obligation
under an Off-Balance Sheet Arrangement of a Registrant.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The information in
Item 1.01 of this Current Report on Form&nbsp;8-K is incorporated by reference into this Item 2.03.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><B>Item 5.07.</B></TD><TD STYLE="text-align: justify"><B>Submission of Matters to a Vote of Security Holders.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">C&#298;ON&nbsp;held
its Annual Meeting of Shareholders (the &ldquo;Annual Meeting&rdquo;) on May 25, 2017.&nbsp;&nbsp;As of April 3, 2017, the record
date for the determination of shareholders entitled to notice of, and to vote at, the Annual Meeting,&nbsp;111,370,660&nbsp;shares
of common stock were eligible to be voted, and&nbsp;65,541,076 of those shares were voted in person or by proxy at the Annual Meeting.
Shareholders were asked to consider and act upon:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Proposal No. 1 &ndash; the election of&nbsp;two members
of the board of directors of C&#298;ON to serve until the 2020 annual meeting of shareholders or until&nbsp;their successors&nbsp;are
duly elected and qualified;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Proposal No. 2 &ndash; the ratification of the selection
of Ernst &amp; Young LLP to serve as C&#298;ON&rsquo;s independent registered public accounting firm for the fiscal year ending
December 31, 2017; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Proposal No. 3 &ndash; the approval of the deletion
of Article XIII of C&#298;ON&rsquo;s charter, which currently provides for the automatic repeal of certain sections and articles
of the charter upon a listing of C&#298;ON&rsquo;s shares.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The&nbsp;director nominees
listed in C&#298;ON&rsquo;s 2017 proxy statement were elected by C&#298;ON&rsquo;s shareholders at the Annual Meeting.&nbsp;&nbsp;The
votes for, votes withheld and broker non-votes for&nbsp;the director nominees are set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="width: 25%; font-size: 10pt; text-align: center; border: Black 1pt solid; padding: 2pt"><B>Director Nominee</B></TD>
    <TD STYLE="width: 25%; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid; padding: 2pt; border-top: Black 1pt solid"><B>Votes For</B></TD>
    <TD STYLE="width: 25%; font-size: 10pt; text-align: center; border: Black 1pt solid; padding: 2pt"><B>Votes Withheld</B></TD>
    <TD STYLE="width: 25%; font-size: 10pt; text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt; border-top: Black 1pt solid"><B>Broker Non-Votes</B></TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Robert A. Breakstone</TD>
    <TD STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid; padding: 2pt">41,730,459</TD>
    <TD STYLE="font-size: 10pt; text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">2,083,652</TD>
    <TD STYLE="font-size: 10pt; text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt">21,726,965</TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Aron I. Schwartz</TD>
    <TD STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid; padding: 2pt">41,781,549</TD>
    <TD STYLE="font-size: 10pt; text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">2,032,561</TD>
    <TD STYLE="font-size: 10pt; text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt">21,726,965</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The proposal to ratify
the selection of Ernst &amp; Young LLP to serve as C&#298;ON&rsquo;s independent registered public accounting firm for the fiscal
year ending December 31, 2017 was also approved by C&#298;ON&rsquo;s shareholders at the Annual Meeting.&nbsp;&nbsp;The votes for,
votes against, abstentions and broker non-votes are set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 93%; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%; padding: 2pt; font-size: 10pt; border: Black 1pt solid">Votes For</TD>
    <TD STYLE="width: 30%; padding: 2pt; font-size: 10pt; text-align: right; border-bottom: Black 1pt solid; border-right: Black 1pt solid; border-top: Black 1pt solid">63,429,637</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid">Votes Against</TD>
    <TD STYLE="padding: 2pt; font-size: 10pt; text-align: right; border-bottom: Black 1pt solid; border-right: Black 1pt solid">560,613</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid">Abstentions</TD>
    <TD STYLE="padding: 2pt; font-size: 10pt; text-align: right; border-bottom: Black 1pt solid; border-right: Black 1pt solid">1,550,826</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid">Broker Non-Votes</TD>
    <TD STYLE="padding: 2pt; font-size: 10pt; text-align: right; border-bottom: Black 1pt solid; border-right: Black 1pt solid">0</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The proposal to approve
the deletion of Article XIII of C&#298;ON&rsquo;s charter, which currently provides for the automatic repeal of certain sections
and articles of the charter upon a listing of C&#298;ON&rsquo;s shares (the &ldquo;Proposed Charter Amendment&rdquo;), was not
approved by C&#298;ON&rsquo;s shareholders at the Annual Meeting. The votes for, votes against, abstentions and broker non-votes
are set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 93%; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%; font-size: 10pt; padding: 2pt; border: Black 1pt solid">Votes For</TD>
    <TD STYLE="width: 30%; font-size: 10pt; text-align: right; padding: 2pt; border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid">39,219,832</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; padding: 2pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid">Votes Against</TD>
    <TD STYLE="font-size: 10pt; text-align: right; padding: 2pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid">1,162,081</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; padding: 2pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid">Abstentions</TD>
    <TD STYLE="font-size: 10pt; text-align: right; padding: 2pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid">3,432,197</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; padding: 2pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid">Broker Non-Votes</TD>
    <TD STYLE="font-size: 10pt; text-align: right; padding: 2pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid">21,726,965</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As disclosed in C&#298;ON&rsquo;s
2017 proxy statement, C&#298;ON&rsquo;s authorization to continue to offer and sell shares in the State of Washington as of January
25, 2017 was conditioned upon C&#298;ON&rsquo;s undertaking to seek shareholder approval of the Proposed Charter Amendment. Although
the Proposed Charter Amendment was not approved by C&#298;ON&rsquo;s shareholders at the Annual Meeting, the State of Washington
has confirmed that C&#298;ON has met all of its obligations and can continue to offer and sell shares to residents of the State
of Washington. As a result, C&#298;ON determined not to adjourn the Annual Meeting to undertake a further solicitation of proxies
solely with respect to the Proposed Charter Amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><B>Item 9.01.</B></TD><TD STYLE="text-align: justify"><B>Financial Statements and Exhibits.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">(d)</TD><TD STYLE="text-align: justify">Exhibits.</TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 12%; border-bottom: black 1pt solid; text-align: justify"><B>EXHIBIT NUMBER</B></TD>
    <TD STYLE="width: 5%; padding-bottom: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 83%; border-bottom: black 1pt solid; text-align: justify"><B>DESCRIPTION</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: justify">10.1</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Contribution Agreement, dated as of May 19, 2017, by and among C&#298;ON Investment Corporation, Murray Hill Funding, LLC and Murray Hill Funding II, LLC.&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: justify">10.2</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Indenture, dated as of May 19, 2017, by and between Murray Hill Funding II, LLC and U.S. Bank National Association.</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: justify">10.3</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Murray Hill Funding II, LLC Class A Notes Due 2027.</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: justify">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.4</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Contribution Agreement, dated
as of May 19, 2017, by and among UBS AG, London Branch, Murray Hill Funding II, LLC, U.S. Bank National Association, Murray Hill
Funding, LLC and CION Investment Management, LLC.</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: justify">10.5</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">October 2000 Version Global Master Repurchase
        Agreement, by and between UBS AG and Murray Hill Funding, LLC, together with the related Annex and Master Confirmation thereto,
        each dated as of May 19, 2017.</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: justify">10.6</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Collateral Management Agreement, dated
        as of May 19, 2017, by and between CION Investment Management, LLC and Murray Hill Funding II, LLC.</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: justify">10.7</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Collateral Administration Agreement, dated
        as of May 19, 2017, by and among Murray Hill Funding II, LLC, CION Investment Management, LLC and U.S. Bank National Association.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><BR CLEAR="ALL">
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3"><B>C&#298;ON Investment Corporation</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 51%">Date: May 25, 2017</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 30%; border-bottom: Black 1pt solid">/s/ Michael A. Reisner</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">Michael A. Reisner<BR>Co-Chief Executive Officer</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>EXHIBIT
LIST</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center; text-indent: -0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center; text-indent: -0.25in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 12%; border-bottom: black 1pt solid; text-align: justify"><B>EXHIBIT NUMBER</B></TD>
    <TD STYLE="width: 5%; padding-bottom: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 83%; border-bottom: black 1pt solid; text-align: justify"><B>DESCRIPTION</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: justify">10.1</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Contribution Agreement, dated as of May 19, 2017, by and among C&#298;ON Investment Corporation, Murray Hill Funding, LLC and Murray Hill Funding II, LLC.&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: justify">10.2</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Indenture, dated as of May 19, 2017, by and between Murray Hill Funding II, LLC and U.S. Bank National Association.</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: justify">10.3</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Murray Hill Funding II, LLC Class A Notes Due 2027.</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: justify">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.4</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Contribution Agreement, dated
as of May 19, 2017, by and among UBS AG, London Branch, Murray Hill Funding II, LLC, U.S. Bank National Association, Murray Hill
Funding, LLC and CION Investment Management, LLC.</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: justify">10.5</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">October 2000 Version Global Master Repurchase
        Agreement, by and between UBS AG and Murray Hill Funding, LLC, together with the related Annex and Master Confirmation thereto,
        each dated as of May 19, 2017.</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: justify">10.6</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Collateral Management Agreement, dated
        as of May 19, 2017, by and between CION Investment Management, LLC and Murray Hill Funding II, LLC.</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: justify">10.7</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Collateral Administration Agreement, dated
        as of May 19, 2017, by and among Murray Hill Funding II, LLC, CION Investment Management, LLC and U.S. Bank National Association.</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>v467817_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<HEAD>
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<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit 10.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>May 19, 2017</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MURRAY HILL FUNDING, LLC</B><BR>
<B>as MHF;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CION INVESTMENT CORPORATION,</B><BR>
<B>as CIC;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>and</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MURRAY HILL FUNDING II, LLC, </B><BR>
<B>as the Issuer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONTRIBUTION AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONTENTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 85%; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right; font-weight: bold">Page</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">1.</TD>
    <TD STYLE="text-indent: 0in"><B>Required Contribution of Equity Capital; Settlement Directions</B></TD>
    <TD STYLE="text-align: right; text-indent: 0in">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">2.</TD>
    <TD STYLE="text-indent: 0in"><B>Optional Contribution of Additional Equity Capital; Settlement Directions</B></TD>
    <TD STYLE="text-align: right; text-indent: 0in">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">3.</TD>
    <TD STYLE="text-indent: 0in"><B>Representations and Warranties</B></TD>
    <TD STYLE="text-align: right; text-indent: 0in">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">4.</TD>
    <TD STYLE="text-indent: 0in"><B>Waiver; Survival</B></TD>
    <TD STYLE="text-align: right; text-indent: 0in">4</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">5.</TD>
    <TD STYLE="text-indent: 0in"><B>Notices</B></TD>
    <TD STYLE="text-align: right; text-indent: 0in">4</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">6.</TD>
    <TD STYLE="text-indent: 0in"><B>Amendments; Successors; Assignments</B></TD>
    <TD STYLE="text-align: right; text-indent: 0in">4</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">7.</TD>
    <TD STYLE="text-indent: 0in"><B>Governing Law; Submission to Jurisdiction; Etc.</B></TD>
    <TD STYLE="text-align: right; text-indent: 0in">5</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">8.</TD>
    <TD STYLE="text-indent: 0in"><B>Waiver of Jury Trial</B></TD>
    <TD STYLE="text-align: right; text-indent: 0in">5</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">9.</TD>
    <TD STYLE="text-indent: 0in"><B>Contributions</B></TD>
    <TD STYLE="text-align: right; text-indent: 0in">5</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">10.</TD>
    <TD STYLE="text-indent: 0in"><B>Severability</B></TD>
    <TD STYLE="text-align: right; text-indent: 0in">6</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.9pt; text-indent: -27.9pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CONTRIBUTION AGREEMENT</B>, dated as of May 19, 2017 (this
&ldquo;<U>Agreement</U>&rdquo;), between:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>MURRAY HILL FUNDING, LLC</B> a limited liability company
organized under the laws of the Delaware (&ldquo;<U>MHF</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CION INVESTMENT CORPORATION</B>, a corporation organized
under the laws of Maryland (&ldquo;<U>CIC</U>&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>MURRAY HILL FUNDING II, LLC</B>, a limited liability company
organized under the laws of Delaware (the &ldquo;<U>Issuer</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>WHEREAS:</B></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">A.</FONT></TD><TD STYLE="text-align: justify">The Issuer is party to an Indenture to be dated as of or about May 2017 between the Issuer and
U.S. Bank, National Association, as the Trustee (the &ldquo;<U>Trustee</U>&rdquo;) (as amended, supplemented or otherwise modified
from time to time, the &ldquo;<U>Indenture</U>&rdquo;), providing for the authentication, issuance and delivery of notes to the
holders thereof.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">B.</FONT></TD><TD STYLE="text-align: justify">To enable the Issuer to meet its obligations to holders of the notes, and for other good and valuable
consideration, MHF, which is the sole member of the Issuer, (i) has entered into a Master Loan Purchase Agreement, dated as of
May 19, 2017, between MHF and the Issuer (as amended, supplemented or otherwise modified from time to time, the &ldquo;<U>Loan
Purchase Agreement</U>&rdquo;), pursuant to which MHF has agreed to sell to the Issuer, and the Issuer has agreed to purchase from
MHF, certain loans identified on Exhibit A thereto (the &ldquo;<U>Closing Date Loans</U>&rdquo;), and (ii) will enter into a Contribution
Agreement, to be dated as of or about May 19, 2017, between MHF, the Issuer, the Trustee and C&#299;on Investment Management, LLC,
as the Collateral Manager (as amended, supplemented or otherwise modified from time to time, the &ldquo;<U>MHF Contribution Agreement</U>&rdquo;),
pursuant to which MHF may from time to time make equity capital contributions to the Issuer.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">C.</FONT></TD><TD STYLE="text-align: justify">To enable MHF to make capital contributions to the Issuer pursuant to the MHF Contribution Agreement,
and for other good and valuable consideration, CIC, which is the sole member of MHF, is willing to make capital contributions from
time to time pursuant to the terms set forth in this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>NOW, THEREFORE</B>,
the parties hereto agree as follows:</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: #010000">1.</FONT></TD><TD><B>Required Contribution of Equity Capital; Settlement
Directions</B></TD>
</TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">CIC hereby commits to contribute, and does hereby contribute, to MHF as equity capital the loans
specified in Schedule I hereto and in the amounts set forth therein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #010000">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">With reference to the obligations of MHF to transfer and assign to the Issuer the Closing Date
Loans pursuant to the Loan Purchase Agreement and whereas the loans contributed to MHF pursuant to Paragraph 1(a) above are identical
to the Closing Date Loans, MHF irrevocably directs CIC to settle the transfer and assignment of the contribution by CIC to MHF
directly with the Issuer for and in satisfaction of MHF&rsquo;s obligations under the Loan Purchase Agreement. CIC agrees to assign,
transfer and deliver each Closing Date Loan to the Issuer on a date hereafter determined in accordance with customary market settlement
practice for such loans. Upon such assignment, transfer and delivery of each Closing Date Loan, neither CIC nor MHF shall have
any further right, title or interest in such Closing Date Loans. The Issuer acknowledges and accepts such assignment, transfer
and delivery from CIC of the Closing Date Loans as the performance by MHF of its obligations under the Loan Purchase Agreement.
MFH may elect to designate all or any portion of a Closing Date Loan transferred to the Issuer as a capital contribution to the
Issuer.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: #010000">2.</FONT></TD><TD><B>Optional Contribution of Additional Equity Capital;
Settlement Directions</B></TD>
</TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">CIC may, from time to time and in its sole discretion, contribute additional equity capital to
MHF in the form of loans or cash (the &ldquo;<U>Additional Equity Capital</U>&rdquo;) to enable MHF to comply with its obligations
to the Issuer under each of the Loan Purchase Agreement and MHF Contribution Agreement.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">MHF irrevocably directs that any loan constituting Additional Equity Capital to be assigned or
transferred by CIC to MHF from time to time pursuant to Paragraph 2(a) above that is also to be contributed, sold, assigned, transferred
or delivered to the Issuer under any loan purchase agreement (including the Loan Purchase Agreement) or the MHF Contribution Agreement
(any such loan, an &ldquo;Additional Loan&rdquo;) shall be settled directly with the Issuer for and in satisfaction of MHF&rsquo;s
obligations under such loan purchase agreement or MHF Contribution Agreement. CIC agrees to assign, transfer and deliver each Additional
Loan to the Issuer on a date hereafter determined in accordance with customary market settlement practice for such loans. Upon
such assignment, transfer and delivery of each Additional Loan, neither CIC nor MHF shall have any further right, title or interest
in such Additional Loans. The Issuer acknowledges and accepts such assignment, transfer and delivery from CIC of the Additional
Loans as the performance by MHF of its obligations under such loan purchase agreement or the MHF Contribution Agreement. MFH may
elect to designate all or any portion of any Additional Loan transferred to the Issuer as a capital contribution to the Issuer..</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: #010000">3.</FONT></TD><TD><B>Representations and Warranties</B></TD>
</TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">Each of CIC, MHF and the Issuer hereby represents and warrants as of the date hereof as follows:</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify"><B>Status</B>. It is duly organized and validly existing under the law of the jurisdiction of its
organization or incorporation and, if relevant under such law, in good standing.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify"><B>Powers</B>. It has the power and authority 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 such other documentation
and has taken all necessary action to authorize such execution, delivery and performance.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify"><B>No Violation or Conflict</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 property or any contractual restriction binding on or affecting it or any of its property.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iv)</FONT></TD><TD STYLE="text-align: justify"><B>Consents</B>. All governmental and other consents that are required to have been obtained by
it with respect to this Agreement have been obtained and are in full force and effect and all conditions of any such consents have
been complied with.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(v)</FONT></TD><TD STYLE="text-align: justify"><B>Obligations Binding</B>. This Agreement constitutes its legal, valid and binding obligation,
enforceable against it in accordance with its terms (subject to applicable bankruptcy, reorganization, insolvency, rehabilitation,
conservation, moratorium or similar laws affecting rights of its creditors generally and subject, as to enforceability, to equitable
principles of general application (regardless of whether enforcement is sought in any action, suit or proceeding in equity or at
law)).</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(vi)</FONT></TD><TD STYLE="text-align: justify"><B>Absence of Litigation</B>. There is not pending or, to its knowledge, threatened against it
or any of its subsidiaries any action, suit or proceeding at law or in equity or before any court, tribunal, governmental body,
agency or official or any arbitrator that could reasonably be expected to affect the legality, validity or enforceability against
it of this Agreement or its ability to perform its obligations under this Agreement.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">By its execution of this Agreement, CIC hereby represents and warrants to the MHF as of the date
hereof as follows, and MHF may rely on such representations and warranties:</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify"><B>No Liens</B>.&nbsp; As of any related settlement date of any Closing Date Loan or Additional
Loan with the Issuer, each such loan is free and clear of any Lien of any Person (other than Permitted Liens and any Lien which
will be released contemporaneously with the settlement of the sale, transfer, assignment, contribution or delivery thereof to the
Issuer).</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify"><B>Consents; Approvals</B>.&nbsp; With respect to each such loan, as of the related settlement
date, all consents, licenses, approvals or authorizations of or registrations or declarations of any Governmental Authority or
any Person required to be obtained, effected or given by CIC have been duly obtained, effected or given and are in full force and
effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #010000">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify"><B>Good Title</B>.&nbsp; As of the related settlement date, CIC will have good and marketable title
to each such loan and, upon the closing of the sale, transfer, assignment, contribution or delivery of any such loan to the Issuer
on the related settlement date, the Issuer will receive good and marketable title to such loan free and clear of any Lien created
by MHF or any Person claiming through MHF.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">Each capitalized
term used but not otherwise defined in this Paragraph 3(b) shall have the meanings attributed to such term in the Indenture.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: #010000">4.</FONT></TD><TD><B>Waiver; Survival</B></TD>
</TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">No failure on the part of either party or any third party beneficiary hereof to exercise and no
delay in exercising, and no course of dealing with respect to, any right, power or privilege under this Agreement shall operate
as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege under this Agreement preclude any
other or further exercise thereof or the exercise of any other right, power or privilege. The remedies provided herein are cumulative
and not exclusive of any remedies provided by law.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">The obligations of the parties under this Agreement will survive until the notes issued pursuant
to the Indenture and all expenses of the Trustee have been paid in full.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">This Agreement shall terminate on such date that the notes issued pursuant to the Indenture and
all expenses of the Trustee have been paid in full.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: #010000">5.</FONT></TD><TD><B>Notices</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">All notices and other communications
in respect of this Agreement (including, without limitation, any modifications of, or requests, waivers or consents under, this
Agreement) shall be given or made to a party at its address specified below. Except as otherwise provided in this Agreement, all
such communications shall be deemed to have been duly given if in writing and mailed, first class postage prepaid, hand delivered,
sent by overnight courier service, by facsimile in legible form or by e-mail transmission to any address previously furnished in
writing to the other parties hereto and third party beneficiaries hereof by a party hereto.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: #010000">6.</FONT></TD><TD><B>Amendments; Successors; Assignments</B></TD>
</TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">No amendment, modification or waiver in respect of this Agreement will be effective unless in writing
(including a writing evidenced by e-mail (PDF) or facsimile transmission) and executed by each of the parties hereto.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">This Agreement (and each amendment, modification and waiver in respect of this Agreement) may be
executed and delivered in counterparts (including a writing evidenced by e-mail (PDF) or facsimile transmission), each of which
will be deemed an original.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">This Agreement shall be binding upon and inure to the benefit of CIC, MHF and the Issuer and their
respective successors and permitted assigns.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify">Neither this Agreement nor any interest or obligation in or under this Agreement may be transferred
(whether by way of security or otherwise) by any party without the prior written consent of the other parties. Any purported transfer
that is not in compliance with this Section 6 will be void.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: #010000">7.</FONT></TD><TD><B>Governing Law; Submission to Jurisdiction; Etc.</B></TD>
</TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify"><B>Governing Law</B>. This Agreement, shall be construed in accordance with, and this Agreement
and any matters arising out of or relating in any way whatsoever to this Agreement (whether in contract, tort or otherwise), shall
be governed by, the law of the State of New York.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify"><B>Submission to Jurisdiction</B>. With respect to any action, suit or proceeding relating to this
Agreement, each party irrevocably (i) submits to the non-exclusive jurisdiction of the Supreme Court of the State of New York sitting
in the Borough of Manhattan in New York City and of the United States District Court for the Southern District of New York, and
any appellate court from any thereof, and (ii) waives any objection which it may have at any time to the laying of venue of any
such proceeding brought in any such court, waives any claim that such proceeding have been brought in an inconvenient forum and
further waives the right to object, with respect to such proceeding, that such court does not have any jurisdiction over such party.
Nothing in this Agreement precludes either party from bringing an action, suit or proceeding in any other jurisdiction, nor will
the bringing of such proceeding in any one or more jurisdictions preclude the bringing of such proceeding in any other jurisdiction.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: #010000">8.</FONT></TD><TD><B>Waiver of Jury Trial</B></TD>
</TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify"><B>EACH OF CIC, MHF AND THE ISSUER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY. </B></TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">Each party hereby (i) certifies that no representative, agent or attorney of the other has represented,
expressly or otherwise, that the other would not, in the event of an action, suit or proceeding, seek to enforce the foregoing
waiver and (ii) acknowledges that it has been induced to enter into this Agreement by, among other things, the mutual waivers and
certifications in this paragraph.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: #010000">9.</FONT></TD><TD><B>Contributions</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">CIC and MHF hereby acknowledge
and agree that this Agreement is not a contract (a) to issue a security of MHF or (b) to make a loan or to extend other debt financing
or financial accommodations to or for the benefit of MHF, as referenced in Section 365(e)(2)(B) of the United States Bankruptcy
Code, as amended.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: #010000">10.</FONT></TD><TD><B>Severability</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If any term, provision, covenant
or condition of this Agreement, or the application thereof to any party hereto or any circumstance, is held to be unenforceable,
invalid or illegal (in whole or in part) for any reason (in any relevant jurisdiction), the remaining terms, provisions, covenants
and conditions of this Agreement, modified by the deletion of the unenforceable, invalid or illegal portion (in any relevant jurisdiction),
will continue in full force and effect, and such unenforceability, invalidity, or illegality will not otherwise affect the enforceability,
validity or legality of the remaining terms, provisions, covenants and conditions of this Agreement, as the case may be, so long
as this Agreement, as the case may be, as so modified continues to express, without material change, the original intentions of
the parties as to the subject matter hereof and the deletion of such portion of this Agreement, as the case may be, will not substantially
impair the respective expectations or reciprocal obligations of the parties or the practical realization of the benefits that would
otherwise be conferred upon the parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>IN WITNESS WHEREOF</B>, the
undersigned have executed this Agreement as of the date first written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>MURRAY HILL FUNDING II, LLC</B>,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">as Issuer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD>MURRAY HILL FUNDING, LLC,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>as its Sole Member</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;<I>/s/ Michael A. Reisner</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Michael A. Reisner</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Co-Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.35in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page to Contribution Agreement]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>MURRAY HILL FUNDING, LLC</B>,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">as Sole Member</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD><B>CION INVESTMENT CORPORATION</B>,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>as its Sole Member</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><I>/s/ Michael A. Reisner</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Michael A. Reisner</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Co-Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.35in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page to Contribution Agreement]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%"><B>CION INVESTMENT CORPORATION</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><I>/s/ Michael A. Reisner</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Michael A. Reisner</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Co-Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.35in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page to Contribution Agreement]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE I</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Schedule of Loans Contributed by CIC to
MHF</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Schedule I</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>v467817_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Exhibit 10.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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    <TD STYLE="width: 100%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-size: 2pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Dated as of May 19, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">MURRAY HILL FUNDING II, LLC,<BR>
as Issuer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">U.S. BANK NATIONAL ASSOCIATION,<BR>
as Trustee</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">INDENTURE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top; font-size: 2pt">
    <TD STYLE="width: 100%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 2pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>TABLE OF CONTENTS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 80%; text-align: right; padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: center; padding-right: 0; padding-left: 0; vertical-align: bottom">Page</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 0; padding-left: 0; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-transform: uppercase">1.</TD>
    <TD STYLE="text-transform: uppercase; padding-left: 9pt; text-indent: -9pt">Definitions</TD>
    <TD STYLE="text-transform: uppercase; text-align: right; padding-right: 0; padding-left: 0; vertical-align: bottom">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">1.1</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Definitions</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; text-align: right; vertical-align: bottom">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">1.2</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Assumptions as to Collateral</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; text-align: right; vertical-align: bottom">29</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="text-transform: uppercase; padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="text-transform: uppercase; text-align: right; padding-right: 0; padding-left: 0; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-transform: uppercase">2.</TD>
    <TD STYLE="text-transform: uppercase; padding-left: 9pt; text-indent: -9pt">The Notes</TD>
    <TD STYLE="text-transform: uppercase; text-align: right; padding-right: 0; padding-left: 0; vertical-align: bottom">31</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">2.1</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Forms Generally</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; text-align: right; vertical-align: bottom">31</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">2.2</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Forms of Notes</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; text-align: right; vertical-align: bottom">31</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">2.3</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Authorized Amount; Stated Maturity; Denominations</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; text-align: right; vertical-align: bottom">32</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">2.4</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Execution, Authentication, Delivery and Dating</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; text-align: right; vertical-align: bottom">33</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">2.5</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Registration, Registration of Transfer and Exchange</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; text-align: right; vertical-align: bottom">34</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">2.6</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Mutilated, Defaced, Destroyed, Lost or Stolen Note</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; text-align: right; vertical-align: bottom">42</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">2.7</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Payment of Principal and Interest and Other Amounts; Principal and Interest Rights Preserved</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; text-align: right; vertical-align: bottom">43</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">2.8</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Persons Deemed Owners</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; text-align: right; vertical-align: bottom">45</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">2.9</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Cancellation</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; text-align: right; vertical-align: bottom">46</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">2.10</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">DTC Ceases to be Depository</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; text-align: right; vertical-align: bottom">46</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">2.11</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Non-Permitted Holders or Violation of ERISA Representations or Noteholder Reporting Obligations</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; text-align: right; vertical-align: bottom">47</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">2.12</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Tax Certification and Noteholder Reporting Obligations</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; text-align: right; vertical-align: bottom">49</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">2.13</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Subsequent Advances</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; text-align: right; vertical-align: bottom">49</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="text-transform: uppercase; padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="text-transform: uppercase; text-align: right; padding-right: 0; padding-left: 0; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-transform: uppercase">3.</TD>
    <TD STYLE="text-transform: uppercase; padding-left: 9pt; text-indent: -9pt">Conditions Precedent</TD>
    <TD STYLE="text-transform: uppercase; text-align: right; padding-right: 0; padding-left: 0; vertical-align: bottom">51</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">3.1</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Conditions to Issuance of Notes on Closing Date</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; text-align: right; vertical-align: bottom">51</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">3.2</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Custodianship; Delivery of Portfolio Assets and Eligible Investments</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; text-align: right; vertical-align: bottom">54</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">3.3</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Application of Proceeds of Issuance</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; text-align: right; vertical-align: bottom">55</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="text-transform: uppercase; padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="text-transform: uppercase; text-align: right; padding-right: 0; padding-left: 0; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-transform: uppercase">4.</TD>
    <TD STYLE="text-transform: uppercase; padding-left: 9pt; text-indent: -9pt">Satisfaction and Discharge</TD>
    <TD STYLE="text-transform: uppercase; text-align: right; padding-right: 0; padding-left: 0; vertical-align: bottom">55</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">4.1</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Satisfaction and Discharge of Indenture</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; text-align: right; vertical-align: bottom">55</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">4.2</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Application of Trust Cash</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; text-align: right; vertical-align: bottom">56</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">4.3</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Repayment of Cash Held by Paying Agent</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; text-align: right; vertical-align: bottom">57</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">4.4</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Disposition of Illiquid Assets</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; text-align: right; vertical-align: bottom">57</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="text-transform: uppercase; padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="text-transform: uppercase; text-align: right; padding-right: 0; padding-left: 0; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-transform: uppercase">5.</TD>
    <TD STYLE="text-transform: uppercase; padding-left: 9pt; text-indent: -9pt">Remedies</TD>
    <TD STYLE="text-transform: uppercase; text-align: right; padding-right: 0; padding-left: 0; vertical-align: bottom">58</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">5.1</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Events of Default</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; text-align: right; vertical-align: bottom">58</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">5.2</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Acceleration of Maturity; Rescission and Annulment</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; text-align: right; vertical-align: bottom">60</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">5.3</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Collection of Indebtedness and Suits for Enforcement by Trustee</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; text-align: right; vertical-align: bottom">61</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">5.4</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Remedies</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; text-align: right; vertical-align: bottom">62</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">5.5</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Optional Preservation of Collateral</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; text-align: right; vertical-align: bottom">65</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">5.6</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Trustee May Enforce Claims Without Possession of Notes</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; text-align: right; vertical-align: bottom">66</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">5.7</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Application of Cash Collected</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; text-align: right; vertical-align: bottom">66</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>TABLE OF CONTENTS</U></B><BR>
(Continued)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 80%; padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; padding-left: 0.25in; text-align: center; vertical-align: bottom">Page</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.25in; text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">5.8</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Limitation on Suits</TD>
    <TD STYLE="padding-left: 0.25in; text-align: right; vertical-align: bottom">66</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">5.9</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Unconditional Rights of Holders to Receive Principal and Interest</TD>
    <TD STYLE="padding-left: 0.25in; text-align: right; vertical-align: bottom">67</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">5.10</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Restoration of Rights and Remedies</TD>
    <TD STYLE="padding-left: 0.25in; text-align: right; vertical-align: bottom">67</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">5.11</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Rights and Remedies Cumulative</TD>
    <TD STYLE="padding-left: 0.25in; text-align: right; vertical-align: bottom">67</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">5.12</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Delay or Omission Not Waiver</TD>
    <TD STYLE="padding-left: 0.25in; text-align: right; vertical-align: bottom">68</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">5.13</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Control by Majority Holders</TD>
    <TD STYLE="padding-left: 0.25in; text-align: right; vertical-align: bottom">68</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">5.14</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Waiver of Past Defaults</TD>
    <TD STYLE="padding-left: 0.25in; text-align: right; vertical-align: bottom">68</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">5.15</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Undertaking for Costs</TD>
    <TD STYLE="padding-left: 0.25in; text-align: right; vertical-align: bottom">69</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">5.16</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Waiver of Stay or Extension Laws</TD>
    <TD STYLE="padding-left: 0.25in; text-align: right; vertical-align: bottom">69</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">5.17</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Sale of Collateral</TD>
    <TD STYLE="padding-left: 0.25in; text-align: right; vertical-align: bottom">69</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">5.18</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Action on the Notes</TD>
    <TD STYLE="padding-left: 0.25in; text-align: right; vertical-align: bottom">70</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="text-transform: uppercase; padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="text-transform: uppercase; text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-transform: uppercase">6.</TD>
    <TD STYLE="text-transform: uppercase; padding-left: 9pt; text-indent: -9pt">The Trustee</TD>
    <TD STYLE="text-transform: uppercase; text-align: right; vertical-align: bottom">70</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.25in; text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">6.1</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Certain Duties and Responsibilities</TD>
    <TD STYLE="padding-left: 0.25in; text-align: right; vertical-align: bottom">70</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">6.2</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Notice of Default</TD>
    <TD STYLE="padding-left: 0.25in; text-align: right; vertical-align: bottom">73</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">6.3</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Certain Rights of Trustee</TD>
    <TD STYLE="padding-left: 0.25in; text-align: right; vertical-align: bottom">73</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">6.4</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Not Responsible for Recitals or Issuance of Notes</TD>
    <TD STYLE="padding-left: 0.25in; text-align: right; vertical-align: bottom">76</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">6.5</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">May Hold Notes</TD>
    <TD STYLE="padding-left: 0.25in; text-align: right; vertical-align: bottom">77</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">6.6</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Cash Held in Trust</TD>
    <TD STYLE="padding-left: 0.25in; text-align: right; vertical-align: bottom">77</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">6.7</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Compensation and Reimbursement</TD>
    <TD STYLE="padding-left: 0.25in; text-align: right; vertical-align: bottom">77</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">6.8</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Corporate Trustee Required; Eligibility</TD>
    <TD STYLE="padding-left: 0.25in; text-align: right; vertical-align: bottom">78</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">6.9</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Resignation and Removal; Appointment of Successor</TD>
    <TD STYLE="padding-left: 0.25in; text-align: right; vertical-align: bottom">79</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">6.10</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Acceptance of Appointment by Successor</TD>
    <TD STYLE="padding-left: 0.25in; text-align: right; vertical-align: bottom">80</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">6.11</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Merger, Conversion, Consolidation or Succession to Business of Trustee</TD>
    <TD STYLE="padding-left: 0.25in; text-align: right; vertical-align: bottom">81</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">6.12</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Co-Trustees</TD>
    <TD STYLE="padding-left: 0.25in; text-align: right; vertical-align: bottom">81</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">6.13</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Certain Duties of Trustee Related to Delayed Payment of Proceeds</TD>
    <TD STYLE="padding-left: 0.25in; text-align: right; vertical-align: bottom">82</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">6.14</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Authenticating Agents</TD>
    <TD STYLE="padding-left: 0.25in; text-align: right; vertical-align: bottom">83</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">6.15</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Withholding</TD>
    <TD STYLE="padding-left: 0.25in; text-align: right; vertical-align: bottom">83</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">6.16</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Representative for Holders Only; Agent for each other Secured Party</TD>
    <TD STYLE="padding-left: 0.25in; text-align: right; vertical-align: bottom">84</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">6.17</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Representations and Warranties of the Bank</TD>
    <TD STYLE="padding-left: 0.25in; text-align: right; vertical-align: bottom">84</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">6.18</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Electronic Communications</TD>
    <TD STYLE="padding-left: 0.25in; text-align: right; vertical-align: bottom">85</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="text-transform: uppercase; padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="text-transform: uppercase; text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-transform: uppercase">7.</TD>
    <TD STYLE="text-transform: uppercase; padding-left: 9pt; text-indent: -9pt">Covenants</TD>
    <TD STYLE="text-transform: uppercase; text-align: right; vertical-align: bottom">85</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.25in; text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">7.1</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Payment of Principal and Interest</TD>
    <TD STYLE="padding-left: 0.25in; text-align: right; vertical-align: bottom">85</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">7.2</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Maintenance of Office or Agency</TD>
    <TD STYLE="padding-left: 0.25in; text-align: right; vertical-align: bottom">86</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">7.3</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Cash for Note Payments to be Held in Trust</TD>
    <TD STYLE="padding-left: 0.25in; text-align: right; vertical-align: bottom">86</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">7.4</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Existence of Issuer</TD>
    <TD STYLE="padding-left: 0.25in; text-align: right; vertical-align: bottom">88</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">7.5</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Protection of Collateral</TD>
    <TD STYLE="padding-left: 0.25in; text-align: right; vertical-align: bottom">89</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">7.6</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Opinions as to Security Interests</TD>
    <TD STYLE="padding-left: 0.25in; text-align: right; vertical-align: bottom">91</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">7.7</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Performance of Obligations</TD>
    <TD STYLE="padding-left: 0.25in; text-align: right; vertical-align: bottom">91</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">7.8</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Negative Covenants</TD>
    <TD STYLE="padding-left: 0.25in; text-align: right; vertical-align: bottom">92</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>TABLE OF CONTENTS</U></B><BR>
(Continued)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 80%; padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Page</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">7.9</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Statement as to Compliance</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">94</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">7.10</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Issuer May Not Consolidate Except on Certain Terms</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">94</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">7.11</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Successor Substituted</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">94</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">7.12</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">No Other Business</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">94</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">7.13</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Acquisition of Assets</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">95</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">7.14</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Reporting</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">95</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">7.15</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Certain Tax Matters</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">95</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">7.16</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Restricted Transactions</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">97</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">7.17</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">[Reserved]</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">97</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">7.18</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Compliance with Laws</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">97</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="text-transform: uppercase; padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="text-transform: uppercase; text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-transform: uppercase">8.</TD>
    <TD STYLE="text-transform: uppercase; padding-left: 9pt; text-indent: -9pt">Supplemental Indentures</TD>
    <TD STYLE="text-transform: uppercase; text-align: right; vertical-align: bottom">97</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">8.1</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Supplemental Indentures Without Consent of Holders of Notes</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">97</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">8.2</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Supplemental Indentures With Consent of Holders of Notes</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">99</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">8.3</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Execution of Supplemental Indentures</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">99</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">8.4</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Determination of Effect on Holders</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">101</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">8.5</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Effect of Supplemental Indentures</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">101</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">8.6</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Reference in Notes to Supplemental Indentures</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">101</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="text-transform: uppercase; padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="text-transform: uppercase; text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0; text-transform: uppercase; text-align: left">9.</TD>
    <TD STYLE="text-transform: uppercase; padding-left: 9pt; text-indent: -9pt">Redemption of Notes</TD>
    <TD STYLE="text-transform: uppercase; text-align: right; vertical-align: bottom">102</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">9.1</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Optional Redemption</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">102</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">9.2</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Tax Redemption</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">103</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">9.3</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Redemption Procedures</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">103</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">9.4</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Notes Payable on Redemption Date</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">104</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="text-transform: uppercase; padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="text-transform: uppercase; text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-transform: uppercase">10.</TD>
    <TD STYLE="text-transform: uppercase; padding-left: 9pt; text-indent: -9pt">Accounts, Accountings and Releases</TD>
    <TD STYLE="text-transform: uppercase; text-align: right; vertical-align: bottom">105</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">10.1</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Collection of Cash</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">105</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">10.2</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Collection Account</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">106</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">10.3</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Transaction Accounts</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">108</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">10.4</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Reinvestment of Funds in Accounts; Reports by Trustee</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">111</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">10.5</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Accountings</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">113</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">10.6</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Release of Collateral</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">118</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">10.7</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Procedures Relating to the Establishment of Accounts Controlled by the Trustee</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">120</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">10.8</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Section 3(c)(7) Procedures</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">120</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="text-transform: uppercase; padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="text-transform: uppercase; text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0; text-transform: uppercase">11.</TD>
    <TD STYLE="text-transform: uppercase; padding-left: 9pt; text-indent: -9pt">Application of Cash</TD>
    <TD STYLE="text-transform: uppercase; text-align: right; vertical-align: bottom">121</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">11.1</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Disbursements of Cash from Payment Account</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">121</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>TABLE OF CONTENTS</U></B><BR>
(Continued)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="width: 80%; text-transform: uppercase; padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-transform: uppercase; text-align: center; vertical-align: bottom"><FONT STYLE="text-transform: none">Page</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="text-transform: uppercase; padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="text-transform: uppercase; text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-transform: uppercase">12.</TD>
    <TD STYLE="text-transform: uppercase; padding-left: 9pt; text-indent: -9pt">Sale of Portfolio Assets; Purchase of Additional Portfolio Assets</TD>
    <TD STYLE="text-transform: uppercase; text-align: right; vertical-align: bottom">122</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">12.1</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Sales of Portfolio Assets</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">122</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">12.2</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Acquisition of Portfolio Assets; Eligible Investments</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">124</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">12.3</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Conditions Applicable to All Sale and Purchase Transactions</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">125</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">12.4</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Calculation of Required Contributions and Withdrawals by the Sole Member under the Equity Contribution Agreement</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">129</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="text-transform: uppercase; padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="text-transform: uppercase; text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-transform: uppercase">13.</TD>
    <TD STYLE="text-transform: uppercase; padding-left: 9pt; text-indent: -9pt">Relations Among Holders</TD>
    <TD STYLE="text-transform: uppercase; text-align: right; vertical-align: bottom">129</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">13.1</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Relations among Holders</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">129</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">13.2</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Standard of Conduct</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">130</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="text-transform: uppercase; padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="text-transform: uppercase; text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-transform: uppercase">14.</TD>
    <TD STYLE="text-transform: uppercase; padding-left: 9pt; text-indent: -9pt">Miscellaneous</TD>
    <TD STYLE="text-transform: uppercase; text-align: right; vertical-align: bottom">130</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">14.1</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Form of Documents Delivered to Trustee</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">130</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">14.2</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Acts of Holders</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">131</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">14.3</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Notices, etc., to Trustee, the Issuer, the Collateral Manager, the Collateral Administrator, the Paying Agent, the Liquidation Agent</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">132</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">14.4</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Notices to Holders; Waiver</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">133</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">14.5</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Effect of Headings and Table of Contents</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">134</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">14.6</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Successors and Assigns</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">134</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">14.7</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Severability</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">134</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">14.8</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Benefits of Indenture</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">135</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">14.9</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Legal Holidays</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">135</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">14.10</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Governing Law</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">135</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">14.11</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Submission to Jurisdiction</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">135</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">14.12</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">WAIVER OF JURY TRIAL</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">136</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">14.13</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Counterparts</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">136</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">14.14</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Acts of Issuer</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">136</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">14.15</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Confidential Information</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">137</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="text-transform: uppercase; padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="text-transform: uppercase; text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-transform: uppercase">15.</TD>
    <TD STYLE="text-transform: uppercase; padding-left: 9pt; text-indent: -9pt">Assignment of Certain Agreements</TD>
    <TD STYLE="text-transform: uppercase; text-align: right; vertical-align: bottom">138</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">15.1</TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Assignment of Collateral Management Agreement, Collateral Administration Agreement, Equity Contribution Agreement, Master Loan Purchase Agreement and any Master Participation Agreement</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">138</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>TABLE OF CONTENTS</U></B><BR>
(Continued)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SCHEDULES AND EXHIBITS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 99pt; text-indent: -99pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%">Schedule</TD>
    <TD STYLE="width: 10%">&nbsp;1</TD>
    <TD STYLE="width: 83%">Initial Portfolio Assets</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Exhibit</TD>
    <TD>A</TD>
    <TD>Forms of Notes</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>A1</TD>
    <TD>Form of Global Class A Note</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>A2</TD>
    <TD>Form of Certificated Class A Note</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Exhibit</TD>
    <TD>B</TD>
    <TD>Forms of Transfer and Exchange Certificates</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>B1</TD>
    <TD>Form of Transferor Certificate for Transfer of Rule 144A Global Note or Certificated Note to Regulation S Global Note</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>B2</TD>
    <TD>Form of Purchaser Representation Letter for Certificated Notes</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>B3</TD>
    <TD>Form of Transferor Certificate for Transfer of Certificated Note to Rule 144A Global Note</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>B4</TD>
    <TD>Form of Transferee Certificate of Rule 144A Global Note</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>B5</TD>
    <TD>Form of Transferee Certificate of Regulation S Global Note</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Exhibit</TD>
    <TD>C</TD>
    <TD>Form of Beneficial Owner Certificate</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 99pt; text-indent: -99pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>INDENTURE </B>(this <B><I>Indenture</I></B>),
dated as of May 19, 2017 between <B>MURRAY HILL FUNDING II, LLC</B>, a Delaware limited liability company (the <B><I>Issuer</I></B>)
and <B>U.S.</B>&nbsp;<B>Bank National Association</B>,<B> </B>as trustee (herein, together with its permitted successors and assigns
in the trusts hereunder, the <B><I>Trustee</I></B>).</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PRELIMINARY STATEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Issuer is duly authorized to execute
and deliver this Indenture to provide for the Notes issuable as provided in this Indenture. Except as otherwise provided herein,
all covenants and agreements made by the Issuer herein are for the benefit and security of the Secured Parties. The Issuer is entering
into this Indenture, and the Trustee is accepting the trusts created hereby, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All things necessary to make this Indenture
a valid agreement of the Issuer in accordance with this Indenture&rsquo;s terms have been done.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">GRANTING CLAUSES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Issuer hereby Grants to the Trustee,
for the benefit and security of the Holders of the Notes, the Trustee, the Bank, the Collateral Administrator and the Collateral
Manager (collectively, the <B><I>Secured Parties</I></B>), all of its right, title and interest in, to and under, in each case,
whether now owned or existing, or hereafter acquired or arising, (a)&nbsp;the Portfolio Assets as of the Closing Date which the
Issuer causes to be Delivered to the Trustee (directly or through an intermediary or bailee, including the Custodian) herewith
and all payments thereon or with respect thereto, and all Portfolio Assets which are Delivered to the Trustee (directly or through
an intermediary or bailee, including the Custodian) in the future pursuant to the terms hereof and all payments thereon or with
respect thereto, (b)&nbsp;each of the Accounts, and any Eligible Investments purchased with funds on deposit in any of the Accounts,
and all income from the investment of funds therein and all other property standing to the credit of each of the Accounts, (c)&nbsp;the
Collateral Management Agreement, the Collateral Administration Agreement, the Subscription Agreement, the Equity Contribution Agreement,
the Issuer Account Control Agreement and the Master Loan Purchase Agreement, (d)&nbsp;all Cash delivered to the Trustee (or the
Custodian) for the benefit of the Secured Parties, (e)&nbsp;all accounts, chattel paper, general intangibles, instruments, financial
assets, security entitlements and investment property, and all letter-of-credit rights and other supporting obligations relating
to the foregoing (in each case as defined in the UCC), (f)&nbsp;any other property otherwise delivered to the Trustee (directly
or through an intermediary or bailee, including the Custodian) by or on behalf of the Issuer (including any other securities or
investments not listed above and whether or not constituting Portfolio Assets or Eligible Investments), (g)&nbsp;any commercial
torts claims and (h)&nbsp;all proceeds with respect to the foregoing (the assets referred to in (a)&nbsp;through (h)&nbsp;are collectively
referred to as the <B><I>Collateral</I></B>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The above Grant of Collateral is made in
favor of the Trustee to hold in trust to secure the Notes and certain other amounts payable by the Issuer as described herein.
Except as set forth in the Priority of Payments and Article&nbsp;13 of this Indenture, the Notes are secured by the Grant equally
and ratably without prejudice, priority or distinction between any Note and any other Note by reason of difference in time of issuance
or otherwise. The Grant is made to secure, in accordance with the priorities set forth in the Priority of Payments and Article&nbsp;13
of this Indenture, (i)&nbsp;the payment of all amounts due on the Notes in accordance with their terms, (ii)&nbsp;the payment of
all other sums payable under this Indenture, (iii)&nbsp;the payment of amounts owing by the Issuer under the Collateral Administration
Agreement and (iv)&nbsp;compliance with the provisions of this Indenture, in each case as provided in this Indenture (collectively,
the <B><I>Secured Obligations</I></B>). The foregoing Grant shall, for the purpose of determining the property subject to the Lien
of this Indenture, be deemed to include any interests in any securities and any investments granted to the Trustee by or on behalf
of the Issuer, whether or not such securities or investments satisfy the Asset Eligibility Criteria or other criteria set forth
in the definitions of Portfolio Asset or Eligible Investments, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Trustee acknowledges such Grant, accepts
the trusts hereunder in accordance with the provisions hereof, and agrees to perform the duties herein in accordance with the terms
hereof.</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">1.</FONT></TD><TD STYLE="text-align: justify">Definitions</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">1.1</FONT></TD><TD STYLE="text-align: justify">Definitions</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as otherwise specified herein or
as the context may otherwise require, the following terms have the respective meanings set forth below for all purposes of this
Indenture, and the definitions of such terms are equally applicable both to the singular and plural forms of such terms and to
the masculine, feminine and neuter genders of such terms. Except as otherwise specified herein or as the context may otherwise
require: (i)&nbsp;references to an agreement or other document are to it as amended, supplemented, restated and otherwise modified
from time to time and to any successor document (whether or not already so stated); (ii)&nbsp;references to a statute, regulation
or other government rule are to it as amended from time to time and, as applicable, are to corresponding provisions of successor
statues, regulations or other governmental rules (whether or not already so stated); (iii)&nbsp;the word &ldquo;including&rdquo;
and correlative words shall be deemed to be followed by the phrase &ldquo;without limitation&rdquo; unless actually followed by
such phrase or a phrase of like import; (iv)&nbsp;the word &ldquo;or&rdquo; is always used inclusively herein (for example, the
phrase &ldquo;A or B&rdquo; means &ldquo;A or B or both,&rdquo; not &ldquo;either A or B but not both&rdquo;), unless used in an
&ldquo;either &hellip; or&rdquo; construction; (v)&nbsp;references to a Person are references to such Person&rsquo;s successors
and assigns (whether or not already so stated); (vi)&nbsp;all references in this Indenture to designated &ldquo;Articles&rdquo;,
&ldquo;Sections&rdquo;, &ldquo;sub-Sections&rdquo; and other subdivisions are to the designated articles, sections, sub-sections
and other subdivisions of this Indenture; and (vii)&nbsp;the words &ldquo;herein&rdquo;, &ldquo;hereof&rdquo;, &ldquo;hereunder&rdquo;
and other words of similar import refer to this Indenture as a whole and not to any particular article, section, sub-section or
other subdivision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Acceleration Event</I></B>: The meaning
specified in Section&nbsp;5.4(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Accounts</I></B>: Collectively, (i)&nbsp;the
Payment Account, (ii)&nbsp;the Collection Account, (iii)&nbsp;the Expense Account, (iv)&nbsp;the Delayed-Draw/Committed Proceeds/Revolver
Account, (v) the Portfolio Gains Account and (vi)&nbsp;the Custodial Account. Each Account shall be an Eligible Account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Accredited Investor</I></B>: The
meaning set forth in Rule&nbsp;501(a) of Regulation&nbsp;D of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Act</I></B> and<B><I> Act of Holders</I></B>:
The meanings specified in Section&nbsp;14.2(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Additional Funding Asset</I></B>:
With respect to the Delayed Draw Funding Date, any Portfolio Asset or Cash that is being acquired by the Issuer (including, in
the case of Cash, as a result of the Issuer&rsquo;s receipt of the proceeds of issuance of the applicable Notes being funded on
the Delayed Draw Funding Date) on the Delayed Draw Funding Date (determined on a settlement date basis).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Administrative Expenses</I></B>:
(i)&nbsp;Priority Administrative Expenses, (ii)&nbsp;fees, expenses and other amounts due or accrued and payable by the Issuer
to any Person (other than the Collateral Manager) in respect of any fees or expenses relating to the transactions contemplated
or permitted under this Indenture and the documents delivered pursuant to or in connection with the transactions contemplated by
this Indenture, any amendment or other modification of any such documentation (including all legal and other fees and expenses
incurred in connection with the purchase or sale of any Portfolio Assets and any other expenses and fees incurred in connection
with the Portfolio Assets) or the administration and maintenance of the Issuer and the Notes and (iii)&nbsp;indemnities payable
to any Person (other than the Collateral Manager) pursuant to any Transaction Document; <B>provided</B> that Administrative Expenses
shall not include (a)&nbsp;any amounts due or accrued with respect to the actions taken on or in connection with the Closing Date
or in connection with the Subsequent Advance or (b)&nbsp;amounts payable in respect of the Notes. To the extent funds standing
to the credit of the Expense Account are used to pay Administrative Expenses, Priority Administrative Expenses then due and payable
shall be paid (x)&nbsp;in the order of priority set forth in the definition thereof and (y)&nbsp;prior to any other Administrative
Expenses then due and payable, and such other Administrative Expenses shall be paid in the order set forth in the definition thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Advance</I></B>: Each advance made
by the Initial Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Advance Percentage</I></B>: With
respect to: (a) a Senior Secured (Type I) Loan, 65%, (b) a Senior Secured (Type I Cov-Lite) Loan, 60%, (c) a Senior Secured (Type
II) Loan, 60%, (d) a Senior Secured (Type III) Loan, 50%, (e) a Senior Secured Last Out (Type I) Loan, 50%, (f) a Traditional Second
Lien Loan, 40%, (g) a Senior Secured Last Out (Type II) Loan, 50%, (h) a Senior Secured (Type IV) Loan, 50% and (i) with respect
to Cash, 65%; provided, that any Cash deposited to (or withdrawn from) the Delayed-Draw/Committed Proceeds/Revolver Account in
accordance with Section 10.3(d) (other than earnings from Eligible Investments therein) shall have an Advance Percentage equal
to the Advance Percentage of the Delayed-Draw Loan, Committed Proceeds Asset or Revolver Loan, as applicable, to which such Cash
deposit (or withdrawal) relates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Advance Value</I></B>: With respect
to any Portfolio Asset or Cash amount held by the Issuer, (a)&nbsp;the Initial Market Value of such Portfolio Asset or Cash amount
<U>multiplied</U> by (b)&nbsp;the applicable Advance Percentage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Affected Bank</I></B>: A &ldquo;bank&rdquo;
for purposes of Section&nbsp;881 of the Code or an entity affiliated with such a bank that is not any of the following: (x)&nbsp;a
United States Person, (y)&nbsp;an entity that treats all income from its Notes as effectively connected with its conduct of a trade
or business within the United States (as such terms are used in Section&nbsp;864(c) of the Code) or (z)&nbsp;in compliance with
FATCA and entitled to the benefits of an income tax treaty with the United States under which withholding taxes on interest payments
made by obligors resident in the United States to such bank are reduced to 0%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Affiliate</I></B>: With respect to
a Person, (i)&nbsp;any other Person who, directly or indirectly, is in control of, or controlled by, or is under common control
with, such Person or (ii)&nbsp;any other Person who is an Officer or employee (a) of such Person, (b) of any subsidiary or parent
company of such Person or (c) of any Person described in clause&nbsp;(i) above. For the purposes of this definition, &ldquo;control&rdquo;
of a Person shall mean the power, direct or indirect, (x)&nbsp;to vote more than 50% of the securities having ordinary voting power
for the election of directors, managers or other governing position of such Persons or (y)&nbsp;to direct or cause the direction
of the management and policies of such Person (whether through ownership of securities or partnership or other ownership interests,
by contract or otherwise).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Affiliated</I></B> shall have the
corresponding meaning.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Affiliated Loan</I></B>: Any Loan
with respect to which CION Investment Corporation or any Affiliate thereof has a direct or indirect equity or similar interest
in any Obligor of such Loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Agent Members</I></B>: Members of,
or participants in, DTC, Euroclear or Clearstream.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Aggregate Outstanding Amount</I></B>:
With respect to any of the Notes as of any date, the aggregate unpaid principal amount of such Notes Outstanding on such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Asset Eligibility Criteria</I></B>:
Criteria satisfied in respect of a Portfolio Asset or prospective Portfolio Asset on any date of determination, including, but
not limited to, the trade date for the relevant purchase or acquisition thereof (such trade date, the <B><I>Portfolio Asset Trade
Date</I></B>) if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the obligation is a Loan, excluding any security that is not a permissible collateral security
for purposes of securing asset-backed securities that satisfy the loan securitization exclusion under Section&nbsp;248.10(c)(8)
of the Volcker Rule (12 C.F.R. Part&nbsp;248);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the obligation is denominated in USD and is neither convertible by the related Portfolio Asset
Obligor thereon or thereof into, nor payable in, any other currency;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">the obligation constitutes a legal, valid, binding and enforceable obligation of each related Portfolio
Asset Obligor, enforceable against such person in accordance with its terms;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">the obligation is not a lease;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">the obligation is a Senior Secured (Type I) Loan, a Senior Secured (Type I Cov-Lite) Loan, a Senior
Secured (Type II) Loan, a Senior Secured (Type III) Loan, a Senior Secured (Type IV) Loan, a Senior Secured Last Out (Type I) Loan,
a Senior Secured Last Out (Type II) Loan or a Traditional Second Lien Loan;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">the obligation is not an Affiliated Loan;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">the obligation provides for a fixed amount of principal payable at no less than par, in cash, no
later than its stated maturity;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">the obligation provides for payments of interest on the principal amount thereof at a rate per
annum equal to either (i)&nbsp;a fixed rate or (ii)&nbsp;a floating rate (subject to any applicable floor) that is computed based
upon the sum of a spread and a generally recognized floating interest rate index that is reset no less frequently than semi-annually;
<B>provided</B>, <B>however</B>, for the avoidance of doubt no obligation which provides for or permits payments of interest on
the principal amount thereof on the basis of a Structured Coupon shall be permitted under this clause&nbsp;(h);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the obligation is not an obligation by which its terms provide for an increase or decrease in the
per annum interest rate payable thereon solely as a function of the passage of time (other than as a result of any change in any
underlying index on which such rate is based); <B>provided</B>, <B>however</B>, for the avoidance of doubt, this clause&nbsp;(i)
shall not prevent the Issuer from acquiring or holding a Loan which provides for the increase or decrease in the per annum interest
rate payable thereon in accordance with a matrix upon the occurrence of certain specified events or upon the satisfaction or failure
of certain financial conditions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify">the obligation is in the form of, and is treated as, indebtedness for U.S.&nbsp;Federal income
tax purposes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(k)</TD><TD STYLE="text-align: justify">no principal, interest, fee or other amount owing on such obligation that became payable prior
to the Portfolio Asset Trade Date remains unpaid;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(l)</TD><TD STYLE="text-align: justify">the obligation is not a Defaulted Obligation or Margin Stock;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(m)</TD><TD STYLE="text-align: justify">the Issuer would be entitled to receive all interest payments on such obligation free of U.S.&nbsp;Federal
or foreign withholding tax (except with respect FATCA taxes or for withholding taxes that may be payable with respect to commitment
fees or other similar fees) or, in the case of foreign withholding tax, would be entitled to receive &ldquo;gross-up&rdquo; payments
that cover the full amount of such withholding taxes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(n)</TD><TD STYLE="text-align: justify">the obligation is not an obligation whose repayment is subject to substantial non-credit related
risk as determined by the Collateral Manager in its reasonable discretion;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(o)</TD><TD STYLE="text-align: justify">the obligation is not an obligation that is the subject of an exchange or conversion offer and
has not been called for redemption or tender into any other security or property that does not satisfy the Asset Eligibility Criteria;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(p)</TD><TD STYLE="text-align: justify">[reserved];</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(q)</TD><TD STYLE="text-align: justify">the obligation is Registered;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(r)</TD><TD STYLE="text-align: justify">the obligation is not (i)&nbsp;a Bond, (ii)&nbsp;a Participation Interest or (iii)&nbsp;a Synthetic
Security;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(s)</TD><TD STYLE="text-align: justify">the obligation is not an Equity Security or, by its terms, convertible into or exchangeable for
an Equity Security at any time over its life or attached with a warrant to purchase an Equity Security;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(t)</TD><TD STYLE="text-align: justify">the obligation is not a letter of credit and does not otherwise include or support a letter of
credit;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(u)</TD><TD STYLE="text-align: justify">the security interest granted by (i)&nbsp;the Issuer to the Trustee pursuant to this Indenture
in such Portfolio Asset is a valid perfected first priority security interest; and (ii)&nbsp;if applicable, the seller to the Issuer
and the Trustee in such Portfolio Asset pursuant to the Master Loan Purchase Agreement is a valid perfected first priority security
interest; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">either (i)&nbsp;the obligation is capable of being assigned or novated to, at a minimum, commercial
banks or financial institutions (irrespective of their jurisdiction of organization) that are not then a lender or a member of
the relevant lending syndicate, without the consent of any Portfolio Asset Obligor or any agent or (ii)&nbsp;the obligation is
capable of being assigned (with limitation) with the consent of any Portfolio Asset Obligor or any agent; <B>provided</B>, <B>however</B>,
clause&nbsp;(ii) shall not prevent the Issuer from acquiring or holding a Loan that prohibits assignments to (1)&nbsp;the relevant
Portfolio Asset Obligor&rsquo;s private equity sponsor and other affiliates, (2)&nbsp;competitors of the relevant Portfolio Asset
Obligor and its private equity sponsor and (3)&nbsp;parties identified to the Collateral Manager or any of its affiliates in writing,
and other customary restrictions, <B>provided</B> that the Issuer may not acquire or hold a Loan that includes limitations on assignments
not described in clause&nbsp;(1), (2) or (3) of this proviso.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Authenticating Agent</I></B>: The
Person designated by the Trustee to authenticate the Notes on behalf of the Trustee pursuant to Section&nbsp;6.14 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Authorized Representative</I></B>:
With respect to the Issuer, any director, Officer or any other Person who is authorized to act for the Issuer in matters relating
to, and binding upon, the Issuer; <B>provided </B>that the Collateral Manager is not an Authorized Representative of the Issuer.
With respect to the Collateral Manager, any Officer, employee, member or agent of the Collateral Manager who is authorized to act
for the Collateral Manager in matters relating to, and binding upon, the Collateral Manager with respect to the subject matter
of the request, certificate or order in question. With respect to the Collateral Administrator, any Officer, employee, partner
or agent of the Collateral Administrator who is authorized to act for the Collateral Administrator in matters relating to, and
binding upon, the Collateral Administrator with respect to the subject matter of the request, certificate or order in question.
With respect to the Trustee or any other bank or trust company acting as trustee of an express trust or as custodian, a Trust Officer.
With respect to any Authenticating Agent, any Officer of such Authenticating Agent who is authorized to authenticate the Notes.
With respect to the Note Registrar, any Officer, employee, member or agent of the Note Registrar who is authorized to act for the
Note Registrar in matters relating to the Note Register. Each party may receive and accept a certification of the authority of
any other party as conclusive evidence of the authority of any Person to act, and such certification may be considered as in full
force and effect until receipt by such other party of written notice to the contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Authorizing Resolution</I></B>: With
respect to (i)&nbsp;the Issuer, any action or resolution taken by the Sole Member within the powers vested to it pursuant to the
Issuer&rsquo;s Constitutive Documents and (ii)&nbsp;the Sole Member, any action taken by the board of directors or managers of
or any Officer of the Sole Member within the powers vested to such Person or Persons pursuant to the Sole Member&rsquo;s Constitutive
Documents, within the powers vested to it pursuant to the Constitutive Documents of the Sole Member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Balance</I></B>: On any date, with
respect to Cash or Eligible Investments in any Account, the aggregate, without duplication, of the (i)&nbsp;current principal amount
of Cash, demand deposits, time account deposits, overnight bank deposits, bankers&rsquo; acceptances and certificates of deposit;
(ii)&nbsp;principal amount of any interest-bearing Eligible Investments; and (iii)&nbsp;the accreted amount (but not greater than
the face amount) of any non-interest-bearing Eligible Investments other than Cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Bank</I></B>: U.S.&nbsp;Bank National
Association, a national banking association with trust powers organized under the laws of the United States (or any successor thereto
as Trustee under this Indenture), in its individual capacity, and not in its capacity as Trustee, or any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Bankruptcy Law</I></B>: The federal
Bankruptcy Code, Title&nbsp;11 of the United States Code, as amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Bankruptcy Subordinated Class</I></B>:
The meaning specified in Section&nbsp;13.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Bankruptcy Subordination Agreement</I></B>:
The meaning specified in Section&nbsp;13.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Bond</I></B>: A debt security (that
is not a loan) that is issued by a corporation, limited liability company, partnership or trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Business Day</I></B>: A day on which
commercial banks and foreign exchange markets settle payments in New York, other than a Saturday, Sunday or other day that is a
legal holiday in the city in which the relevant Corporate Trust Office is located or on which banks are authorized or obligated
by law or executive order to close in New York, New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Cash</I></B>: Such funds denominated
in currency of the United States of America as at the time shall be legal tender for payment of all public and private debts in
the United States of America, including funds standing to the credit of an Account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Certificate of Authentication</I></B>:
The meaning specified in Section&nbsp;2.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Certificated Note</I></B>: A Note
issued in the form of a definitive, fully-registered note without coupons substantially in the applicable form attached as Exhibit&nbsp;A2
which shall be registered in the name of the owner thereof, duly executed by the Issuer and authenticated by the Trustee as herein
provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Certificated Security</I></B>: The
meaning specified in Section&nbsp;8-102(a)(4) of the UCC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Class&nbsp;A Notes</I></B>: The Class&nbsp;A
Notes issued pursuant to this Indenture and having the characteristics specified in Section&nbsp;2.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Clearing Agency</I></B>: An organization
registered as a &ldquo;clearing agency&rdquo; pursuant to Section&nbsp;17A of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Clearing Corporation</I></B>: (i)&nbsp;Clearstream,
(ii)&nbsp;DTC, (iii)&nbsp;Euroclear and (iv)&nbsp;any entity included within the meaning of &ldquo;clearing corporation&rdquo;
under Section&nbsp;8-102(a)(5) of the UCC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Clearing Corporation Security</I></B>:
Securities which are in the custody of or maintained on the books of a Clearing Corporation or a nominee subject to the control
of a Clearing Corporation and, if they are Certificated Securities in registered form, properly endorsed to or registered in the
name of the Clearing Corporation or such nominee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Clearstream</I></B>: Clearstream
Banking, soci&eacute;t&eacute; anonyme, a corporation organized under the laws of the Duchy of Luxembourg (formerly known as Cedelbank,
soci&eacute;t&eacute; anonyme).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Closing Date</I></B>: May 19, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Code</I></B>: The U.S.&nbsp;Internal
Revenue Code of 1986, as amended, and the Treasury regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Collateral</I></B>: The meaning assigned
in the Granting Clauses hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Collateral Administration Agreement</I></B>:
An agreement dated as of the Closing Date among the Issuer, the Collateral Manager and the Collateral Administrator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Collateral Administrator</I></B>:
U.S.&nbsp;Bank National Association, acting as collateral administrator under the Collateral Administration Agreement, and any
successor thereto in such capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Collateral Change Event and Repayment
Date Report</I></B>: The meaning specified in Section&nbsp;10.5(b).<B><I> </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Collateral Change Event Notice</I></B>:
The meaning specified in the Equity Contribution Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Collateral Change Trade Date</I></B>:
The meaning specified in the Equity Contribution Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Collateral Management Agreement</I></B>:
The agreement dated as of the Closing Date, between the Issuer and the Collateral Manager relating to the management of the Portfolio
Assets and the other Collateral by the Collateral Manager on behalf of the Issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Collateral Manager</I></B>: C&#298;ON
Investment Management, LLC, a limited liability company formed under the laws of the State of Delaware.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Collateral Manager Advances</I></B>:
The meaning specified in the Collateral Management Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Collateral Manager Expenses</I></B>:
The meaning specified in the Collateral Management Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Collection Account</I></B>: The account
established pursuant to Section&nbsp;10.2, which consists of the Principal Collection Subaccount, the Sold PI Loan Collection Subaccount
and the Interest Collection Subaccount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Commitment Amount</I></B>: With respect
to any Portfolio Asset that is a Delayed-Draw Loan or a Revolver Loan as of any date of determination, the maximum outstanding
principal amount of such Portfolio Asset that a registered holder of the amount of such Portfolio Asset held by the Issuer would
on such date be obligated to fund (including all amounts previously funded and outstanding, whether or not such amounts, if repaid,
may be reborrowed).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Committed Delayed Draw Amount</I></B>:
The amount indicated under the column with the sub-heading &ldquo;Delayed Draw Notes&rdquo;, with respect to the Delayed Draw Notes,
in the row labeled &ldquo;Committed Amount&rdquo; in the table in Section&nbsp;2.3(b) below, representing the commitment of the
Initial Holder to subscribe for and fund additional Delayed Draw Notes on the Delayed Draw Funding Date occurring after the Closing
Date in accordance with its obligations as Sole Member under the Subscription Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Committed Proceeds Asset</I></B>:
A Portfolio Asset that is the subject of a Committed Proceeds Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Committed Proceeds Transaction</I></B>:
Any transaction for the acquisition of a Portfolio Asset listed in Schedule&nbsp;1 hereto with respect to which, as of the Closing
Date, the Issuer has entered into a contractual commitment to acquire such Portfolio Asset but for which the settlement date of
such transaction has not yet occurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Confidential Information</I></B>:
The meaning specified in Section&nbsp;14.15(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Constitutive Documents</I></B>: With
respect to (i)&nbsp;the Issuer, the Issuer&rsquo;s limited liability company agreement dated May 12, 2017, as amended, revised
or restated from time to time and (ii)&nbsp;the Sole Member, the Sole Member&rsquo;s limited liability company agreement, dated
as of May 12, 2017, as amended, revised or restated from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Contribution</I></B>: Each capital
contribution made by the Sole Member to the Issuer in accordance with the Equity Contribution Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Corporate Trust Office</I></B>: The
corporate trust office of the Trustee at which this Indenture is administered, currently located at One Federal Street, Third Floor,
Boston, MA 02110, Attention: Global Corporate Trust Services &ndash; Murray Hill Funding II, LLC and, for transfer purposes and
presentment, U.S.&nbsp;Bank Global Corporate Trust Services, 111 Fillmore Avenue East, St. Paul, MN 55107-1402, Attention: Bond
Transfer Services-EP-MN-WS2N- Murray Hill Funding II, LLC; or, in each such case, such other address as the Trustee may designate
from time to time by notice to the Holders of the Notes, the Collateral Manager and the Issuer or the principal corporate trust
office of any successor Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Costs of Assignment</I></B>: With
respect to any Portfolio Asset, the sum of (a)&nbsp;any costs of any purchase, exchange, sale, transfer or assignment transaction
with respect to such Portfolio Asset that would be paid by a Person effecting such transaction under the terms of such Portfolio
Asset or otherwise actually imposed on such Person by any applicable trustee, administrative agent, registrar, borrower or obligor
incurred in connection with any such transaction with respect to such Portfolio Asset (including, without limitation, any amounts
reimbursable by such person in respect of any tax or other governmental charge incurred with respect thereto), (b)&nbsp;any reasonable
expenses that would be incurred by such Person in connection with any such transaction and (c)&nbsp;any reasonable administrative,
legal or accounting fees, costs and expenses (including, without limitation, any fees and expenses of the trustee or of outside
counsel to the obligor on such Portfolio Asset) that would be incurred by such Person in connection with any such transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Counterparty</I></B>: Murray Hill
Funding, LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Custodial Account</I></B>: The account
established pursuant to Section&nbsp;10.3(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Custodian</I></B>: The meaning specified
in the first sentence of Section&nbsp;3.2(a) with respect to items of collateral referred to therein, and each entity with which
an Account is maintained, as the context may require, each of which shall be a Securities Intermediary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Daily Report</I></B>: The meaning
specified in Section&nbsp;10.5(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Default</I></B>: Any Event of Default
or any occurrence that is, or with notice or the lapse of time or both would unless cured or waived become, an Event of Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Defaulted Obligation</I></B><I>:
</I>Any Portfolio Asset as to which one or more of the following has occurred: (a)&nbsp;there has occurred a default as to the
payment of principal and/or interest and/or capitalized interest (without regard to any notice requirement or grace period) (<B>provided</B>
that such default may continue for a period of up to five Business Days from the date of such default), (b)&nbsp;there has occurred
any other default with respect to such Portfolio Asset that in the reasonable opinion of the Liquidation Agent will likely result
in a default as to the payment of principal and/or interest on such Portfolio Asset under the Underlying Instrument (whether upon
any acceleration thereof or otherwise), (c)&nbsp;there has occurred a default as to the payment of principal and or interest which
continues for a period of five Business Days on any other material obligation of any Portfolio Asset Obligor on such Portfolio
Asset that is senior or <I>pari&nbsp;passu</I> in right of payment to such Portfolio Asset and such default would, upon the delivery
of such notice, constitute a default, event of default or similar condition or event (howsoever described) under the terms of the
instrument or agreement pursuant to which such Portfolio Asset was issued or created, (d)&nbsp;a bankruptcy or insolvency event
has occurred with respect to any obligor on such Portfolio Asset or (e)&nbsp;there has been effected any modification, amendment
or waiver to any Underlying Instrument or any exchange or other restructuring involving a Portfolio Asset that either (i)&nbsp;impacts
the final maturity date, interest rate or principal balance of the Portfolio Asset or (ii)&nbsp;eliminates or modifies any covenant
(including, without limitation, any affirmative, negative or financial covenant) in the Underlying Instrument, unless in all cases
the Liquidation Agent has notified the Collateral Manager that it does not consent to such modification, amendment or waiver or
exchange or restructuring; <B>provided</B> that, in each of the cases set forth in clauses&nbsp;(a) through (d)&nbsp;above, such
Portfolio Asset will only constitute a Defaulted Obligation for so long as such default has not been cured or waived (excluding
any waiver granted by the Collateral Manager, the Sole Member, the Issuer or any entity which controls, is controlled by or under
common control with any of the foregoing (whether such control is de jure or de facto) unless the Liquidation Agent has consented
to such waiver).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Delayed Draw Funding Date</I></B>:
June 19, 2017, as applicable, or another date on which the Issuer, the Initial Holder and UBS agree in writing with notice to the
Trustee no later than five&nbsp;Business Days in advance thereof that the Delayed Draw Global Notes shall be funded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Delayed Draw Global Notes </I></B>or<B><I>
Delayed Funding Notes</I></B>: Collectively, any Delayed Draw Regulation&nbsp;S Global Note and any Delayed Draw Rule&nbsp;144A
Global Note, together representing the Notes funded on the Delayed Draw Funding Date, that were issued by the Issuer on the Closing
Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Delayed Draw Regulation&nbsp;S Global
Note</I></B>: Any Regulation&nbsp;S Global Note that has the CUSIP Number U61747 AB4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Delayed Draw Rule&nbsp;144A Global
Note</I></B>: Any Rule&nbsp;144A Global Note that has the CUSIP Number 62706L AB6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Delayed-Draw Loan</I></B>: Any Loan
with respect to which the Issuer is obligated to make or otherwise fund future term-loan advances to a borrower, but such future
term-loan advances may not be paid back and reborrowed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Delayed-Draw/Committed Proceeds/Revolver
Account</I></B>: The account established pursuant to Section&nbsp;10.3(d).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Deliver</I></B> or <B><I>Delivered</I></B>
or <B><I>Delivery</I></B>: The taking of the following steps:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">in the case of each Certificated Security (other than a Clearing Corporation Security) and Instrument,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">causing the delivery of such Certificated Security or Instrument to the Custodian by registering
the same in the name of the Custodian or its affiliated nominee or by endorsing the same to the Custodian or in blank,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">causing the Custodian to indicate continuously on its books and records that such Certificated
Security or Instrument is credited to the applicable Account, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">causing the Custodian to maintain continuous possession of such Certificated Security or Instrument;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">in the case of each Uncertificated Security (other than a Clearing Corporation Security),</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">causing such Uncertificated Security to be continuously registered on the books of the issuer thereof
in the name of the Custodian, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">causing the Custodian to indicate continuously on its books and records that such Uncertificated
Security is credited to the applicable Account;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">in the case of each Clearing Corporation Security,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">causing the relevant Clearing Corporation to credit such Clearing Corporation Security to a securities
account in the name of the Custodian, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">causing the Custodian to indicate continuously on its books and records that such Clearing Corporation
Security is credited to the applicable Account;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">in the case of each security issued or guaranteed by the United States of America or agency or
instrumentality thereof and that is maintained in book-entry records of a Federal Reserve Bank (<B><I>FRB</I></B>)&nbsp;(each such
security, a <B><I>Government Security</I></B>),</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">causing the creation of a Security Entitlement to such Government Security by the credit of such
Government Security to a securities account in the name of the Custodian at such FRB, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">causing the Custodian to indicate continuously on its books and records that such Government Security
is credited to the applicable Account;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">in the case of each Security Entitlement with respect to a Financial Asset not governed by clauses&nbsp;(i)
through (iv)&nbsp;above,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">causing the relevant Securities Intermediary to indicate on its books and records that the underlying
Financial Asset has been credited to the Custodian&rsquo;s securities account,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">causing such Securities Intermediary to make entries on its books and records continuously identifying
such Financial Asset as belonging to the Custodian and continuously indicating on its books and records that such Financial Asset
is credited to the Custodian&rsquo;s securities account, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">causing the Custodian to indicate continuously on its books and records that such Security Entitlement
(or all rights and property of the Custodian representing such Security Entitlement) is credited to the applicable Account;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">in the case of Cash,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">causing the delivery of such Cash to the Custodian,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">causing the Custodian to credit such Cash to the applicable Account or sub-account, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">causing the Custodian to indicate continuously on its books and records that such Cash is credited
to the applicable Account; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">in the case of each general intangible, causing the filing of a Financing Statement with the UCC
filing section of the Delaware Department of State, naming the Issuer as debtor and the Trustee as secured party and describing
such property as the collateral or indicating that the collateral includes &ldquo;all assets&rdquo; or &ldquo;all personal property&rdquo;
of the Issuer (or a similar description).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the Collateral Manager on
behalf of the Issuer will obtain any and all consents required by the Underlying Instruments relating to any general intangibles
for the transfer of ownership and/or pledge of Collateral hereunder (except to the extent that the requirement for such consent
is rendered ineffective under Sections&nbsp;9-406, 9-408 or 9-409 of the UCC).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Determination Date</I></B>: The last
day of each Monthly Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Dollar</I></B>, <B><I>USD</I></B>
or <B><I>$</I></B>: Such coin or currency of the United States of America as at the time shall be legal tender for all debts, public
and private.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>DTC</I></B>: The Depository Trust
Company, its nominees, and their respective successors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Due Date</I></B>: Each date on which
any payment is due on a Portfolio Asset, Eligible Investment or other Financial Asset held by the Issuer in accordance with its
terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Eligible Account</I></B>: A deposit
or securities account payable on demand and maintained with the corporate trust department of a federal or state chartered depository
institution or trust company that, in either case, has a combined capital and surplus of at least U.S.$50,000,000 and has corporate
trust powers, <B>provided</B> that any state chartered depository institution or trust company is subject to regulation regarding
fiduciary funds substantially similar to 12 C.F.R. &sect;&nbsp;9.10(b). No Eligible Account shall be evidenced by a certificate
of deposit, passbook or other similar instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Eligible Investment Required Ratings</I></B>:
(a)&nbsp;If such obligation or security (i)&nbsp;has both a long-term and a short-term credit rating from Moody&rsquo;s, such ratings
are &ldquo;Aa3&rdquo; (or then-equivalent grade) or better (not on credit watch for possible downgrade) and &ldquo;P-1&rdquo; (or
then-equivalent grade) (not on credit watch for possible downgrade), respectively, (ii)&nbsp;has only a long-term credit rating
from Moody&rsquo;s, such rating is &ldquo;Aaa&rdquo; (or then-equivalent grade) (not on credit watch for possible downgrade) or
(iii)&nbsp;has only a short-term credit rating from Moody&rsquo;s, such rating is &ldquo;P-1&rdquo; (or then-equivalent grade)
(not on credit watch for possible downgrade) and (b)&nbsp;&ldquo;A-1&rdquo; (or then-equivalent grade) or better (or, in the absence
of a short-term credit rating, a long-term credit rating of &ldquo;A+&rdquo; (or then-equivalent grade) or better) from S&amp;P.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Eligible Investments</I></B>: Either
Cash, or any Dollar investment that, at the time it is Delivered (directly or through an intermediary), (x)&nbsp;matures not later
than the Business Day immediately preceding the Payment Date immediately following the date of Delivery thereof (or such earlier
date as expressly provided herein), and (y)&nbsp;is one or more of the following obligations or securities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">[reserved];</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">deposit and trust accounts payable on demand with any depository institution or trust company incorporated
under the laws of the United States of America or any state thereof (including the Bank) and subject to supervision and examination
by Federal and/or State banking authorities so long as the commercial paper and/or the debt obligations of such depository institution
or trust company (or, in the case of the principal depository institution in a holding company system, the commercial paper or
debt obligations of such holding company) at the time of such investment or contractual commitment providing for such investment
have the Eligible Investment Required Ratings; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">[reserved];</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>provided</B> that (1)&nbsp;Eligible
Investments purchased with funds in the Collection Account shall be held until maturity except as otherwise specifically provided
herein and shall include only such obligations or securities as mature (or are putable at par to the issuer thereof) no later than
the Business Day prior to the next Payment Date; and (2)&nbsp;none of the foregoing obligations or securities shall constitute
Eligible Investments if (a)&nbsp;such obligation or security has an &ldquo;f&rdquo;, &ldquo;r&rdquo;, &ldquo;p&rdquo;, &ldquo;pi&rdquo;,
&ldquo;q&rdquo; or &ldquo;t&rdquo; subscript (or then-equivalent subscript) assigned by S&amp;P, (b)&nbsp;all, or substantially
all, of the remaining amounts payable thereunder consist of interest and not principal payments, (c)&nbsp;interest payments with
respect to such obligations or securities or proceeds of disposition would be subject to withholding taxes (except with respect
to FATCA taxes) by any jurisdiction if received by the Sole Member unless, in the case of non-U.S. withholding tax, the payor is
required to make &ldquo;gross-up&rdquo; payments that cover the full amount of any such withholding tax, (d)&nbsp;such obligation
or security is secured by real property, (e)&nbsp;such obligation or security is purchased at a price greater than 100% of the
principal or face amount thereof, (f)&nbsp;such obligation or security is subject of a tender offer, voluntary redemption, exchange
offer, conversion or other similar action, (g)&nbsp;in the Collateral Manager&rsquo;s judgment (as certified to the Trustee in
writing), such obligation or security is subject to material non-credit related risks, (h)&nbsp;such obligation is a Structured
Finance Obligation, (i)&nbsp;such obligation or security is represented by a certificate of interest in a grantor trust, (j)&nbsp;such
obligation or security would not be treated as &ldquo;cash equivalents&rdquo; for purposes of Section __.10(c)(8)(iii)(A) of the
regulations implementing the Volcker Rule in accordance with any applicable interpretive guidance thereunder or (k)&nbsp;is not
either (A)&nbsp;a permitted domestic government obligation for purposes of Section __.6(a) of the regulations implementing the
Volcker Rule in accordance with any applicable interpretive guidance thereunder or (B)&nbsp;an identified banking product for purposes
of Section __.2(h)(2)(ii) of the regulations implementing the Volcker Rule in accordance with any applicable interpretive guidance
thereunder. Eligible Investments may include, without limitation, those investments issued by or made with the Bank or for which
the Bank or the Trustee or an Affiliate of the Bank or the Trustee provides services and receives compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Enforcement Event</I></B>: The meaning
specified in Section&nbsp;11.1(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Equity Contribution Agreement</I></B>:
The Contribution Agreement dated as of the Closing Date between the Sole Member, the Issuer, the Trustee and the Collateral Manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Equity Security</I></B>: Any security
that by its terms does not provide for periodic payments of interest at a stated coupon rate and repayment of principal at a stated
maturity and any other security or obligation that at the time of acquisition, conversion or exchange does not satisfy the requirements
of a Portfolio Asset.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>ERISA</I></B>: The United States
Employee Retirement Income Security Act of 1974, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Euroclear</I></B>: Euroclear Bank
S.A./N.V.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Event of Default</I></B>: The meaning
specified in Section&nbsp;5.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Exchange Act</I></B>: The U.S.&nbsp;Securities
Exchange Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Expense Account</I></B>: The account
established pursuant to Section&nbsp;10.3(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>FATCA</I></B>: Sections&nbsp;1471
through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant
to Section&nbsp;1471(b)(1) of the Code and any intergovernmental agreements (and related implementing regulatory legislation, rules,
regulations or practices) entered into in connection with the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>FATCA Compliance</I></B>: Compliance
with FATCA, as necessary so that no tax will be imposed or withheld thereunder in respect of payments to or for the benefit of
the Issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Federal Funds (Effective) Rate</I></B>:
For any date, the rate set forth on Reuters Page FEDFUNDS as the &ldquo;Federal Funds (Effective)&rdquo; rate for that day (or
if such Page or rate is not available, the rate set forth in the Federal Reserve publication H.15(519) for such day opposite the
caption &ldquo;Federal Funds (Effective)&rdquo; in such publication).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Financial Asset</I></B>: The meaning
specified in Section&nbsp;8-102(a)(9) of the UCC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Financing Statements</I></B>: The
meaning specified in Section&nbsp;9-102(a)(39) of the UCC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>GAAP</I></B>: The meaning specified
in Section&nbsp;6.3(j).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Global Master Repurchase Agreement</I></B>:
The TBMA/ISMA Global Master Repurchase Agreement (2000 Version) dated as of May 15, 2017 (including any annex, confirmation and
any transaction supplement exchanged thereunder and as amended, modified or otherwise supplemented from time to time) between the
Counterparty and UBS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Global Note</I></B>: Any Regulation&nbsp;S
Global Note or Rule&nbsp;144A Global Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Government Security</I></B>: The
meaning specified in the definition of &ldquo;Deliver or Delivered or Delivery&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Governmental Authority</I></B>: The
government of the United States of America, any other nation or any political subdivision thereof, whether state or local, and
any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative,
judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Grant</I></B> or <B><I>Granted</I></B>:
To grant, bargain, sell, convey, assign, transfer, mortgage, pledge, permit to arise or otherwise transfer a Lien or security interest
in and right of setoff against, deposit, set over and confirm. A Grant of Collateral, or of any other instrument, shall include
all rights, powers and options (but none of the obligations) of the granting party thereunder (whose exercise may be suspended
until the occurrence of a Default of the Secured Obligations allowing enforcement over the Collateral), including the immediate
continuing right to claim for, collect, receive and receipt for principal and interest payments in respect of Collateral, and all
other Cash payable thereunder, to give and receive notices and other communications, to make waivers or other agreements, to exercise
all rights and options, to bring Proceedings in the name of the granting party or otherwise, and generally to do and receive anything
that the granting party is or may be entitled to do or receive thereunder or with respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Holder</I></B>: With respect to any
Note, the Person whose name appears on the Note Register as the registered holder of such Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Illiquid Asset</I></B>: Any Portfolio
Asset with respect to which either (a)&nbsp;the Collateral Manager (if no Event of Default has occurred and is continuing), (b)&nbsp;the
Liquidation Agent (when exercising its rights to direct the disposition of such Portfolio Asset under Section&nbsp;12.1(c)) or
(c)&nbsp;the Trustee (when attempting to dispose of such Portfolio Asset pursuant to Article&nbsp;5 and not at the direction of
the Liquidation Agent pursuant to Section&nbsp;12.1(c)) has made commercially reasonable efforts (or, in the case of (b), the Issuer
or Trustee at the Liquidation Agent&rsquo;s direction has made commercially reasonable efforts) to dispose of such Portfolio Asset
for at least 90&nbsp;days but has been unable to sell such Portfolio Asset and in the Liquidation Agent&rsquo;s commercially reasonable
judgment such Portfolio Asset is not expected to be saleable for the foreseeable future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Indebtedness</I></B>: With respect
to any Person means, without duplication, (a)&nbsp;all obligations of such Person for borrowed money or with respect to deposits
or advances of any kind, (b)&nbsp;all obligations of such Person evidenced by bonds, debentures, notes or similar instruments,
(c)&nbsp;all obligations of such Person upon which interest charges are customarily paid, (d)&nbsp;all obligations of such Person
under conditional sale or other title retention agreements relating to property acquired by such Person, (e)&nbsp;all obligations
of such Person in respect of the deferred purchase price of property or services (excluding current accounts payable incurred in
the ordinary course of business), (f)&nbsp;all Indebtedness of others secured by (or for which the holder of such Indebtedness
has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether
or not the Indebtedness secured thereby has been assumed, (g)&nbsp;all guarantees by such Person of Indebtedness of others, (h)&nbsp;all
capital lease obligations of such Person, (i)&nbsp;all obligations, contingent or otherwise, of such Person as an account party
in respect of letters of credit and letters of guaranty and (j)&nbsp;all obligations, contingent or otherwise, of such Person in
respect of bankers&rsquo; acceptances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Indenture</I></B>: This instrument
as originally executed and, if from time to time supplemented or amended by one or more indentures supplemental hereto entered
into pursuant to the applicable provisions hereof, as so supplemented or amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Independent</I></B>: As to any Person,
any other Person (including, in the case of an accountant or lawyer, a firm of accountants or lawyers, and any member thereof,
or an investment bank and any member thereof) who (i)&nbsp;does not have and is not committed to acquire any material direct or
any material indirect financial interest in such Person or in any Affiliate of such Person, and (ii)&nbsp;is not connected with
such Person as an Officer, employee, promoter, underwriter, voting trustee, partner, director or Person performing similar functions.
&ldquo;Independent&rdquo; when used with respect to any accountant may include an accountant who audits the books of such Person
if in addition to satisfying the criteria set forth above the accountant is independent with respect to such Person within the
meaning of Rule&nbsp;101 of the Code of Professional Conduct of the American Institute of Certified Public Accountants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any pricing service, certified public accountant
or legal counsel that is required to be Independent of another Person under this Indenture must satisfy the criteria above with
respect to the Issuer, the Collateral Manager and their Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Initial Funded Global Notes </I></B>or<B><I>
Initial Funded Notes</I></B>: Collectively, the Initial Funded Regulation&nbsp;S Global Note and the Initial Funded Rule&nbsp;144A
Global Note, together representing the Notes issued by the Issuer on the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Initial Funded Regulation&nbsp;S
Global Note</I></B>: The Regulation&nbsp;S Global Note (CUSIP Number U61747 AA6).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Initial Funded Rule&nbsp;144A Global
Note</I></B>: The Rule&nbsp;144A Global Note (CUSIP Number 62706L AA8).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Initial Holder</I></B>: Murray Hill
Funding, LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Initial Market Value</I></B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">With respect to any Portfolio Asset that is:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">being acquired by the Issuer for cash consideration, the acquisition price payable by the Issuer
for such Portfolio Asset (determined inclusive of the related Costs of Assignment payable by the Issuer in connection with such
acquisition but exclusive of accrued interest and capitalized interest); or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">being contributed by or on behalf of the Sole Member pursuant to the terms of the Equity Contribution
Agreement, the net cash proceeds that would be received by the Issuer from the sale or other disposition of such Portfolio Asset
by the Issuer (as determined by the Collateral Manager in good faith, subject and without prejudice to UBS&rsquo; rights under
Section&nbsp;12.2(a)(v)) if the Issuer entered into a binding commitment to sell or otherwise dispose of such Portfolio Asset on
the applicable trade date of the relevant contribution, exclusive of accrued interest and capitalized interest and net of the related
Costs of Assignment;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">provided in each case that (A)&nbsp;the
Initial Market Value of any Portfolio Asset (or applicable portion thereof) shall be deemed to have been decreased by a <I>pro&nbsp;rata</I>
portion of such Initial Market Value equal to any portion of the Principal Balance thereof that is being sold or otherwise disposed
of by the Issuer or repaid by the applicable Portfolio Asset Obligor on or after the date of acquisition thereof by the Issuer
and (B)&nbsp;the Initial Market Value of any Sold Participation Interest Loan shall be zero; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">with respect to any Cash, 100% of the face amount thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Insolvency Event</I></B>: With respect
to any Person, an event that occurs when such Person shall (i)&nbsp;be dissolved (other than pursuant to a consolidation, amalgamation
or merger); (ii)&nbsp;become adjudicated insolvent or unable to pay its debts or fail or admit in writing its inability generally
to pay its debts as they become due; (iii)&nbsp;make a general assignment, arrangement or composition with or for the benefit of
its creditors; (iv)&nbsp;institute or have 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&rsquo; rights, or a petition shall
be presented for its winding-up or liquidation, and, in the case of any such Proceeding or petition instituted or presented against
it, such Proceeding or petition (x)&nbsp;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 (y)&nbsp;is not dismissed, discharged, stayed or restrained in each
case within 60&nbsp;days of the institution or presentation thereof; (v)&nbsp;have a resolution passed by such Person&rsquo;s board
of directors or shareholder (or, in the case of a limited partnership, by the board of directors of the general partner of such
limited partnership) for such Person&rsquo;s winding-up, official management or liquidation (other than pursuant to a consolidation,
amalgamation or merger); (vi)&nbsp;seek or become subject to the appointment of an administrator, provisional liquidator, conservator,
receiver, another trustee, another custodian or other similar official for it or for all or substantially all its assets, in each
case in connection with its bankruptcy insolvency, winding-up or liquidation; (vii)&nbsp;have a secured party take possession of
all or substantially all its assets (other than delivery of the Collateral pursuant to this Indenture) or have 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 shall maintain possession, or any such process shall not be dismissed, discharged, stayed or restrained, in
each case within 60&nbsp;days thereafter; (viii)&nbsp;cause or become 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&nbsp;(i) to (vii)&nbsp;(inclusive);
or (ix)&nbsp;take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing
acts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Instrument</I></B>: The meaning specified
in Section&nbsp;9-102(a)(47) of the UCC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Interest Collection Subaccount</I></B>:
The meaning specified in Section&nbsp;10.2(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Interest Collections</I></B>: With
respect to any Monthly Period, (a)&nbsp;all collections of interest, capitalized interest, fees and other amounts (other than Principal
Collections) paid in respect of any Portfolio Asset and received by the Issuer during such Monthly Period (whether or not directly
from the relevant Portfolio Asset Obligor), including the portion of the proceeds of any sale properly attributable to any of the
foregoing and (b)&nbsp;with respect to Eligible Investments credited to the Interest Collection Subaccount at any time during such
Monthly Period, all interest paid on, and proceeds of, such Eligible Investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Investment Company Act</I></B>: The
U.S.&nbsp;Investment Company Act of 1940, as amended from time to time, and the rules promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Issuer</I></B>: The Person named
as such on the first page of this Indenture until a successor Person shall have become the Issuer pursuant to the applicable provisions
of this Indenture, and thereafter &ldquo;Issuer&rdquo; shall mean such successor Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Issuer Account Control Agreement</I></B>:
The Account Control Agreement dated as of the Closing Date between the Issuer, the Trustee and U.S.&nbsp;Bank National Association,
as Custodian.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Issuer Order</I></B> and <B><I>Issuer
Request</I></B>: A written order or request (which may be a standing order or request) to be provided by the Issuer or by the Collateral
Manager on behalf of the Issuer in accordance with the provisions of this Indenture, dated and signed in the name of the Issuer
by an Authorized Representative of the Issuer, or, in the case of an order or request executed by the Collateral Manager on behalf
of the Issuer, by an Authorized Representative of the Collateral Manager. For the avoidance of doubt, an order or request provided
in an email or other electronic communication by an Authorized Representative of the Issuer (or, to the extent permitted by the
preceding sentence, by an Authorized Representative of the Collateral Manager on behalf of the Issuer) shall constitute an Issuer
Order, unless the Trustee otherwise requests that such Issuer Order be in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Letter Agreement</I></B>: The Letter
Agreement dated as of the Closing Date between the Issuer, C&#298;ON Investment Management, LLC, as agent and UBS (together with
the omnibus consent contemplated thereby).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Lien</I></B>: With respect to any
asset, (a)&nbsp;any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of
such asset, (b)&nbsp;the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention
agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset
and (c)&nbsp;in the case of securities, any purchase option, call or similar right of a third party with respect to such securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Liquidation Agent</I></B>: UBS AG
in its capacity as liquidation agent, as appointed by the Issuer pursuant to the appointment letter dated the date hereof (the
<B><I>Liquidation Agent Appointment Letter</I></B>) between the Issuer and UBS AG, and its permitted successors and assigns, until
such time (if any) that such appointment is terminated in accordance with terms of the Liquidation Agent Appointment Letter. If
(a)&nbsp;UBS AG in its capacity as Liquidation Agent, and its permitted successors and assigns, is terminated in accordance with
the terms of the Liquidation Agent Appointment Letter, (b)&nbsp;the &ldquo;Repurchase Date&rdquo; under the Global Master Repurchase
Agreement has occurred and all obligations of the Counterparty to UBS AG, and its permitted successors and assigns, thereunder
have been paid in full or (c)&nbsp;an &ldquo;Event of Default&rdquo; with respect to which UBS AG, London Branch is the &ldquo;Defaulting
Party&rdquo; (as each such term is defined in the Global Master Repurchase Agreement) or an event of default by UBS AG under any
other Transaction Document has occurred and is continuing, any provision of this Indenture or any other Transaction Document giving
the Liquidation Agent any voting, approval, consent or third-party beneficiary rights shall be of no further force or effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Liquidation Agent Appointment Letter</I></B>:
The meaning specified in the definition of Liquidation Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Loan</I></B>: Any obligation for
the payment or repayment of borrowed money that is documented by a term loan agreement or other similar credit agreement that does
not permit any future advances to be made to the borrower under the Underlying Instruments relating thereto (including, without
limitation, the reborrowing of any amount previously repaid by the borrower thereunder) at any time after the date of acquisition
thereof by the Issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Majority Holders</I></B>: The Holders
of Notes representing more than 50% of the Aggregate Outstanding Amount of the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Margin Stock</I></B>: The meaning
specified under Regulation&nbsp;U.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Master Participation Agreement</I></B>:
Collectively, the documentation providing for any sale by the Issuer of Participation Interests in any of the Portfolio Assets
pursuant to and in accordance with Section 12.3(d).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Master Loan Purchase Agreement</I></B>:
The Master Loan Purchase Agreement dated as of the Closing Date between the Sole Member and the Issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Material Adverse Effect</I></B>:
A material adverse effect on (a)&nbsp;the business, assets, operations or condition, financial or otherwise, of the Issuer taken
as a whole, (b)&nbsp;the ability of the Issuer or the Sole Member to perform any of its obligations under the Notes or any other
Transaction Document to which it is a party or (c)&nbsp;the rights of or benefits available to any of the Holders or the Trustee
under the Notes or any of the other Transaction Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Maturity</I></B>: With respect to
any Note, the date on which the unpaid principal of such Note becomes due and payable as therein or herein provided, whether at
the Stated Maturity, on any Redemption Date, or by declaration of acceleration or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Monthly Date</I></B>: The meaning
specified in the definition of &ldquo;<B><I>Monthly Period</I></B>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Monthly Period</I></B>: Each period
from, and including, the 1st calendar day of each calendar month (each, a <B><I>Monthly Date</I></B>) to, but excluding, the next
following Monthly Date, except that (a)&nbsp;the initial Monthly Period will commence on, and include, the Closing Date and will
end on, but exclude, the 1st day of June 2017 and (b)&nbsp;the final Monthly Period will end on, but exclude, the date on which
the Notes are paid in full or otherwise cancelled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Moody&rsquo;s</I></B>: Moody&rsquo;s
Investors Service, Inc. and any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Moody&rsquo;s Rating</I></B>: The
monitored publicly available rating or the monitored estimated rating expressly assigned to a debt obligation (or facility) by
Moody&rsquo;s that addresses the full amount of the principal and interest promised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>MPA Counterparty</I></B>: With respect
to any Master Participation Agreement, the Person acquiring Participation Interests thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Non-Permitted ERISA Holder</I></B>:
As defined in Section&nbsp;2.11(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Non-Permitted Holder</I></B>: As
defined in Section&nbsp;2.11(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Note Register</I></B> and <B><I>Note
Registrar</I></B>: The respective meanings specified in Section&nbsp;2.5(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Notes</I></B>: The Class&nbsp;A Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Obligor</I></B>: Any Portfolio Asset
Obligor and any issuer, obligor or guarantor in respect of an Eligible Investment or other loan or security, whether or not Collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Offer</I></B>: As defined in Section&nbsp;10.6(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Officer</I></B>: (a)&nbsp;With respect
to the Issuer, the Sole Member or any Person authorized thereby to take any and all actions necessary to consummate the transactions
contemplated by the Transaction Documents; (b)&nbsp;with respect to any other entity that is a partnership, any general partner
thereof or any Person authorized by such entity; (c)&nbsp;with respect to any other entity that is a limited liability company,
any member thereof or any Person authorized by such entity; and (d)&nbsp;with respect to the Trustee or the Collateral Administrator
and any bank or trust company acting as trustee of an express trust or as custodian or agent, any vice president or assistant vice
president of such entity or any officer customarily performing functions similar to those performed by a vice president or assistant
vice president of such entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>offshore transaction</I></B>: The
meaning specified in Regulation&nbsp;S.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Opinion of Counsel</I></B>: A written
opinion addressed to the Trustee (or upon which the Trustee is permitted to rely) and the Issuer, in form and substance reasonably
satisfactory to the Trustee, of a nationally or internationally recognized and reputable law firm. Whenever an Opinion of Counsel
is required hereunder, such Opinion of Counsel may rely on opinions of other counsel who are so satisfactory, which opinions of
other counsel shall accompany such Opinion of Counsel and shall either be addressed to the Trustee or shall state that the Trustee
shall be entitled to rely thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Optional Redemption</I></B>: A redemption
of the Notes in accordance with Section&nbsp;9.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Other Plan Law</I></B>: Any State,
local, Federal or non-U.S. laws or regulations that are substantially similar to the prohibited transaction provisions of ERISA
or Section&nbsp;4975 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Outstanding</I></B>: With respect
to the Notes, as of any date of determination, all of the Notes theretofore authenticated and delivered under this Indenture, except:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">Notes theretofore canceled by the Note Registrar or delivered to the Note Registrar for cancellation
in accordance with the terms of Section&nbsp;2.9 (or registered in the Note Register on the date the Indenture is discharged in
accordance with Section&nbsp;4.1(d));</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">Notes for whose payment funds in the necessary amount have been theretofore irrevocably deposited
with the Trustee or any Paying Agent in trust for the Holders of such Notes pursuant to Section&nbsp;4.1(a)(ii);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">Notes in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant
to this Indenture, unless proof satisfactory to the Trustee is presented that any such Notes are held by a &ldquo;Protected Purchaser&rdquo;
(within the meaning of Section&nbsp;8-303 of the UCC); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">Notes alleged to have been mutilated, defaced, destroyed, lost or stolen for which replacement
Notes have been issued as provided in Section&nbsp;2.6;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>provided</B> that in determining whether
the Holders of the requisite Aggregate Outstanding Amount have given any request, demand, authorization, direction, notice, consent
or waiver hereunder, Notes owned by the Issuer shall be disregarded and deemed not to be Outstanding (except that, in determining
whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver,
only Notes that a Trust Officer of the Trustee actually knows to be so owned shall be so disregarded).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Overlap Period</I></B>: The meaning
specified in Section&nbsp;2.7(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Participation Interest</I></B>: A
participation interest in (<I>e.g.</I>, an equitable assignment or other beneficial but not record ownership of) a Loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Paying Agent</I></B>: Any Person
authorized by the Issuer to pay the principal of or interest on any Notes on behalf of the Issuer as specified in Section&nbsp;7.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Payment Account</I></B>: The account
established pursuant to Section&nbsp;10.3(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Payment Date</I></B>: Each date occurring
ten Business Days after the last day of any Monthly Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Payment Date Report</I></B>: The
meaning specified in Section&nbsp;10.5(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Permitted Liens</I></B>: (i)&nbsp;Liens
arising under the Transaction Documents in favor of the Trustee for the benefit of the Trustee and other Secured Parties, (ii)&nbsp;tax
Liens for taxes not yet due and payable or the amount or validity of which is being contested in good faith by appropriate proceedings
and for which adequate reserves are maintained on the Issuer&rsquo;s books in accordance with GAAP and (iii)&nbsp;Liens permitted
or arising under any Underlying Instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Person</I></B>: An individual, corporation
(including a business trust), partnership, limited partnership, limited liability company, joint venture, association, joint stock
company, trust (including any beneficiary thereof), unincorporated association or government or any agency or political subdivision
thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Plan Asset Regulation</I></B>: U.S.&nbsp;Department
of Labor regulations, 29 C.F.R. &sect;2510.3-101, as modified by Section&nbsp;3(42) of ERISA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Portfolio</I></B>: At any time, all
Portfolio Assets, Cash and Eligible Investments held by the Issuer at such time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Portfolio Asset</I></B>: A Loan or
any portion thereof (other than any Sold Participation Interest Loan) that on its Portfolio Asset Trade Date satisfies the Asset
Eligibility Criteria. Unless the context otherwise requires, all references to a Portfolio Asset will refer to a Loan or portion
thereof (other than any Sold Participation Interest Loan) held by the Issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Portfolio Asset Obligor</I></B>:
In relation to any Portfolio Asset, the borrower or issuer of or obligor on the Portfolio Asset. In addition, &ldquo;Portfolio
Asset Obligor&rdquo;, unless the context otherwise requires, shall also refer to any guarantor of or other obligor on the Portfolio
Asset.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Portfolio Asset Trade Date</I></B>:
The meaning set forth in the definition of &ldquo;Asset Eligibility Criteria&rdquo;; <B>provided</B> that for purposes of the contribution
of a Loan to the Issuer pursuant to the Equity Contribution Agreement, the date of such contribution shall be deemed to be the
Portfolio Asset Trade Date of such Loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Portfolio Gains Account</I></B>:
As defined in Section 10.3(e).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Post-Restructuring Notice</I></B><I>:
</I>As defined in Section&nbsp;7.5(e).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Principal Balance</I></B>: Subject
to Section&nbsp;1.2, with respect to (a)&nbsp;any item of Collateral (other than a Delayed-Draw Loan or a Revolver Loan), the outstanding
principal amount of such Collateral (excluding any capitalized interest) and (b)&nbsp;any Delayed-Draw Loan or a Revolver Loan,
the outstanding principal of the Delayed-Draw Loan or a Revolver Loan (excluding any capitalized interest), plus (except as expressly
set forth herein) any undrawn commitments that have not been irrevocably reduced or withdrawn with respect to the Delayed-Draw
Loan or a Revolver Loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Principal Collections</I></B>: With
respect to any Monthly Period, (a)&nbsp;all collections of principal on a Portfolio Asset (excluding (i)&nbsp;any capitalized interest
and (ii)&nbsp;any collections of principal on a Revolver Loan deposited into the Delayed-Draw/Committed Proceeds/Revolver Account
in accordance with Section&nbsp;10.2(d)) paid in cash in respect of any Portfolio Asset and received by the Issuer during such
Monthly Period (whether or not directly from the relevant Portfolio Asset Obligor), including the proceeds of any sale properly
attributable to principal (excluding proceeds of any sale properly attributable to capitalized interest) (but not including any
amounts deducted or withheld by any Obligor on a Portfolio Asset for or on account of any present or future taxes, duties, assessments
or governmental charges with respect to payments by such Obligor on such Portfolio Asset), (b)&nbsp;any Revolver Loan Net-Back
paid in cash in respect to any Revolver Loan and received by the Issuer during such Monthly Period, (c)&nbsp;with respect to Eligible
Investments credited to the Principal Collection Subaccount at any time during such Monthly Period, all interest paid in cash on,
and proceeds of, such Eligible Investments and (d)&nbsp;all amounts contributed in the form of Cash by the Sole Member pursuant
to Section&nbsp;3 of the Equity Contribution Agreement which are required pursuant to the terms thereof to be deposited in the
Principal Collection Subaccount; <B>provided</B> that for the purposes of attributing collections to principal and capitalized
interest, such attribution shall be made (i)&nbsp;if the Underlying Instruments include provisions for such attribution, then in
accordance with such provisions and (ii)&nbsp;if the Underlying Instruments do not include any such provisions, then on a <I>pro&nbsp;rata</I>
basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Principal Collection Subaccount</I></B>:
The meaning specified in Section&nbsp;10.2(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Priority Administrative Expenses</I></B>:
The following fees, expenses (including indemnities) and other amounts due or accrued and payable by the Issuer in the following
order or priority:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>first</B>, to the payment
of taxes and governmental fees (including annual return and registered office fees) owing by the Issuer;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>second</B>, to the Trustee
and U.S.&nbsp;Bank pursuant to Section&nbsp;6.7 and the other provisions of this Indenture; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>third</B>, to the Bank in
all of its capacities (including as Collateral Administrator) pursuant to the Collateral Administration Agreement and other Transaction
Documents to which it is a party in any such capacity;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>provided</B> that such fees shall be
paid in such order whether paid directly to such Person or, in respect of any such expense paid by the Collateral Manager on the
Issuer&rsquo;s behalf and reimbursable to the Collateral Manager pursuant to the Collateral Management Agreement, to the Collateral
Manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Priority of Payments</I></B>: The
meaning specified in Section&nbsp;11.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Proceeding</I></B>: Any suit in equity,
action at law or other judicial or administrative proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Protected Purchaser</I></B>: The
meaning specified in Section&nbsp;8-303 of the UCC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Qualified Institutional Buyer</I></B>:
The meaning specified in Rule&nbsp;144A under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Qualified Purchaser</I></B>: The
meaning specified in the Investment Company Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Record Date</I></B>: With respect
to the Global Notes, the date one day prior to the applicable Payment Date and, with respect to the Certificated Notes, the date
15&nbsp;days prior to the applicable Payment Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Redemption Date</I></B>: Any Payment
Date occurring after the Delayed Draw Funding Date specified for a redemption in whole or in part of Notes pursuant to Article&nbsp;9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Redemption Price</I></B>: For each
Note to be redeemed in whole or in part, 100% of the Aggregate Outstanding Amount of such Note (or the applicable portion thereof
to be redeemed); <B>provided</B> that, if requested by the Collateral Manager, the Holders of 100% of the Aggregate Outstanding
Amount of the Notes may elect to receive less than 100% of the Redemption Price that would otherwise be payable to the Holders
of the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Registered</I></B>: In &ldquo;registered
form&rdquo; within the meaning of Sections&nbsp;163(f), 871(h)(2) and 881(c)(2) of the Code and issued after July&nbsp;18, 1984,
<B>provided </B>that a certificate of interest in a grantor trust shall not be treated as Registered unless each of the obligations
or securities held by the trust was issued after that date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Regulation&nbsp;S</I></B>: Regulation&nbsp;S,
as amended, under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Regulation&nbsp;S Global Note</I></B>:
The meaning specified in Section&nbsp;2.2(b)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Regulation&nbsp;U</I></B>: Regulation&nbsp;U
(12 C.F.R. 221) issued by the Board of Governors of the Federal Reserve System.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Required Expense Equity Contribution</I></B><I>:
</I>As defined in the Equity Contribution Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Revolver Loan</I></B>: Any Loan with
respect to which the Issuer is obligated to make or otherwise fund future advances to a borrower and which provided that such future
advances may be paid back and reborrowed from time to time; <B>provided</B> that such Loan shall only be considered a Revolver
Loan for so long as any future funding obligations remain in effect and only with respect to any portion which constitutes a future
funding obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Revolver Loan Net-Back</I></B>: An
amount representing a purchase price adjustment received by the Issuer in respect of a Revolver Loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Rule&nbsp;144A</I></B>: Rule&nbsp;144A
under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Rule&nbsp;144A Global Note</I></B>:
The meaning specified in Section&nbsp;2.2(b)(ii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>S&amp;P</I></B>: Standard &amp; Poor&rsquo;s
Ratings Services, a Standard &amp; Poor&rsquo;s Financial Services LLC business, and any successor or successors thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>S&amp;P Industry Classification</I></B>:
The meaning specified in the Global Master Repurchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>S&amp;P Rating</I></B>: With respect
to any Portfolio Asset, as of any date of determination, if there is an issuer credit rating of the issuer of such Portfolio Asset
by S&amp;P as published by S&amp;P, or the guarantor which unconditionally and irrevocably guarantees such Portfolio Asset pursuant
to a form of guaranty approved by S&amp;P for use in connection with this transaction, then the S&amp;P Rating shall be such rating.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Sale</I></B>: The meaning specified
in Section&nbsp;5.17.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Section 13 Banking Entities</I></B>:
An entity that (i)&nbsp;is defined as a &ldquo;banking entity&rdquo; under the Volcker Rule regulations (Section __.2(c)), (ii)&nbsp;provides
written certification thereof to the Issuer and the Trustee, and (iii)&nbsp;identifies the Notes held by such entity and the outstanding
principal amount thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Secured Obligations</I></B>: The
meaning assigned in the Granting Clauses hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Secured Parties</I></B>: The meaning
specified in the Granting Clauses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Securities Act</I></B>: The U.S.&nbsp;Securities
Act of 1933.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Securities Intermediary</I></B>:
The meaning specified in Section&nbsp;8-102(a)(14) of the UCC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Security Entitlement</I></B>: The
meaning specified in Section&nbsp;8-102(a)(17) of the UCC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Senior Secured (Type I) Loan</I></B>:
As defined in the Global Master Repurchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Senior Secured (Type I Cov-Lite)
Loan</I></B>: As defined in the Global Master Repurchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Senior Secured (Type II) Loan</I></B>:
As defined in the Global Master Repurchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Senior Secured (Type III) Loan</I></B>:
As defined in the Global Master Repurchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Senior Secured (Type IV) Loan</I></B>:
As defined in the Global Master Repurchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Senior Secured Last Out (Type I)
Loan</I></B>: As defined in the Global Master Repurchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Senior Secured Last Out (Type II)
Loan</I></B>: As defined in the Global Master Repurchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Similar Law</I></B>: Any Federal,
State, local, non-U.S. or other law or regulation that could cause the underlying assets of the Issuer to be treated as assets
of the investor in any Note (or any interest therein) by virtue of its interest and thereby subject the Issuer and the Collateral
Manager (or other Persons responsible for the investment and operation of the Issuer&rsquo;s assets) to laws or regulations that
are similar to the fiduciary responsibility or prohibited transaction provisions contained in Title&nbsp;I of ERISA or Section&nbsp;4975
of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Sold Participation Interest Loan</I></B>:
Any Loan (or any portion thereof) that would otherwise constitute a Portfolio Asset but for the fact that a Participation Interest
in respect of such Loan (or such portion) has been sold by the Issuer pursuant to and in accordance with Section 12.3(d); <B>provided</B>,
that the portion, if any, of any such Loan that is identified in the related Collateral Change Event Notice as a portion in respect
of which a Participation Interest must be sold pursuant to Section 3(g) of the Equity Contribution Agreement shall be deemed to
constitute a Sold Participation Interest Loan as of the trade date for the contribution of such Loan by the Sole Member to the
Issuer pursuant to such Section 3(g).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Sold PI Loan Collection Subaccount</I></B>:
The meaning specified in Section 10.2(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Sold PI Loan Collections</I></B>:
With respect to any Monthly Period, all collections of interest, capitalized interest, principal, fees and other amounts paid in
respect of any Sold Participation Interest Loan and received by the Issuer during such Monthly Period (whether or not directly
from the relevant Portfolio Asset Obligor) that are required to be paid or distributed to the relevant MPA Counterparty at any
time on or after the effective date of, and, pursuant to and in accordance with, the relevant Master Participation Agreement, excluding
any amounts deducted or withheld by any Portfolio Asset Obligor on a Portfolio Asset for or on account of any present or future
taxes, duties, assessments or governmental charges with respect to payments by such Portfolio Asset Obligor on such Sold Participation
Interest Loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Sole Member</I></B>: Murray Hill
Funding, LLC, a limited liability company organized under the laws of the State of Delaware, as the Sole Member of the Issuer,
and its permitted successors and assigns under its Constitutive Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Stated Maturity</I></B>: With respect
to the Notes, the date specified as such in Section&nbsp;2.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Structured Coupon</I></B>: a coupon
which is calculated (i)&nbsp;by reference to the forward movement of one or more indices, spot rates or prepayment speeds or (ii)&nbsp;based
on the principal amount of the related obligation which principal amount is divided into separate pieces (each such separate piece
is, typically, referred to as <B><I>Components</I></B>); each such Component provides for payments of interest on the principal
amount of such Component at a per annum rate equal to (a)&nbsp;a fixed rate or (b)&nbsp;a floating rate (subject to any applicable
floor). For the avoidance of doubt, obligations that accrue interest based upon a Structured Coupon are frequently referred to
as &ldquo;Combination Notes&rdquo; or a similar term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Structured Finance Obligation</I></B>:
Any debt obligation secured directly by, or representing ownership of, a pool of consumer receivables, auto loans, auto leases,
equipment leases, home or commercial mortgages, corporate debt or sovereign debt obligations, including collateralized bond obligations,
collateralized loan obligations, mortgage-backed securities or any similar security or other asset backed security or similar investment
or equipment trust certificate or trust certificate of the type generally considered to be a repackaged security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Subscription Agreement</I></B>: The
agreement dated as of May 19, 2017 by and between the Issuer and the Sole Member relating to the acquisition of $115,384,615 of
the Initial Funded Notes and $76,923,076 of the Delayed Draw Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Subsequent Advance</I></B>: An Advance
made by the Initial Holder on the Delayed Draw Funding Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Subsequent Delivery Date</I></B>:
The settlement date with respect to the Issuer&rsquo;s acquisition of a Portfolio Asset to be pledged to the Trustee after the
Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Support Document</I></B>: Each of
the Issuer Account Control Agreement and the Equity Contribution Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Synthetic Security</I></B>: A security
or swap transaction, other than a Participation Interest, that has payments associated with either payments of interest on and/or
principal of a reference obligation or the credit performance of a reference obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Tax</I></B>: Any tax, levy, impost,
duty, deduction, withholding (including backup withholding), charge, assessment or fee of any nature (including interest, penalties
and additions thereto) imposed by any governmental taxing authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Tax Event</I></B>: An event that
will occur upon a change in or the adoption of any U.S.&nbsp;or non-U.S. tax statute or treaty, or any change in or the issuance
of any regulation (whether final, temporary or proposed), ruling, practice, procedure published in writing by the relevant taxing
authorities, which change, adoption or issuance results or will result in (i)&nbsp;any portion of any payment due from any Obligor
under any Portfolio Asset becoming properly subject to the imposition of U.S.&nbsp;Federal or foreign withholding tax on payments
of interest or principal, which withholding tax is not compensated for by a provision under the terms of such Portfolio Asset pursuant
to which the Portfolio Asset Obligor is required to pay additional amounts to holders such that the amount a holder receives is
the same as the amount a holder would have received if such withholding tax was not imposed or (ii)&nbsp;any jurisdiction properly
imposing net income, profits or similar tax on the Issuer, <B>provided</B> that the sum of (A)&nbsp;the tax or taxes imposed on
the Issuer as described in clause&nbsp;(ii) of this definition and (B)&nbsp;the total amount withheld from payments to the Issuer
described in clause&nbsp;(i) of this definition and which are not compensated for by payment of additional amounts is determined
to be in excess of 5% of the aggregate interest due and payable on the Portfolio Assets for any Monthly Period. Withholding taxes
imposed under FATCA shall be disregarded in applying the definition of Tax Event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Tax Jurisdiction</I></B>: The Bahamas,
Bermuda, the British Virgin Islands, the Cayman Islands, the Channel Islands, Jersey, Aruba/Curacao or the U.S.&nbsp;Virgin Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Tax Redemption</I></B>: The meaning
specified in Section&nbsp;9.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Total Authorized Principal Amount</I></B>:
With respect to the Initial Funded Notes and the Delayed Draw Notes, the total authorized principal amounts specified as such in
Section&nbsp;2.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Traditional Second Lien Loan</I></B>:
As defined in the Global Master Repurchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Transaction Documents</I></B>: The
Indenture, the Issuer Account Control Agreement, the Collateral Management Agreement, the Collateral Administration Agreement,
the Subscription Agreement, the Equity Contribution Agreement and the Liquidation Agent Appointment Letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Transfer Agent</I></B>: The Person
or Persons, which may be the Issuer, authorized by the Issuer to exchange or register the transfer of Notes. The initial Transfer
Agent is the Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Treasury Regulations</I></B>: The
final or temporary regulations promulgated by the U.S.&nbsp;Department of the Treasury under the Code, as they may be amended from
time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Trust Officer</I></B>: When used
with respect to the Trustee, any Officer within the Corporate Trust Office (or any successor group of the Trustee) including any
Officer to whom any corporate trust matter is referred at the Corporate Trust Office because of such person&rsquo;s knowledge of
and familiarity with the particular subject and, in each case, having direct responsibility for the administration of this transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Trustee</I></B>: As defined in the
first sentence of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>UBS</I></B>: UBS AG, London Branch
in its capacity under the Global Master Repurchase Agreement, and its permitted successors and assigns. If (a)&nbsp;the &ldquo;Repurchase
Date&rdquo; under the Global Master Repurchase Agreement has occurred and all obligations of the Counterparty to UBS AG, London
Branch, and its permitted successors and assigns, thereunder have been paid in full or (b)&nbsp;an &ldquo;Event of Default&rdquo;
with respect to which UBS AG, London Branch is the &ldquo;Defaulting Party&rdquo; (as each such term is defined in the Global Master
Repurchase Agreement) or an event of default by UBS AG under any other Transaction Document has occurred and is continuing, any
provision of this Indenture or any other Transaction Document giving UBS any voting, approval, consent or third-party beneficiary
rights shall be of no further force of effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>UCC</I></B>: The Uniform Commercial
Code as in effect in the State of New York, as amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Uncertificated Security</I></B>:
The meaning specified in Section&nbsp;8-102(a)(18) of the UCC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Underlying Instrument</I></B>: The
loan, credit agreement or similar agreement pursuant to which a Portfolio Asset has been issued or created and each other agreement
(i)&nbsp;that governs the terms of such Portfolio Asset, (ii)&nbsp;that secures the obligations represented by such Portfolio Asset
or (iii)&nbsp;of which the holders of such Portfolio Asset are the beneficiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>United States Person</I></B>: The
meaning specified in Section&nbsp;7701(a)(30) of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Unregistered Securities</I></B>:
The meaning specified in Section&nbsp;5.17(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>U.S. Person or U.S.&nbsp;person</I></B>:
The meaning specified in Regulation&nbsp;S.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Volcker Rule</I></B>: Section&nbsp;13
of the Bank Holding Company Act of 1956, as amended, and any applicable implementing regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Zero Value Portfolio Asset</I></B>:
The meaning set forth in the Global Master Repurchase Agreement.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">1.2</FONT></TD><TD STYLE="text-align: justify">Assumptions as to Collateral</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with all calculations required
to be made pursuant to this Indenture with respect to any Portfolio Asset or Eligible Investment, or any payments on any other
assets included in the Collateral, with respect to the sale of and reinvestment in Portfolio Assets, and with respect to the income
that can be earned on the Collateral and on any other amounts that may be received for deposit in the Collection Account, the provisions
set forth in this Section&nbsp;1.2 shall be applied. The provisions of this Section&nbsp;1.2 shall be applicable to any determination
or calculation that is covered by this Section&nbsp;1.2, whether or not reference is specifically made to Section&nbsp;1.2, unless
some other method of calculation or determination is expressly specified in the particular provision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">All calculations with respect to the Collateral securing the Notes shall be made on the basis of
information as to the terms of each such item of Collateral and upon reports of payments, if any, received on such item of Collateral
that are furnished by or on behalf of the Portfolio Asset Obligor of such item of Collateral and, to the extent they are not manifestly
in error, such information or reports may be conclusively relied upon in making such calculations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">For each Monthly Period and as of any date of determination, the payments and collections on any
item of Collateral shall be the sum of (i)&nbsp;the total amount of payments and collections received during such Monthly Period
in respect of such item of Collateral (including the proceeds of the sale of such Collateral received) that are available in the
Collection Account at the end of the Monthly Period and (ii)&nbsp;any such amounts received in prior Monthly Periods that were
not disbursed on a previous Payment Date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">All calculations, unless otherwise set forth herein or the context otherwise requires, shall be
rounded to the nearest ten-thousandth if expressed as a percentage, and to the nearest one-hundredth if expressed otherwise.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify">All monetary calculations under this Indenture shall be in Dollars.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(e)</FONT></TD><TD STYLE="text-align: justify">Any reference in this Indenture to an amount of the Trustee&rsquo;s or the Collateral Administrator&rsquo;s
fees calculated with respect to a period at a per annum rate shall be computed on the basis of a 360-day year of twelve 30-day
months prorated for the related Monthly Period and shall be based on the aggregate face amount of the Portfolio Assets and the
Eligible Investments as of the first day of such Monthly Period.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(f)</FONT></TD><TD STYLE="text-align: justify">To the extent there exists in the reasonable determination of the Trustee or the Collateral Administrator,
of any ambiguity in the interpretation of any definition or term contained in this Indenture or to the extent more than one methodology
can be used to make any of the determinations or calculations set forth herein, the Trustee or the Collateral Administrator, as
the case may be, shall be entitled to request direction from the Collateral Manager (with a copy of such request being sent to
the Liquidation Agent) as to the interpretation and/or methodology to be used, and the Trustee or the Collateral Administrator
shall follow such direction from the Collateral Manager or, if different, to the interpretation of the Collateral Manager, the
Liquidation Agent; provided that, prior to providing any such direction different than the Collateral Manager, the Liquidation
Agent shall (i) consult, in good faith, with the Collateral Manager for a period of not less than 2 Business Days or (ii) if the
related interpretation and/or methodology involves a legal question, consult with external legal counsel. The Collateral Administrator
and the Trustee shall be entitled to conclusively rely thereon without any responsibility or liability therefor.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(g)</FONT></TD><TD STYLE="text-align: justify">For purposes of calculating compliance with any tests hereunder, the trade date (and not the settlement
date) with respect to any acquisition or disposition of a Portfolio Asset or Eligible Investment shall be used to determine such
compliance and whether and when such acquisition or disposition has occurred.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(h)</FONT></TD><TD STYLE="text-align: justify">Any direction or Issuer Order required hereunder relating to the purchase, acquisition, sale, disposition
or other transfer of Collateral may be in the form of a trade ticket, confirmation of trade, instruction to post or to commit to
the trade or similar instrument or document or other written instruction (including by email or other electronic communication
or file transfer protocol) from the Issuer (or the Collateral Manager on the Issuer&rsquo;s behalf) on which the Trustee may rely.</TD></TR></TABLE>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000"></P>

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<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000"></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">2.</FONT></TD><TD STYLE="text-align: justify">The Notes</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">2.1</FONT></TD><TD STYLE="text-align: justify">Forms Generally</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Notes and the Trustee&rsquo;s or Authenticating
Agent&rsquo;s certificate of authentication thereon (the <B><I>Certificate of Authentication</I></B>) shall be in substantially
the forms required by this Article, with such appropriate insertions, omissions, substitutions and other variations as are required
or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements
placed thereon, as may be consistent herewith, determined by an Authorized Representative of the Issuer executing such Notes as
evidenced by such Authorized Representative&rsquo;s execution of such Notes. Any portion of the text of any such Note may be set
forth on the reverse thereof, with an appropriate reference thereto on the face of such Note.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">2.2</FONT></TD><TD STYLE="text-align: justify">Forms of Notes</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">The forms of the Notes, including the forms of Certificated Notes, Regulation&nbsp;S Global Notes
and Rule&nbsp;144A Global Notes, shall be as set forth in the applicable part of Exhibit&nbsp;A hereto.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify"><B>Regulation&nbsp;S Global Notes, Rule&nbsp;144A Global Notes; Certificated Notes</B>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">The Notes sold to Persons who are not U.S.&nbsp;persons in offshore transactions in reliance on
Regulation&nbsp;S shall be issued initially in the form of one separate permanent global note, in definitive, fully-registered
form without interest coupons, substantially in the applicable form attached as Exhibit&nbsp;A1 hereto (a <B><I>Regulation&nbsp;S
Global Note</I></B>), and shall be deposited on behalf of the subscribers for such Notes represented thereby with the Bank as custodian
for, and registered in the name of a nominee of, DTC for the respective accounts of Euroclear and Clearstream, duly executed by
the Issuer and authenticated by the Trustee as hereinafter provided.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">The Notes sold to Persons that are initial purchasers that are also both (A)&nbsp;a Qualified Purchaser
or an entity owned (or in the case of Qualified Purchasers, beneficially owned) by one or more Qualified Purchasers and (B)(I)
a Qualified Institutional Buyer or (II)&nbsp;an Accredited Investor who is purchasing such Notes in a non-public transaction shall
be issued initially in the form of one separate permanent global note, in definitive, fully-registered form without interest coupons,
substantially in the form attached as Exhibit&nbsp;A1 hereto (a <B><I>Rule&nbsp;144A Global Note</I></B>) and shall be deposited
on behalf of the subscribers for such Notes represented thereby with the Bank as custodian for, and registered in the name of a
nominee of, DTC, duly executed by the Issuer and authenticated by the Trustee as hereinafter provided.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify">The aggregate principal amount of any Regulation&nbsp;S Global Note and any Rule&nbsp;144A Global
Note may from time to time be increased or decreased by adjustments made on the records of the Trustee or DTC or its nominee, as
the case may be, as hereinafter provided.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(A)</FONT></TD><TD STYLE="text-align: justify">The Initial Funded Notes funded on the Closing Date (having an aggregate principal amount of U.S.$115,384,615)
shall be recorded on, and represented by, the applicable Initial Funded Global Note.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(B)</FONT></TD><TD STYLE="text-align: justify">The Delayed Draw Notes issued on the Closing Date (having an initial aggregate principal amount
on the Closing Date of U.S.$0.00) shall be recorded on, and represented by, the applicable Delayed Draw Global Note. The Delayed
Draw Notes funded to the Issuer on the Delayed Draw Funding Date shall be recorded on, and represented by, the Delayed Draw Global
Note.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(C)</FONT></TD><TD STYLE="text-align: justify">The Issuer in issuing the Notes shall use &ldquo;CUSIP,&rdquo; &ldquo;ISIN&rdquo; or &ldquo;private
placement&rdquo; numbers (if then generally in use), and, if so, the Issuer will indicate the &ldquo;CUSIP,&rdquo; &ldquo;ISIN&rdquo;
or &ldquo;private placement&rdquo; numbers of the Notes in related materials as a convenience to Holders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(D)</FONT></TD><TD STYLE="text-align: justify"><B>Book Entry Provisions</B>. This Section&nbsp;2.2(b)(iii)(D)<FONT STYLE="font-size: 10pt"> </FONT>
shall apply only to Global Notes deposited with or for the account of DTC.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The provisions of the &ldquo;Operating
Procedures of the Euroclear System&rdquo; of Euroclear and the &ldquo;Terms and Conditions Governing Use of Participants&rdquo;
of Clearstream, respectively, will be applicable to the Global Notes insofar as interests in such Global Notes are held by the
Agent Members of Euroclear or Clearstream, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Agent Members shall have no rights
under this Indenture with respect to any Global Note held on their behalf by the Bank, as custodian for DTC and DTC may be treated
by the Issuer, the Trustee, and any agent of the Issuer or the Trustee as the absolute owner of such Note for all purposes whatsoever.
Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Trustee, or any agent of the Issuer or the Trustee,
from giving effect to any written certification, proxy or other authorization furnished by DTC or impair, as between DTC and its
Agent Members, the operation of customary practices governing the exercise of the rights of a Holder of any Note.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">2.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">Authorized Amount; Stated Maturity; Denominations</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">The aggregate principal amount of Initial Funded Notes that may be authenticated and delivered
under this Indenture is limited to U.S.$115,384,615, excluding Notes issued upon registration of, transfer of, or in exchange for,
or in lieu of, other Notes pursuant to Sections&nbsp;2.5, 2.6 or 8.6 of this Indenture. The aggregate principal amount of Delayed
Draw Notes that may be authenticated and delivered under this Indenture is limited to U.S.$76,923,076, excluding Delayed Draw Notes
issued upon registration of, transfer of, or in exchange for, or in lieu of, other Delayed Draw Notes pursuant to Sections&nbsp;2.5,
2.6 or 8.6 of this Indenture.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">Notes shall be issued on the Closing Date. The Notes shall have the designations, aggregate principal
amounts and other characteristics as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">Class Designation</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">A</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">Stated Maturity</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">May 19, 2027</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Initial Funded Notes</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Delayed Draw Notes</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 33%; font-weight: bold; text-align: left">Original Aggregate Principal Amount</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">U.S.$</TD><TD STYLE="width: 31%; text-align: right">115,384,615</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">U.S.$</TD><TD STYLE="width: 30%; text-align: right">0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Committed Amount</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">U.S.$</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">76,923,076</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Total Authorized<BR> Principal Amount</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">U.S.$</TD><TD STYLE="text-align: right">115,384,615</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">U.S.$</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">76,923,076</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Class&nbsp;A Notes shall
be issued in minimum denominations of $250,000 and integral multiples of $1 in excess thereof and shall only be transferred or
resold in compliance with the terms of this Indenture.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">2.4</FONT></TD><TD STYLE="text-align: justify">Execution, Authentication, Delivery and Dating</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Notes shall be executed on behalf of
the Issuer by one of its Authorized Representatives. The signature of such Authorized Representative on the Notes may be manual
or by electronic transmission (<I>i.e.</I>, facsimile or e-mail transmission of a &ldquo;pdf&rdquo; copy).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notes bearing the manual or electronically
transmitted signatures of any individual who was at any time an Authorized Representative of the Issuer shall bind the Issuer notwithstanding
the fact that such individual has ceased to hold such office prior to the authentication and delivery of such Notes or did not
hold such office at the date of issuance of such Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At any time and from time to time after
the execution and delivery of this Indenture, the Issuer may deliver Notes executed by the Issuer to the Trustee or the Authenticating
Agent for authentication and the Trustee or the Authenticating Agent, upon Issuer Order, shall authenticate and deliver such Notes
as provided in this Indenture and not otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each Note authenticated and delivered by
the Trustee or the Authenticating Agent upon Issuer Order on the Closing Date shall be dated as of the Closing Date. All other
Notes that are authenticated and delivered after the Closing Date for any other purpose under this Indenture shall be dated the
date of their authentication.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notes issued upon transfer, exchange or
replacement of other Notes shall be issued in authorized denominations reflecting the original Aggregate Outstanding Amount of
the Notes so transferred, exchanged or replaced, but shall represent only the current Aggregate Outstanding Amount of the Notes
so transferred, exchanged or replaced. In the event that any Note is divided into more than one Note in accordance with this Article&nbsp;2,
the original principal amount of such Note shall be proportionately divided among the Notes delivered in exchange therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No Note shall be entitled to any benefit
under this Indenture or be valid or obligatory for any purpose, unless there appears on such Note a Certificate of Authentication,
substantially in the form provided for herein, executed by the Trustee or by the Authenticating Agent by the manual signature of
one of their Authorized Representatives, and such certificate upon any Note shall be conclusive evidence, and the only evidence,
that such Note has been duly authenticated and delivered hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">2.5</FONT></TD><TD STYLE="text-align: justify">Registration, Registration of Transfer and Exchange</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">The Issuer shall cause the Notes to be Registered and shall cause to be kept a register (the <B><I>Note
Register</I></B>) at the office of the Note Registrar in which, subject to such reasonable regulations as it may prescribe, the
Issuer shall provide for the registration of the Holders of the Notes and the registration of transfers of Notes. The Trustee,
as an agent of the Issuer, is hereby initially appointed &ldquo;registrar&rdquo; (the <B><I>Note Registrar</I></B>) for the purpose
of maintaining the Note Register and registering the Holders of the Notes and transfers of such Notes in the Note Register. Upon
any resignation or removal of the Note Registrar, the Issuer shall promptly appoint a successor or, in the absence of such appointment,
assume the duties of Note Registrar.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If a Person other than the Trustee
is appointed by the Issuer as Note Registrar, the Issuer will give the Trustee prompt written notice of the appointment of a Note
Registrar and of the location, and any change in the location, of the Note Register, and the Trustee and the Liquidation Agent
shall have the right to inspect the Note Register at all reasonable times and to obtain copies thereof and the Trustee shall have
the right to rely upon a certificate executed on behalf of the Note Registrar by an Officer thereof as to the names and addresses
of the Holders of the Notes and the principal or face amounts and numbers of such Notes. Upon written request at any time, the
Note Registrar shall provide to the Issuer, the Collateral Manager, the Liquidation Agent or any Holder a current list of Holders
as reflected in the Note Register. This Section&nbsp;2.5 shall be construed so that the Notes are at all times maintained in registered
form under Section&nbsp;5f.103-1(c) of the Treasury Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">No transfer of Notes shall be
effective unless such transfer occurs in accordance with this Section&nbsp;2.5 and is registered in the Note Register by the Note
Registrar. The entries in the Note Register shall be conclusive and binding for all purposes, absent manifest error, and the Holders,
the Issuer, any Paying Agent and the Trustee shall treat each Person whose name is recorded in the Note Register pursuant to the
terms herein as a Holder for all purposes of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Subject to this Section&nbsp;2.5,
upon surrender for registration of transfer of any Notes in the Note Register at the office or agency of the Issuer to be maintained
as provided in Section&nbsp;7.2, the Issuer shall execute, and the Trustee shall authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Notes of any authorized denomination and of a like aggregate principal or face amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">At the option of the Holder,
Notes may be exchanged for Notes of like terms, in any authorized denominations and of like aggregate principal amount, upon surrender
of the Notes to be exchanged at such office or agency. Whenever any Note is surrendered for exchange, the Issuer shall execute,
and the Trustee shall authenticate and deliver, the Notes that the Holder making the exchange is entitled to receive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">All Notes authenticated and delivered
upon any registration of transfer or exchange of Notes shall be the valid obligations of the Issuer, evidencing the same debt (to
the extent they evidence debt), and entitled to the same benefits under this Indenture as the Notes surrendered upon such registration
of transfer or exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Every Note presented or surrendered
for registration of transfer or exchange shall be duly endorsed, or be accompanied by a written instrument of transfer in form
satisfactory to the Note Registrar duly executed by the Holder thereof or such Holder&rsquo;s attorney duly authorized in writing,
with such signature guaranteed by an &ldquo;eligible guarantor institution&rdquo; meeting the requirements of the Note Registrar,
which requirements include membership or participation in Securities Transfer Agents Medallion Program (<B><I>STAMP</I></B>) or
such other &ldquo;signature guarantee program&rdquo; as may be determined by the Note Registrar in addition to, or in substitution
for, STAMP, all in accordance with the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">No service charge shall be made
to a Holder for any registration of transfer or exchange of Notes, but the Issuer, the Note Registrar or the Trustee may require
payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Note Registrar or
the Trustee shall be permitted to request such evidence reasonably satisfactory to it documenting the identity and/or signatures
of the transferor and transferee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">No Note may be sold or transferred (including, without limitation, by pledge or hypothecation)
unless such sale or transfer is exempt from the registration requirements of the Securities Act, is exempt from the registration
requirements under applicable State securities laws and will not cause the Issuer to become subject to the requirement that it
register as an investment company under the Investment Company Act.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in">(c)</TD><TD STYLE="width: 0.5in; text-align: left">(i)</TD><TD STYLE="text-align: justify">No Note may be transferred if such transfer would result
in a non-exempt prohibited transaction under ERISA or the Code or in a non-exempt violation of any applicable Other Plan Law.
Each initial purchaser of a Note or an interest therein will be required and deemed to represent and warrant, and each subsequent
transferee of a Note or an interest therein will be deemed to have represented and warranted, that: (A) its purchase, holding
and disposition of such Note or interest therein will not result in a non-exempt prohibited transaction under ERISA or the Code;
and (B)&nbsp;if such Person is a governmental, church, non-U.S. or other plan subject to any Similar Law, its acquisition, holding
and disposition of its interest in such Note will not constitute or result in a non-exempt violation of any applicable Other Plan
Law.</TD>
</TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">Each purchaser and subsequent transferee of Notes or an interest therein will be required or deemed
to represent that such purchaser or subsequent transferee, as applicable, is not an Affected Bank. No transfer of any Note to an
Affected Bank will be effective, and neither the Issuer, the Trustee nor the Note Registrar will recognize any such transfer, unless
such transfer is specifically authorized by the Issuer in writing.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify">Notwithstanding anything contained herein to the contrary, the Trustee shall not be responsible
for ascertaining whether any transfer complies with, or for otherwise monitoring or determining compliance with, the registration
provisions of or any exemptions from the Securities Act, applicable State securities laws or the applicable laws of any other jurisdiction,
ERISA, the Code or the Investment Company Act; <B>provided</B> that if a certificate is specifically required by the terms of this
Section&nbsp;2.5 to be provided to the Trustee by a prospective transferor or transferee, the Trustee shall be under a duty to
receive and examine the same to determine whether or not the certificate substantially conforms on its face to the applicable requirements
of this Indenture and shall promptly notify the party delivering the same if such certificate does not comply with such terms.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(e)</FONT></TD><TD STYLE="text-align: justify">Transfers of Notes shall only be made in accordance with the following requirements:</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify"><B>Rule&nbsp;144A Global Note to Regulation&nbsp;S Global Note</B>. If a holder of a beneficial
interest in a Rule&nbsp;144A Global Note deposited with DTC wishes at any time to exchange its interest in such Rule&nbsp;144A
Global Note for an interest in the corresponding Regulation&nbsp;S Global Note, or to transfer its interest in such Rule&nbsp;144A
Global Note to a Person who wishes to take delivery thereof in the form of an interest in the corresponding Regulation&nbsp;S Global
Note, such holder (<B>provided</B> that such holder or, in the case of a transfer, the transferee is not a U.S.&nbsp;person and
is acquiring such interest in an offshore transaction) may, subject to the immediately succeeding sentence and the rules and procedures
of DTC, exchange or transfer, or cause the exchange or transfer of, such interest for an equivalent beneficial interest in the
corresponding Regulation&nbsp;S Global Note. Upon receipt by the Note Registrar of (A)&nbsp;instructions given in accordance with
DTC&rsquo;s procedures from an Agent Member directing the Note Registrar to credit or cause to be credited a beneficial interest
in the corresponding Regulation&nbsp;S Global Note, but not less than the minimum denomination applicable to such holder&rsquo;s
Notes, in an amount equal to the beneficial interest in the Rule&nbsp;144A Global Note to be exchanged or transferred, (B)&nbsp;a
written order given in accordance with DTC&rsquo;s procedures containing information regarding the participant account of DTC and
the Euroclear or Clearstream account to be credited with such increase, (C)&nbsp;a certificate in the form of Exhibit&nbsp;B1 attached
hereto given by the holder of such beneficial interest stating that the exchange or transfer of such interest has been made in
compliance with the transfer restrictions applicable to the Global Notes, including that the holder or the transferee, as applicable,
is not a U.S.&nbsp;person, and in an offshore transaction pursuant to and in accordance with Regulation&nbsp;S, and (D)&nbsp;a
written certification in the form of Exhibit&nbsp;B5 attached hereto given by the transferee in respect of such beneficial interest
stating, among other things, that such transferee is a non-U.S. person purchasing such beneficial interest in an offshore transaction
pursuant to Regulation&nbsp;S, then the Note Registrar shall approve the instructions at DTC to reduce the principal amount of
the Rule&nbsp;144A Global Note and to increase the principal amount of the Regulation&nbsp;S Global Note by the aggregate principal
amount of the beneficial interest in the Rule&nbsp;144A Global Note to be exchanged or transferred, and to credit or cause to be
credited to the securities account of the Person specified in such instructions a beneficial interest in the corresponding Regulation&nbsp;S
Global Note equal to the reduction in the principal amount of the Rule&nbsp;144A Global Note.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify"><B>Regulation&nbsp;S Global Note to Rule&nbsp;144A Global Note</B>. If a holder of a beneficial
interest in a Regulation&nbsp;S Global Note deposited with DTC wishes at any time to exchange its interest in such Regulation&nbsp;S
Global Note for an interest in the corresponding Rule&nbsp;144A Global Note or to transfer its interest in such Regulation&nbsp;S
Global Note to a Person who wishes to take delivery thereof in the form of an interest in the corresponding Rule&nbsp;144A Global
Note, such holder may, subject to the immediately succeeding sentence and the rules and procedures of Euroclear, Clearstream and/or
DTC, as the case may be, exchange or transfer, or cause the exchange or transfer of, such interest for an equivalent beneficial
interest in the corresponding Rule&nbsp;144A Global Note. Upon receipt by the Note Registrar of (A)&nbsp;instructions from Euroclear,
Clearstream and/or DTC, as the case may be, directing the Note Registrar to cause to be credited a beneficial interest in the corresponding
Rule&nbsp;144A Global Note in an amount equal to the beneficial interest in such Regulation&nbsp;S Global Note, but not less than
the minimum denomination applicable to such holder&rsquo;s Notes to be exchanged or transferred, such instructions to contain information
regarding the participant account with DTC to be credited with such increase, (B)&nbsp;a certificate in the form of Exhibit&nbsp;B3
attached hereto given by the holder of such beneficial interest and stating, among other things, that, in the case of a transfer,
the Person transferring such interest in such Regulation&nbsp;S Global Note reasonably believes that the Person acquiring such
interest in a Rule&nbsp;144A Global Note is a Qualified Institutional Buyer and also a Qualified Purchaser or an entity beneficially
owned exclusively by Qualified Purchasers, is obtaining such beneficial interest in a transaction meeting the requirements of Rule&nbsp;144A
and in accordance with any applicable securities laws of any state of the United States or any other jurisdiction and (C)&nbsp;a
written certification in the form of Exhibit&nbsp;B4 attached hereto given by the transferee in respect of such beneficial interest
stating, among other things, that such transferee is a Qualified Institutional Buyer and also a Qualified Purchaser or an entity
beneficially owned exclusively by Qualified Purchasers, then the Note Registrar will approve the instructions at DTC to reduce,
or cause to be reduced, such Regulation&nbsp;S Global Note by the aggregate principal amount of the beneficial interest in such
Regulation&nbsp;S Global Note to be transferred or exchanged and the Note Registrar shall instruct DTC, concurrently with such
reduction, to credit or cause to be credited to the securities account of the Person specified in such instructions a beneficial
interest in the corresponding Rule&nbsp;144A Global Note equal to the reduction in the principal amount of such Regulation&nbsp;S
Global Note.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify"><B>Transfer of Global Note to Certificated Note</B>. A Holder of a beneficial interest in a Global
Note may not transfer its interest in such Global Note to a Person who wishes to take delivery thereof in the form of a corresponding
Certificated Note. A Holder of a beneficial interest in a Global Note may not exchange such interest for a corresponding Certificated
Note unless it satisfies the requirements of Section&nbsp;2.10.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iv)</FONT></TD><TD STYLE="text-align: justify"><B>Transfer of Certificated Notes to Certificated Notes</B>. Upon receipt by the Note Registrar
of (A)&nbsp;a Holder&rsquo;s Certificated Note properly endorsed for assignment to the transferee, and (B)&nbsp;a certificate substantially
in the form of Exhibit&nbsp;B2 executed by the transferee, the Note Registrar shall cancel such Certificated Note in accordance
with Section&nbsp;2.9, record the transfer in the Note Register in accordance with Section&nbsp;2.5(a) and upon execution by the
Issuer and authentication and delivery by the Trustee, deliver one or more Certificated Notes bearing the same designation as the
Certificated Note endorsed for transfer, registered in the names specified in the assignment described in clause&nbsp;(A) above,
in principal amounts designated by the transferee (the aggregate of such principal amounts being equal to the aggregate principal
amount of the Certificated Note surrendered by the transferor), and in authorized denominations.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(v)</FONT></TD><TD STYLE="text-align: justify"><B>Transfer of Certificated Notes to Global Notes</B>. If a Holder of a Certificated Note wishes
at any time to transfer its interest in such Certificated Note to a Person who wishes to take delivery thereof in the form of a
Global Note, such Holder may, subject to the immediately succeeding sentence and the rules and procedures of Euroclear, Clearstream
and/or DTC, as the case may be, exchange or transfer, or cause the exchange or transfer of, such Certificated Note for a beneficial
interest in an applicable Global Note. Upon receipt by the Note Registrar of (A)&nbsp;a Holder&rsquo;s Certificated Note properly
endorsed for assignment to the transferee, (B)&nbsp;a certificate substantially in the form of Exhibit&nbsp;B1 (in the case of
transfer to a Regulation&nbsp;S Global Note) or Exhibit&nbsp;B3 (in the case of transfer to a Rule&nbsp;144A Global Note) attached
hereto executed by the transferor and a certificate substantially in the form of Exhibit&nbsp;B4 (in case of transfer to a Rule&nbsp;144A
Global Note) or Exhibit&nbsp;B5 (in case of transfer to a Regulation&nbsp;S Global Note) attached hereto executed by the transferee,
(C)&nbsp;instructions given in accordance with Euroclear, Clearstream or DTC&rsquo;s procedures, as the case may be, from an Agent
Member to instruct DTC to cause to be credited a beneficial interest in the applicable Global Note in an amount equal to the Certificated
Notes to be transferred or exchanged, and (D)&nbsp;a written order given in accordance with DTC&rsquo;s procedures containing information
regarding the participant&rsquo;s account at DTC and/or Euroclear or Clearstream to be credited with such increase, the Note Registrar
shall cancel such Certificated Note in accordance with Section&nbsp;2.9, record the transfer in the Note Register in accordance
with Section&nbsp;2.5(a) and approve the instructions at DTC, concurrently with such cancellation, to credit or cause to be credited
to the securities account of the Person specified in such instructions a beneficial interest in the applicable Global Note equal
to the principal amount of the Certificated Note transferred or exchanged.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(f)</FONT></TD><TD STYLE="text-align: justify"><B>Legends</B>. Any Note issued upon the transfer, exchange or replacement of Notes shall bear
such applicable legend substantially as set forth in the applicable part of Exhibit&nbsp;A hereto.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(g)</FONT></TD><TD STYLE="text-align: justify">Each Person who becomes a beneficial owner of Notes represented by an interest in a Global Note,
and any original purchaser of any Notes, by its acquisition of a Note, will be deemed to have represented and agreed as follows:</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">In connection with the purchase of such Notes:</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(A)</FONT></TD><TD STYLE="text-align: justify">none of the Issuer, the Sole Member, the Collateral Manager, the Liquidation Agent, the Trustee,
the Collateral Administrator or any of their respective Affiliates is acting as a fiduciary or financial or investment advisor
for such beneficial owner;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(B)</FONT></TD><TD STYLE="text-align: justify">such beneficial owner is not relying (for purposes of making any investment decision or otherwise)
upon any advice, counsel or representations (whether written or oral) of the Issuer, the Sole Member, the Collateral Manager, the
Trustee, the Collateral Administrator, the Liquidation Agent, or any of their respective Affiliates;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(C)</FONT></TD><TD STYLE="text-align: justify">such beneficial owner has consulted with its own legal, regulatory, tax, business, investment,
financial and accounting advisors to the extent it has deemed necessary and has made its own investment decisions (including decisions
regarding the suitability of any transaction pursuant to this Indenture) based upon its own judgment and upon any advice from such
advisors as it has deemed necessary and not upon any view expressed by the Issuer, the Sole Member, the Collateral Manager, the
Liquidation Agent, the Trustee, the Collateral Administrator or any of their respective Affiliates;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(D)</FONT></TD><TD STYLE="text-align: justify">such beneficial owner (1)&nbsp;is either (a)&nbsp;both (x)&nbsp;a Qualified Purchaser, or an entity
owned (or in the case of Qualified Purchasers, beneficially owned) by one or more Qualified Purchasers, and (y)(I) a Qualified
Institutional Buyer or (II)&nbsp;an Accredited Investor who is purchasing such Notes in a non-public transaction and (2)&nbsp;in
the case of a Person who becomes a beneficial owner subsequent to the date hereof, is both (x)&nbsp;a Qualified Purchaser, or an
entity owned (or in the case of Qualified Purchasers, beneficially owned) by one or more Qualified Purchasers, and (y)&nbsp;a Qualified
Institutional Buyer that is not a broker-dealer which owns and invests on a discretionary basis less than $25,000,000 in securities
of issuers that are not affiliated persons of the dealer and is not a plan referred to in paragraph&nbsp;(a)(1)(i)(d) or (a)(1)(i)(e)
of Rule&nbsp;144A under the Securities Act or a trust fund referred to in paragraph&nbsp;(a)(1)(i)(f) of Rule&nbsp;144A under the
Securities Act that holds the assets of such a plan, if investment decisions with respect to the plan are made by beneficiaries
of the plan, who is purchasing the Notes in reliance on the exemption from Securities Act registration provided by Rule&nbsp;144A
thereunder or (b)&nbsp;a Person that is not a U.S.&nbsp;Person and is acquiring the Notes in an offshore transaction in reliance
on the exemption from registration provided by Regulation&nbsp;S;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(E)</FONT></TD><TD STYLE="text-align: justify">such beneficial owner is acquiring its interest in such Notes for its own account for investment
and not with a view to the resale, distribution or other disposition thereof in violation of the Securities Act;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(F)</FONT></TD><TD STYLE="text-align: justify">such beneficial owner was not formed for the purpose of investing in such Notes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(G)</FONT></TD><TD STYLE="text-align: justify">such beneficial owner understands that the Issuer may receive a list of participants holding interests
in the Notes from one or more book-entry depositories;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(H)</FONT></TD><TD STYLE="text-align: justify">such beneficial owner will hold and transfer at least the minimum denomination of such Notes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(I)</FONT></TD><TD STYLE="text-align: justify">such beneficial owner is a sophisticated investor and is purchasing the Notes with a full understanding
of all of the terms, conditions and risks thereof, and is capable of and willing to assume those risks;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(J)</FONT></TD><TD STYLE="text-align: justify">such beneficial owner will provide notice of the relevant transfer restrictions to subsequent transferees,
including that such beneficial owners are relying on the exemption from registration under the Securities Act provided by Rule&nbsp;144A
thereunder or Regulation&nbsp;S;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(K)</FONT></TD><TD STYLE="text-align: justify">none of such beneficial owner or any of its affiliates (as such term is defined in Rule&nbsp;501(b)
of Regulation D under the Securities Act) or any other Person acting on any of their behalf has engaged or will engage, in connection
with such Notes, in any form of (i)&nbsp;general solicitation or general advertising within the meaning of Rule&nbsp;502(c) under
the Securities Act or (ii)&nbsp;directed selling efforts within the meaning of Rule&nbsp;902(c) of Regulation&nbsp;S thereunder;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(L)</FONT></TD><TD STYLE="text-align: justify">such beneficial owner has not solicited and will not solicit offers for such Notes, and has not
arranged and will not arrange commitments to purchase such Notes, except in accordance with this Indenture and any applicable U.S.&nbsp;Federal
and State securities laws and the securities laws of any other jurisdiction in which such Notes have been offered.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">Each Person who purchases a Note or any interest therein will be required or deemed to represent,
warrant and agree that (A)&nbsp;its purchase, holding and disposition of such Note or interest therein will not result in a non-exempt
prohibited transaction under ERISA or the Code; and (B)&nbsp;if such Person is a governmental, church, non-U.S. or other plan subject
to any Similar Law, its acquisition, holding and disposition of its interest in such Note will not constitute or result in a violation
of any applicable Other Plan Law.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #010000">&nbsp;</P>


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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify">Such beneficial owner understands that such Notes are being offered only in a transaction not involving
any public offering in the United States of America within the meaning of the Securities Act, such Notes have not been and will
not be registered under the Securities Act, and, if in the future such beneficial owner decides to offer, resell, pledge or otherwise
transfer such Notes, such Notes may be offered, resold, pledged or otherwise transferred only in accordance with the provisions
of this Indenture and the legend on such Notes, including any requirement for written certifications. In particular, such beneficial
owner understands that the Notes may be transferred only to a Person that is either (a)&nbsp;both (1)(x) a Qualified Purchaser,
or (y)&nbsp;an entity owned (or in the case of Qualified Purchasers, beneficially owned) by one or more Qualified Purchasers and
(2)&nbsp;a Qualified Institutional Buyer that is not a broker-dealer which owns and invests on a discretionary basis less than
$25,000,000 in securities of issuers that are not affiliated persons of the dealer and is not a plan referred to in paragraph&nbsp;(a)(1)(i)(d)
or (a)(1)(i)(e) of Rule&nbsp;144A under the Securities Act or a trust fund referred to in paragraph&nbsp;(a)(1)(i)(f) of Rule&nbsp;144A
under the Securities Act that holds the assets of such a plan, if investment decisions with respect to the plan are made by beneficiaries
of the plan, who is purchasing the Notes in reliance on the exemption from Securities Act registration provided by Rule&nbsp;144A
or (b)&nbsp;a Person that is not a U.S.&nbsp;Person and is acquiring the Notes in an offshore transaction in reliance on the exemption
from registration provided by Regulation&nbsp;S thereunder. Such beneficial owner acknowledges that no representation has been
made as to the availability of any exemption under the Securities Act or any State securities laws for resale of such Notes. Such
beneficial owner understands that the Issuer has not been registered under the Investment Company Act, and that the Issuer is exempt
from registration as such by virtue of Section&nbsp;3(c)(7) of the Investment Company Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iv)</FONT></TD><TD STYLE="text-align: justify">Such beneficial owner is aware that, except as otherwise provided in this Indenture, any Notes
being sold to it in reliance on Regulation&nbsp;S will be represented by a Regulation&nbsp;S Global Note and that beneficial interests
therein may be held only through DTC for the respective accounts of Euroclear or Clearstream.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(v)</FONT></TD><TD STYLE="text-align: justify">Such beneficial owner will provide notice to each Person to whom it proposes to transfer any interest
in the Notes of the transfer restrictions and representations set forth in this Section&nbsp;2.5, including the Exhibits referenced
herein, Sections&nbsp;2.11 and 2.12 hereunder, and the legends on the Notes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(vi)</FONT></TD><TD STYLE="text-align: justify">Such beneficial owner understands that the Issuer, the Sole Member, the Collateral Manager, the
Trustee, the Liquidation Agent, and their respective counsel will rely upon the accuracy and truth of the foregoing representations
and agreements, and such beneficial owner hereby consents to such reliance.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(h)</FONT></TD><TD STYLE="text-align: justify">Each Person who becomes an owner of a Certificated Note will be required to make the representations
and agreements set forth in Exhibit&nbsp;B2.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">Any purported transfer of a Note not in accordance with this Section&nbsp;2.5 shall be null and
void and shall not be given effect for any purpose whatsoever.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(j)</FONT></TD><TD STYLE="text-align: justify">The Note Registrar, the Trustee and the Issuer shall be entitled to conclusively rely on any transferor
and transferee certificate delivered pursuant to this Section&nbsp;2.5 and shall be able to presume conclusively the continuing
accuracy thereof, in each case without further inquiry or investigation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(k)</FONT></TD><TD STYLE="text-align: justify">Neither the Trustee nor the Registrar shall be liable for any delay in the delivery of directions
from DTC and may conclusively rely on, and shall be fully protected in relying on, such directions as to the names of the beneficial
owners in whose names Certificated Notes shall be registered or as to delivery instructions for such Certificated Notes.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">2.6</FONT></TD><TD STYLE="text-align: justify">Mutilated, Defaced, Destroyed, Lost or Stolen Note</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If (a) any mutilated or defaced Note is
surrendered to a Transfer Agent, or if there shall be delivered to the Issuer, the Trustee and the relevant Transfer Agent evidence
to their reasonable satisfaction of the destruction, loss or theft of any Note, and (b)&nbsp;there is delivered to the Issuer,
the Trustee and such Transfer Agent such security or indemnity as may be required by them to save each of them harmless, then,
in the absence of notice to the Issuer, the Trustee or such Transfer Agent that such Note has been acquired by a Protected Purchaser,
the Issuer shall execute and, upon Issuer Order, the Trustee shall authenticate and deliver to the Holder, in lieu of any such
mutilated, defaced, destroyed, lost or stolen Note, a new Note, of like tenor (including the same date of issuance) and equal principal
or face amount, registered in the same manner, dated the date of its authentication, bearing interest from the date to which interest
has been paid on the mutilated, defaced, destroyed, lost or stolen Note and bearing a number not contemporaneously outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If, after delivery of such new Note, a
Protected Purchaser of the predecessor Note presents for payment, transfer or exchange such predecessor Note, the Issuer, the Transfer
Agent and the Trustee shall be entitled to recover such new Note from the Person to whom it was delivered or any Person taking
therefrom, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage,
cost or expense incurred by the Issuer, the Trustee and the Transfer Agent in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In case any such mutilated, defaced, destroyed,
lost or stolen Note has become due and payable, the Issuer in its discretion may, instead of issuing a new Note pay such Note without
requiring surrender thereof except that any mutilated or defaced Note shall be surrendered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon the issuance of any new Note under
this Section&nbsp;2.6, the Issuer may require the payment by the Holder thereof of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected
therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Every new Note issued pursuant to this
Section&nbsp;2.6 in lieu of any mutilated, defaced, destroyed, lost or stolen Note shall constitute an original additional contractual
obligation of the Issuer and such new Note shall be entitled, subject to the second paragraph of this Section&nbsp;2.6, to all
the benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The provisions of this Section&nbsp;2.6
are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment
of mutilated, defaced, destroyed, lost or stolen Notes.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">2.7</FONT></TD><TD STYLE="text-align: justify">Payment of Principal and Interest and Other Amounts; Principal and Interest Rights Preserved</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">Interest on the Notes shall be deemed to accrue on the Aggregate Outstanding Amount of the Notes
for each day during any Monthly Period in amount equal to all Interest Collections received on such day during such Monthly Period
(net of a ratable portion of any Administrative Expenses or other amounts paid pursuant to Section&nbsp;11.1(a)(i), 11.1(a)(ii)
or 11.1(a)(iii) with respect to such Monthly Period). Interest Collections (net of any Administrative Expenses or other amounts
paid pursuant to Section&nbsp;11.1(a)(i), 11.1(a)(ii) or 11.1(a)(iii) with respect to such Monthly Period) received by the Issuer
will be credited to the Interest Collection Subaccount. Interest Collections that are received in a Monthly Period will be payable
to the Holders on the related Payment Date pursuant to Section&nbsp;11.1(a). Unless the Delayed Draw Funding Date occurs on the
first day of a Monthly Period, Interest Collections received during the period from, and including, the Delayed Draw Funding Date
until the end of the Monthly Period during which the Delayed Draw Funding Date occurs (for the purposes of this clause&nbsp;(a),
an <B><I>Overlap Period</I></B>) shall be allocated ratably to each Global Note for payment on the related Payment Date based on
the proportion that the Aggregate Outstanding Amount of Notes represented by each Global Note bears to the Aggregate Outstanding
Amount of all Notes for each day during such Overlap Period.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">Principal Collections received by the Issuer will be credited to the Principal Collection Subaccount.
Principal Collections that are received in a Monthly Period will, at the election of the Collateral Manager acting on behalf of
the Issuer, be invested in Eligible Investments to be credited to the Collection Account pursuant to Section&nbsp;10.2, reinvested
in Portfolio Assets that satisfy the requirements of Section&nbsp;12.2 or used to prepay the Notes in accordance with Article&nbsp;9.
No payments of principal of the Notes shall be made prior to the Stated Maturity except as provided in Article&nbsp;9.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">All payments of interest and principal on the Notes will be made in accordance with the Priority
of Payments, Article&nbsp;9 (if applicable) and Article&nbsp;13.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #010000">&nbsp;</P>


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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify">The Paying Agent shall require the previous delivery of properly completed and signed applicable
tax certifications (generally, in the case of U.S.&nbsp;Federal income tax, either (i)&nbsp;in the case of a United States Person,
an Internal Revenue Service Form&nbsp;W-9 (or applicable successor form) or (ii)&nbsp;in the case of a Person that is not a United
States Person, the applicable Internal Revenue Service Form&nbsp;W-8 (or applicable successor form) with all required attachments),
any information requested by the Issuer, the Trustee or the Paying Agent to achieve FATCA Compliance, or any other certification
acceptable to it to enable the Issuer, the Trustee and any Paying Agent to determine their duties and liabilities with respect
to any taxes or other charges that they may be required to pay, deduct or withhold from payments in respect of the applicable Note
or the Holder or beneficial owner of such Note under any present or future law or regulation of the United States of America, any
other jurisdiction or any political subdivision thereof or taxing authority therein or to comply with any reporting or other requirements
under any such law or regulation. The Paying Agent shall deliver to the Issuer, to the extent received and provided such is not
required to be retained, an original of the applicable tax certifications, with attachments, provided by the Holder or beneficial
owner of the Note. The Issuer shall not be obligated to pay any additional amounts to the Holders or beneficial owners of the Notes
as a result of deduction or withholding for or on account of any present or future taxes, duties, assessments or governmental charges
with respect to the Notes. Nothing herein shall be construed to obligate the Paying Agent to determine the duties or liabilities
of the Issuer or any other paying agent with respect to any tax certification or withholding requirements, or any tax certification
or withholding requirements of any jurisdiction, political subdivision or taxing authority outside the United States.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(e)</FONT></TD><TD STYLE="text-align: justify">Payments in respect of interest on and principal of any Note shall be made by the Trustee, in Dollars
to DTC or its nominee with respect to a Global Note and to the Holder or its nominee with respect to a Certificated Note, by wire
transfer, as directed by the Holder, in immediately available funds to a Dollar account maintained by DTC or its nominee with respect
to a Global Note, and to the Holder or its nominee with respect to a Certificated Note; <B>provided</B> that (i)&nbsp;in the case
of a Certificated Note, the Holder thereof shall have provided written wiring instructions to the Trustee on or before the related
Record Date and (ii)&nbsp;if appropriate instructions for any such wire transfer are not received by the related Record Date, then
such payment shall be made by check drawn on a U.S.&nbsp;bank mailed to the address of the Holder specified in the Note Register.
Upon final payment due on the Maturity of a Note, the Holder thereof shall present and surrender such Note at the Corporate Trust
Office of the Trustee or at the office of any Paying Agent on or prior to such Maturity; <B>provided</B> that in the absence of
notice to the Issuer or the Trustee that the applicable Note has been acquired by a Protected Purchaser, such final payment shall
be made without presentation or surrender, if the Trustee and the Issuer shall have been furnished such security or indemnity as
may be required by them to save each of them harmless and an undertaking thereafter to surrender such Note. None of the Issuer,
the Trustee, the Collateral Manager, and any Paying Agent will have any responsibility or liability for any aspects of the records
maintained by DTC, Euroclear, Clearstream or any of the Agent Members relating to or for payments made thereby on account of beneficial
interests in a Global Note. In the case where any final payment of principal and interest is to be made on any Note (other than
on the Stated Maturity thereof), the Trustee, in the name and at the expense of the Issuer shall, not more than 30 nor less than
10&nbsp;days prior to the date on which such payment is to be made, mail to the Persons entitled thereto at their addresses appearing
on the Note Register a notice which shall specify the date on which such payment will be made, the amount of such payment per $1,000
aggregate principal amount of Notes and the place where Notes may be presented and surrendered for such payment.</TD></TR></TABLE>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(f)</FONT></TD><TD STYLE="text-align: justify">Payments to Holders shall be made ratably in the proportion that the Aggregate Outstanding Amount
of the Notes registered in the name of each such Holder on the applicable Record Date bears to the Aggregate Outstanding Amount
of all Notes on such Record Date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(g)</FONT></TD><TD STYLE="text-align: justify">Notwithstanding any other provision of this Indenture or any other document to which the Issuer
may be party, the obligations of the Issuer under the Notes and this Indenture or any other document to which the Issuer may be
party are at all times and from time to time limited recourse obligations of the Issuer payable solely from the Collateral available
at such time in accordance with the Priority of Payments and following realization of the Collateral, and application of the proceeds
thereof in accordance with this Indenture, all obligations of and any claims against the Issuer hereunder or thereunder or in connection
herewith or therewith after such realization shall be extinguished and shall not thereafter revive. No recourse shall be had against
any Officer, director, member, employee, shareholder or incorporator of the Issuer, the Collateral Manager or their respective
Affiliates, successors or assigns for any amounts payable under the Notes or this Indenture. It is understood that the foregoing
provisions of this paragraph&nbsp;(g) shall not (i)&nbsp;prevent recourse to the Collateral for the sums due or to become due under
any security, instrument or agreement which is part of the Collateral; or (ii)&nbsp;constitute a waiver, release or discharge of
any indebtedness or obligation evidenced by the Notes or secured by this Indenture until such Collateral has been realized. It
is further understood that the foregoing provisions of this paragraph&nbsp;(g) shall not limit the right of any Person to name
the Issuer as a party defendant in any Proceeding or in the exercise of any other remedy under the Notes or this Indenture, so
long as no judgment in the nature of a deficiency judgment or seeking personal liability shall be asked for or (if obtained) enforced
against any such Person.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(h)</FONT></TD><TD STYLE="text-align: justify">Subject to the foregoing provisions of this Section&nbsp;2.7, each Note delivered under this Indenture
and upon registration of transfer of or in exchange for or in lieu of any other Note shall carry the rights to unpaid interest
and principal (or other applicable amount) that were carried by such other Note.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">2.8</FONT></TD><TD STYLE="text-align: justify">Persons Deemed Owners</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Issuer and the Trustee, and any agent
of the Issuer or the Trustee, shall treat as the owner of each Note (a)&nbsp;for the purpose of receiving payments on such Note
(whether or not such Note is overdue), the Person in whose name such Note is registered on the Note Register at the close of business
on the applicable Record Date and (b)&nbsp;on any other date for all other purposes whatsoever (whether or not such Note is overdue),
the Person in whose name such Note is then registered on the Note Register, and none of the Issuer, the Trustee or any agent of
the Issuer or the Trustee shall be affected by notice to the contrary.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">2.9</FONT></TD><TD STYLE="text-align: justify">Cancellation</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All Notes surrendered for payment, registration
of transfer, exchange, or mutilated, defaced or deemed lost or stolen, shall be promptly canceled by the Trustee and may not be
reissued or resold. No Note may be surrendered (including any surrender in connection with any abandonment, donation, gift, contribution
or other event or circumstance) except for payment as provided herein under Section&nbsp;2.6 or 2.7(e) or Article&nbsp;9, or for
registration of transfer, exchange or for replacement in connection with any Note mutilated, defaced or deemed lost or stolen.
Any such Notes shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee. No Notes shall be authenticated
or registered in lieu of or in exchange for any Notes canceled as provided in this Section&nbsp;2.9, except as expressly permitted
by this Indenture. All canceled Notes held by the Trustee shall be destroyed or held by the Trustee in accordance with its standard
retention policy unless the Issuer shall direct by an Issuer Order received prior to destruction that they be returned to it.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">2.10</FONT></TD><TD STYLE="text-align: justify">DTC Ceases to be Depository</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">A Global Note deposited with or for the account of DTC pursuant to Section&nbsp;2.2 shall be transferred
in the form of a corresponding Certificated Note to the beneficial owners thereof only if (i)&nbsp;such transfer complies with
Section&nbsp;2.5 of this Indenture and (ii)&nbsp;either (A)&nbsp;(1)&nbsp;DTC notifies the Issuer that it is unwilling or unable
to continue as depository for such Global Note or (2)&nbsp;DTC ceases to be a Clearing Agency registered under the Exchange Act
and, in each case, a successor depository is not appointed by the Issuer within 90&nbsp;days after such event or (B)&nbsp;an Event
of Default has occurred and is continuing and such transfer is requested by the Holder of such Global Note.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">Any Global Note that is transferable in the form of a corresponding Certificated Note to the beneficial
owner thereof pursuant to this Section&nbsp;2.10 shall be surrendered by DTC to the Trustee&rsquo;s office located in the Borough
of Manhattan, the City of New York to be so transferred, in whole or from time to time in part, without charge, and the Issuer
shall execute and the Trustee shall authenticate and deliver, upon such transfer of each portion of such Global Note, an equal
aggregate principal amount of definitive physical certificates (pursuant to the instructions of DTC) in authorized denominations.
Any Certificated Note delivered in exchange for an interest in a Global Note shall, except as otherwise provided by Section&nbsp;2.5,
bear the legends set forth in the applicable Exhibit&nbsp;A and shall be subject to the transfer restrictions referred to in such
legends.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">Subject to the provisions of sub-Section&nbsp;(b) of this Section&nbsp;2.10, the Holder of a Global
Note may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through
Agent Members, to take any action which such Holder is entitled to take under this Indenture or the Notes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify">In the event of the occurrence of either of the events specified in sub-Section&nbsp;(a)(ii) of
this Section&nbsp;2.10, the Issuer will promptly make available to the Trustee a reasonable supply of Certificated Notes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In the event that Certificated
Notes are not so issued by the Issuer to such beneficial owners of interests in Global Notes as required by sub-Section&nbsp;(a)
of this Section&nbsp;2.10, the Issuer expressly acknowledges that the beneficial owners shall be entitled to pursue any remedy
that the Holders of a Global Note would be entitled to pursue in accordance with Article&nbsp;5 of this Indenture (but only to
the extent of such beneficial owner&rsquo;s interest in the Global Note) as if corresponding Certificated Notes had been issued;
<B>provided</B> that the Trustee shall be entitled to rely upon any certificate of ownership provided by such beneficial owners
and/or other forms of reasonable evidence of such ownership (including a certificate in the form of Exhibit&nbsp;C).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">2.11</FONT></TD><TD STYLE="text-align: justify">Non-Permitted Holders or Violation of ERISA Representations or Noteholder Reporting Obligations</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">Notwithstanding anything to the contrary elsewhere in this Indenture, any transfer of a beneficial
interest in any Note to a Person that is not (i)&nbsp;a Qualified Institutional Buyer or an Accredited Investor who is purchasing
such Notes in a non-public transaction and (ii)&nbsp;a Qualified Purchaser (or an entity beneficially owned exclusively by Qualified
Purchasers) and that is not made pursuant to an applicable exemption under the Securities Act and the Investment Company Act shall
be null and void and any such purported transfer of which the Issuer or the Trustee shall have notice may be disregarded by the
Issuer, the Trustee and the Note Registrar for all purposes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">If (x)&nbsp;any person that is not permitted to acquire an interest in a Note or Notes (including
in such form) pursuant to Section&nbsp;2.11(a) shall become the beneficial owner of an interest in such Note or Notes or (y)&nbsp;any
Holder of Notes shall fail to comply with the Noteholder Reporting Obligations (any such Person, a <B><I>Non-Permitted Holder</I></B>),
the Issuer shall, promptly after discovery that such Person is a Non-Permitted Holder by the Issuer or upon notice from the Trustee
(who shall promptly notify the Issuer if any Trust Officer of the Trustee obtains actual knowledge that any Holder of Notes is
a Non-Permitted Holder) send notice to such Non-Permitted Holder demanding that such Non-Permitted Holder transfer its interest
in the Notes held by such Person to a Person that is not a Non-Permitted Holder within 30&nbsp;days after the date of such notice.
If such Non-Permitted Holder fails to so transfer such Notes, the Issuer or the Collateral Manager acting for the Issuer shall
have the right, without further notice to the Non-Permitted Holder, to sell such Notes or interest in such Notes to a purchaser
selected by the Issuer that is not a Non-Permitted Holder on such terms as the Issuer may choose. The Issuer, or the Collateral
Manager acting on behalf of the Issuer, may select the purchaser by soliciting one or more bids from one or more brokers or other
market professionals that regularly deal in securities similar to the Notes and sell such Notes to the highest such bidder,<I>
</I><B>provided</B> that the Collateral Manager, its Affiliates and accounts, funds, clients or portfolios established and controlled
by the Collateral Manager or any of its Affiliates shall be entitled to bid in any such sale (to the extent any such entity is
not a Non-Permitted Holder). However, the Issuer or the Collateral Manager may select a purchaser by any other means determined
by it in its sole discretion. The Holder of each Note, the Non-Permitted Holder and each other Person in the chain of title from
the Holder to the Non-Permitted Holder, by its acceptance of an interest in the Notes, agrees to cooperate with the Issuer, the
Collateral Manager and the Trustee to effect such transfers. The proceeds of such sale, net of any commissions, expenses and taxes
due in connection with such sale, shall be remitted to the Non-Permitted Holder. The terms and conditions of any sale under this
Section&nbsp;2.11(b) shall be determined in the sole discretion of the Issuer, and none of the Issuer, the Trustee, the Note Registrar
or the Collateral Manager or any of their Affiliates shall be liable to any Person having an interest in the Notes sold as a result
of any such sale or the exercise of such discretion.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">Any transfer to a Person of a beneficial interest in a Note that results in a non-exempt prohibited
transaction under ERISA or the Code, or that results in a non-exempt violation of any Other Plan Law (any such Person, a <B><I>Non-Permitted
ERISA Holder</I></B>), shall be null and void and any such purported transfer of which the Issuer or the Trustee shall have notice
may be disregarded by the Issuer, the Trustee and the Note Registrar for all purposes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify">If any Non-Permitted ERISA Holder shall become the beneficial owner of an interest in any Note,
the Issuer shall, promptly after discovery by the Issuer that such Person is a Non-Permitted ERISA Holder or upon notice from the
Trustee (who shall promptly notify the Issuer if a Trust Officer of the Trustee obtains actual knowledge that any Holder of Notes
is a Non-Permitted ERISA Holder) send notice to such Non-Permitted ERISA Holder demanding that such Non-Permitted ERISA Holder
transfer all or any portion of the Notes held by such Person to a Person that is not a Non-Permitted ERISA Holder (and that is
otherwise eligible to hold such Notes or an interest therein) within 20&nbsp;days after the date of such notice. If such Non-Permitted
ERISA Holder fails to so transfer such Notes the Issuer or the Collateral Manager acting for the Issuer shall have the right, without
further notice to the Non-Permitted ERISA Holder, to sell such Notes or interest in such Notes to a purchaser selected by the Issuer
that is not a Non-Permitted ERISA Holder (and that is otherwise eligible to hold such Notes or an interest therein) on such terms
as the Issuer may choose. The Issuer, or the Collateral Manager acting on behalf of the Issuer, may select the purchaser by soliciting
one or more bids from one or more brokers or other market professionals that regularly deal in securities similar to the Notes
and sell such Notes to the highest such bidder,<I> </I><B>provided</B> that the Collateral Manager, its Affiliates and accounts,
funds, clients or portfolios established and controlled by the Collateral Manager or any of its Affiliates shall be entitled to
bid in any such sale (to the extent any such entity is not a Non-Permitted ERISA Holder). However, the Issuer or the Collateral
Manager may select a purchaser by any other means determined by it in its sole discretion. The Holder of each Note, the Non-Permitted
ERISA Holder and each other Person in the chain of title from the Holder to the Non-Permitted ERISA Holder, by its acceptance of
an interest in the Notes, agrees to cooperate with the Issuer, the Collateral Manager and the Trustee to effect such transfers.
The proceeds of such sale, net of any commissions, expenses and taxes due in connection with such sale, shall be remitted to the
Non-Permitted ERISA Holder. The terms and conditions of any sale under this Section&nbsp;2.11(d) shall be determined in the sole
discretion of the Issuer, and none of the Issuer, the Trustee, the Note Registrar or the Collateral Manager or any of their Affiliates
shall be liable to any Person having an interest in the Notes sold as a result of any such sale or the exercise of such discretion.</TD></TR></TABLE>

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<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">2.12</FONT></TD><TD STYLE="text-align: justify">Tax Certification and Noteholder Reporting Obligations</TD></TR></TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">Each Holder and beneficial owner of a Note, by acceptance of such Note or an interest in such Note,
shall be deemed to understand and acknowledge that failure to provide the Issuer, the Trustee or any Paying Agent with the properly
completed and signed applicable tax certifications (generally, in the case of U.S.&nbsp;Federal income tax, either (i)&nbsp;in
the case of a United States Person, an Internal Revenue Service Form&nbsp;W-9 (or applicable successor form) or (ii)&nbsp;in the
case of a Person that is not a United States Person, the applicable Internal Revenue Service Form&nbsp;W-8 (or applicable successor
form) with all required attachments) or the failure to meet its Noteholder Reporting Obligations may result in withholding from
payments in respect of such Note, including U.S.&nbsp;Federal withholding or back-up withholding.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">Each purchaser, beneficial owner and subsequent transferee of a Note or interest therein, by acceptance
of such Note or an interest in such Note, shall be deemed to have agreed to provide the Issuer and the Trustee, or their respective
agents correct, complete and accurate information or documentation as is necessary (in the sole determination of the Issuer, the
Trustee or their respective agents, as applicable) for the Issuer and the Trustee to achieve FATCA Compliance (the <B><I>Noteholder
Reporting Obligations</I></B>). Each purchaser and subsequent transferee of an interest in a Note will be required or deemed to
understand and acknowledge that the Issuer may provide such information or documentation and any other information concerning such
purchaser&rsquo;s or transferee&rsquo;s investment in the Notes to the U.S.&nbsp;Internal Revenue Service or another taxing or
governmental authority. Each purchaser and subsequent transferee of an interest in a Note will be required or deemed to understand
and acknowledge that the Issuer has the right, hereunder, to compel any beneficial owner of an interest in a Note that fails to
comply with the foregoing requirements to (1)&nbsp;sell its interest in such Note, or may sell such interest on behalf of such
owner, (2)&nbsp;permit the Issuer to redeem the Notes held by such purchaser or (3)&nbsp;permit the Issuer to take any other steps
as it determines in its sole discretion are necessary or appropriate to mitigate the consequences on the Issuer and the other purchasers
of the Notes of such purchaser&rsquo;s failure to achieve FATCA Compliance.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">Each purchaser, beneficial owner and subsequent transferee of a Note or interest therein by acceptance
of such Note or an interest in such Note, shall be deemed to have agreed that if any form or certification delivered expires or
becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Issuer, the Trustee
and the Paying Agent in writing of its inability do so.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">2.13</FONT></TD><TD STYLE="text-align: justify">Subsequent Advances</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">The Initial Holder shall make a Subsequent Advance in respect of the Delayed Draw Notes in the
amount of U.S.$76,923,076 on the Delayed Draw Funding Date; <B>provided</B> that</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">an &ldquo;Event of Default&rdquo; is not then in existence under the Global Master Repurchase Agreement
with respect to which UBS AG, London Branch is the &ldquo;Defaulting Party&rdquo; (as each such term is defined therein) as evidenced
by a certificate of the Initial Holder that such event has not occurred, and</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">the occurrence of the Delayed Draw Funding Date shall be conditional upon UBS having confirmed
in writing to the Issuer, the Trustee and the Collateral Administrator that it concurs with the Collateral Manager&rsquo;s calculations
with respect to the Advance Value of each Additional Funding Asset as set forth in the notice delivered pursuant to Section&nbsp;2.13(g)
below (which confirmation shall be deemed to be made upon the funding of the related Subsequent Advance).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">Upon receipt of such payment the Issuer shall increase (or, if applicable, direct the Trustee to
increase or otherwise approve any such increase at DTC) the amount outstanding under the applicable Delayed Draw Global Note by
a principal amount equal to the amount of the Subsequent Advance. In connection with the Subsequent Advance, the Initial Holder
shall reasonably cooperate with the Issuer (or the Trustee on its behalf) to effect any such increase, including providing any
accessing instructions to DTC.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">The Subsequent Advance made pursuant to this Section&nbsp;2.13 shall be recorded by the Note Registrar
on the Note Register pursuant to Section&nbsp;2.5(a); and shall be recorded and endorsed on the applicable Delayed Draw Global
Note in accordance with Section&nbsp;2.2(b)(iii)(B).</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify">The Issuer shall be deemed to represent to UBS AG, London Branch and the Initial Holder on the
Delayed Draw Funding Date that no Event of Default has occurred or is continuing under this Indenture.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(e)</FONT></TD><TD STYLE="text-align: justify">The Initial Holder shall pay the amount of the Subsequent Advance to the Issuer by wire transfer
of immediately available funds no later than 11:00&nbsp;a.m. (New York City time) on the Delayed Draw Funding Date, to the Collection
Account as Principal Collections, for further application of such amount (a) for the purchase of Additional Funding Assets, (b)
to fund the Delayed-Draw/Committed Proceeds/Revolver Account with respect to Additional Funding Assets pursuant to and in accordance
with Section 10.2(d) and Section 10.3(d), respectively, and (c) to fund Eligible Investments (it being understood that any amounts
applied pursuant to the foregoing clause (a) and any resulting Cash contributions pursuant to Section 3 of the Equity Contribution
Agreement, may be directly applied to the purchase of Portfolio Assets on the Delayed Draw Funding Date, without the requirement
to deposit such amounts in the Collection Account, so long as the related Additional Funding Assets are acquired by the Issuer
on the Delayed Draw Funding Date).</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(f)</FONT></TD><TD STYLE="text-align: justify">For the avoidance of doubt, with respect to the Subsequent Advance, the certificate described in
clause&nbsp;(a) of the first paragraph of this Section&nbsp;2.13 and an authentication order shall be delivered to the Trustee,
but the opinions and certificates set forth in Section&nbsp;3.1 shall not be required.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(g)</FONT></TD><TD STYLE="text-align: justify">The aggregate Advance Value of all Additional Funding Assets shall be equal to U.S.$50,000,000,
as determined by the Collateral Manager and notified by the Collateral Manager to the Trustee, the Collateral Administrator, UBS
and the Initial Holder, such notice to contain reasonably detailed calculations specifying the Advance Value of each Additional
Funding Asset; provided that, UBS shall have signed off on such notice and agreed to calculations of Advance Value of Additional
Funding Assets provided by the Collateral Manager.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(h)</FONT></TD><TD STYLE="text-align: justify">UBS shall be an express third party beneficiary of this Indenture for purposes of exercising its
right to verify under Section&nbsp;2.13(a)(ii) above and its right to receive the notice under Sections&nbsp;2.13(a) and 2.13(g)
above.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">3.</FONT></TD><TD STYLE="text-align: justify">Conditions Precedent</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">3.1</FONT></TD><TD STYLE="text-align: justify">Conditions to Issuance of Notes on Closing Date</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Notes to be issued on the Closing Date
may be registered in the names of the respective Holders thereof and may be executed by the Issuer and delivered to the Trustee
for authentication and thereupon the same shall be authenticated and delivered by the Trustee upon Issuer Order and upon receipt
by the Trustee of the following:</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify"><B>Officers&rsquo; Certificate of the Issuer</B>. An Officer&rsquo;s certificate of the Issuer
(A)&nbsp;evidencing the authorization by Authorizing Resolution of the execution and delivery on behalf of the Issuer of (1)&nbsp;the
Transaction Documents to which the Issuer is a party and (2)&nbsp;such related documents as may be required for the purpose of
the transactions contemplated therein and (B)&nbsp;certifying that (1)&nbsp;the attached copy of the Authorizing Resolution and
Constitutive Documents is, in each case, a true and complete copy thereof, (2)&nbsp;the Authorizing Resolution has not been amended
or rescinded and is in full force and effect on and as of the Closing Date, (3)&nbsp;the officers of the Issuer authorized to execute
and deliver such documents hold the offices and have the signatures indicated thereon and (4)&nbsp;all Portfolio Asset Obligors
on all Portfolio Assets (or the applicable agent appointed under the relevant Underlying Instrument to receive payments) have been
directed to deposit all payments made or received under the relevant Underlying Instrument in respect of such Portfolio Asset directly
to the Collection Account.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify"><B>Officers&rsquo; Certificates of the</B> <B>Sole Member, the Collateral Manager and the Counterparty</B>.
An Officer&rsquo;s certificate of the Sole Member, the Collateral Manager and the Counterparty (A)&nbsp;evidencing the authorization
by Authorizing Resolution of the execution and delivery of (1)&nbsp;the Transaction Documents to which it is a party and (2)&nbsp;such
related documents as may be required for the purpose of the transactions contemplated therein and (B)&nbsp;certifying that (1)&nbsp;the
attached copy of the Authorizing Resolution and Constitutive Documents is in each case a true and complete copy thereof, (2)&nbsp;the
Authorizing Resolution has not been amended or rescinded and are in full force and effect on and as of the Closing Date, (3)&nbsp;the
officers of the Sole Member, the Collateral Manager and the Counterparty authorized to execute and deliver such documents hold
the offices and have the signatures indicated thereon.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify"><B>Governmental Approvals</B>. From the Issuer either (A)&nbsp;a certificate of the Issuer, or
other official document, evidencing the due authorization, approval or consent of any governmental body or bodies, at the time
having jurisdiction in the premises, together with an Opinion of Counsel of the Issuer that no other authorization, approval or
consent of any governmental body is required for the valid issuance of the Notes or (B)&nbsp;an Opinion of Counsel of the Issuer
that no such authorization, approval or consent of any governmental body is required for the valid issuance of the Notes except
as has been given.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify"><B>U.S. Counsel Opinions</B>. Opinions of: (A)&nbsp;Alston &amp; Bird LLP, counsel to the Trustee
and the Collateral Administrator and (B)&nbsp;White &amp; Case LLP, New York counsel to the Issuer, the Sole Member, the Counterparty
and the Collateral Manager; each dated the Closing Date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(e)</FONT></TD><TD STYLE="text-align: justify"><B>Delaware Counsel Opinion</B>. Opinion of: Venable LLP, Delaware counsel to Murray Hill Funding,
LLC, dated the Closing Date.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(f)</FONT></TD><TD STYLE="text-align: justify"><B>Officers&rsquo; Certificates of Issuer Regarding Indenture</B>. An Officer&rsquo;s certificate
of the Issuer stating that, to such Officer&rsquo;s knowledge, the Issuer is not in default under this Indenture and that the issuance
of the Notes applied for by it will not result in a default or a breach of any of the terms, conditions or provisions of, or constitute
a default under, its organizational documents, any indenture or other agreement or instrument to which it is a party or by which
it is bound, or any order of any court or administrative agency entered in any Proceeding to which it is a party or by which it
may be bound or to which it may be subject; that it has delivered to the Trustee (or procured the delivery of) the documentary
conditions precedent required by Section&nbsp;3.1 and that all other conditions precedent provided in this Indenture relating to
the authentication and delivery of the Notes applied for by it have been complied with; and that all expenses due or accrued with
respect to the issuance and sale of such Notes or relating to actions taken on or in connection with the Closing Date have been
paid or reserves therefor have been made. The Officer&rsquo;s certificate of the Issuer shall also state that all of its representations
and warranties contained herein are true and correct as of the Closing Date in all material respects.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(g)</FONT></TD><TD STYLE="text-align: justify"><B>Transaction Documents</B>. An executed counterpart of each Transaction Document.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(h)</FONT></TD><TD STYLE="text-align: justify"><B>Grant of Portfolio Assets</B>. The Grant by the Issuer pursuant to the Granting Clauses of this
Indenture of all of the Issuer&rsquo;s right, title and interest in and to the Portfolio Assets pledged to the Trustee for inclusion
in the Collateral on the Closing Date shall be effective, and Delivery of such Collateral (including any promissory note and all
other Underlying Instruments related thereto to the extent received by the Issuer) as contemplated by Section&nbsp;3.2 shall have
been effected.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify"><B>Certificate of the Issuer Regarding Collateral</B>. A certificate of an Authorized Representative
of the Issuer or the Collateral Manager (on behalf of the Issuer), dated as of the Closing Date, to the effect that:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">in the case of each Portfolio Asset pledged to the Trustee, on the Closing Date and immediately
prior to the Delivery thereof on the Closing Date:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(A)</FONT></TD><TD STYLE="text-align: justify">the Issuer is the owner of each Portfolio Asset free and clear of any Liens of any nature whatsoever
except for (i)&nbsp;those which are being released on the Closing Date, (ii)&nbsp;those Granted pursuant to this Indenture and
(iii)&nbsp;Permitted Liens;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(B)</FONT></TD><TD STYLE="text-align: justify">the Issuer has acquired its ownership in each Portfolio Asset in good faith without notice of any
adverse claim, except as described in paragraph&nbsp;(A) above;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(C)</FONT></TD><TD STYLE="text-align: justify">the Issuer has not assigned, pledged or otherwise encumbered any interest in any such Portfolio
Asset (or, if any such interest has been assigned, pledged or otherwise encumbered, it has been released or will be released on
the Closing Date) other than interests Granted pursuant to this Indenture;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(D)</FONT></TD><TD STYLE="text-align: justify">the Issuer has full right to Grant a security interest in and assign and pledge each Portfolio
Asset to the Trustee;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(E)</FONT></TD><TD STYLE="text-align: justify">Schedule&nbsp;1 to such certificate is a complete list of the Portfolio Assets as of the Closing
Date and the information set forth with respect to such Portfolio Asset in Schedule&nbsp;1 to such certificate is correct;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(F)</FONT></TD><TD STYLE="text-align: justify">upon Grant by the Issuer, the Trustee has (or will have, upon the filing of the Financing Statement(s)
contemplated in Section&nbsp;7.5 of this Indenture, the delivery of any promissory notes relating to such Collateral and the execution
and delivery of the Issuer Account Control Agreement) a first priority perfected security interest in the Portfolio Assets and
other Collateral, except as permitted by this Indenture;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(G)</FONT></TD><TD STYLE="text-align: justify">no Portfolio Asset was originated in contemplation of including it in the Collateral; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(H)</FONT></TD><TD STYLE="text-align: justify">each Portfolio Asset that the Collateral Manager on behalf of the Issuer purchased or committed
to purchase on or prior to the Closing Date satisfies, or will upon its acquisition satisfy, the Asset Eligibility Criteria and
(to the extent applicable to purchases occurring on or prior to the Closing Date) other requirements of Section&nbsp;12.2(a); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">each Loan owned or to be acquired by the Issuer on the Closing Date is a Portfolio Asset.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(j)</FONT></TD><TD STYLE="text-align: justify"><B>Accounts</B>. Evidence of the establishment of each of the Accounts.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(k)</FONT></TD><TD STYLE="text-align: justify"><B>Withholding Certificates</B>. From each Holder acquiring Notes on the Closing Date, either (A)&nbsp;a
properly completed and duly executed Internal Revenue Service Form&nbsp;W-9 or (B)&nbsp;the properly completed and duly executed
applicable Internal Revenue Service Form&nbsp;W-8 with all required attachments.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(l)</FONT></TD><TD STYLE="text-align: justify"><B>Other Documents</B>. Such other documents as the Trustee may reasonably require; <B>provided</B>
that nothing in this clause&nbsp;(l) shall imply or impose a duty on the part of the Trustee to require any other documents.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(m)</FONT></TD><TD STYLE="text-align: justify"><B>Expense Account</B>. Receipt by the Trustee of $100,000 from the Sole Member, as a capital contribution
to the Issuer, deposited into the Expense Account for use pursuant to Section&nbsp;10.3(c).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(n)</FONT></TD><TD STYLE="text-align: justify"><B>Letter Agreement</B>. An executed counterpart of the Letter Agreement (together with the omnibus
consent contemplated thereby.)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(o)</FONT></TD><TD STYLE="text-align: justify"><B>Proceeds of Initial Funded Notes</B>. The receipt by the Trustee of Cash proceeds from the funding
of the Initial Funded Notes in the amount of U.S.$115,384,615.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">3.2</FONT></TD><TD STYLE="text-align: justify">Custodianship; Delivery of Portfolio Assets and Eligible Investments</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">The Issuer shall deliver or cause to be delivered to a custodian appointed by the Issuer, which
shall be a Securities Intermediary (the <B><I>Custodian</I></B>), all Collateral in accordance with the definition of &ldquo;Deliver&rdquo;.
Initially, the Custodian shall be the Bank. Any successor Custodian shall be a state or national bank or trust company that has
capital and surplus of at least $200,000,000 acting as a Securities Intermediary. The Trustee or the Custodian, as applicable,
shall hold (i)&nbsp;all Portfolio Assets, Eligible Investments, Cash and other investments purchased in accordance with this Indenture
and (ii)&nbsp;all other Collateral otherwise Delivered to the Trustee or the Custodian, as applicable, by or on behalf of the Issuer,
in the relevant Account established and maintained pursuant to Article&nbsp;10; as to which in each case the Trustee shall have
entered into the Issuer Account Control Agreement (or an agreement substantially in the form thereof, in the case of a successor
Custodian) it being agreed that the establishment and maintenance of such Account will be governed by a law of a jurisdiction satisfactory
to the Issuer and the Trustee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">Each time that the Collateral Manager on behalf of the Issuer directs or causes the acquisition
of any Portfolio Asset, Eligible Investment or other investment, the Collateral Manager (on behalf of the Issuer) shall, if the
Portfolio Asset or Eligible Investment or other investment is required to be, but has not already been, transferred to the Custodian
or the relevant Account, cause the Portfolio Asset, Eligible Investment or other investment to be Delivered to the Custodian to
be held in or credited to the Custodial Account, or in the case of any Eligible Investment or other investment, in the Account
in which the funds used to purchase the investment are held in accordance with Article&nbsp;10, in each case, for the benefit of
the Trustee in accordance with this Indenture. The security interest of the Trustee in the funds or other property used in connection
with the acquisition shall, immediately and without further action on the part of the Trustee, be released. The security interest
of the Trustee shall nevertheless come into existence and continue in the related Portfolio Asset or Eligible Investment or other
investment so acquired, including all interests of the Issuer in to any contracts related to and proceeds of such Portfolio Asset
or Eligible Investment or other investment.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">3.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">Application of Proceeds of Issuance</FONT></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Issuer shall deposit the cash proceeds
of issuance of the Notes received on the Closing Date in the Collection Account and apply such proceeds (a)&nbsp;to fund the purchase
of Portfolio Assets, (b)&nbsp;to fund the Delayed-Draw/Committed Proceeds/Revolver Account pursuant to and in accordance with Section&nbsp;10.2(d)
and Section&nbsp;10.3(d), respectively, and (c)&nbsp;to fund the purchase of Eligible Investments (it being understood that any
amounts applied pursuant to the foregoing clause (a) and any resulting Cash contributions pursuant to Section 3 of the Equity Contribution
Agreement, may be directly applied to the purchase of Portfolio Assets on the Closing Date, without the requirement to deposit
such amounts in the Collection Account, so long as the related Portfolio Assets are acquired by the Issuer on the Closing Date).</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">4.</FONT></TD><TD STYLE="text-align: justify">Satisfaction and Discharge</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">4.1</FONT></TD><TD STYLE="text-align: justify">Satisfaction and Discharge of Indenture</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Indenture shall be discharged and
shall cease to be of further effect except as to (i)&nbsp;rights of registration of transfer and exchange, (ii)&nbsp;rights of
substitution of mutilated, defaced, destroyed, lost or stolen Notes, (iii)&nbsp;rights of Holders to receive payments of principal
thereof and interest thereon, (iv)&nbsp;the obligations of the Trustee hereunder (in the case of such obligations, insofar as they
relate to obligations that survive pursuant to any of clauses&nbsp;(i) through (iii) above or clause&nbsp;(v) or (vi)&nbsp;below),
(v)&nbsp;the rights and immunities of the Collateral Administrator under the Collateral Administration Agreement and (vi)&nbsp;the
rights of Holders as beneficiaries hereof with respect to the property deposited with the Trustee and payable to all or any of
them (and the Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction
and discharge of this Indenture) when:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">either:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">all Notes theretofore authenticated and delivered to Holders (other than (A)&nbsp;Notes which have
been mutilated, defaced, destroyed, lost or stolen and which have been replaced or paid as provided in Section&nbsp;2.6, (B)&nbsp;Notes
for whose payment Cash has theretofore irrevocably been deposited in trust and thereafter repaid to the Issuer or discharged from
such trust, as provided in Section&nbsp;7.3, and (C)&nbsp;Notes in respect of which final payment has been made without presentation
or surrender pursuant to Section&nbsp;2.7(e) or Section&nbsp;9.4) have been delivered to the Trustee for cancellation; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">all Notes not theretofore delivered to the Trustee for cancellation (A)&nbsp;have become due and
payable, or (B)&nbsp;will become due and payable at their Stated Maturity within one year, or (C)&nbsp;are to be called for redemption
pursuant to Article&nbsp;9 under an arrangement satisfactory to the Trustee for the giving of notice of redemption by the Issuer
pursuant to Section&nbsp;9.3, and the Issuer has irrevocably deposited or caused to be deposited with the Trustee, in trust for
such purpose, Cash or non-callable direct obligations of the United States of America entitled to the full faith and credit of
the United States of America, in an amount sufficient, as verified by a firm of Independent certified public accountants which
are nationally recognized, to pay and discharge the entire indebtedness on such Notes, for principal and interest to the date of
such deposit (in the case of Notes which have become due and payable), or to their Stated Maturity or Redemption Date, as the case
may be, and shall have Granted to the Trustee a valid perfected security interest in such Eligible Investment that is of first
priority or free of any adverse claim, as applicable, and shall have furnished an Opinion of Counsel with respect thereto; <B>provided</B>
that this sub-Section (ii)&nbsp;shall not apply if an election to act in accordance with the provisions of Section&nbsp;5.5(a)
shall have been made and not rescinded; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify">following an election to act in accordance with the provisions of Section&nbsp;5.5(a) that has
been made and not rescinded, or following the liquidation of all Portfolio Assets at the direction of the Liquidation Agent pursuant
to Section&nbsp;12.1(c), the Issuer shall have delivered to the Trustee an Officers&rsquo; certificate stating that (i)&nbsp;there
are no assets that remain subject to the Lien of this Indenture and (ii)&nbsp;all funds on deposit in the Accounts have been distributed
in accordance with the terms of this Indenture (including Section&nbsp;11.1) or the Issuer has otherwise irrevocably deposited
or caused to be deposited such funds with the Trustee, in trust for such purpose, and shall have Granted to the Trustee a valid
perfected security interest in such funds that is of first priority or free of any adverse claim, as applicable, and shall have
furnished an Opinion of Counsel with respect thereto;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">the Issuer has paid or caused to be paid all other sums then due and payable hereunder (including
any amounts then due and payable pursuant to the Collateral Administration Agreement and the Collateral Management Agreement) by
the Issuer and no other amounts are scheduled to be due and payable by the Issuer;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">the Issuer has delivered to the Trustee Officers&rsquo; certificates and an Opinion of Counsel,
each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have
been complied with; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify">the Issuer has delivered to the Trustee a certificate stating that (i)&nbsp;there is no Collateral
that remains subject to the Lien of this Indenture and (ii)&nbsp;all funds on deposit in the Accounts have been distributed in
accordance with the terms of this Indenture (including the Priority of Payments) or have otherwise been irrevocably deposited in
trust with the Trustee for such purpose.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding the satisfaction and discharge
of this Indenture, the rights and obligations of the Issuer, the Trustee and, if applicable, the Holders, as the case may be, under
Sections&nbsp;2.7, 4.2, 5.4(d), 5.9, 5.18, 6.1, 6.3, 6.6, 6.7, 7.1 and 7.3 shall survive.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">4.2</FONT></TD><TD STYLE="text-align: justify">Application of Trust Cash</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All Cash and obligations deposited with
the Trustee pursuant to Section&nbsp;4.1 shall be held in trust and applied by it in accordance with the provisions of the Notes
and this Indenture, including, without limitation, the Priority of Payments, to the payment of principal and interest, either directly
or through any Paying Agent, as the Trustee may determine; and such Cash and obligations shall be held in a segregated account
identified as being held in trust for the benefit of the Secured Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">4.3</FONT></TD><TD STYLE="text-align: justify">Repayment of Cash Held by Paying Agent</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the satisfaction and
discharge of this Indenture with respect to the Notes, all Cash then held by any Paying Agent other than the Trustee under the
provisions of this Indenture shall, upon demand of the Issuer, be paid to the Trustee to be held and applied pursuant to Section&nbsp;7.3
hereof and in accordance with the Priority of Payments and thereupon such Paying Agent shall be released from all further liability
with respect to such Cash.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">4.4</FONT></TD><TD STYLE="text-align: justify">Disposition of Illiquid Assets</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">In connection with the satisfaction and discharge of this Indenture with respect to the Notes,
and notwithstanding Article&nbsp;12 (or any other term to the contrary contained herein), if the Portfolio Assets consist exclusively
of Illiquid Assets, the Collateral Manager may (and shall if directed by the Majority Holders) provide notice to the Trustee that
it will dispose of the Illiquid Assets by auction pursuant to the requirements of Section&nbsp;4.4(b).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">The Trustee will forward a notice, in the name and at the expense of the Issuer (in such form as
is prepared by the Collateral Manager), to the Holders of an auction, setting forth in reasonable detail a description of each
Illiquid Asset and the following auction procedures:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">any Holder of Notes may submit a written bid to purchase one or more Illiquid Assets no later than
the date specified in the auction notice (which shall be at least fifteen Business Days after the date of such notice (the <B><I>Bid
Deadline</I></B>));</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">each bid must include an offer to purchase for a specified amount of cash on a proposed settlement
date no later than five Business Days after the Bid Deadline;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify">the Collateral Manager (or, in connection with the liquidation of an Illiquid Asset described in
clause&nbsp;(b) of the definition thereof, the Liquidation Agent) shall select the winning bidder(s);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iv)</FONT></TD><TD STYLE="text-align: justify">if no Holder submits such a bid before the Bid Deadline, unless the Collateral Manager determines
(and notifies the Trustee) delivery in kind is not legally or commercially practicable, the Trustee will provide notice thereof
to each Holder and offer to deliver (at the cost of the Issuer) a <I>pro&nbsp;rata</I> portion (as determined by the Collateral
Manager) of each unsold Illiquid Asset to the Holders that provide delivery instructions to the Trustee on or before the date specified
in such notice, subject to minimum denominations. To the extent that minimum denominations do not permit a <I>pro&nbsp;rata</I>
distribution, the Trustee will distribute the Illiquid Assets on a <I>pro&nbsp;rata</I> basis to the extent possible and the Collateral
Manager will select by lottery the Holder to whom the remaining amount will be delivered. Such distributions to Holders will not
reduce the Aggregate Outstanding Amount of the Notes. The Trustee shall use commercially reasonable efforts to effect delivery
of such interests; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(v)</FONT></TD><TD STYLE="text-align: justify">if no such Holder provides delivery instructions to the Trustee, the Trustee will promptly notify
the Collateral Manager and offer to deliver (at the cost of the Issuer) the Illiquid Assets to the Collateral Manager. If the Collateral
Manager declines such offer, the Trustee will take such action as directed by the Collateral Manager (on behalf of the Issuer)
to dispose of the Illiquid Assets, which may be by donation to a charity, abandonment or other means.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Trustee shall have no duty, obligation
or responsibility with respect to the sale of any Illiquid Asset under this Section&nbsp;4.4(b) other than to act upon the written
instruction of the Collateral Manager and in accordance with the express provisions of this Section&nbsp;4.4(b).</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">5.</FONT></TD><TD STYLE="text-align: justify">Remedies</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">5.1</FONT></TD><TD STYLE="text-align: justify">Events of Default</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Event of Default</I></B>, wherever
used herein, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary
or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule
or regulation of any administrative or governmental body):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">the Issuer shall default in the payment of any principal, interest or other amount owing or otherwise
payable under the Notes when due (whether at Stated Maturity, on a Redemption Date, by acceleration, upon optional or mandatory
prepayment or otherwise) and such default shall continue for at least three Business Days after notice thereof to the Issuer by
any Holder; <B>provided</B> that, in the case of a default in payment resulting solely from an administrative error or omission
by the Trustee, such default continues for a period of five or more Business Days after the Trustee receives written notice or
a Trust Officer has actual knowledge of such administrative error or omission; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">the failure (i)&nbsp;on any Payment Date to disburse amounts available in the Payment Account in
accordance with the Priority of Payments and the continuation of such failure for a period of three Business Days, <B>provided</B>
that, if such failure results solely from an administrative error or omission by the Trustee, such failure continues for a period
of five or more Business Days after the Trustee receives written notice or a Trust Officer has actual knowledge of such administrative
error or omission, or (ii)&nbsp;by the Sole Member to make any equity contribution or to pay any other amount owing to the Issuer
in each case pursuant to the Equity Contribution Agreement and the continuation of such failure for a period of three Business
Days; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">any representation, warranty or certification made herein or pursuant hereto or in or pursuant
to any Support Document (or in any modification or supplement hereto or thereto) by the Issuer or the Sole Member shall prove to
have been false or misleading as of the time made in any material respect; <B>provided</B>, <B>however</B>, that if any such representation,
warranty or certification is (i)&nbsp;remediable and (ii)&nbsp;not the result of fraud or willful misconduct on the part of the
Issuer or the Sole Member, such representation, warranty or certification continues unremedied for a period of 30&nbsp;days after
the Issuer becomes actually aware of such false or misleading representation, warranty or certification; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify">the Issuer shall default in the performance of any of its obligations under Section&nbsp;7.5(a),
7.5(g), 7.15, 12.1(b) or 12.3(c); or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(e)</FONT></TD><TD STYLE="text-align: justify">except as otherwise specified in this Section&nbsp;5.1 (i)&nbsp;the Issuer shall default in the
performance of any of its other obligations hereunder or (ii)&nbsp;the Issuer or the Sole Member shall default in the performance
of any of its other obligations under any Support Document, and in each case such default (A)&nbsp;has a Material Adverse Effect
on the Holders of the Notes and (B)&nbsp;if remediable, continues unremedied for a period of 30&nbsp;days after notice thereof
to the Issuer by any Holder (or, in the case of any obligation of the Sole Member under Section&nbsp;2 or 3 of the Equity Contribution
Agreement, one Business Day) after notice thereof to the Issuer and Trustee by the Issuer, the Trustee or any Holder; <B>provided</B>
that (I)&nbsp;any failure by the Sole Member to comply with any of its obligations when due under Section&nbsp;2 or 3 of the Equity
Contribution Agreement (after giving effect to any applicable cure periods) shall be deemed to have a Material Adverse Effect on
the Holders for the purposes of the foregoing sub-clause&nbsp;(A) and (II)&nbsp;any failure by the Sole Member to comply with any
of its obligations when due under Section&nbsp;5(d), 5(e) or 5(f) of the Equity Contribution Agreement (after giving effect to
any applicable cure periods) shall be deemed (x)&nbsp;to have a Material Adverse Effect on the Holders for the purposes of the
foregoing sub-clause&nbsp;(A) and (y)&nbsp;to be irremediable for the purposes of the foregoing sub-clause&nbsp;(B); or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(f)</FONT></TD><TD STYLE="text-align: justify">An Insolvency Event occurs with respect to the Issuer or the Sole Member; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(g)</FONT></TD><TD STYLE="text-align: justify">the Issuer or the Sole Member shall consolidate or amalgamate with, or merge with or into, or transfer
all or substantially all its assets to, another Person and, at the time of such consolidation, amalgamation, merger or transfer:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">the resulting, surviving or transferee Person (if not the Issuer or the Sole Member, as the case
may be) shall fail to assume all the obligations of the Issuer or the Sole Member, as applicable, under the Notes or any Support
Document to which it or its predecessor was a party by operation of law or pursuant to an agreement reasonably satisfactory to
the Holders of all Notes then Outstanding;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">the benefits of any Support Document shall fail to extend (without the unanimous consent of the
Holders of all Notes then Outstanding) to the performance by such resulting, surviving or transferee Person of its obligations
under such Support Document; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify">the creditworthiness of the resulting, surviving or transferee Person shall be materially weaker
than that of the Issuer or the Sole Member, as the case may be, immediately prior to such event (as determined by the Majority
Holders); or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #010000">&nbsp;</P>


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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                   <P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                   <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="color: #010000">(h)</FONT></P></TD><TD STYLE="text-align: justify">any Transaction Document shall cease to be in full force or effect other than in accordance with
its terms, or the Issuer or the Sole Member shall disaffirm, disclaim, repudiate or reject, in whole or in part, or challenge the
validity of, any Transaction Document to which it is a party; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">the Constitutive Documents of the Issuer shall be amended, supplemented or otherwise modified,
or shall be terminated, without the consent of each Holder, except for any amendment, supplement or other modification that could
not reasonably be expected to have a Material Adverse Effect; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(j)</FONT></TD><TD STYLE="text-align: justify">any of the Issuer or the Sole Member becomes an investment company required to be registered under
the Investment Company Act; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(k)</FONT></TD><TD STYLE="text-align: justify">[reserved];</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(l)</FONT></TD><TD STYLE="text-align: justify">[reserved];</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(m)</FONT></TD><TD STYLE="text-align: justify">an &ldquo;Event of Default&rdquo; occurs and is continuing under the Global Master Repurchase Agreement
with respect to which the Counterparty is the &ldquo;Defaulting Party&rdquo; (as each such term is defined therein) and an acceleration
has occurred.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon obtaining knowledge of the occurrence
of a Default or an Event of Default (which, in the case of an event described in clause&nbsp;(m), will be obtained by receipt of
notice from UBS, in its capacity as party to the Global Master Repurchase Agreement, that such event has occurred), each of (i)&nbsp;the
Issuer, (ii)&nbsp;the Trustee, (iii)&nbsp;the Collateral Manager and (iv)&nbsp;the Liquidation Agent shall notify each other. Upon
the occurrence of a Default or an Event of Default known or made known pursuant to the foregoing to a Trust Officer of the Trustee,
the Trustee shall, not later than three Business Days thereafter, notify the Holders (as their names appear on the Note Register),
each Paying Agent and DTC of such Default or Event of Default in writing (unless such Default or Event of Default has been waived
as provided in Section&nbsp;5.14).</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">5.2</FONT></TD><TD STYLE="text-align: justify">Acceleration of Maturity; Rescission and Annulment</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">If an Event of Default occurs and is continuing (other than an Event of Default specified in Section&nbsp;5.1(f)),
the Trustee may, and shall (upon the written direction of the Majority Holders), by notice to the Issuer, declare the principal
of all the Notes to be immediately due and payable, and upon any such declaration such principal, together with all interest payable
thereon and other amounts payable hereunder, shall become immediately due and payable. If an Event of Default specified in Section&nbsp;5.1(f)
occurs, all unpaid principal, together with all interest payable thereon, of all the Notes, and other amounts payable thereunder
and hereunder, shall automatically become due and payable without any declaration or other act on the part of the Trustee or any
Holder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">At any time after such a declaration of acceleration of maturity has been made and before a judgment
or decree for payment of the Cash due has been obtained by the Trustee as hereinafter provided in this Article&nbsp;5, such declaration
may not be rescinded except by the Majority Holders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">No such rescission shall affect
any subsequent Default or impair any right consequent thereon.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">5.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">Collection of Indebtedness and Suits for Enforcement by Trustee</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Issuer covenants that if
a default shall occur in respect of the payment of any principal of or interest when due and payable on any Note, the Issuer will,
upon demand of the Trustee, pay to the Trustee, for the benefit of the Holder of such Note, the whole amount, if any, then due
and payable on such Note for principal and interest with interest upon the overdue principal, which shall accrue at a rate equal
to the Federal Funds (Effective) Rate plus 2%, and, in addition thereto, such further amount as shall be sufficient to cover the
costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee and
its agents and counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Issuer fails to pay such amounts
forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may, and shall upon direction of the
Majority Holders, institute a Proceeding for the collection of the sums so due and unpaid, may prosecute such Proceeding to judgment
or final decree, and may enforce the same against the Issuer or the Sole Member, acting on behalf of the Issuer with respect to
its rights under the Equity Contribution Agreement, and collect the Cash adjudged or decreed to be payable in the manner provided
by law out of the Collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an Event of Default has occurred and
is continuing, the Trustee may in its discretion, and shall upon written direction of the Majority Holders, proceed to protect
and enforce its rights and the rights of the Secured Parties by such appropriate Proceedings as the Trustee shall deem most effectual
(if no such direction is received by the Trustee) or as the Trustee may be directed by the Majority Holders, to protect and enforce
any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise
of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Trustee by this Indenture
or by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject always to the provisions of Sections&nbsp;2.7(g),
5.4(d) and 5.8, in case there shall be pending Proceedings relative to the Issuer or the Sole Member under the Bankruptcy Law or
any other applicable bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization,
liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or the Sole Member
or their respective property, or in case of any other comparable Proceedings relative to the Issuer or the Sole Member, or the
creditors or property of the Issuer or the Sole Member, the Trustee, regardless of whether the principal of any Note shall then
be due and payable as therein expressed or by declaration or otherwise and regardless of whether the Trustee shall have made any
demand pursuant to the provisions of this Section&nbsp;5.3, shall be entitled and empowered, by intervention in such Proceedings
or otherwise:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #010000">&nbsp;</P>


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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">in the case of Proceedings relative to the Issuer, to file and prove a claim or claims for the
whole amount of principal and interest owing and unpaid in respect of the Notes upon direction by the Majority Holders; and in
the case of Proceedings relative to the Issuer or the Sole Member (on behalf of the Issuer in the case of Proceedings relative
to the Sole Member), to file such other papers or documents as may be necessary or advisable in order to have the claims of the
Trustee (including any claim for reasonable compensation to the Trustee and each predecessor Trustee, and their respective agents,
external attorneys and external counsel, and for reimbursement of all reasonable expenses and liabilities incurred, and all advances
made, by the Trustee and each predecessor Trustee, except as a result of negligence or bad faith) and of the Holders allowed in
any Proceedings relative to the Issuer or the Sole Member, as applicable, or to the creditors or property of the Issuer or the
Sole Member, as applicable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">unless prohibited by applicable law and regulations, to vote on behalf of the Holders upon the
direction of the Majority Holders, in any election of a trustee or a standby trustee in arrangement, reorganization, liquidation
or other bankruptcy or insolvency Proceedings or Person performing similar functions in comparable Proceedings; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">to collect and receive any Cash or other property payable to or deliverable on any such claims,
and to distribute all amounts received with respect to the claims of the Holders and of the Trustee on their behalf; and any trustee,
receiver or liquidator, custodian or other similar official is hereby authorized by each of the Holders to make payments to the
Trustee, and, in the event that the Trustee shall consent to the making of payments directly to the Holders to pay to the Trustee
such amounts as shall be sufficient to cover reasonable compensation to the Trustee, each predecessor Trustee and their respective
agents, external attorneys and external counsel, and all other reasonable expenses and liabilities incurred, and all advances made,
by the Trustee and each predecessor Trustee except as a result of negligence or bad faith.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Nothing herein contained shall be deemed
to authorize the Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Holders, any plan of reorganization,
arrangement, adjustment or composition affecting the Notes or any Holder thereof, or to authorize the Trustee to vote in respect
of the claim of any Holders, as applicable, in any such Proceeding except, as aforesaid, to vote for the election of a trustee
in bankruptcy or similar Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In any Proceedings brought by the Trustee
on behalf of the Holders of the Notes (and any such Proceedings involving the interpretation of any provision of this Indenture
to which the Trustee shall be a party), the Trustee shall be held to represent all the Holders of the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding anything in this Section&nbsp;5.3
to the contrary, the Trustee may not sell or liquidate the Collateral or institute Proceedings in furtherance thereof pursuant
to this Section&nbsp;5.3 except according to the provisions specified in Section&nbsp;5.5(a).</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">5.4</FONT></TD><TD STYLE="text-align: justify">Remedies</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">If an Event of Default shall have occurred and be continuing, and the Notes have been declared
or have become due and payable (an <B><I>Acceleration Event</I></B>) and such Acceleration Event and its consequences have not
been rescinded and annulled, the Issuer agrees that the Trustee may, and shall, subject to the terms of this Indenture (including
Section&nbsp;6.3(e) and Section&nbsp;5.5(d)), upon written direction of the Majority Holders, to the extent permitted by applicable
law, exercise one or more of the following rights, privileges and remedies:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">with respect to each Portfolio Asset, the Trustee (at the direction of the Majority Holders) may
direct each Portfolio Asset Obligor (or the applicable agent appointed under the relevant Underlying Instrument to receive payments)
thereon under the relevant Underlying Instrument to pay all amounts payable under such Underlying Instrument to (or to the order
of) the Trustee in satisfaction of all payment obligations thereunder;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">in its name or in the name of the Issuer or otherwise, demand, sue for, collect or receive any
money or property at any time payable or receivable on account of or in exchange for the Portfolio Assets and other Collateral
but shall be under no obligation to do so;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify">institute Proceedings for the collection of all amounts then payable on the Notes or otherwise
payable under this Indenture, whether by declaration or otherwise, enforce any judgment obtained, and collect from the Portfolio
Assets and other Collateral any Cash adjudged due;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iv)</FONT></TD><TD STYLE="text-align: justify">sell or cause the sale of all or a portion of the Portfolio Assets and other Collateral or rights
or interests therein, at one or more public or private sales called and conducted in any manner permitted by law and in accordance
with Section&nbsp;5.17 hereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(v)</FONT></TD><TD STYLE="text-align: justify">institute Proceedings from time to time for the complete or partial foreclosure of this Indenture
with respect to the Portfolio Assets and other Collateral;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(vi)</FONT></TD><TD STYLE="text-align: justify">exercise any remedies of a secured party under the UCC and take any other appropriate action to
protect and enforce the rights and remedies of the Trustee and the Holders of the Notes hereunder (including exercising all rights
of the Trustee under any Support Document); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(vii)</FONT></TD><TD STYLE="text-align: justify">exercise any other rights and remedies that may be available at law or in equity;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>provided</B> that the Trustee
may not sell or liquidate the Collateral or institute Proceedings in furtherance thereof pursuant to this Section&nbsp;5.4 except
according to the provisions of Section&nbsp;5.5(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Trustee may, but need not,
obtain and rely upon an opinion of an Independent investment banking firm of national reputation (the cost of which shall be payable
as an Administrative Expense) in structuring and distributing securities similar to the Notes, which may be the Liquidation Agent,
as to the feasibility of any action proposed to be taken in accordance with this Section&nbsp;5.4 and as to the sufficiency of
the proceeds and other amounts receivable with respect to the Collateral to make the required payments of principal of and interest
on the Notes which opinion shall be conclusive evidence as to such feasibility or sufficiency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">If an Event of Default as described in Section&nbsp;5.1(e) hereof shall have occurred and be continuing
the Trustee shall be entitled, and at the direction of the Majority Holders shall, institute (or cause the Issuer to institute,
in which case the Issuer shall comply with any instruction of the Trustee with respect to such Proceeding) a Proceeding solely
to compel performance of the covenant or agreement or to cure the representation or warranty, the breach of which gave rise to
the Event of Default under such Section, and enforce any equitable decree or order arising from such Proceeding.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">Upon any sale, whether made under the power of sale hereby given or by virtue of judicial Proceedings,
any Secured Party may bid for and purchase the Collateral or any part thereof and, upon compliance with the terms of sale, may
hold, retain, possess or dispose of such property in its or their own absolute right without accountability.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon any sale, whether made under the power
of sale hereby given or by virtue of judicial Proceedings, the receipt of Cash by the Trustee, or of the Officer making a sale
under judicial Proceedings, shall be a sufficient discharge to the purchaser or purchasers at any sale for its or their purchase,
and such purchaser or purchasers shall not be obliged to see to the application thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any such sale, whether under any power
of sale hereby given or by virtue of judicial Proceedings, shall bind the Issuer, the Trustee and the Holders of the Notes, shall
operate to divest all right, title and interest whatsoever, either at law or in equity, of each of them in and to the property
sold, and shall be a perpetual bar, both at law and in equity, against each of them and their successors and assigns, and against
any and all Persons claiming through or under them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify">Notwithstanding any other provision of this Indenture, none of the Trustee, the Secured Parties
or the Holders (or any beneficial owners of the Notes) nor any third party beneficiary of this Indenture may, prior to the date
which is one year (or if longer, any applicable preference period) and one day after the payment in full of all Notes, institute
against, or join any other Person in instituting against, the Issuer any bankruptcy, reorganization, arrangement, insolvency, moratorium
or liquidation Proceedings, or other Proceedings under U.S.&nbsp;Federal or State bankruptcy or similar laws of any jurisdiction.
Nothing in this Section&nbsp;5.4 shall preclude, or be deemed to estop, the Trustee, any Secured Party, any Holder or any such
third-party beneficiary (i)&nbsp;from taking any action prior to the expiration of the aforementioned period in (A)&nbsp;any case
or Proceeding voluntarily filed or commenced by the Issuer or (B)&nbsp;any involuntary insolvency Proceeding filed or commenced
by a Person other than the Trustee, such Secured Party, such Holder or any such third-party beneficiary, respectively, or (ii)&nbsp;from
commencing against the Issuer or any of its properties any legal action which is not a bankruptcy, reorganization, arrangement,
insolvency, moratorium or liquidation Proceeding.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #010000">&nbsp;</P>


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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">5.5</FONT></TD><TD STYLE="text-align: justify">Optional Preservation of Collateral</TD></TR></TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">Notwithstanding anything to the contrary herein, but subject to Section&nbsp;5.5(d), if an Event
of Default shall have occurred and be continuing, the Trustee shall retain the Collateral securing the Notes intact, collect and
cause the collection of the proceeds thereof and make and apply all payments and deposits and maintain all accounts in respect
of the Collateral and the Notes in accordance with the Priority of Payments and the provisions of Article&nbsp;10 and Article&nbsp;12
unless either:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">the Trustee, pursuant to Section&nbsp;5.5(c), determines that the anticipated proceeds of a sale
or liquidation of the Collateral (after deducting the reasonable expenses of such sale or liquidation) would be sufficient to discharge
in full the amounts then due and unpaid on the Notes, and all other amounts that, pursuant to the Priority of Payments, are required
to be paid prior to such payments on such Notes (including amounts due and owing as Administrative Expenses), and the Majority
Holders agree with such determination; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">the Majority Holders direct the sale and liquidation of the Collateral.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Trustee shall give written
notice of the retention of the Collateral, or of any direction received from the Majority Holders pursuant to Section&nbsp;5.5(a)(ii)
with respect to the sale and liquidation of the Collateral, to the Issuer with a copy to the Collateral Manager. So long as such
Event of Default is continuing, any such retention pursuant to this Section&nbsp;5.5(a) may be rescinded at any time when the conditions
specified in clause&nbsp;(i) or (ii) exist.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">Nothing contained in Section&nbsp;5.5(a) shall be construed to require the Trustee to sell the
Collateral securing the Notes if the conditions set forth in clause&nbsp;(i) or (ii) of Section&nbsp;5.5(a) are not satisfied.
Nothing contained in Section&nbsp;5.5(a) shall be construed to require the Trustee to preserve the Collateral securing the Notes
if prohibited by applicable law.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">In determining whether the condition specified in Section&nbsp;5.5(a)(i) exists, the Trustee shall
obtain, with the cooperation and assistance of the Liquidation Agent, bid prices with respect to each Portfolio Asset contained
in the Collateral from two nationally recognized dealers (as specified by the Liquidation Agent in writing) at the time making
a market in such Portfolio Assets or similar assets and shall compute the anticipated proceeds of sale or liquidation on the basis
of the lower of such bid prices for each such Portfolio Asset (as determined by the Liquidation Agent and notified to the Trustee).
In addition, for the purposes of determining issues relating to the execution of a sale or liquidation of the Collateral and the
execution of a sale or other liquidation thereof in connection with a determination whether the condition specified in Section&nbsp;5.5(a)(i)
exists, the Trustee may retain and rely on an opinion of an Independent investment banking firm of national reputation (the cost
of which shall be payable as an Administrative Expense).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Trustee shall deliver to
the Holders and the Collateral Manager a report stating the results of any determination required pursuant to Section&nbsp;5.5(a)(i)
no later than 10&nbsp;days after such determination is made. The Trustee shall make the determinations required by Section&nbsp;5.5(a)(i)
at the request of the Majority Holders at any time during which the Trustee retains the Collateral pursuant to Section&nbsp;5.5(a)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify">Section&nbsp;5.4 and Section&nbsp;5.5(a), (b) and (c) shall in all respects be subject to the application
of Section&nbsp;12.1(c) and any direction or instruction of the Liquidation Agent thereunder (including, if so directed, as to
the manner of sale of any Portfolio Asset, notwithstanding Sections&nbsp;5.4, 5.5(a), (b) and (c) and 5.17) and the Trustee shall
comply with such directions and instructions of the Liquidation Agent pursuant to Section&nbsp;12.1(c) without regard to the provisions
of Section&nbsp;5.5(a) above. In the event that any notice or instruction delivered by the Liquidation Agent pursuant to Section&nbsp;12.1(c)
conflicts, or is otherwise inconsistent, with any notice or instruction provided by the Majority Holders pursuant to Section&nbsp;5.4
or this Section&nbsp;5.5, the notice or instruction delivered by the Liquidation Agent pursuant to Section&nbsp;12.1(c) shall govern
and the Issuer and the Trustee shall follow, and shall be entitled to rely upon, such notice or instruction delivered to the Trustee
pursuant to Section&nbsp;12.1(c). The Trustee shall not have any liability for any failure or delay in enforcing rights or remedies
at the direction of, or on behalf of, the Majority Holders as a result of this clause&nbsp;(d).</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">5.6</FONT></TD><TD STYLE="text-align: justify">Trustee May Enforce Claims Without Possession of Notes</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All rights of action and claims under this
Indenture or under any of the Notes may be prosecuted and enforced by the Trustee without the possession of any of the Notes or
the production thereof in any Proceeding relating thereto, and any such Proceeding instituted by the Trustee shall be brought in
its own name as trustee of an express trust, and any recovery of judgment shall be applied as set forth in Section&nbsp;5.7 hereof.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">5.7</FONT></TD><TD STYLE="text-align: justify">Application of Cash Collected</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any Cash collected by the Trustee with
respect to the Notes pursuant to this Article&nbsp;5 and any Cash that may then be held or thereafter received by the Trustee with
respect to the Notes hereunder shall be applied, in accordance with the provisions of Section&nbsp;11.1(c), at the date or dates
fixed by the Trustee (or any other date or dates as directed by the Majority Holders by notice to the Trustee given reasonably
in advance thereof and reasonably acceptable to the Trustee). Upon the final distribution of all proceeds of any liquidation effected
hereunder, the provisions of Section&nbsp;4.1(b) shall be deemed satisfied for the purposes of discharging this Indenture pursuant
to Article&nbsp;4.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">5.8</FONT></TD><TD STYLE="text-align: justify">Limitation on Suits</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No Holder of any Note shall have any right
to institute any Proceedings, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee,
or for any other remedy hereunder, unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">such Holder has previously given to the Trustee written notice of an Event of Default;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">the Majority Holders shall have made written request to the Trustee to institute Proceedings in
respect of such Event of Default in its own name as Trustee hereunder and such Holder or Holders have provided the Trustee indemnity
reasonably satisfactory to the Trustee against the costs, expenses (including reasonable attorneys&rsquo; fees and expenses of
external counsel) and liabilities to be incurred in compliance with such request;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">the Trustee, for 30&nbsp;days after its receipt of such notice, request and provision of such indemnity,
has failed to institute any such Proceeding; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify">no direction inconsistent with such written request has been given to the Trustee during such 30-day
period by the Majority Holders; it being understood and intended that no one or more Holders of Notes shall have any right in any
manner whatever by virtue of, or by availing itself of, any provision of this Indenture to affect, disturb or prejudice the rights
of any other Holders or to obtain or to seek to obtain priority or preference over any other Holders or to enforce any right under
this Indenture, except in the manner herein provided and for the equal and ratable benefit of all the Holders subject to and in
accordance with the Priority of Payments.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event the Trustee shall receive
conflicting or inconsistent requests and indemnity pursuant to this Section&nbsp;5.8 from two or more groups of Holders of the
Notes, each representing less than 50% of the Aggregate Outstanding Amount of the Notes, the Trustee shall act in accordance with
the request specified by the group of Holders with the greatest percentage of the Aggregate Outstanding Amount of the Notes, notwithstanding
any other provisions of this Indenture. If all such groups represent the same percentage, the Trustee, in its sole discretion,
may determine what action, if any, shall be taken.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">5.9</FONT></TD><TD STYLE="text-align: justify">Unconditional Rights of Holders to Receive Principal and Interest</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to Sections&nbsp;2.7(g), 6.15 and
13.1, but notwithstanding any other provision of this Indenture, the Holder of any Note shall have the right, which is absolute
and unconditional, to receive payment of the principal of and interest on such Note, as such principal and interest become due
and payable in accordance with the Priority of Payments, as the case may be, and, subject to the provisions of Section&nbsp;5.4(d)
and Section&nbsp;5.8, to institute Proceedings for the enforcement of any such payment, and such right shall not be impaired without
the consent of such Holder.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">5.10</FONT></TD><TD STYLE="text-align: justify">Restoration of Rights and Remedies</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Trustee or any Holder has instituted
any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any
reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination
in such Proceeding, the Issuer, the Trustee and the Holder shall be restored severally and respectively to their former positions
hereunder, and thereafter all rights and remedies of the Trustee and the Holder shall continue as though no such Proceeding had
been instituted.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">5.11</FONT></TD><TD STYLE="text-align: justify">Rights and Remedies Cumulative</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No right or remedy herein conferred upon
or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy
shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or
hereafter existing at law or in equity or otherwise (to the extent not otherwise limited by this Indenture). The assertion or employment
of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate
right or remedy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">5.12</FONT></TD><TD STYLE="text-align: justify">Delay or Omission Not Waiver</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No delay or omission of the Trustee or
any Holder of Notes to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or
constitute a waiver of any such Event of Default or an acquiescence therein or of a subsequent Event of Default. Every right and
remedy given by this Article&nbsp;5 or by law to the Trustee or to the Holders of the Notes may be exercised from time to time,
and as often as may be deemed expedient, by the Trustee or by the Holders of the Notes.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">5.13</FONT></TD><TD STYLE="text-align: justify">Control by Majority Holders</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding any other provision of
this Indenture, the Majority Holders shall have the right following the occurrence, and during the continuance of, an Event of
Default to cause the institution of and direct the time, method and place of conducting any Proceeding for any remedy available
to the Trustee or exercising any other trust or power conferred upon the Trustee; <B>provided</B> that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">such direction shall not conflict with any rule of law or with any express provision of this Indenture;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with
such direction; <B>provided</B> that subject to Section&nbsp;6.1, the Trustee need not take any action that it determines might
involve it in liability or expense (unless the Trustee has received the indemnity as set forth in sub-Section&nbsp;(c) below);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">the Trustee shall have been provided with indemnity reasonably satisfactory to it; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify">notwithstanding the foregoing, any direction to the Trustee to undertake a Sale of the Collateral
must satisfy the requirements of Section&nbsp;5.5.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">5.14</FONT></TD><TD STYLE="text-align: justify">Waiver of Past Defaults</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prior to the time a judgment or decree
for payment of the Cash due has been obtained by the Trustee, as provided in this Article&nbsp;5, the Majority Holders may waive
any past Event of Default or any occurrence that is, or with notice or the lapse of time or both would become, an Event of Default
and its consequences; <B>provided</B> that if such Event of Default or occurrence is in respect of a covenant or provision hereof
that cannot be modified or amended without the consent of each Holder pursuant to Section&nbsp;8.2, then such waiver shall require
the consent of each Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the case of any such waiver, the Issuer,
the Trustee and the Holders of the Notes shall be restored to their former positions and rights hereunder, respectively, but no
such waiver shall extend to any subsequent or other Default or impair any right consequent thereto. The Trustee shall promptly
give written notice of any such waiver to the Collateral Manager and each Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon any such waiver, such Default shall
cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture,
but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">5.15</FONT></TD><TD STYLE="text-align: justify">Undertaking for Costs</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All parties to this Indenture agree, and
each Holder of any Note by such Holder&rsquo;s acceptance thereof shall be deemed to have agreed, that any court may in its discretion
require, in any Proceeding for the enforcement of any right or remedy under this Indenture, or in any Proceeding against the Trustee
for any action taken, or omitted by it as Trustee, the filing by any party litigant in such Proceeding of an undertaking to pay
the costs of such Proceeding, and that such court may in its discretion assess reasonable costs, including reasonable attorneys&rsquo;
fees of external counsel, against any party litigant in such Proceeding, having due regard to the merits and good faith of the
claims or defenses made by such party litigant; but the provisions of this Section&nbsp;5.15 shall not apply to any Proceeding
instituted by the Trustee, to any Proceeding instituted by any Holder, or group of Holders, holding in the aggregate more than
10% in Aggregate Outstanding Amount of the Notes, or to any Proceeding instituted by any Holder for the enforcement of the payment
of the principal of or interest on any Note on or after the Stated Maturity (or, in the case of redemption pursuant to Article&nbsp;9,
on or after the applicable Redemption Date).</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">5.16</FONT></TD><TD STYLE="text-align: justify">Waiver of Stay or Extension Laws</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Issuer covenants (to the extent that
it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit
or advantage of, any stay or extension law or any valuation, appraisement, redemption or marshalling law or rights, in each case
wherever enacted, now or at any time hereafter in force, which may affect the covenants, the performance of or any remedies under
this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any
such law or rights, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee,
but will suffer and permit the execution of every such power as though no such law had been enacted or rights created.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">5.17</FONT></TD><TD STYLE="text-align: justify">Sale of Collateral</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">The power to effect any sale or other disposition (a <B><I>Sale</I></B>) of any portion of the
Collateral pursuant to Sections&nbsp;5.4 and 5.5 shall not be exhausted by any one or more Sales as to any portion of such Collateral
remaining unsold, but shall continue unimpaired until the entire Collateral shall have been sold or all amounts secured by the
Collateral shall have been paid. The Trustee may upon notice to the Holders, and shall, upon direction of the Majority Holders,
from time to time postpone any Sale by public announcement made at the time and place of such Sale. The Trustee hereby expressly
waives its rights to any amount fixed by law as compensation for any Sale; <B>provided</B> that the Trustee shall be authorized
to deduct the reasonable costs, charges and expenses incurred by it in connection with such Sale from the proceeds thereof notwithstanding
the provisions of Section&nbsp;6.7.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">The Trustee, the Sole Member or the Collateral Manager may bid for and acquire any portion of the
Collateral in connection with a public Sale thereof, and may pay all or part of the purchase price by crediting against amounts
owing on the Notes in the case of the Collateral or other amounts secured by the Collateral, all or part of the net proceeds of
such Sale after deducting the reasonable costs, charges and expenses incurred by the Trustee in connection with such Sale notwithstanding
the provisions of Section&nbsp;6.7 hereof. The Notes need not be produced in order to complete any such Sale, or in order for the
net proceeds of such Sale to be credited against amounts owing on the Notes. The Trustee may hold, lease, operate, manage or otherwise
deal with any property so acquired in any manner permitted by law in accordance with this Indenture.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">If any portion of the Collateral consists of securities issued without registration under the Securities
Act (<B><I>Unregistered Securities</I></B>), the Trustee (or the Collateral Manager on its behalf) may seek an Opinion of Counsel,
or, if no such Opinion of Counsel can be obtained and with the consent of the Majority Holders, seek a no action position from
the Securities and Exchange Commission or any other relevant Federal or State regulatory authorities, regarding the legality of
a public or private Sale of such Unregistered Securities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify">The Trustee shall execute and deliver an appropriate instrument of conveyance transferring its
interest in any portion of the Collateral in connection with a Sale thereof (in each case, without any recourse, representation
or warranty by the Trustee). In addition, the Trustee is hereby irrevocably appointed the agent and attorney in fact of the Issuer
to transfer and convey its interest in any portion of the Collateral in connection with a Sale thereof, and to take all action
necessary to effect such Sale. No purchaser or transferee at such a sale shall be bound to ascertain the Trustee&rsquo;s authority,
to inquire into the satisfaction of any conditions precedent or see to the application of any Cash.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">5.18</FONT></TD><TD STYLE="text-align: justify">Action on the Notes</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Trustee&rsquo;s right to seek and recover
judgment on the Notes or under this Indenture shall not be affected by the seeking or obtaining of or application for any other
relief under or with respect to this Indenture. Neither the Lien of this Indenture nor any rights or remedies of the Trustee or
the Holders shall be impaired by the recovery of any judgment by the Trustee against the Issuer or by the levy of any execution
under such judgment upon any portion of the Collateral or upon any of the assets of the Issuer.</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">6.</FONT></TD><TD STYLE="text-align: justify">The Trustee</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">6.1</FONT></TD><TD STYLE="text-align: justify">Certain Duties and Responsibilities</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">Except during the continuance of an Event of Default known to the Trustee:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">the Trustee undertakes to perform such duties and only such duties as are specifically set forth
in this Indenture and the other Transaction Documents to which it is a party, and no implied covenants or obligations shall be
read into this Indenture or such other Transaction Documents against the Trustee; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of
the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and
conforming to the requirements of this Indenture; <B>provided</B> that in the case of any such certificates or opinions which by
any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the
same to determine whether or not they substantially conform to the requirements of this Indenture and shall promptly, but in any
event within three Business Days in the case of an Officer&rsquo;s certificate furnished by the Collateral Manager, notify the
party delivering the same if such certificate or opinion does not conform. If a corrected form shall not have been delivered to
the Trustee within 15&nbsp;days after such notice from the Trustee, the Trustee shall so notify the Holders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">In case an Event of Default known to the Trustee has occurred and is continuing, the Trustee shall,
prior to the receipt of directions, if any, from the Majority Holders, or such other percentage as permitted by this Indenture,
exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise,
as a prudent person would exercise or use under the circumstances in the conduct of such person&rsquo;s own affairs.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">No provision of this Indenture shall be construed to relieve the Trustee from liability for its
own negligent action, its own negligent failure to act, or its own willful misconduct, except that:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">this sub-Section&nbsp;(c) shall not be construed to limit the effect of sub-Section (a) of this
Section&nbsp;6.1;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">the Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer,
unless it shall be proven that the Trustee was negligent in ascertaining the pertinent facts;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify">the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in
good faith in accordance with the direction of the Issuer, the Liquidation Agent or the Collateral Manager in accordance with this
Indenture and/or the Majority Holders (or such other percentage as may be required by the terms hereof) relating to the time, method
and place of conducting any Proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon
the Trustee, under this Indenture;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iv)</FONT></TD><TD STYLE="text-align: justify">no provision of this Indenture or any other Transaction Document shall require the Trustee to expend
or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise
of any of its rights or powers contemplated hereunder, if it shall have reasonable grounds for believing that repayment of such
funds or adequate indemnity satisfactory to it against such risk or liability is not reasonably assured to it (if the amount of
such funds or risk or liability is reasonably expected not to exceed the amount available for payment to the Trustee on the immediately
succeeding Payment Date, the Trustee shall be deemed to be reasonably assured of such repayment) unless such risk or liability
relates to the performance of its ordinary services, including mailing of notices under Article&nbsp;5, under this Indenture; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(v)</FONT></TD><TD STYLE="text-align: justify">in no event shall the Trustee be liable for special, indirect, punitive or consequential loss or
damage (including lost profits) even if the Trustee has been advised of the likelihood of such damages and regardless of such action.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify">For all purposes under this Indenture, the Trustee shall not be deemed to have notice or knowledge
of any Event of Default described in Sections&nbsp;5.1(c), 5.1(d), (e), (f), (g), (h), (i), (j), (k), (l) or (m) unless a Trust
Officer assigned to and working in the Corporate Trust Office has actual knowledge thereof or unless written notice of any event
which is in fact such an Event of Default or Default is received by the Trustee at the Corporate Trust Office, and such notice
references the Notes generally, the Issuer, the Collateral or this Indenture. For purposes of determining the Trustee&rsquo;s responsibility
and liability hereunder, whenever reference is made in this Indenture to such an Event of Default or a Default, such reference
shall be construed to refer only to such an Event of Default or Default of which the Trustee is deemed to have notice as described
in this Section&nbsp;6.1.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(e)</FONT></TD><TD STYLE="text-align: justify">Whether or not therein expressly so provided, every provision of this Indenture and each other
Transaction Document to which the Trustee is a party relating to the conduct or affecting the liability of or affording protection
to the Trustee shall be subject to the provisions of this Section&nbsp;6.1.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(f)</FONT></TD><TD STYLE="text-align: justify">If within 80&nbsp;days after delivery of financial information or disbursements (which delivery
may be via posting to the Trustee&rsquo;s website) the Trustee receives written notice of an error or omission related thereto
(a copy of which written notice the Trustee shall promptly provide to the Collateral Manager and the Issuer), and within five Business
Days after their receipt of a copy of such written notice the Collateral Manager, on behalf of the Issuer, confirms such error
or omission, then the Trustee agrees to use reasonable efforts to correct such error or omission. Beyond such period the Trustee
shall not be required to take any action and shall have no responsibility for the same.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(g)</FONT></TD><TD STYLE="text-align: justify">In the event that the Trustee has actual knowledge of or is notified that a Portfolio Asset has
become a Defaulted Obligation, the Trustee shall promptly notify the Liquidation Agent and the Collateral Manager thereof (unless
notified by the Collateral Manager, in which case the Trustee shall only send such notice to the Liquidation Agent); <B>provided</B>
that the Trustee shall be under no liability for any failure to provide any notification under this Section&nbsp;6.1(g).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(h)</FONT></TD><TD STYLE="text-align: justify">The Trustee shall have no duty to monitor or verify whether any Holder (or beneficial owner) is
a Section&nbsp;13 Banking Entity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">The Issuer (or UBS on its behalf) shall give the Trustee prompt written notice of the occurrence
of any of the events set forth in clauses&nbsp;(a), (b) and (c) in the definition of Liquidation Agent.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">6.2</FONT></TD><TD STYLE="text-align: justify">Notice of Default</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Promptly (and in no event later than three
Business Days) after the occurrence of any Default actually known to a Trust Officer of the Trustee or after any declaration of
acceleration has been made or delivered by the Trustee pursuant to Section&nbsp;5.2, the Trustee shall transmit by mail to the
Issuer, Collateral Manager and all Holders of Notes, as their names and addresses appear in the Note Register, notice of all Defaults
hereunder known to the Trustee, unless such Default shall have been cured or waived.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">6.3</FONT></TD><TD STYLE="text-align: justify">Certain Rights of Trustee</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as otherwise provided in Section&nbsp;6.1:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">the Trustee may conclusively rely and shall be fully protected in acting or refraining from acting
upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, note or other
paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">any request or direction of the Issuer mentioned herein shall be sufficiently evidenced by an Issuer
Request or Issuer Order, as the case may be;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">whenever in the administration of this Indenture the Trustee shall (i)&nbsp;deem it desirable that
a matter of fact be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other
evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officer&rsquo;s certificate
or (ii)&nbsp;be required to determine the value of any Collateral or funds hereunder or the cash flows projected to be received
therefrom, the Trustee may, in the absence of bad faith on its part, rely on reports of nationally recognized accountants, investment
bankers or other Persons qualified to provide the information required to make such determination, including nationally recognized
dealers in securities of the type being valued and securities quotation services;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify">as a condition to the taking or omitting of any action by it hereunder or other Transaction Document
to which it is a party, the Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel shall be
full and complete authorization and protection in respect of any action taken or omitted by it hereunder or thereunder in good
faith and in reliance thereon;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(e)</FONT></TD><TD STYLE="text-align: justify">the Trustee shall be under no obligation to exercise or to honor any of the rights or powers vested
in it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall
have provided to the Trustee security or indemnity reasonably satisfactory to it against the costs, expenses (including reasonable
attorneys&rsquo; fees and expenses of external counsel) and liabilities which might reasonably be incurred by it in compliance
with such request or direction;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #010000">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(f)</FONT></TD><TD STYLE="text-align: justify">the Trustee shall not be bound to make any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, note or other paper
or document, but the Trustee, in its discretion, may, and upon the written direction of Holders of at least 25% of the Outstanding
Notes shall, make such further inquiry or investigation into such facts or matters as it may see fit or as it shall be directed,
and the Trustee shall be entitled, on reasonable prior notice to the Issuer and the Collateral Manager, to examine the books and
records relating to the Notes and the Collateral, personally or by agent or attorney, during the Issuer&rsquo; or the Collateral
Manager&rsquo;s normal business hours, not more than once each calendar year (unless an Event of Default has occurred and is continuing);
<B>provided</B> that the Trustee shall, and shall cause its agents to, hold in confidence all such information in accordance with
Section&nbsp;14.15;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(g)</FONT></TD><TD STYLE="text-align: justify">the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either
directly or by or through agents or attorneys; <B>provided</B> that the Trustee shall not be responsible for any misconduct or
negligence on the part of any non-Affiliated agent appointed, or non-Affiliated attorney appointed, with due care by it hereunder;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(h)</FONT></TD><TD STYLE="text-align: justify">Subject to Section&nbsp;6.1(b), the Trustee shall not be liable for any action it takes or omits
to take in good faith that it reasonably believes to be authorized or within its rights or powers hereunder;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">nothing herein or under any other Transaction Document shall be construed to impose an obligation
on the part of the Trustee to recalculate, evaluate or verify or independently determine the accuracy of any report, certificate
or information received from the Issuer or Collateral Manager (unless and except to the extent otherwise expressly set forth herein);
<B>provided </B>that nothing in this clause&nbsp;(i) shall supersede or modify the responsibilities and duties of the Collateral
Administrator under the Collateral Administration Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(j)</FONT></TD><TD STYLE="text-align: justify">to the extent any defined term hereunder, or any calculation required to be made or determined
by the Trustee hereunder, is dependent upon or defined by reference to generally accepted accounting principles (as in effect in
the United States of America) (<B><I>GAAP</I></B>), the Trustee shall be entitled to request and receive (and rely upon) instruction
from the Issuer or, in the absence of its receipt of timely instruction therefrom, shall be entitled to obtain instruction from
an Independent accountant at the expense of the Issuer, as to the application of GAAP in such connection, in any instance;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(k)</FONT></TD><TD STYLE="text-align: justify">the Trustee shall not be liable for the actions or omissions of, or inaccuracies in the records
of, the Collateral Manager, the Issuer, the Liquidation Agent, any Paying Agent (other than the Trustee), DTC, Euroclear, Clearstream
or any other clearing agency or depository and without limiting the foregoing, the Trustee shall not be under any obligation to
monitor, evaluate or verify compliance by the Collateral Manager or the Sole Member with the terms of the Collateral Management
Agreement, the Equity Contribution Agreement or the Master Loan Purchase Agreement or compliance by the Liquidation Agent of the
terms of this Indenture or the compliance by the MPA Counterparty with a Master Participation Agreement, or to verify or independently
determine the accuracy of information received by the Trustee from the Collateral Manager or the Liquidation Agent (or from any
selling institution, agent bank, trustee or similar source) with respect to the Collateral;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(l)</FONT></TD><TD STYLE="text-align: justify">notwithstanding any term hereof (or any term of the UCC that might otherwise be construed to be
applicable to a &ldquo;securities intermediary&rdquo; as defined in the UCC) to the contrary, neither the Trustee nor the Custodian
shall be under a duty or obligation in connection with the acquisition or Grant by the Issuer to the Trustee of any item constituting
the Collateral, to evaluate the sufficiency of the documents or instruments delivered to it by or on behalf of the Issuer in connection
with its Grant or otherwise, or in that regard to examine any Underlying Instrument, in each case, in order to determine compliance
with applicable requirements of and restrictions on transfer in respect of such Collateral;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(m)</FONT></TD><TD STYLE="text-align: justify">in the event the Bank is also acting in the capacity of Paying Agent, Note Registrar, Transfer
Agent, Collateral Administrator, or Custodian, the rights, protections, benefits, immunities and indemnities afforded to the Trustee
pursuant to this Article&nbsp;6 shall also be afforded to the Bank acting in such capacities; <B>provided</B> that such rights,
protections, benefits, immunities and indemnities shall be in addition to, and not in limitation of, any rights, protections, benefits,
immunities and indemnities provided in the Issuer Account Control Agreement or any other documents to which the Bank in such capacity
is a party;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(n)</FONT></TD><TD STYLE="text-align: justify">any permissive right of the Trustee to take or refrain from taking actions enumerated in this Indenture
or other Transaction Document shall not be construed as a duty;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(o)</FONT></TD><TD STYLE="text-align: justify">to the extent permitted by applicable law, the Trustee shall not be required to give any bond or
surety in respect of the execution of this Indenture or otherwise;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(p)</FONT></TD><TD STYLE="text-align: justify">the Trustee shall not be deemed to have notice or knowledge of any matter (including, without limitation,
any of the matters set forth in clauses&nbsp;(a), (b) and (c)&nbsp;in the definition of Liquation Agent) unless a Trust Officer
has actual knowledge thereof or unless written notice thereof is received by the Trustee at the Corporate Trust Office and such
notice references the Notes generally, the Issuer or this Indenture. Whenever reference is made in this Indenture to a Default
or an Event of Default such reference shall, insofar as determining any liability on the part of the Trustee is concerned, be construed
to refer only to a Default or an Event of Default of which the Trustee is deemed to have knowledge in accordance with this paragraph;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(q)</FONT></TD><TD STYLE="text-align: justify">the Trustee shall not be responsible for delays or failures in performance resulting from circumstances
beyond its control (including acts of God, strikes, lockouts, riots, acts of war or (to the extent beyond the Trustee&rsquo;s control)
loss or malfunctions of utilities, computer (hardware or software) or communications services);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(r)</FONT></TD><TD STYLE="text-align: justify">to help fight the funding of terrorism and money laundering activities, the Trustee will obtain,
verify, and record information that identifies individuals or entities that establish a relationship or open an account with the
Trustee. The Trustee will ask for the name, address, tax identification number and other information that will allow the Trustee
to identify the individual or entity who is establishing the relationship or opening the account. The Trustee may also ask for
formation documents such as articles of incorporation, an offering memorandum, or other identifying documents to be provided;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(s)</FONT></TD><TD STYLE="text-align: justify">the rights, protections, benefits, immunities and indemnities afforded to the Trustee pursuant
to this Indenture also shall be afforded to the Collateral Administrator and the Custodian, <B>provided</B> that such rights, protections,
benefits, immunities and indemnities shall be in addition to any rights, protections, benefits, immunities and indemnities provided
in the Collateral Administration Agreement or the Account Control Agreement, as applicable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(t)</FONT></TD><TD STYLE="text-align: justify">in making or disposing of any investment permitted by this Indenture, the Trustee is authorized
to deal with itself (in its individual capacity) or with any one or more of its Affiliates, in each case on an arm&rsquo;s-length
basis, whether it or such Affiliate is acting as a subagent of the Trustee or for any third person or dealing as principal for
its own account. If otherwise qualified, obligations of the Bank or any of its Affiliates shall qualify as Eligible Investments
hereunder;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(u)</FONT></TD><TD STYLE="text-align: justify">the Trustee or its Affiliates are permitted to receive additional compensation that could be deemed
to be in the Trustee&rsquo;s economic self-interest for (i)&nbsp;serving as investment adviser, administrator, shareholder, servicing
agent, custodian or sub-custodian with respect to certain of the Eligible Investments, (ii)&nbsp;using Affiliates to effect transactions
in certain Eligible Investments and (iii)&nbsp;effecting transactions in certain Eligible Investments. Such compensation is not
payable or reimbursable under Section&nbsp;6.7 of this Indenture;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(v)</FONT></TD><TD STYLE="text-align: justify">the Trustee shall have no duty (i)&nbsp;to see to any recording, filing, or depositing of this
Indenture or any supplemental indenture or any financing statement or continuation statement evidencing a security interest, or
to see to the maintenance of any such recording, filing or depositing or to any rerecording, refiling or redepositing of any thereof
or (ii)&nbsp;to maintain any insurance;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(w)</FONT></TD><TD STYLE="text-align: justify">the Trustee is hereby authorized and directed to execute in its capacity as Trustee and deliver
in the form presented to it all Transaction Documents to which it is a party, as Trustee; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(x)</FONT></TD><TD STYLE="text-align: justify">the Trustee shall not have any obligation to determine: (i)&nbsp;if a Portfolio Asset meets the
criteria or eligibility restrictions imposed by the Indenture or other Transaction Documents, (ii) if a Master Participation Agreement
or a Participation Interest meets the criteria or eligibility restrictions imposed by the Indenture or (iii)&nbsp;whether the conditions
specified in the definition of &ldquo;Deliver&rdquo; have been complied with.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">6.4</FONT></TD><TD STYLE="text-align: justify">Not Responsible for Recitals or Issuance of Notes</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The recitals contained herein and in the
Notes, other than the Certificate of Authentication thereon, shall be taken as the statements of the Issuer; and the Trustee assumes
no responsibility for their correctness. The Trustee makes no representation as to the validity or sufficiency of this Indenture
(except as may be made with respect to the validity of the Trustee&rsquo;s obligations hereunder), the Collateral or the Notes.
The Trustee shall not be accountable for the use or application by the Issuer of the Notes or the proceeds thereof or any Cash
paid to the Issuer pursuant to the provisions hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">6.5</FONT></TD><TD STYLE="text-align: justify">May Hold Notes</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Trustee, any Paying Agent, Note Registrar
or any other agent of the Issuer, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise
deal with the Issuer or any of the Issuer&rsquo;s Affiliates with the same rights it would have if it were not Trustee, Paying
Agent, Note Registrar or such other agent.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">6.6</FONT></TD><TD STYLE="text-align: justify">Cash Held in Trust</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash held by the Trustee hereunder shall
be held in trust to the extent required herein. The Trustee shall be under no liability for interest on any Cash received by it
hereunder except to the extent of income or other gain on investments which are deposits in or certificates of deposit of the Bank
in its commercial capacity and income or other gain actually received by the Trustee on Eligible Investments.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">6.7</FONT></TD><TD STYLE="text-align: justify">Compensation and Reimbursement</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">Subject to Section&nbsp;6.7(b) below, the Issuer agrees:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">to pay the Trustee on each Payment Date reasonable compensation, as set forth in a separate fee
letter, for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to
the compensation of a trustee of an express trust);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">except as otherwise expressly provided herein, to reimburse the Trustee in a timely manner upon
its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision
of this Indenture or other Transaction Document (including, without limitation, securities transaction charges and the reasonable
compensation and expenses and disbursements of its agents and external legal counsel and of any accounting firm or investment banking
firm employed by the Trustee pursuant to Section&nbsp;5.4, 5.5 or 6.3(c) except any such expense, disbursement or advance as may
be attributable to its negligence, willful misconduct or bad faith) but with respect to securities transaction charges, only to
the extent any such charges have not been waived during a Monthly Period due to the Trustee&rsquo;s receipt of a payment from a
financial institution with respect to certain Eligible Investments, as specified by the Collateral Manager;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify">to indemnify the Trustee and its officers, directors, employees and agents for, and to hold them
harmless against, any loss, liability or expense (including reasonable attorney&rsquo;s fees and expenses of external counsel)
incurred without negligence, willful misconduct or bad faith on their part, arising out of or in connection with the acceptance
or administration of this Indenture or the performance of its duties hereunder, including the costs and expenses of defending themselves
(including reasonable attorney&rsquo;s fees and costs of external counsel) against any claim or liability in connection with the
exercise or performance of any of their powers or duties hereunder and under any other Transaction Document; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iv)</FONT></TD><TD STYLE="text-align: justify">to pay the Trustee reasonable additional compensation together with its expenses (including reasonable
counsel fees of external counsel) for any collection action taken pursuant to Section&nbsp;6.13 hereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">The Trustee shall receive amounts pursuant to this Section&nbsp;6.7 and any other amounts payable
to it under this Indenture or in any of the Transaction Documents to which the Trustee is a party only as provided in Section&nbsp;10.3(c),
Section&nbsp;11.1 and the Equity Contribution Agreement, and only to the extent that funds are available for the payment thereof.
Subject to Section&nbsp;6.9, the Trustee shall continue to serve as Trustee under this Indenture notwithstanding the fact that
the Trustee shall not have received amounts due it hereunder; <B>provided</B> that nothing herein shall impair or affect the Trustee&rsquo;s
rights under Section&nbsp;6.9. No direction by the Holders shall affect the right of the Trustee to collect amounts owed to it
under this Indenture. If on any date when a fee or expense shall be payable to the Trustee pursuant to this Indenture insufficient
funds are available for the payment thereof, any portion of a fee not so paid shall be deferred and payable on such later date
on which a fee shall be payable and sufficient funds are available therefor.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">The Trustee hereby agrees not to cause the filing of a petition in bankruptcy against the Issuer
until at least one year and one day, or, if longer, the applicable preference period then in effect plus one day, after the payment
in full of all Notes (and any other debt obligations of the Issuer that have been rated upon issuance by any rating agency at the
request of the Issuer) issued under this Indenture.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify">The Issuer&rsquo;s payment obligations to the Trustee under this Section&nbsp;6.7 shall be secured
by the Lien of this Indenture, and shall survive the discharge of this Indenture and the resignation or removal of the Trustee.
When the Trustee incurs expenses after the occurrence of a Default or an Event of Default under Section&nbsp;5.1(f), the expenses
are intended to constitute expenses of administration under the Bankruptcy Code, Title&nbsp;11 of the United States Code, or any
other applicable Federal or State bankruptcy, insolvency or similar law.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">6.8</FONT></TD><TD STYLE="text-align: justify">Corporate Trustee Required; Eligibility</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There shall at all times be a Trustee hereunder
which shall be an Independent organization or entity organized and doing business under the laws of the United States of America
or of any State thereof, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of
at least $200,000,000, subject to supervision or examination by Federal or State authority, having a rating of at least &ldquo;Baa1&rdquo;
(or then-equivalent grade) by Moody&rsquo;s and at least &ldquo;BBB+&rdquo; (or then-equivalent grade) by S&amp;P and having an
office within the United States of America. If such organization or entity publishes reports of condition at least annually, pursuant
to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section&nbsp;6.8,
the combined capital and surplus of such organization or entity shall be deemed to be its combined capital and surplus as set forth
in its most recent published report of condition. If at any time the Trustee shall cease to be eligible in accordance with the
provisions of this Section&nbsp;6.8, it shall resign immediately in the manner and with the effect hereinafter specified in this
Article&nbsp;6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">6.9</FONT></TD><TD STYLE="text-align: justify">Resignation and Removal; Appointment of Successor</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to
this Article&nbsp;6 shall become effective until the acceptance of appointment by the successor Trustee under Section&nbsp;6.10.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">The Trustee may resign at any time by giving not less than 30&nbsp;days&rsquo; written notice thereof
to the Issuer, the Collateral Manager and the Holders of the Notes. Upon receiving such notice of resignation, the Issuer shall
promptly appoint a successor trustee or trustees satisfying the requirements of Section&nbsp;6.8 by written instrument, in duplicate,
executed by an Authorized Representative of the Issuer, one copy of which shall be delivered to the Trustee so resigning and one
copy to the successor Trustee or Trustees, together with a copy to each Holder and the Collateral Manager; <B>provided</B> that
such successor Trustee shall be appointed only upon the written consent of each Holder or, at any time when an Event of Default
shall have occurred and be continuing, by an Act of the Majority Holders. The successor Trustee so appointed shall, forthwith upon
its acceptance of such appointment, become the successor Trustee and supersede any successor Trustee proposed by the Issuer. If
no successor Trustee shall have been appointed and an instrument of acceptance by a successor Trustee shall not have been delivered
to the Trustee within 30&nbsp;days after the giving of such notice of resignation, the resigning Trustee or any Holder, on behalf
of itself and all others similarly situated, may petition any court of competent jurisdiction for the appointment of a successor
Trustee satisfying the requirements of Section&nbsp;6.8.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">The Trustee may be removed at any time by an Act of Holders of 100% of the Aggregate Outstanding
Amount of the Notes delivered to the Trustee and to the Issuer.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify">If at any time:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">the Trustee shall cease to be eligible under Section&nbsp;6.8 and shall fail to resign after written
request therefor by the Issuer or by any Holder; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">the Trustee shall become incapable of acting or shall be adjudged as bankrupt or insolvent or a
receiver or liquidator of the Trustee or of its property shall be appointed or any public officer shall take charge or control
of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">then, in any such case (subject
to Section&nbsp;6.9(a)), (A)&nbsp;the Issuer, by Issuer Order, may remove the Trustee, or (B)&nbsp;subject to Section&nbsp;5.15,
any Holder may, on behalf of itself and all others similarly situated, petition any court of competent jurisdiction for the removal
of the Trustee and the appointment of a successor Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(e)</FONT></TD><TD STYLE="text-align: justify">If the Trustee shall be removed or become incapable of acting, or if a vacancy shall occur in the
office of the Trustee for any reason (other than resignation), the Issuer, by Issuer Order, shall promptly appoint a successor
Trustee, <B>provided</B> that any such appointment shall be subject to the prior consent of each Holder or, at any time when an
Event of Default shall have occurred and be continuing, by an Act of the Majority Holders. If the Issuer shall fail to appoint
a successor Trustee within 60&nbsp;days after such removal or incapability or the occurrence of such vacancy, a successor Trustee
may be appointed by the Majority Holders by written instrument delivered to the Issuer and the retiring Trustee. The successor
Trustee so appointed shall, forthwith upon its acceptance of such appointment, become the successor Trustee and supersede any successor
Trustee proposed by the Issuer. If no successor Trustee shall have been so appointed by the Issuer or Holders of 100% of the Aggregate
Outstanding Amount of the Notes and shall have accepted appointment in the manner hereinafter provided, subject to Section&nbsp;5.15,
any Holder may, on behalf of itself and all others similarly situated, petition any court of competent jurisdiction for the appointment
of a successor Trustee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(f)</FONT></TD><TD STYLE="text-align: justify">The Issuer shall give prompt notice of each resignation and each removal of the Trustee and each
appointment of a successor Trustee by mailing written notice of such event to the Collateral Manager and the Holders of the Notes
as their names and addresses appear in the Note Register. Each notice shall include the name of the successor Trustee and the address
of its Corporate Trust Office. If the Issuer fails to mail such notice within ten days after acceptance of appointment by the successor
Trustee, the successor Trustee shall cause such notice to be given at the expense of the Issuer.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(g)</FONT></TD><TD STYLE="text-align: justify">If the Bank shall resign or be removed as Trustee, the Bank shall also resign or be removed as
Collateral Administrator, Custodian, Paying Agent, Note Registrar and any other capacity in which the Bank is then acting pursuant
to this Indenture or any other Transaction Document.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">6.10</FONT></TD><TD STYLE="text-align: justify">Acceptance of Appointment by Successor</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Every successor Trustee appointed hereunder
shall meet the requirements of Section&nbsp;6.8 and shall execute, acknowledge and deliver to the Issuer and the retiring Trustee
an instrument accepting such appointment. Upon delivery of the required instrument, the resignation or removal of the retiring
Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with
all the rights, powers, trusts, duties and obligations of the retiring Trustee; but, on request of the Issuer or the Majority Holders
or the successor Trustee, such retiring Trustee shall, upon payment of its charges then unpaid, execute and deliver an instrument
transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee, and shall duly assign, transfer
and deliver to such successor Trustee all property and Cash held by such retiring Trustee hereunder. Upon request of any such successor
Trustee, the Issuer shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor
Trustee all such rights, powers and trusts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">6.11</FONT></TD><TD STYLE="text-align: justify">Merger, Conversion, Consolidation or Succession to Business of Trustee</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any organization or entity into which the
Trustee may be merged or converted or with which it may be consolidated, or any organization or entity resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any organization or entity succeeding to all or substantially
all of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, <B>provided</B> that such
organization or entity shall be otherwise qualified and eligible under this Article&nbsp;6, without the execution or filing of
any paper or any further act on the part of any of the parties hereto. In case any of the Notes has been authenticated, but not
delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may
adopt such authentication and deliver the Notes so authenticated with the same effect as if such successor Trustee had itself authenticated
such Notes.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">6.12</FONT></TD><TD STYLE="text-align: justify">Co-Trustees</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At any time or times, for the purpose of
meeting the legal requirements of any jurisdiction in which any part of the Collateral may at the time be located, the Issuer and
the Trustee shall have power to appoint one or more Persons to act as co-trustee, jointly with the Trustee, of all or any part
of the Collateral, with the power to file such proofs of claim and take such other actions pursuant to Section&nbsp;5.6 herein
and to make such claims and enforce such rights of action on behalf of the Holders, as such Holders themselves may have the right
to do, subject to the other provisions of this Section&nbsp;6.12.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Issuer shall join with the Trustee
in the execution, delivery and performance of all instruments and agreements necessary or proper to appoint a co-trustee. If the
Issuer does not join in such appointment within 15&nbsp;days after the receipt by the Issuer of a request to do so, the Trustee
shall have the power to make such appointment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Should any written instrument from the
Issuer be required by any co-trustee so appointed, more fully confirming to such co-trustee such property, title, right or power,
any and all such instruments shall, on request, be executed, acknowledged and delivered by the Issuer. The Issuer agrees to pay
as Administrative Expenses, to the extent funds are available therefor under the Priority of Payments, any reasonable fees and
expenses in connection with such appointment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Every co-trustee shall, to the extent permitted
by law, but to such extent only, be appointed subject to the following terms:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">the Notes shall be authenticated and delivered, and all rights, powers, duties and obligations
hereunder in respect of the custody of securities, Cash and other personal property held by, or required to be deposited or pledged
with, the Trustee hereunder, shall be exercised, solely by the Trustee;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">the rights, powers, duties and obligations hereby conferred or imposed upon the Trustee in respect
of any property covered by the appointment of a co-trustee shall be conferred or imposed upon and exercised or performed by the
Trustee or by the Trustee and such co-trustee jointly as shall be provided in the instrument appointing such co-trustee;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">the Trustee at any time, by an instrument in writing executed by it, with the concurrence of the
Issuer evidenced by an Issuer Order, may accept the resignation of or remove any co-trustee appointed under this Section&nbsp;6.12,
and in case an Event of Default has occurred and is continuing, the Trustee shall have the power to accept the resignation of,
or remove, any such co-trustee without the concurrence of the Issuer. A successor to any co-trustee so resigned or removed may
be appointed in the manner provided in this Section&nbsp;6.12;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify">no co-trustee hereunder shall be personally liable by reason of any act or omission of the Trustee
hereunder;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(e)</FONT></TD><TD STYLE="text-align: justify">the Trustee shall not be liable by reason of any act or omission of a co-trustee; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(f)</FONT></TD><TD STYLE="text-align: justify">any Act of Holders delivered to the Trustee shall be deemed to have been delivered to each co-trustee.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">6.13</FONT></TD><TD STYLE="text-align: justify">Certain Duties of Trustee Related to Delayed Payment of Proceeds</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Trustee shall not have received
a payment with respect to any item of Collateral on its Due Date, (a)&nbsp;the Trustee shall promptly notify the Issuer and the
Collateral Manager and the Liquidation Agent in writing (which may be in electronic form) and (b)&nbsp;unless within five Business
Days (or, if earlier, the end of the applicable grace period for such payment, if any) after such notice (x)&nbsp;such payment
shall have been received by the Trustee or (y)&nbsp;the Trustee has received notice from the Collateral Manager that it is taking
action in respect of such payment, the Trustee shall request the issuer of or obligor on such item of Collateral, the trustee or
any applicable agent under the related Underlying Instrument or the paying agent designated by either of them, as the case may
be, to make such payment as soon as practicable after such request but in no event later than five Business Days after the date
of such request, to the extent doing so would not violate any relevant insolvency or other applicable law or the terms of the applicable
Underlying Agreement. In the event that such payment is not made within such time period, the Trustee, subject to the provisions
of clause&nbsp;(iv) of Section&nbsp;6.1(c), shall take such action as the Collateral Manager shall direct. Any such action shall
be without prejudice to any right to claim a Default or Event of Default under this Indenture. In the event that the Issuer or
the Collateral Manager requests a release of any Collateral and/or delivers an additional Portfolio Asset in connection with any
such action under the Collateral Management Agreement, such release and/or substitution shall be subject to Section&nbsp;10.6 and
Article&nbsp;12 of this Indenture, as the case may be. Notwithstanding any other provision hereof, the Trustee shall deliver to
the Issuer or its designee any payment with respect to any Portfolio Asset or other Collateral received after the Due Date thereof
to the extent the Issuer previously made provisions for such payment satisfactory to the Trustee in accordance with this Section&nbsp;6.13
and such payment shall not be deemed part of the Collateral. The foregoing shall not preclude any other exercise of any right or
remedy by the Issuer with respect to any default or event of default arising under a Portfolio Asset.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">6.14</FONT></TD><TD STYLE="text-align: justify">Authenticating Agents</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon the request of the Issuer, the Trustee
shall, and if the Trustee so chooses the Trustee may, appoint one or more Authenticating Agents with power to act on its behalf
and subject to its direction in the authentication of Notes in connection with issuance, transfers and exchanges under Sections&nbsp;2.4,
2.5, 2.6 and 8.6, as fully to all intents and purposes as though each such Authenticating Agent had been expressly authorized by
such Sections to authenticate such Notes. For all purposes of this Indenture, the authentication of Notes by an Authenticating
Agent pursuant to this Section&nbsp;6.14 shall be deemed to be the authentication of Notes by the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any corporation into which any Authenticating
Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, consolidation
or conversion to which any Authenticating Agent shall be a party, or any corporation succeeding to the corporate trust business
of any Authenticating Agent, shall be the successor of such Authenticating Agent hereunder, without the execution or filing of
any further act on the part of the parties hereto or such Authenticating Agent or such successor corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any Authenticating Agent may at any time
resign by giving written notice of resignation to the Trustee and the Issuer. The Trustee may at any time terminate the agency
of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and the Issuer. Upon receiving
such notice of resignation or upon such a termination, the Trustee shall promptly appoint a successor Authenticating Agent and
shall give written notice of such appointment to the Issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless the Authenticating Agent is also
the same entity as the Trustee, the Issuer agrees to pay to each Authenticating Agent from time to time reasonable compensation
for its services, and reimbursement for its reasonable expenses relating thereto as an Administrative Expense. The provisions of
Sections&nbsp;2.8, 6.4 and 6.5 shall be applicable to any Authenticating Agent.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">6.15</FONT></TD><TD STYLE="text-align: justify">Withholding</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All payments made to a Holder under this
Indenture shall be made without any deduction or withholding for or on account of any present or future 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 or pursuant to an agreement with a Governmental Authority. If any withholding Tax is imposed on the Issuer&rsquo;s payment
(or the receipt by the Issuer of any payment with respect to the Portfolio Assets or allocations of income) under the Notes by
any such applicable law or such an agreement, such Tax shall reduce the amount otherwise distributable to the relevant Holder and
shall be treated as Cash distributed to the relevant Holder at the time such amounts are withheld. The Paying Agent, the Trustee
or any other withholding agent is hereby authorized and directed to retain from amounts otherwise distributable to any Holder sufficient
funds for the payment of any Tax that is legally owed or required to be withheld by the Issuer by law or pursuant to the Issuer&rsquo;s
agreement with a Governmental Authority (but such authorization shall not prevent the Trustee from contesting any such Tax in appropriate
Proceedings and withholding payment of such Tax, if permitted by law, pending the outcome of such Proceedings) and to timely remit
such amounts to the appropriate taxing authority. If there is a possibility that withholding Tax is payable with respect to a distribution,
the Paying Agent, the Trustee or any other withholding agent may, in its sole discretion, withhold such amounts in accordance with
this Section&nbsp;6.15. If any Holder or beneficial owner wishes to apply for a refund of any such withholding Tax, the Trustee
shall reasonably cooperate with such Person in providing readily available information so long as such Person agrees to reimburse
the Trustee for any out-of-pocket expenses incurred in connection therewith. Nothing herein shall impose an obligation on the part
of the Trustee to determine the amount of any Tax or withholding obligation on the part of the Issuer or in respect of the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">6.16</FONT></TD><TD STYLE="text-align: justify">Representative for Holders Only; Agent for each other Secured Party</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With respect to the security interest created
hereunder, the delivery of any Collateral to the Trustee is to the Trustee as trustee for the Holders and agent for each other
Secured Party. In furtherance of the foregoing, the possession by the Trustee of any Collateral, the endorsement to or registration
in the name of the Trustee of any Collateral (including without limitation, if applicable, as entitlement holder of the Custodial
Account or any other Account) are all undertaken by the Trustee in its capacity as trustee for the Holders, and agent for each
other Secured Party. The Trustee shall not by reason of this Indenture be deemed to be acting as fiduciary for the Collateral Manager,
<B>provided</B> that the foregoing shall not limit any of the express obligations of the Trustee under this Indenture.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">6.17</FONT></TD><TD STYLE="text-align: justify">Representations and Warranties of the Bank</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Bank hereby represents and warrants
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify"><B>Organization</B>. The Bank has been duly organized and is validly existing as a national banking
association with trust powers under the laws of the United States and has the power to conduct its business and affairs as a trustee,
paying agent, registrar, transfer agent and custodian.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify"><B>Authorization; Binding Obligations</B>. The Bank has the corporate power and authority to perform
the duties and obligations of Trustee, Paying Agent, Note Registrar, Transfer Agent and Custodian under this Indenture. The Bank
has taken all necessary corporate action to authorize the execution, delivery and performance of this Indenture, and all of the
documents required to be executed by the Bank pursuant hereto. This Indenture has been duly authorized, executed and delivered
by the Bank and constitutes the legal, valid and binding obligation of the Bank enforceable in accordance with its terms subject,
as to enforcement, (i)&nbsp;to the effect of bankruptcy, insolvency or similar laws affecting generally the enforcement of creditors&rsquo;
rights as such laws would apply in the event of any bankruptcy, receivership, insolvency or similar event applicable to the Bank
and (ii)&nbsp;to general equitable principles (whether enforcement is considered in a Proceeding at law or in equity).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify"><B>Eligibility</B>. The Bank is eligible under Section&nbsp;6.8 to serve as Trustee hereunder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify"><B>No Conflict</B>. Neither the execution, delivery and performance of this Indenture, nor the
consummation of the transactions contemplated by this Indenture, is prohibited by, or requires the Bank to obtain any consent,
authorization, approval or registration under, any law, statute, rule, regulation, judgment, order, writ, injunction or decree
that is binding upon the Bank or any of its properties or assets.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">6.18</FONT></TD><TD STYLE="text-align: justify">Electronic Communications</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Bank (in any capacity hereunder) agrees
to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured email, facsimile transmission or
other similar unsecured electronic methods, <B>provided</B> that any person providing such instructions or directions shall provide
to the Bank an incumbency certificate listing persons designated to provide such instructions or directions, which incumbency certificate
shall be amended whenever a person is added or deleted from the list.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If any Person elects to give the Bank email
or facsimile instructions (or instructions by a similar electronic method) and the Bank, in its discretion, elects to act upon
such instructions, the Bank&rsquo;s reasonable understanding of such instructions shall be deemed controlling. The Bank shall not
be liable for any losses, costs or expenses arising directly or indirectly from the Bank&rsquo;s reliance upon and compliance with
such instructions notwithstanding such instructions conflicting with or being inconsistent with a written instruction received
by the Bank subsequent to the Bank&rsquo;s receipt of such email or facsimile instructions (or instructions by a similar electronic
method). Any Person providing such instructions or directions agrees to assume all risks arising out of the use of such electronic
methods to submit instructions and directions to the Bank, including the risk of the Bank acting on unauthorized instructions,
and the risk of interception and misuse by third parties and acknowledges and agrees that there may be more secure methods of transmitting
such instructions than the method(s) selected by it and agrees that the security procedures (if any) to be followed in connection
with its transmission of such instructions provide to it a commercially reasonable degree of protection in light of its particular
needs and circumstances.</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">7.</FONT></TD><TD STYLE="text-align: justify">Covenants</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">7.1</FONT></TD><TD STYLE="text-align: justify">Payment of Principal and Interest</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Issuer will duly and punctually pay
the principal of and interest on the Notes, in accordance with the terms of such Notes and this Indenture pursuant to the Priority
of Payments, Article&nbsp;9 (if applicable) and Article&nbsp;13.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Amounts properly withheld under the Code
or other applicable law or pursuant to the Issuer&rsquo;s agreement with a Governmental Authority by any Person from a payment
under a Note shall be considered as having been paid by the Issuer to the relevant Holder for all purposes of this Indenture.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">7.2</FONT></TD><TD STYLE="text-align: justify">Maintenance of Office or Agency</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Issuer hereby appoints the Trustee
as a Paying Agent for payments on the Notes and the Issuer hereby appoints the Trustee at its applicable Corporate Trust Office
designated for presentment, as the Issuer&rsquo;s agent where Notes may be surrendered for registration of transfer or exchange.
The Issuer may at any time and from time to time appoint additional paying agents; <B>provided</B> that no paying agent shall be
appointed in a jurisdiction which subjects payments on the Notes to withholding tax solely as a result of such Paying Agent&rsquo;s
activities. If at any time the Issuer shall fail to maintain the appointment of a paying agent, or shall fail to furnish the Trustee
with the address thereof, presentations and surrenders may be made (subject to the limitations described in the preceding sentence),
and Notes may be presented and surrendered for payment, to the Trustee at the Corporate Trust Office designated for presentment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Issuer irrevocably consents to service
of process on the Issuer by registered or certified mail or hand delivery to the address for notices to the Issuer specified in
Section&nbsp;14.3. Nothing in this Indenture will affect the right of any party to this Indenture to serve process in any other
manner permitted by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Trustee ceases to be the Note Registrar,
then the Issuer shall at all times maintain a duplicate copy of the Note Register at the Corporate Trust Office designated for
transfer. The Issuer shall give prompt written notice to the Trustee and the Holders of the appointment of any Paying Agent (other
than the Trustee) or termination of any Paying Agent and any change in the location of any such office or agency.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">7.3</FONT></TD><TD STYLE="text-align: justify">Cash for Note Payments to be Held in Trust</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All payments of amounts due and payable
with respect to any Notes that are to be made from amounts withdrawn from the Payment Account shall be made on behalf of the Issuer
by the Trustee or a Paying Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When the Issuer shall have a Paying Agent
that is not also the Note Registrar, it shall furnish, or cause the Note Registrar to furnish, no later than the fifth calendar
day after each Record Date a list, if necessary, in such form as such Paying Agent may reasonably request, of the names and addresses
of the Holders and of the certificate numbers of individual Notes held by each such Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Whenever the Issuer shall have a Paying
Agent with respect to the Notes other than the Trustee, it shall, on or before the Business Day next preceding each Payment Date
and any Redemption Date, as the case may be, direct the Trustee to deposit on such Payment Date or Redemption Date, as the case
may be, with such Paying Agent, if necessary, an aggregate sum sufficient to pay the amounts then becoming due (to the extent funds
are then available for such purpose in the Payment Account), such sum to be held in trust for the benefit of the Persons entitled
thereto and (unless such Paying Agent is the Trustee) the Issuer shall promptly notify the Trustee of its action or failure so
to act. Any Cash deposited with a Paying Agent (other than the Trustee) in excess of an amount sufficient to pay the amounts then
becoming due on the Notes with respect to which such deposit was made shall be paid over by such Paying Agent to the Trustee for
application in accordance with Article&nbsp;10.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The initial Paying Agent shall be as set
forth in Section&nbsp;7.2. Any additional or successor Paying Agents shall be appointed by Issuer Order with written notice thereof
to the Trustee. The Issuer shall not appoint any Paying Agent that is not, at the time of such appointment, a depository institution
or trust company subject to supervision and examination by Federal and/or State and/or national banking authorities. The Issuer
shall cause each Paying Agent other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent
shall agree with the Trustee and if the Trustee acts as Paying Agent, it hereby so agrees, subject to the provisions of this Section&nbsp;7.3,
that such Paying Agent will:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">allocate all sums received for payment to the Holders of Notes for which it acts as Paying Agent
on each Payment Date (including any Redemption Date) among such Holders in the proportion specified in the applicable Payment Date
Report to the extent permitted by applicable law;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">hold all sums held by it for the payment of amounts due with respect to the Notes in trust for
the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided
and pay such sums to such Persons as herein provided;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">if such Paying Agent is not the Trustee, immediately resign as a Paying Agent and forthwith pay
to the Trustee all sums held by it in trust for the payment of Notes if at any time it ceases to meet the standards set forth above
required to be met by a Paying Agent at the time of its appointment;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify">if such Paying Agent is not the Trustee, immediately give the Trustee notice of any default by
the Issuer (or any other obligor upon the Notes) in the making of any payment required to be made; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(e)</FONT></TD><TD STYLE="text-align: justify">if such Paying Agent is not the Trustee, during the continuance of any such default, upon the written
request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Issuer may at any time, for the purpose
of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Issuer Order direct any Paying
Agent to pay, to the Trustee all sums held in trust by the Issuer or such Paying Agent, such sums to be held by the Trustee upon
the same trusts as those upon which such sums were held by the Issuer or such Paying Agent; and, upon such payment by any Paying
Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such Cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as otherwise required by applicable
law, any Cash deposited with the Trustee or any Paying Agent (with respect to Notes) in trust for any payment on any Note and remaining
unclaimed for two years after such amount has become due and payable shall be paid to the Issuer on Issuer Order; and the Holder
of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment of such amounts (but only
to the extent of the amounts so paid to the Issuer) and all liability of the Trustee or such Paying Agent with respect to such
trust Cash shall thereupon cease. The Trustee or such Paying Agent, before being required to make any such release of payment,
may, but shall not be required to, adopt and employ, at the expense of the Issuer any reasonable means of notification of such
release of payment, including, but not limited to, mailing notice of such release to Holders whose right to or interest in Cash
due and payable but not claimed is determinable from the records of any Paying Agent, at the last address of record of each such
Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">7.4</FONT></TD><TD STYLE="text-align: justify">Existence of Issuer</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">The Issuer shall, to the maximum extent permitted by applicable law, maintain in full force and
effect its existence and rights as a Delaware limited liability company, and shall obtain and preserve its qualification to do
business as a foreign entity in each jurisdiction in which such qualifications are or shall be necessary to protect the validity
and enforceability of this Indenture, the Notes, or any of the Collateral; <B>provided</B> that the Issuer shall be entitled to
change its jurisdiction of organization from the State of Delaware to any other jurisdiction reasonably selected by the Issuer
so long as (i)&nbsp;the Issuer has received an Opinion of Counsel (upon which the Trustee may conclusively rely) to the effect
that such change is not disadvantageous in any material respect to the Holders, any other Secured Party, the Collateral Manager
or the Liquidation Agent (ii)&nbsp;the Issuer has taken all necessary steps to ensure that the Trustee&rsquo;s security interest
in the Collateral continues in effect and has received an Opinion of Counsel similar to the Closing Date opinion given by counsel
to the Issuer to the effect that, after giving effect to such change, the Trustee has a first priority perfected security interest
in the Collateral and that the Issuer shall not be subject to any obligations for payment of Taxes that it would not have been
subject to but for such change of jurisdiction, (iii)&nbsp;written notice of such change shall have been given to the Trustee by
the Issuer, which notice shall be promptly forwarded by the Trustee to the Holders and the Collateral Manager, and (iv)&nbsp;on
or prior to the 15th&nbsp;Business Day following receipt of such notice the Trustee shall not have received written notice from
the Majority Holders objecting to such change.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">The Issuer shall ensure that all limited liability company or other formalities regarding its existence
(including, to the extent required by applicable law, holding regular members&rsquo;, directors&rsquo; or other similar meetings)
are followed. The Issuer shall not take any action or conduct its affairs in a manner, that is likely to result in its separate
existence being ignored (other than for U.S.&nbsp;Federal income tax purposes) or in its assets and liabilities being substantively
consolidated with any other Person in a bankruptcy, reorganization or other insolvency Proceeding. Without limiting the foregoing,
(i)&nbsp;the Issuer shall not have any subsidiaries, (ii)&nbsp;the Issuer shall not (A)&nbsp;have any employees (other than directors
or officers to the extent they are employees), (B)&nbsp;engage in any transaction with any Person that would constitute a conflict
of interest (<B>provided </B>that its entering into and performance of its obligations under the Transaction Documents or any Underlying
Instruments shall not be deemed to be a transaction that would constitute a conflict of interest) or (C)&nbsp;pay distributions
to its equity owners other than in accordance with the terms of this Indenture and its Constitutive Documents and (iii)&nbsp;the
Issuer shall (A)&nbsp;maintain books and records separate from any other Person, (B)&nbsp;maintain its accounts separate from those
of any other Person, (C)&nbsp;not commingle its assets with those of any other Person, (D)&nbsp;conduct its own business in its
own name, (E)&nbsp;maintain separate financial statements (if any), (F)&nbsp;pay its own liabilities out of its own funds, (G)&nbsp;except
as expressly contemplated herein and in the Equity Contribution Agreement,&nbsp;maintain an arm&rsquo;s length relationship with
its Affiliates (<B>provided</B> that its relationship with its Affiliates pursuant to the Transaction Documents shall be deemed
to be at arm&rsquo;s length), (H)&nbsp;use separate stationery, invoices and checks, (I)&nbsp;hold itself out as a separate Person
and (J)&nbsp;correct any known misunderstanding regarding its separate identity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">7.5</FONT></TD><TD STYLE="text-align: justify">Protection of Collateral</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">The Issuer will take such action as is necessary to maintain the perfection and priority of the
security interest of the Trustee in the Collateral; <B>provided</B> that the Issuer shall be entitled to rely on any Opinion of
Counsel delivered pursuant to Section&nbsp;7.4 or Section&nbsp;7.6 and any Opinion of Counsel with respect to the same subject
matter delivered pursuant to Section&nbsp;3.1(d) to determine what actions are necessary, and shall be fully protected in so relying
on such an Opinion of Counsel, unless the Issuer has actual knowledge that the procedures described in any such Opinion of Counsel
are no longer adequate to maintain such perfection and priority. The Issuer shall from time to time execute and deliver all such
supplements and amendments hereto and file or authorize the filing of all such Financing Statements, continuation statements, instruments
of further assurance and other instruments, and shall take such other action as may be necessary or advisable or desirable to secure
the rights and remedies of the Holders of the Notes and other Secured Parties hereunder and to:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">Grant more effectively all or any portion of the Collateral;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">maintain, preserve and perfect any Grant made or to be made by this Indenture including, without
limitation, the first priority nature of the Lien (subject to Permitted Liens) or carry out more effectively the purposes hereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify">perfect, publish notice of or protect the validity of any Grant made or to be made by this Indenture
(including any and all actions necessary or desirable as a result of changes in law or regulations);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iv)</FONT></TD><TD STYLE="text-align: justify">enforce any of the Collateral or other instruments or property included in the Collateral;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(v)</FONT></TD><TD STYLE="text-align: justify">preserve and defend title to the Collateral and the rights therein of the Trustee and the Holders
of the Notes and other Secured Parties in the Collateral against the claims of all Persons and parties; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(vi)</FONT></TD><TD STYLE="text-align: justify">pay or cause to be paid any and all taxes levied or assessed upon all or any part of the Collateral.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Issuer hereby designates
the Trustee as its agent and attorney in fact to prepare and file any Financing Statement, continuation statement and all other
instruments, and take all other actions, required pursuant to this Section&nbsp;7.5. Such designation shall not impose upon the
Trustee, or release or diminish, the Issuer&rsquo;s obligations under this Section&nbsp;7.5. The Issuer further authorizes, and
shall cause the Issuer&rsquo;s United States counsel to file, a Financing Statement that names the Issuer as debtor and the Trustee
as secured party and that describes &ldquo;all personal property of the Debtor now owned or hereafter acquired&rdquo;, or words
of similar effect as the Collateral in which the Trustee has a Grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">The Issuer shall enforce all of its material rights and remedies under each Transaction Document
to which it is a party.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">The Issuer shall provide copies of the Underlying Instruments in respect of any Portfolio Assets
to the Trustee and the Liquidation Agent within a reasonable time (and in any event within five Business Days) upon request by
the Liquidation Agent, and in the event the Issuer receives a copy of any document that supplements, amends or otherwise modifies
any Underlying Instrument so provided to the Trustee and the Liquidation Agent, the Issuer shall provide a copy of each such document
to the Trustee and the Liquidation Agent within five Business Days after receipt by the Issuer thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify">[Reserved]</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(e)</FONT></TD><TD STYLE="text-align: justify">Within five Business Days of receipt by the Issuer of any written or formal request to take, agree
to or consent to any amendment or any action with respect to any Portfolio Asset and at least four Business Days prior to the date
of the proposed amendment or action (or, if such request is received within the four Business Day period, by the next Business
Day), the Issuer (or the Collateral Manager on behalf of the Issuer) shall deliver, or cause the delivery of, a copy of such notice
to the Liquidation Agent (which shall be a third party beneficiary for purposes of this notification right) and the Trustee. The
Issuer shall deliver written notice to the Liquidation Agent providing evidence of any amendment or action within two business
days after the amendment or action (such notice, a &ldquo;Post-Restructuring Notice&rdquo;).</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(f)</FONT></TD><TD STYLE="text-align: justify">(i) The Issuer shall be permitted to perform such actions as necessary to comply with its obligations
under the Master Loan Purchase Agreement and (ii)&nbsp;to the extent the portion of any Portfolio Asset that is being transferred
to the Issuer is evidenced by a promissory note for which the face amount exceeds the portion of such Portfolio Asset being transferred
to the Issuer, the Issuer shall be permitted to cooperate with the Sole Member to obtain replacement promissory notes from the
relevant Portfolio Asset Obligor in amounts reflecting the portion of the Portfolio Asset transferred to Issuer and the portion
retained by Sole Member and the Issuer shall deliver or cause to be delivered such replacement promissory note reflecting the portion
of the Portfolio Asset held by the Issuer to the Custodian in substitution of the promissory note delivered on the date thereof;
<B>provided</B> that the Issuer will not enter into any amendment, modification or supplement of the Master Loan Purchase Agreement
without obtaining the prior written consent of the Liquidation Agent and the Trustee (acting on the written direction of the Majority
Holders) (other than an amendment to correct inconsistencies, typographical or other manifest errors, defects or ambiguities, a
copy of each of which shall be furnished to the Liquidation Agent (which shall be a third party beneficiary for purposes of this
notification right) and the Trustee within five Business Days after execution thereof).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(g)</FONT></TD><TD STYLE="text-align: justify">Promptly upon obtaining knowledge that security interest granted by the Issuer to the Trustee pursuant
to this Indenture in any Portfolio Asset ceases to be a valid first priority security interest, the Issuer shall notify UBS whether
(1)&nbsp;such Portfolio Asset will be secured by such security interest or Lien in, to or on such specified collateral within a
period of not more than five Business Days or (2)&nbsp;the Issuer will sell such Portfolio Asset pursuant to Section&nbsp;12.1(b).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">7.6</FONT></TD><TD STYLE="text-align: justify">Opinions as to Security Interests</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On any date (a)&nbsp;after April 1, 2022
but before April 28, 2022 and (b)&nbsp;after April 1, 2027 but before April 28, 2027, the Issuer shall furnish to the Trustee an
Opinion of Counsel relating to (i)&nbsp;the security interest Granted by the Issuer to the Trustee, stating that, as of the date
of such opinion, the lien and security interests created by this Indenture with respect to the Collateral remain in effect and
that no further action (other than as specified in such opinion) needs to be taken to ensure the continued effectiveness of such
lien over the next five years and (ii)&nbsp;the back-up security interest Granted by the Sole Member (or any Affiliate thereof)
to the Issuer and Trustee, stating that, as of the date of such opinions, the lien and security interest created by the Master
Loan Purchase Agreement with respect to the related Loans remain in effect and that no further action (other than as specified
in such opinion) needs to be taken to ensure the continued effectiveness of such lien over the next five years.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">7.7</FONT></TD><TD STYLE="text-align: justify">Performance of Obligations</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">The Issuer shall not take any action that would release any Person from any of such Person&rsquo;s
covenants or obligations under any instrument included in the Collateral, except (i)&nbsp;in the case of enforcement action taken
with respect to any Defaulted Obligation in conformity, to the extent applicable, with this Indenture, (ii)&nbsp;actions by the
Collateral Manager under the Collateral Management Agreement and, to the extent applicable, in conformity with this Indenture or
as otherwise required hereby (including consenting to any amendment or modification to the documents governing any Portfolio Asset)
or (iii)&nbsp;actions by the Liquidation Agent pursuant to Section&nbsp;12.1(c); <B>provided</B>, <B>however</B>, that the Issuer
shall not be required to take any action following the release of any Portfolio Asset Obligor under any Portfolio Asset to the
extent such release is completed pursuant to the Underlying Instruments related to such Portfolio Asset in accordance with their
terms.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">The Issuer may, with the prior written consent of each Holder (except in the case of the Collateral
Management Agreement, the Liquidation Agent Appointment Letter and the Collateral Administration Agreement, in which case no consent
shall be required), contract with other Persons, including the Collateral Manager, the Trustee and the Collateral Administrator
for the performance of actions and obligations to be performed by the Issuer hereunder and under the Collateral Management Agreement
or the Collateral Administration Agreement. Notwithstanding any such arrangement, the Issuer shall remain primarily liable with
respect thereto. In the event of such contract, the performance of such actions and obligations by such Persons shall be deemed
to be performance of such actions and obligations by the Issuer; and the Issuer will punctually perform, and use its best efforts
to cause the Collateral Manager, the Trustee, the Collateral Administrator and such other Person to perform, all of their obligations
and agreements contained in the Collateral Management Agreement, this Indenture, the Collateral Administration Agreement or any
such other agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">7.8</FONT></TD><TD STYLE="text-align: justify">Negative Covenants</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">The Issuer will not at any time from and after the Closing Date:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">sell, transfer, exchange or otherwise dispose of, or pledge, mortgage, hypothecate or otherwise
encumber (or permit such to occur or suffer such to exist), any part of the Collateral, except as expressly permitted by this Indenture
or by the Collateral Management Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">claim any credit on, make any deduction from, or dispute the enforceability of payment of the principal
or interest payable (or any other amount) in respect of the Notes (other than amounts withheld or deducted in accordance with the
Code (or any applicable laws of any other applicable jurisdiction) or pursuant to an agreement with a Governmental Authority);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify">incur or assume or guarantee any Indebtedness, other than the Notes, this Indenture and the transactions
contemplated hereby;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iv)</FONT></TD><TD STYLE="text-align: justify">issue any additional class of securities (other than the Notes) or any additional equity interests
including, without limitation, any additional shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(v)</FONT></TD><TD STYLE="text-align: justify">as and to the extent the following are within the Issuer&rsquo;s power and control, permit the
validity or effectiveness of this Indenture or any Support Document or any Grant hereunder or thereunder to be impaired, or permit
the Lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released
from any covenants or obligations with respect to this Indenture or the Notes except as may be permitted hereby;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(vi)</FONT></TD><TD STYLE="text-align: justify">except as permitted by this Indenture, take any action that would permit the Lien of this Indenture
(subject only to Permitted Liens) not to constitute a valid first priority security interest in the Collateral;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(vii)</FONT></TD><TD STYLE="text-align: justify">amend the Collateral Management Agreement (except pursuant to the terms thereof and Article&nbsp;15
of this Indenture), the Issuer Account Control Agreement (except pursuant to the terms thereof) or the Equity Contribution Agreement
(except pursuant to the terms thereof);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(viii)</FONT></TD><TD STYLE="text-align: justify">dissolve or liquidate in whole or in part, except as permitted hereunder or required by applicable
law;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ix)</FONT></TD><TD STYLE="text-align: justify">other than as otherwise expressly provided herein, pay any distributions other than in accordance
with the Priority of Payments;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(x)</FONT></TD><TD STYLE="text-align: justify">permit the formation of any subsidiaries;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(xi)</FONT></TD><TD STYLE="text-align: justify">conduct business under any name other than its own;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(xii)</FONT></TD><TD STYLE="text-align: justify">have any employees (other than directors or officers to the extent they are employees);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(xiii)</FONT></TD><TD STYLE="text-align: justify">sell, transfer, exchange or otherwise dispose of Collateral, or enter into an agreement or commitment
to do so or enter into or engage in any business with respect to any part of the Collateral, except as expressly permitted by this
Indenture or the Collateral Management Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(xiv)</FONT></TD><TD STYLE="text-align: justify">acquire or hold an interest in any property (including contractual rights in, to or under any agreement)
other than (A)&nbsp;Portfolio Assets, (B)&nbsp;Eligible Investments, or (C)&nbsp;the Issuer&rsquo;s right, title and interest in
the Transaction Documents, unless otherwise expressly permitted by this Indenture;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(xv)</FONT></TD><TD STYLE="text-align: justify">enter into or become party to any swap agreement or hedging transaction; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(xvi)</FONT></TD><TD STYLE="text-align: justify">apply cash proceeds of the issuance of Notes for any purpose other than as described in Section&nbsp;3.3.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">The Issuer will not be party to any agreements without including customary &ldquo;non-petition&rdquo;
and &ldquo;limited recourse&rdquo; provisions therein (and shall not amend or eliminate such provisions in any agreement to which
it is party), except for (i)&nbsp;any agreements related to the purchase and sale of any Portfolio Assets or Eligible Investments
which contain customary purchase or sale terms or which are documented using customary loan trading documentation and (ii)&nbsp;any
Underlying Instruments.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">The Issuer may not acquire any of the Notes (including any Notes surrendered or abandoned).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify">The Issuer shall not hold Cash in any accounts other than the Accounts and shall not permit any
Interest Collections or Principal Collections to be paid into any account except the Collection Account. In the event that any
Interest Collections or Principal Collections are paid to any account other than the Collection Account, the Issuer shall procure
that such funds are promptly transferred to the Collection Account.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(e)</FONT></TD><TD STYLE="text-align: justify">The Issuer shall not, without the prior written consent of the Majority Holders and UBS, accept
any capital contribution from any Person, other than a capital contribution that is expressly required to be made by the Sole Member
in accordance with Section&nbsp;2 or 3 of the Equity Contribution Agreement. The Issuer shall instruct the Trustee to promptly
return to the relevant Person any such capital contribution received from any such Person that is not made in accordance with Section&nbsp;2
or 3 of the Equity Contribution Agreement. For the avoidance of doubt, the foregoing shall be without prejudice to the right of
the Issuer to receive and credit to the relevant account in accordance with Section&nbsp;10 hereof any Interest Collections or
Principal Collections received in respect of Portfolio Assets.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">7.9</FONT></TD><TD STYLE="text-align: justify">Statement as to Compliance</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the request of the Trustee (at the direction
of the Majority Holders), on or before March 1 in each calendar year commencing 2018, or immediately if there has been a Default
under this Indenture of which an Authorized Representative of the Issuer is aware, the Issuer shall deliver to the Trustee (to
be forwarded by the Trustee to the Collateral Manager and each Holder making a written request therefor) a certificate of the Issuer
that, having made reasonable inquiries of the Collateral Manager, and to the best of the knowledge, information and belief of the
Issuer, there did not exist, as at a date not more than five days prior to the date of the certificate, nor had there existed at
any time prior thereto since the date of the last certificate (if any), any Default hereunder or, if such Default did then exist
or had existed, specifying the same and the nature and status thereof, including actions undertaken to remedy the same, and that
the Issuer has complied with all of its obligations under this Indenture or, if such is not the case, specifying those obligations
with which it has not complied.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">7.10</FONT></TD><TD STYLE="text-align: justify">Issuer May Not Consolidate Except on Certain Terms</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Issuer will not consolidate or merge
with or into any other Person, or transfer or convey all or substantially all of the assets of the Issuer to another Person, in
each case without the prior consent of each Holder.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">7.11</FONT></TD><TD STYLE="text-align: justify">Successor Substituted</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon any consolidation or merger, or transfer
or conveyance of all or substantially all of the assets of the Issuer, in accordance with Section&nbsp;7.10 in which the Issuer
is not the surviving corporation, the successor entity shall succeed to, and be substituted for, and may exercise every right and
power of, the Issuer under this Indenture with the same effect as if such Person had been named as the Issuer herein. In the event
of any such consolidation, merger, transfer or conveyance, the Person named as the &ldquo;Issuer&rdquo; in the first paragraph
of this Indenture or any successor which shall theretofore have become such in the manner prescribed in this Article&nbsp;7 may
be dissolved, wound up and liquidated at any time thereafter, and such Person thereafter shall be released from its liabilities
as obligor and maker on all the Notes and from its obligations under this Indenture.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">7.12</FONT></TD><TD STYLE="text-align: justify">No Other Business</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Issuer shall not have any employees
(other than directors or officers to the extent they are employees) and shall not engage in any business or activity other than
issuing, paying and redeeming the Notes issued pursuant to this Indenture, acquiring, holding, selling, exchanging, redeeming and
pledging, solely for its own account, Portfolio Assets, Eligible Investments and other Collateral permitted by this Indenture,
and other activities incidental thereto, including entering into, and performing its obligations under, the Transaction Documents
and Underlying Instruments to which it is a party and other documents contemplated thereby and/or incidental thereto. The Issuer
shall not hold itself out as originating loans, lending funds or securities, making a market in loans or other assets or selling
loans or other assets to customers or as willing to enter into, assume, offset, assign or otherwise terminate positions in derivative
financial instruments with customers. The Issuer shall not solicit the amendment of its Constitutive Documents without prior written
consent of the Trustee, the Liquidation Agent and each Holder (unless such amendment could not reasonably be expected to materially
adversely affect any of the Issuer, the Holders, the Collateral, the Liquidation Agent or the interests of the Trustee and Issuer
therein). The Issuer shall provide the Trustee and the Liquidation Agent with a true and complete copy of its Constitutive Documents
and any amendments thereto within a reasonable time after request thereof by the Liquidation Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">7.13</FONT></TD><TD STYLE="text-align: justify">Acquisition of Assets</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other than (i) as expressly required or
permitted by the Equity Contribution Agreement, (ii) Eligible Investments expressly permitted hereunder and (iii) payments or other
distributions on or with respect to Portfolio Assets or such Eligible Investments, the Issuer shall not acquire any asset unless
such asset is a Portfolio Asset and (a)&nbsp;such Portfolio Asset, and the acquisition thereof, complies with the requirements
of Section&nbsp;12.2 and (b) the purchase of such Portfolio Asset is financed with (x)&nbsp;proceeds of the issuance of the Notes
on the Closing Date or the funding of the Subsequent Advance on the Delayed Draw Funding Date, (y)&nbsp;Principal Collections,
including any proceeds thereof or income therefrom or (z)&nbsp;a combination of (x) and (y).</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">7.14</FONT></TD><TD STYLE="text-align: justify">Reporting</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At any time when the Issuer is not subject
to Section&nbsp;13 or 15(d) of the Exchange Act and is not exempt from reporting pursuant to Rule&nbsp;12g3-2(b) under the Exchange
Act, upon the request of a Holder or beneficial owner of a Note, the Issuer shall promptly furnish or cause to be furnished Rule&nbsp;144A
Information to such Holder or beneficial owner, to a prospective purchaser of such Note designated by such Holder or beneficial
owner, or to the Trustee for delivery to such Holder or beneficial owner or a prospective purchaser designated by such Holder or
beneficial owner, as the case may be, in order to permit compliance by such Holder or beneficial owner with Rule&nbsp;144A under
the Securities Act in connection with the resale of such Note. &ldquo;Rule&nbsp;144A Information&rdquo; shall be such information
as is specified pursuant to Rule&nbsp;144A(d)(4) under the Securities Act.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">7.15</FONT></TD><TD STYLE="text-align: justify">Certain Tax Matters</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">The Issuer shall cause itself to be, as of the Closing Date and for as long as any Notes are outstanding,
directly or indirectly, an entity disregarded from a U.S. organized entity taxable as a corporation (&ldquo;<B><I>Tax Owner</I></B>&rdquo;)
for U.S.&nbsp;federal tax purposes, and shall not take any action that would result in the Issuer being classified as a partnership
or as an association taxable as a corporation for U.S.&nbsp;Federal tax purposes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">The Issuer
further represents that its Tax Owner has timely filed all material Tax returns and reports required to be filed with any governmental
authority, and has paid all material Taxes, assessments, fees and other governmental charges levied or imposed by any governmental
authority upon it or its properties, income or assets otherwise due and payable, except those that are being contested in good
faith by appropriate proceedings diligently conducted and for which adequate reserves have been provided in accordance with GAAP.
The Issuer also covenants that its Tax Owner will pay all material taxes imposed upon such Tax Owner or any of such Tax Owner&rsquo;s
properties or assets or in respect of any of its income, businesses or franchises, or for which it otherwise is liable, before
any penalty or fine accrues thereon, and all material claims (including claims for labor, services, materials and supplies) for
sums that have become due and payable and that by law have or may become a lien upon any of its properties or assets, prior to
the time when any penalty or fine shall be incurred with respect thereto; provided, that no such tax or claim need be paid to the
extent (i) either the amount thereof is immaterial or the amount or validity thereof is currently being contested in good faith
by appropriate proceedings, (ii) adequate reserves in conformity with GAAP with respect thereto have been made or provided therefor
and (iii) such proceedings could not reasonably be expected to result in the sale, forfeiture or loss of any material portion of
the Issuer&rsquo;s assets or any interest therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">The Issuer shall undertake all reasonable steps to the extent necessary to secure FATCA Compliance
to the extent applicable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">The Issuer shall file, or cause to be filed, any tax returns, including information tax returns,
required by any Governmental Authority.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify">Notwithstanding anything herein to the contrary, the Collateral Manager, the Issuer, the Trustee,
the Collateral Administrator, the Liquidation Agent, the Holders and beneficial owners of the Notes and each employee, representative
or other agent of those Persons, may disclose to any and all Persons, without limitation of any kind, the U.S.&nbsp;federal, state
and local tax treatment and tax structure of the transactions contemplated by this Indenture and all materials of any kind, including
opinions or other tax analyses, that are provided to those Persons. This authorization to disclose the U.S.&nbsp;federal, state
and local tax treatment and tax structure does not permit disclosure of the names of or other information identifying the Collateral
Manager, the Issuer, the Trustee, the Collateral Administrator, the Liquidation Agent, the Holders or any other party to the transactions
contemplated by this Indenture, the issuance and sale of the Notes or the pricing (except to the extent such information is relevant
to U.S.&nbsp;federal, state and local tax structure or tax treatment of such transactions).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(e)</FONT></TD><TD STYLE="text-align: justify">The Issuer shall not be obligated to pay any additional amounts to Holders or beneficial owners
of Notes as a result of any deduction or withholding for or on account of any present or future taxes, duties, assessments or governmental
charges in respect of the Notes or any Portfolio Asset.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(f)</FONT></TD><TD STYLE="text-align: justify">The Issuer and the Trustee, by entering into this Indenture, and each Holder and beneficial owner
of a Class&nbsp;A Note, by acceptance of its Class&nbsp;A Note or beneficial interest therein, shall be deemed to agree to treat
the Class&nbsp;A Notes as equity interests in the Issuer for U.S.&nbsp;federal and applicable state and local tax purposes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">7.16</FONT></TD><TD STYLE="text-align: justify">Restricted Transactions</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with the U.S.&nbsp;Unlawful
Internet Gambling Act (the <B><I>Gambling Act</I></B>), the Issuer may not use the Accounts or other facilities of the Bank in
the United States to process &ldquo;restricted transactions&rdquo; as such term is defined in U.S.&nbsp;31 CFR Section&nbsp;132.2(y).</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">7.17</FONT></TD><TD STYLE="text-align: justify">[Reserved]</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">7.18</FONT></TD><TD STYLE="text-align: justify">Compliance with Laws</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Issuer will comply with all laws, rules,
regulations and orders of any Governmental Authority applicable to it or its property, except where the failure to do so, individually
or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">8.</FONT></TD><TD STYLE="text-align: justify">Supplemental Indentures</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">8.1</FONT></TD><TD STYLE="text-align: justify">Supplemental Indentures Without Consent of Holders of Notes</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Without the consent of any Holders (except
any consent required by clause&nbsp;(c) or (f)&nbsp;below and except for the consent of any Holders that would be materially and
adversely affected by such supplemental indenture), but only with the prior written consent of the Collateral Manager, the Issuer,
the Liquidation Agent and the Trustee, at any time and from time to time may, with an Opinion of Counsel (which may be based on
an Officer&rsquo;s certificate as to factual matters provided by the Issuer or the Collateral Manager on behalf of the Issuer)
being provided to the Issuer and the Trustee (except in the case of clause&nbsp;(c) or (f) below for which no such Opinion of Counsel
shall be required if the consent of each Holder has been obtained as required thereunder), and a certificate described in Section&nbsp;8.3(b),
enter into one or more indentures supplemental hereto, in form reasonably satisfactory to the Trustee, for any of the following
purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">to evidence the succession of another Person to the Issuer and the assumption by any such successor
Person of the covenants of the Issuer herein and in the Notes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">to add to the covenants of the Issuer or the Trustee for the benefit of the Secured Parties;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">to convey, transfer, assign, mortgage or pledge any property to or with the Trustee or add to the
conditions, limitations or restrictions on the authorized amount, terms and purposes of the issue, authentication and delivery
of the Notes, <B>provided</B> that, if the Holders would be materially and adversely affected by such supplemental indenture entered
into pursuant to this clause&nbsp;(c), the consent to such supplemental indenture has been obtained from each Holder;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify">to evidence and provide for the acceptance of appointment hereunder by a successor Trustee and
to add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts
hereunder by more than one Trustee, pursuant to the requirements of Sections&nbsp;6.9, 6.10 and 6.12 hereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(e)</FONT></TD><TD STYLE="text-align: justify">to correct or amplify the description of any property at any time subject to the Lien of this Indenture,
or to better assure, convey and confirm unto the Trustee any property subject or required to be subjected to the Lien of this Indenture
(including, without limitation, any and all actions necessary or desirable as a result of changes in law or regulations, whether
pursuant to Section&nbsp;7.5 or otherwise) or to subject to the Lien of this Indenture any additional property;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(f)</FONT></TD><TD STYLE="text-align: justify">to modify the restrictions on and procedures for resales and other transfers of Notes to reflect
any changes in ERISA or other applicable law or regulation (or the interpretation thereof) or to enable the Issuer to rely upon
any exemption from registration under the Securities Act or the Investment Company Act or to remove restrictions on resale and
transfer to the extent not required thereunder, <B>provided</B><I> </I>that, if the Holders would be materially and adversely affected
by such supplemental indenture entered into pursuant to this clause&nbsp;(f), the consent to such supplemental indenture has been
obtained from each Holder;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(g)</FONT></TD><TD STYLE="text-align: justify">otherwise to correct any inconsistency or cure any ambiguity, omission or manifest errors in this
Indenture;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(h)</FONT></TD><TD STYLE="text-align: justify">to take any action necessary or advisable to prevent the Issuer or the Trustee from becoming subject
to (or necessary or advisable to reduce) withholding or other taxes, fees or assessments, including by achieving FATCA Compliance
or to prevent the Issuer from being subject to U.S.&nbsp;federal, state or local income tax on a net income basis;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">to change the name of the Issuer in connection with the change in name or identity of the Collateral
Manager or as otherwise required pursuant to a contractual obligation or to avoid the use of a trade name or trademark in respect
of which the Issuer does not have a license;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(j)</FONT></TD><TD STYLE="text-align: justify">to amend, modify or otherwise accommodate changes to this Indenture to comply with: (A)&nbsp;any
rule or regulation enacted by regulatory agencies of the United States federal government after the Closing Date; or (B)&nbsp;any
rule or regulation enacted by regulatory agencies of the United States federal government before the Closing Date if the interpretation
or enforcement thereof has been affected by any amendment, supplement, guidance, directive or interpretative statement issued by
any such regulatory agency after the Closing Date; that in each case are applicable to the Notes or the transactions contemplated
by this Indenture;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(k)</FONT></TD><TD STYLE="text-align: justify">to make any modification or amendment determined by the Issuer or the Collateral Manager (in consultation
with legal counsel of national reputation experienced in such matters) as necessary or advisable (A)&nbsp;for any Notes to not
be considered an &ldquo;ownership interest&rdquo; as defined for purposes of the Volcker Rule or (B)&nbsp;for the Issuer to not
otherwise be considered a &ldquo;covered fund&rdquo; as defined for purposes of the Volcker Rule, in each case so long (1)&nbsp;as
any such modification or amendment would not have a material adverse effect on any Notes, as evidenced by an Opinion of Counsel
(which may be supported as to factual (including financial and capital markets) matters by any relevant certificates and other
documents necessary or advisable in the judgment of the counsel delivering the opinion), and (2)&nbsp;such modification or amendment
is approved in writing by a supermajority (66 2/3% based on the aggregate principal amount of Notes held by the Section&nbsp;13
Banking Entities) of the Section&nbsp;13 Banking Entities (voting as a single class); or</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(l)</FONT></TD><TD STYLE="text-align: justify">to take any action necessary or advisable to implement the Bankruptcy Subordination Agreement;
or (A)&nbsp;issue new certificates or divide a Bankruptcy Subordinated Class into one or more sub-classes, in each case with new
identifiers (including CUSIPs); <B>provided</B> that any certificate or sub-class of a Bankruptcy Subordinated Class issued pursuant
to this clause will be issued on identical terms (other than with respect to payment rights being modified pursuant to the Bankruptcy
Subordination Agreement) with the existing Notes of such Bankruptcy Subordinated Class and (B)&nbsp;provide for procedures under
which beneficial owners of Notes of such Bankruptcy Subordinated Class that are subject to the Bankruptcy Subordination Agreement
will receive an interest in such new certificate or sub-class.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">8.2</FONT></TD><TD STYLE="text-align: justify">Supplemental Indentures With Consent of Holders of Notes</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Trustee and the Issuer shall not execute
any indenture supplemental hereto to add any provisions to, or change in any manner or eliminate any of the provisions of, this
Indenture or modify in any manner the rights of the Holders under this Indenture without the written consent of each Holder, the
Liquidation Agent and the Collateral Manager, except in each case as otherwise permitted under Section&nbsp;8.1.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">8.3</FONT></TD><TD STYLE="text-align: justify">Execution of Supplemental Indentures</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">The Trustee shall join in the execution of any such supplemental indenture and to make any further
appropriate agreements and stipulations which may be therein contained, but the Trustee shall not be obligated to enter into any
such supplemental indenture which affects the Trustee&rsquo;s own rights, duties, liabilities or immunities under this Indenture
or otherwise, except to the extent required by law.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">With respect to any supplemental indenture permitted by Article 8, the Trustee and the Issuer shall
be entitled to receive and conclusively rely upon (A)&nbsp;an Opinion of Counsel (stating that the supplemental indenture is authorized
or permitted by the Indenture and all conditions precedent have been satisfied) as to matters of law (which do not include whether
or not the Holders would be materially and adversely affected by a supplemental indenture), which may be supported as to factual
(including financial and capital markets) matters by any relevant certificates and other documents necessary or advisable in the
judgment of counsel delivering such Opinion of Counsel), and (B)&nbsp;with respect to matters of fact (including whether or not
the Holders would be materially and adversely affected by a supplemental indenture), a certificate of the Issuer, the Collateral
Manager, any investment banking firm or other Independent expert familiar with the market for the Notes pursuant to Section&nbsp;8.4;
<B>provided </B>that, for any supplemental indenture (other than any supplemental indenture entered into pursuant to sub-clauses&nbsp;(c)
and (f) of Section&nbsp;8.1 for which the consent of the Holders of the Notes would not otherwise be required except as expressly
set forth in such clauses) if Holders of Notes representing at least 50% of the Aggregate Outstanding Amount of the Notes have
provided notice to the Trustee at least one Business Day prior to the execution of such supplemental indenture that the Holders
would be materially and adversely affected thereby, the Trustee shall not be entitled so to rely upon a certificate of the Issuer,
the Collateral Manager, any investment banking firm or other Independent expert as to whether or not the Holders would be materially
and adversely affected by such supplemental indenture and the Trustee shall not enter into such supplemental indenture without
the prior written consent of each Holder. Such determination shall be conclusive and binding on all present and future Holders.
In executing or accepting the additional trusts created by any supplemental indenture permitted by this Article&nbsp;8 or the modifications
thereby of the trusts created by this Indenture, the Trustee and the Issuer shall be entitled to receive, and (subject to Sections&nbsp;6.1
and 6.3) shall be fully protected in relying upon, an Opinion of Counsel delivered pursuant to this paragraph. Neither the Trustee
nor the Issuer shall be liable for any reliance made in good faith upon such an Opinion of Counsel or a certificate of the Issuer,
the Collateral Manager, any investment banking firm or other Independent expert pursuant to Section&nbsp;8.4.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">At the cost of the Issuer, for so long as any Notes shall remain Outstanding, not later than fifteen
Business Days prior to the execution of any proposed supplemental indenture pursuant to Section&nbsp;8.1, the Trustee shall deliver
to the Collateral Manager, the Collateral Administrator and the Holders a notice attaching a copy of such supplemental indenture
and indicating the proposed date of execution of such supplemental indenture. Following such delivery by the Trustee, if any changes
are made to such supplemental indenture other than to correct typographical errors or to adjust formatting, then at the cost of
the Issuer, for so long as any Notes shall remain Outstanding, not later than five Business Days prior to the execution of such
proposed supplemental indenture (<B>provided</B> that the execution of such proposed supplemental indenture shall not in any case
occur earlier than the date fifteen Business Days after the initial distribution of such proposed supplemental indenture pursuant
to the first sentence of this Section&nbsp;8.3(c)), the Trustee shall deliver to the Collateral Manager, the Collateral Administrator
and the Holders a copy of such supplemental indenture as revised, indicating the changes that were made. At the cost of the Issuer,
the Trustee shall provide to the Holders a copy of the executed supplemental indenture after its execution. Any failure of the
Trustee to publish or deliver such copy of the executed supplemental indenture shall not in any way impair or affect the validity
of any such supplemental indenture.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify">It shall not be necessary for any consent or Act of any Holders of Notes to approve the particular
form of any proposed supplemental indenture, but it shall be sufficient, if the consent of any such Holders to such proposed supplemental
indenture is required, that such Act or consent shall approve the substance thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(e)</FONT></TD><TD STYLE="text-align: justify">The Issuer agrees that it will not permit to become effective any supplement or modification to
this Indenture which would (i)&nbsp;increase the duties or liabilities of, reduce or eliminate any right or privilege of (including
as a result of an effect on the amount or priority of any fees or other amounts payable to the Collateral Manager), or adversely
change the economic consequences to, the Collateral Manager, (ii)&nbsp;modify the restrictions on the Sales of Portfolio Assets
or (iii)&nbsp;expand or restrict the Collateral Manager&rsquo;s discretion, and the Collateral Manager shall not be bound thereby,
in each case, unless the Collateral Manager shall have consented in advance thereto in writing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">8.4</FONT></TD><TD STYLE="text-align: justify">Determination of Effect on Holders</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">Unless notified prior to the execution of a supplemental indenture by Holders of Notes representing
at least 50% of the Aggregate Outstanding Amount of the Notes that the Holders of the Notes would be materially and adversely affected
as set forth in Section&nbsp;8.3(b), the determination of whether any Holder is materially adversely affected by any proposed supplemental
indenture under this Article&nbsp;8 shall be made based on a certificate of any of the Issuer, the Collateral Manager, any investment
banking firm or other Independent expert familiar with the market for the Notes as to the economic effect of the proposed supplemental
indenture. Such determination shall be conclusive and binding on all present and future Holders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">The Trustee is hereby authorized to join in the execution of any such supplemental indenture and
to make any further appropriate agreements and stipulations which may be therein contained, but the Trustee shall not be obligated
to enter into any such supplemental indenture which affects the Trustee&rsquo;s (or, for so long as the Bank is also the Collateral
Administrator, the Collateral Administrator&rsquo;s) own rights, duties, liabilities or immunities under this Indenture or otherwise,
except to the extent required by law.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">The Trustee shall not be liable for any such determination made in good faith and in reliance upon
any certificate referred to in Section&nbsp;8.4(a), if applicable, and an Opinion of Counsel delivered to the Trustee as described
in Section&nbsp;8.3.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">8.5</FONT></TD><TD STYLE="text-align: justify">Effect of Supplemental Indentures</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon the execution of any supplemental
indenture under this Article&nbsp;8, this Indenture shall be modified in accordance therewith, and such supplemental indenture
shall form a part of this Indenture for all purposes; and every Holder of Notes theretofore and thereafter authenticated and delivered
hereunder shall be bound thereby.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">8.6</FONT></TD><TD STYLE="text-align: justify">Reference in Notes to Supplemental Indentures</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notes authenticated and delivered, including
as part of a transfer, exchange or replacement pursuant to Article&nbsp;2 of Notes originally issued hereunder, after the execution
of any supplemental indenture pursuant to this Article&nbsp;8 may, and if required by the Issuer shall, bear a notice as to any
matter provided for in such supplemental indenture. If the Issuer shall so determine, new Notes, so modified as to conform in the
opinion of the Issuer to any such supplemental indenture, may be prepared and executed by the Issuer and, upon Issuer Order, authenticated
and delivered by the Trustee in exchange for Outstanding Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">9.</FONT></TD><TD STYLE="text-align: justify">Redemption of Notes</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">9.1</FONT></TD><TD STYLE="text-align: justify">Optional Redemption</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">Except as provided in this Section&nbsp;9.1, Section&nbsp;9.2 or Section&nbsp;11.1, the Notes shall
not be prepaid prior to their Stated Maturity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">The Issuer (at the direction of the Collateral Manager), not more frequently than (1)&nbsp;prior
to the two-year anniversary of the Closing Date, five (5)&nbsp;times in any calendar year and (2)&nbsp;on or after the two-year
anniversary of the Closing Date, once in any calendar month, may optionally redeem the Notes in whole or in part pursuant to this
Section&nbsp;9.1 on any Redemption Date subject to the following conditions:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">any such prepayment of the Notes on any Redemption Date shall be in an Aggregate Outstanding Amount
determined by the Collateral Manager on behalf of the Issuer that is no less than the lesser of (x)&nbsp;$25,000,000 and (y)&nbsp;the
Aggregate Outstanding Amount of the Notes at such time;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">such prepayment shall be paid from Principal Collections standing to the credit of the Collection
Account;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify">such prepayment shall be paid to Holders ratably (such that each Holder shall receive an amount
equal to the aggregate Redemption Price for the Aggregate Outstanding Amount of the Notes being so redeemed multiplied by a percentage
equal to (x)&nbsp;the Aggregate Outstanding Amount of the Notes held by such Holder on the related Record Date divided by (y)&nbsp;the
Aggregate Outstanding Amount of the Notes on the related Record Date); <B>provided</B> that if requested by the Collateral Manager
the Holders of 100% of the Aggregate Outstanding Amount of the Notes may elect to receive less than 100% of the Redemption Price
that would otherwise be payable to the Holders of the Notes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iv)</FONT></TD><TD STYLE="text-align: justify">such prepayment shall result in the payment in full of all Priority Administrative Expenses that
are unpaid as of such Redemption Date;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(v)</FONT></TD><TD STYLE="text-align: justify">in the case of any Optional Redemption, no Event of Default has occurred and is continuing at the
time of such Optional Redemption; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(vi)</FONT></TD><TD STYLE="text-align: justify">the Issuer, or the Collateral Manager on its behalf, shall have provided an Officer&rsquo;s certificate
to the Trustee confirming that the foregoing conditions are satisfied.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">In the event of any redemption pursuant to this Section&nbsp;9.1, the Collateral Manager on behalf
of the Issuer shall, at least five Business Days prior to the Redemption Date (or such shorter time as agreed to by the Trustee),
notify the Trustee and the Liquidation Agent in writing of such Redemption Date, the applicable Record Date, the principal amount
of Notes to be redeemed on such Redemption Date and the Redemption Price.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">9.2</FONT></TD><TD STYLE="text-align: justify">Tax Redemption</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">The Notes shall be redeemed in whole but not in part (any such redemption, a <B><I>Tax Redemption</I></B>)
at the written direction (delivered to the Trustee, the Issuer and the Collateral Manager no later than ten Business Days prior
to the Redemption Date, or such shorter time as agreed to by the Trustee) of the Majority Holders following the occurrence and
continuation of a Tax Event if such Tax Event would result in the Issuer having a net tax liability (without regard to any amounts
required to be withheld in respect of payments made to any Holder) in an aggregate amount in any Monthly Period in excess of $1,000,000;
<B>provided</B> that if requested by the Collateral Manager the Holders of 100% of the Aggregate Outstanding Amount of the Notes
may elect to receive less than 100% of the Redemption Price that would otherwise be payable to the Holders of the Notes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">Upon its receipt of such written direction directing a Tax Redemption, the Trustee shall notify
the Collateral Manager and the Holders thereof pursuant to Section&nbsp;9.3.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">9.3</FONT></TD><TD STYLE="text-align: justify">Redemption Procedures</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">In the event of any redemption pursuant to Section&nbsp;9.1 or 9.2, a notice of redemption shall
be provided not later than five Business Days prior to the applicable Redemption Date, to each Holder of Notes, at such Holder&rsquo;s
address in the Note Register. Notes called for redemption in whole must be surrendered at the office of any Paying Agent.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">All notices of redemption delivered pursuant to Section&nbsp;9.3(a) shall state:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">whether such redemption is (A) an Optional Redemption or (B) a Tax Redemption;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">the applicable Redemption Date;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify">the expected Redemption Prices of the Notes to be redeemed and the amount of any accrued interest
on such Notes that will be paid in accordance with the Priority of Payments on the applicable Redemption Date;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iv)</FONT></TD><TD STYLE="text-align: justify">that all (or the applicable portion) of the Notes to be redeemed are to be redeemed in full and
that interest on such Notes (or the applicable portion thereof) shall cease to accrue on the Payment Date specified in the notice;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(v)</FONT></TD><TD STYLE="text-align: justify">in the case of an Optional Redemption or Tax Redemption, in each case, in whole of the Notes, the
place or places where Notes are to be surrendered for payment of the Redemption Price, which shall be the office or agency of the
Issuer to be maintained as provided in Section&nbsp;7.2.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Issuer (at the direction
of the Collateral Manager) may withdraw any such notice of redemption delivered pursuant to Section&nbsp;9.3 on any day up to and
including the first Business Day immediately preceding the applicable Payment Date. Any withdrawal of such notice of an Optional
Redemption will be made by written notice to the Trustee and the Liquidation Agent. If the Issuer so withdraws or is deemed to
withdraw any notice of an Optional Redemption, the proceeds received from the Sale of any Portfolio Assets and other Collateral
sold in contemplation of such redemption may, at the Collateral Manager&rsquo;s sole discretion, be reinvested in accordance with
Section&nbsp;12.2 (to the extent reinvestment is permissible in accordance with the provisions thereof). If any notice of Optional
Redemption is neither withdrawn nor deemed to have been withdrawn and the proceeds of any Sale of the Portfolio Assets are not
sufficient to pay the Redemption Price of the Notes (or the applicable portion thereof that would otherwise have been redeemed),
including as a result of the failure of any Sale of all or any portion of the Portfolio Assets to settle on the Business Day immediately
preceding the applicable Redemption Date, (I)&nbsp;the Notes (or the applicable portion thereof that would otherwise have been
redeemed) will be due and payable on such Redemption Date and (II)&nbsp;all available proceeds from the Sale of the Portfolio Assets
(net of any expenses incurred in connection with such Sale) will be distributed in accordance with the Priority of Payments and
the Aggregate Outstanding Amount of the Notes shall be reduced by the amount of such distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Notice of redemption pursuant
to Section&nbsp;9.3(a) shall be given by the Issuer or, upon an Issuer Order, by the Trustee in the name and at the expense of
the Issuer. Failure to give notice of redemption, or any defect therein, to any Holder of any Note selected for redemption shall
not impair or affect the validity of the redemption of any other Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">Notwithstanding anything to the contrary in Article&nbsp;8, with respect to any redemption (or
proposed redemption) of Notes hereunder, the provisions of this Article&nbsp;9 may be waived or modified with the written consent
of the Issuer and the Liquidation Agent. The Trustee shall be fully protected by relying solely on any such written consent (without
the need to obtain an opinion of counsel described in Article&nbsp;8).</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">9.4</FONT></TD><TD STYLE="text-align: justify">Notes Payable on Redemption Date</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">Notice of redemption pursuant to Section&nbsp;9.3 having been given as aforesaid, the Notes (or
the applicable portion thereof) to be redeemed shall, on the Redemption Date, subject to Section&nbsp;9.3(c) and the Issuer&rsquo;
right to withdraw any notice of redemption pursuant to Section&nbsp;9.3(b), become due and payable at the Redemption Prices therein
specified, and from and after the Redemption Date (unless the Issuer shall default in the payment of the Redemption Prices and
accrued interest) all such Notes (or the applicable portion thereof) being so redeemed shall cease to bear interest on the Redemption
Date. Upon final payment on a Note to be so redeemed in whole and not in part, the Holder shall present and surrender such Note
at the place specified in the notice of redemption on or prior to such Redemption Date; <B>provided</B> that in the absence of
notice to the Issuer or the Trustee that the applicable Note has been acquired by a Protected Purchaser, such final payment shall
be made without such presentation or surrender, if the Trustee and the Issuer shall have been furnished such security or indemnity
as may be required by them to save each of them harmless and an undertaking thereafter to surrender such Note. Payments of interest
on Notes so to be redeemed which are payable on the Redemption Date shall be payable pursuant to Section&nbsp;11.1(a) to the Holders
of such Notes, or one or more predecessor Notes, registered as such at the close of business on the relevant Record Date according
to the terms and provisions of Section&nbsp;2.5(e).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">If any Note called for redemption in full shall not be paid upon surrender thereof for redemption,
the Holder thereof shall continue to have the right to receive its ratable share of all Interest Collections and Principal Collections
payable to Holders pursuant to Section&nbsp;11.1(a) and 11.1(b); <B>provided</B> that the reason for such non-payment is not the
fault of the relevant Holder.</TD></TR></TABLE>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">10.</FONT></TD><TD STYLE="text-align: justify">Accounts, Accountings and Releases</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">10.1</FONT></TD><TD STYLE="text-align: justify">Collection of Cash</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as otherwise expressly provided
herein, the Trustee may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance
of any fiscal agent or other intermediary, all Cash and other property payable to or receivable by the Trustee pursuant to this
Indenture, including all payments due on the Collateral, in accordance with the terms and conditions of such Collateral. The Trustee
shall segregate and hold all such Cash and property received by it in trust for the Holders of the Notes and shall apply it as
provided in this Indenture. Each Account shall be established and maintained with (a)&nbsp;a Federal or state-chartered depository
institution rated (1)&nbsp;at least &ldquo;A-1&rdquo; by S&amp;P (or at least &ldquo;A+&rdquo; by S&amp;P if such institution has
no short-term rating) and if such institution&rsquo;s rating falls below &ldquo;A-1&rdquo; by S&amp;P (or below &ldquo;A+&rdquo;
by S&amp;P if such institution has no short-term rating), the assets held in such Account shall be moved within 60 calendar days
to another institution that is rated at least &ldquo;A-1&rdquo; by S&amp;P (or at least &ldquo;A+&rdquo; by S&amp;P if such institution
has no short-term rating) and (2)&nbsp;at least &ldquo;P-1&rdquo; by Moody&rsquo;s (or at least &ldquo;A1&rdquo; by Moody&rsquo;s
if such institution has no short-term rating) and if such institution&rsquo;s rating falls below &ldquo;P-1&rdquo; by Moody&rsquo;s
(or below &ldquo;A1&rdquo; by Moody&rsquo;s if such institution has no short-term rating), the assets held in such Account shall
be moved within 60 calendar days to another institution that is rated at least &ldquo;P-1&rdquo; by Moody&rsquo;s (or at least
&ldquo;A1&rdquo; by Moody&rsquo;s if such institution has no short-term rating) or (b)&nbsp;in segregated securities accounts with
the corporate trust department of a Federal or state-chartered deposit institution subject to regulations regarding fiduciary funds
on deposit similar to Title&nbsp;12 of the Code of Federal Regulation Section&nbsp;9.10(b). Such institution shall have a combined
capital and surplus of at least $200,000,000. All Cash deposited in the Accounts shall be invested only in Eligible Investments
or Portfolio Assets in accordance with the terms of this Indenture. To avoid the consolidation of the Collateral of the Issuer
with the general assets of the Bank under any circumstances, the Trustee shall comply, and shall cause the Custodian to comply,
in respect of the Collateral, with all law applicable to it as a national bank with trust powers holding segregated trust assets
in a fiduciary capacity; <B>provided</B> that the foregoing shall not be construed to prevent the Trustee or Custodian from investing
the Collateral of the Issuer in Eligible Investments described in clause&nbsp;(ii) of the definition thereof that are obligations
of the Bank.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #010000">&nbsp;</P>


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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">10.2</FONT></TD><TD STYLE="text-align: justify">Collection Account</TD></TR></TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">In accordance with this Indenture and the Issuer Account Control Agreement, the Trustee shall,
prior to the Closing Date, cause to be established by the Custodian three segregated securities accounts, one of which will be
designated the &ldquo;<B><I>Interest</I> <I>Collection</I> <I>Subaccount</I></B>&rdquo;, one of which will be designated the &ldquo;<B><I>Principal</I>
<I>Collection</I> <I>Subaccount</I></B>&rdquo; and one of which shall be designated the &ldquo;<B><I>Sold PI Loan Collection Subaccount</I></B>&rdquo;)
(and which together will comprise the Collection Account), each in the name of the Issuer, each of which (other than the Sold PI
Loan Collection Subaccount) subject to the security interest of U.S.&nbsp;Bank National Association, as Trustee, for the benefit
of the Secured Parties and each of which shall be maintained with the Custodian and in the case of the Collection Account (other
than the Sold PI Collection Subaccount) in accordance with the Issuer Account Control Agreement. The Trustee shall from time to
time deposit into the Interest Collection Subaccount, in addition to the deposits required pursuant to Section&nbsp;10.4(a), immediately
upon receipt thereof, (i)&nbsp;all proceeds received from the disposition of any Collateral to the extent such proceeds constitute
&ldquo;Interest Collections&rdquo; and (ii)&nbsp;all other Interest Collections (unless simultaneously reinvested in Eligible Investments).
The Issuer (or the Collateral Manager on its behalf) shall promptly identify in writing to the Trustee the identity of any Loan
which becomes a Sold Participation Interest Loan and the MPA Counterparty in respect thereof, and the Trustee shall be entitled
to receive and rely upon any directions requested from the Collateral Manager regarding the designation of the Sold PI Loan Collections
thereon. The Trustee shall deposit immediately upon receipt thereof all Sold PI Loan Collections remitted to the Collection Account
into the Sold PI Loan Collection Subaccount. The Trustee shall deposit immediately upon receipt thereof all other amounts (other
than those referred to in the forgoing three sentences) remitted to the Collection Account into the Principal Collection Subaccount,
including in addition to the deposits required pursuant to Section&nbsp;10.4(a), all Principal Collections (unless simultaneously
reinvested in additional Portfolio Assets in accordance with Section&nbsp;10.2(c) and Article&nbsp;12 or in Eligible Investments),
all cash proceeds of issuance of the Notes and all amounts contributed in the form of Cash by the Sole Member pursuant to Section
3 of the Equity Contribution Agreement which are required pursuant to the terms thereof to be deposited in the Principal Collection
Subaccount. All Cash deposited from time to time in the Collection Account pursuant to this Indenture shall be held by the Trustee
as part of the Collateral and shall be applied to the purposes herein provided or to make withdrawals from the Principal Collections
Subaccount for deposit in the Portfolio Gains Account as required pursuant to Section 3 of the Equity Contribution Agreement. Subject
to Section 10.2(c), amounts in the Collection Account (other than the Sold PI Loan Collection Subaccount) shall be reinvested pursuant
to Section 10.4(a). Amounts in the Sold PI Loan Collection Subaccount shall remain uninvested.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">The Trustee, within one Business Day after receipt of any distribution or other proceeds in respect
of the Collateral which are not Cash, shall so notify the Issuer and the Liquidation Agent, and the Issuer shall use its commercially
reasonable efforts to, within five Business Days after receipt of such notice from the Trustee (or as soon as practicable thereafter),
sell such distribution or other proceeds for Cash in an arm&rsquo;s length transaction and deposit the proceeds thereof in the
Collection Account; <B>provided</B> that the Issuer need not be required to sell such distributions or other proceeds if it delivers
an Issuer Order or an Officer&rsquo;s certificate to the Trustee and the Liquidation Agent certifying that such distributions or
other proceeds constitute (i)&nbsp;Portfolio Assets that would have satisfied the requirements of Section&nbsp;12.2 on the date
of receipt thereof had they been acquired directly by the Issuer or (ii)&nbsp;Eligible Investments.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">The Collateral Manager on behalf of the Issuer may by Issuer Order direct the Trustee to, and upon
receipt of such Issuer Order the Trustee shall, withdraw funds on deposit in the Principal Collection Subaccount representing Principal
Collections (together with Interest Collections but only to the extent used to pay for accrued interest or capitalized interest
on an additional Portfolio Asset) and reinvest such funds in additional Portfolio Assets or exercise a warrant held in the Collateral,
in each case in accordance with the requirements of Article&nbsp;12 and such Issuer Order.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify">At any time, the Collateral Manager on behalf of the Issuer shall by Issuer Order direct the Trustee
to, and upon receipt of such Issuer Order the Trustee shall, withdraw funds on deposit in the Principal Collection Subaccount representing
Principal Collections and deposit such funds in the Delayed-Draw/Committed Proceeds/Revolver Account to the extent necessary for
the Issuer to comply with funding requirements on Delayed-Draw Loans, Committed Proceeds Assets and Revolver Loans.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(e)</FONT></TD><TD STYLE="text-align: justify">The Collateral Manager, with the consent of the Liquidation Agent, on behalf of the Issuer may
by Issuer Order direct the Trustee to, and upon receipt of such Issuer Order the Trustee shall, pay from amounts on deposit in
the Principal Collection Subaccount on any Business Day during any Monthly Period any amount required to exercise a warrant or
right to acquire securities in lieu of debts previously contracted with respect to any Portfolio Asset held in the Collateral in
accordance with the requirements of Article&nbsp;12 and such Issuer Order.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(f)</FONT></TD><TD STYLE="text-align: justify">The Trustee shall transfer to the Payment Account, from the Collection Account (other than the
Sold PI Loan Collection Subaccount), for application pursuant to Section&nbsp;11.1, no later than the close of business on the
Business Day immediately preceding each Payment Date and any Redemption Date, the amount set forth to be so transferred in the
Payment Date Report for such Payment Date; <B>provided</B> that the aggregate amount of Principal Collections so transferred for
application to the payment of principal of the Notes on any Redemption Date shall not exceed the aggregate outstanding principal
amount of Notes being redeemed on such Redemption Date pursuant to Article&nbsp;9.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(g)</FONT></TD><TD STYLE="text-align: justify">Notwithstanding anything to the contrary in this Section 10.2 and regardless of whether a Default
or Event of Default has occurred and is continuing, the Collateral Manager, on behalf of the Issuer, hereby directs the Trustee
to, and the Trustee shall, within one Business Day after receipt of Sold PI Loan Collections, pay such Sold PI Loan Collections
to the relevant MPA Counterparty. The Issuer (or the Collateral Manager on its behalf) shall provide, or cause to be provided,
to the Trustee all necessary wiring instructions and other relevant information necessary for such distributions.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #010000">&nbsp;</P>


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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">10.3</FONT></TD><TD STYLE="text-align: justify">Transaction Accounts</TD></TR></TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify"><B>Payment Account</B>. In accordance with this Indenture and the Issuer Account Control Agreement,
the Trustee shall, prior to the Closing Date, cause to be established by the Custodian a single, segregated non-interest bearing
securities account in the name of the Issuer, subject to the security interest of U.S.&nbsp;Bank National Association, as Trustee,
for the benefit of the Secured Parties, which shall be designated as the Payment Account, which shall be maintained with the Custodian
in accordance with the Issuer Account Control Agreement. The only permitted withdrawal from or application of funds on deposit
in, or otherwise to the credit of, the Payment Account shall be to pay amounts due and payable on the Notes in accordance with
their terms and the provisions of this Indenture and to make other payments contemplated by the Priority of Payments. The Issuer
shall not have any legal, equitable or beneficial interest in the Payment Account. Amounts in the Payment Account shall remain
uninvested.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify"><B>Custodial Account</B>. In accordance with this Indenture and the Issuer Account Control Agreement,
the Trustee shall, prior to the Closing Date, cause to be established by the Custodian a single, segregated non-interest bearing
securities account in the name of the Issuer, subject to the security interest of U.S.&nbsp;Bank National Association, as Trustee,
for the benefit of the Secured Parties, which shall be designated as the Custodial Account, which shall be maintained with the
Custodian in accordance with the Issuer Account Control Agreement. All Portfolio Assets shall be credited to the Custodial Account.
The only permitted withdrawals from the Custodial Account shall be in accordance with the provisions of this Indenture. The Trustee
agrees to give the Issuer and the Liquidation Agent immediate notice if (to the actual knowledge of a Trust Officer of the Trustee)
the Custodial Account or any assets or securities on deposit therein, or otherwise to the credit of the Custodial Account, shall
become subject to any writ, order, judgment, warrant of attachment, execution or similar process.</TD></TR></TABLE>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify"><B>Expense Account</B>. In accordance with this Indenture and the Issuer Account Control Agreement,
the Trustee shall, prior to the Closing Date, cause to be established by the Custodian a single, segregated securities account
in the name of the Issuer, subject to the security interest of U.S.&nbsp;Bank National Association, as Trustee, for the benefit
of the Secured Parties, which shall be designated as the Expense Account, which shall be maintained with the Custodian in accordance
with the Issuer Account Control Agreement. On the Closing Date, an amount equal to $100,000 shall be deposited into the Expense
Account by the Sole Member for use pursuant to this Section&nbsp;10.3(c). From time to time after the Closing Date, Required Expense
Equity Contributions contributed by the Sole Member to the Issuer pursuant to the Equity Contribution Agreement as a result of
a Expense Contribution Event (as defined in the Equity Contribution Agreement), shall be deposited into the Expense Account for
use pursuant to this Section&nbsp;10.3(c) at the times and in the amounts set forth in Section&nbsp;2 of the Equity Contribution
Agreement. In addition, on any Payment Date, funds that were previously transferred from the Interest Collection Subaccount to
the Payment Account may be transferred into the Expense Account at the direction of the Collateral Manager pursuant to Section&nbsp;11.1(a).
On any Business Day from and including the Closing Date, the Trustee shall apply funds from the Expense Account, as directed by
the Collateral Manager, (A)&nbsp;to pay expenses of the Issuer incurred in connection with the establishment of the Issuer and
the structuring and consummation of the offering and the issuance of the Notes, (B)&nbsp;from time to time to pay accrued and unpaid
Priority Administrative Expenses of the Issuer, in the order set forth in the definition of Priority Administrative Expenses (<B>provided</B>,
<B>however</B>, that no direction from the Collateral Manager will be required to pay expenses owed to the Trustee, the Bank (in
any of its capacities, including as Collateral Administrator)) and other Administrative Expenses (which shall be paid subsequent
to the payment of Priority Administrative Expenses and in the order set forth in the definition of Administrative Expenses) and
(C)&nbsp;to pay expenses attributable to tax and accounting compliance and reporting for the Issuer. All funds on deposit in the
Expense Account will be invested in Eligible Investments at the direction of the Collateral Manager. Any income earned on amounts
deposited in the Expense Account will be deposited in the Interest Collection Subaccount upon receipt thereof. All amounts remaining
on deposit in the Expense Account after all expenses (and anticipated expenses) and the Notes have been paid in full or otherwise
terminated, will be deposited by the Trustee into the Principal Collection Subaccount for application as Principal Collections
pursuant to Section&nbsp;11.1(b). For the avoidance of doubt, prior to the payment in full or otherwise termination of the Notes,
no amount standing to the credit of the Expense Account may be transferred to any other Account. If on any date the sum of Cash
and Eligible Investments then credited to the Expense Account is less than $100,000, the Trustee shall so inform the Collateral
Manager, the Liquidation Agent and the Sole Member and the Sole Member shall be required, pursuant to the Equity Contribution Agreement
and within five Business Days of such notification, to make a Required Expense Equity Contribution to the Issuer and the Trustee
shall credit any such contribution payment to the Expense Account. The Issuer shall direct the Trustee to deposit into the Expense
Account all Required Expense Equity Contribution amounts received by the Issuer pursuant to Section 2(a) of the Equity Contribution
Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In connection with the application
of funds from the Expense Account to pay Priority Administrative Expenses or other Administrative Expenses of the Issuer in accordance
with this Section&nbsp;10.3(c), the Trustee shall remit such funds, to the extent available, as directed and designated in an Issuer
Order (which may be in the form of standing instructions, including standing instructions to pay Priority Administrative Expenses
and other Administrative Expenses in the order required by this Section&nbsp;10.3(c) in such amounts on any Payment Date and to
such entities as indicated in the Payment Date Report in respect of such Payment Date) delivered by the Issuer or the Collateral
Manager to the Trustee no later than the Business Day prior to the date of payment of such Priority Administrative Expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify"><B>Delayed-Draw/Committed Proceeds/Revolver Account</B>. Upon the purchase of any Delayed-Draw
Loan, Committed Proceeds Asset or Revolver Loan not listed on Schedule&nbsp;1 hereto, funds in an amount equal to the sum of (i)&nbsp;the
amounts required to fund the purchase of such Committed Proceeds Asset and (ii)&nbsp;the undrawn portion of any such Delayed-Draw
Loan or Revolver Loan, as the case may be, shall be withdrawn at the direction of the Collateral Manager from the Principal Collections
Subaccount and deposited by the Trustee in a single, segregated non-interest bearing trust account established at the Custodian
and held in the name of the Issuer subject to the security interest of the Trustee for the benefit of the Secured Parties (the
<B><I>Delayed-Draw/Committed Proceeds/Revolver Account</I></B>). On the Closing Date, a portion of the proceeds of the Notes in
an amount equal to U.S.$0 (being the aggregate amount equal to the sum of (i)&nbsp;the amounts required to fund the purchase of
the Committed Proceeds Assets listed in Schedule&nbsp;1 hereto and (ii)&nbsp;the undrawn portion of the Delayed-Draw Loans and
Revolver Loans listed in Schedule&nbsp;1 hereto) shall be deposited in the Delayed-Draw/Committed Proceeds/Revolver Account.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Upon the purchase of any Delayed-Draw
Loan, Revolver Loan or Committed Proceeds Asset, funds deposited in the Delayed-Draw/Committed Proceeds/Revolver Account in respect
of any such Portfolio Asset will be treated as part of the purchase price therefor. Amounts on deposit in the Delayed-Draw/Committed
Proceeds/Revolver Account will be invested in Eligible Investments selected by the Collateral Manager having stated maturities
no later than the next Business Day immediately succeeding the date such Eligible Investment was acquired and earnings from all
such investments will be deposited in the Interest Collection Subaccount as Interest Collections.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">After the initial purchase, all
distributions in respect of principal under any Revolver Loan received by the Trustee shall be deposited within one Business Day
into the Delayed-Draw/Committed Proceeds/Revolver Account (and will not be available as Principal Collections unless such amounts
are transferred by the Trustee in accordance with the following paragraph as Principal Collections to the Principal Collection
Subaccount).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Any funds in the Delayed-Draw/Committed
Proceeds/Revolver Account (other than earnings from Eligible Investments therein) will be available at the direction of the Collateral
Manager solely to cover (i)&nbsp;with respect to any Delayed-Draw Loan or Revolver Loan, drawdowns thereunder and (ii)&nbsp;with
respect to any Committed Proceeds Asset, the payment of the purchase price (and related acquisition costs, as applicable) therefor;
<B>provided</B> that, on any date of determination, any excess of (A)&nbsp;the amounts on deposit in the Delayed-Draw/Committed
Proceeds/Revolver Account over (B)&nbsp;the sum of (I)&nbsp;the aggregate unfunded funding obligations under all Delayed-Draw Loans
and all Revolver Loans (which excess may occur for any reason, including upon (i)&nbsp;the sale or maturity of a Delayed-Draw Loan
or Revolver Loan, (ii)&nbsp;the occurrence of an event of default with respect to any such Delayed-Draw Loan or Revolver Loan and
the termination of any commitment to fund obligations thereunder or (iii)&nbsp;any other event or circumstance which results in
the irrevocable reduction of the undrawn commitments under the Delayed-Draw Loan or such Revolver Loan) and (II)&nbsp;the aggregate
amount required to fund the acquisition of the Committed Proceeds Assets pursuant to the terms of the Committed Proceeds Transactions,
may be transferred by the Trustee (at the written direction of the Collateral Manager on behalf of the Issuer) from time to time
as Principal Collections to the Principal Collection Subaccount.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(e)</FONT></TD><TD STYLE="text-align: justify"><B>Portfolio Gains Account</B>. In accordance with this Indenture, the Trustee shall, prior to
the Closing Date, cause to be established by the Custodian a single, segregated securities account in the name of the Issuer, which
shall be designated as the <B>&ldquo;Portfolio Gains Account</B>&rdquo;, which shall be maintained with the Custodian. From time
to time after the Closing Date, the Trustee shall, at the direction of the Collateral Manager, on behalf of the Issuer, and for
use pursuant to this Section 10.3(e), transfer from the Principal Collections Subaccount such amounts as are required to be deposited
in the Portfolio Gains Account pursuant to Section 3 of the Equity Contribution Agreement. No deposits shall be made into the Portfolio
Gains Account other than those expressly contemplated by Section&nbsp;3 of the Equity Contribution Agreement. On any Business Day
from and including the Closing Date, the Trustee shall apply funds from the Portfolio Gains Account, as directed by the Collateral
Manager on behalf of the Sole Member from time to time, (A) to make payments to the Sole Member, (B) to make deposits into the
Expense Account in satisfaction of the Sole Member&rsquo;s contribution obligations under Section 2(a) of the Equity Contribution
Agreement or (C) to make deposits into the Principal Collections Subaccount in satisfaction of the Sole Member&rsquo;s contribution
obligations under Section 3 of the Equity Contribution Agreement. All funds on deposit in the Portfolio Gains Account may be invested
in Eligible Investments at the direction of the Collateral Manager on behalf of the Sole Member. Any income earned on amounts deposited
in the Portfolio Gains Account will be deposited in the Portfolio Gains Account upon receipt thereof. All amounts remaining on
deposit in the Portfolio Gains Account after all expenses (and anticipated expenses) and the Notes have been paid in full or otherwise
terminated, will be distributed to the Sole Member. So long as no Default or Event of Default has occurred and is continuing, amounts
credited to the Portfolio Gains Account shall be distributed to the Sole Member within one Business Day after the Trustee&rsquo;s
receipt of the Collateral Manager&rsquo;s instruction to do so. For the avoidance of doubt, prior to the payment in full or other
termination of the Notes, except as contemplated in sub-clause (B) or (C) above, no amount standing to the credit of the Portfolio
Gains Account may be transferred to the Principal Collection Subaccount, the Interest Collection Subaccount, the Sold PI Loan Collection
Subaccount, the Payment Account or the Custodial Account.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">10.4</FONT></TD><TD STYLE="text-align: justify">Reinvestment of Funds in Accounts; Reports by Trustee</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">By Issuer Order (which may be in the form of standing instructions), the Issuer (or the Collateral
Manager on behalf of the Issuer) shall at all times direct the Trustee to, and, upon receipt of such Issuer Order, the Trustee
shall, invest all funds on deposit in the Interest Collection Subaccount, the Principal Collection Subaccount, the Expense Account
and the Delayed Draw/Committed Proceeds/Revolver Account (other than Principal Collections reinvested in Portfolio Assets pursuant
to Section&nbsp;10.2(c)) as so directed in Eligible Investments having stated maturities no later than the Business Day preceding
the next Payment Date (or such shorter maturities expressly provided herein). If prior to the occurrence of an Event of Default,
the Issuer shall not have given any such investment directions, the Trustee shall seek instructions from the Collateral Manager
within three Business Days after transfer of any funds to such accounts. If the Trustee does not thereafter receive written instructions
from the Collateral Manager within five&nbsp;Business Days after transfer of such funds to such accounts, it shall invest and reinvest
the funds held in such accounts, as fully as practicable, in the &ldquo;U.S. Bank Money Market Deposit Account&rdquo; (or other
standby Eligible Investment selected by the Collateral Manager) maturing no later than the Business Day immediately preceding the
next Payment Date (or such shorter maturities expressly provided herein). If after the occurrence of an Event of Default, the Issuer
shall not have given such investment directions to the Trustee for three consecutive days, the Trustee shall invest and reinvest
such Cash as fully as practicable in the &ldquo;U.S. Bank Money Market Deposit Account&rdquo; (or other standby Eligible Investment
selected by the Collateral Manager) in maturing not later than the earlier of (i)&nbsp;30&nbsp;days after the date of such investment
(unless putable at par to the Obligor thereof) or (ii)&nbsp;the Business Day immediately preceding the next Payment Date (or such
shorter maturities expressly provided herein). Except to the extent expressly provided otherwise herein, all Eligible Investments
shall be credited to the same Account (or subaccount, as the case may be) from which Cash was applied to acquire such Eligible
Investment, and any gain realized from, or loss resulting from, such Eligible Investment shall be credited or charged to such Account
(or subaccount) and all interest and other income from such Eligible Investment shall be deposited in the Interest Collections
Subaccount. The Trustee shall not in any way be held liable by reason of any insufficiency of such accounts which results from
any loss relating to any such investment, <B>provided</B> that nothing herein shall relieve the Bank of (i)&nbsp;its obligations
or liabilities under any security or obligation issued by the Bank or any Affiliate thereof or (ii)&nbsp;liability for any loss
resulting from gross negligence, willful misconduct or fraud on the part of the Bank or any Affiliate thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">The Trustee agrees to give the Issuer immediate notice if any Account or any funds on deposit in
any Account, or otherwise to the credit of an Account, shall become subject to any writ, order, judgment, warrant of attachment,
execution or similar process.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">The Trustee shall supply, in a timely fashion, to the Issuer, the Liquidation Agent and the Collateral
Manager any information regularly maintained by the Trustee that the Issuer, the Liquidation Agent or the Collateral Manager may
from time to time reasonably request with respect to the Portfolio Assets, the Accounts and the other Collateral and provide any
other requested information reasonably available to the Trustee by reason of its acting as Trustee hereunder and under the other
Transaction Documents to which it is party and required to be provided by Section&nbsp;10.5 or to permit the Collateral Manager
to perform its obligations under the Collateral Management Agreement or the Issuer&rsquo;s obligations hereunder that have been
delegated to the Collateral Manager. The Trustee shall promptly forward to the Collateral Manager and the Liquidation Agent copies
of notices and other writings received by it from the Portfolio Asset Obligor of any Portfolio Asset or from any Clearing Agency
with respect to any Portfolio Asset which notices or writings advise the holders of such Portfolio Asset of any rights that the
holders might have with respect thereto (including, without limitation, requests to vote with respect to amendments or waivers
and notices of prepayments and redemptions) as well as all periodic financial reports received from such Portfolio Asset Obligor
and Clearing Agencies with respect to such Portfolio Asset Obligor.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify">In addition to any credit, withdrawal, transfer or other application of funds with respect to any
Account set forth in Article&nbsp;10, any credit, withdrawal, transfer or other application of funds with respect to any Account
authorized elsewhere in this Indenture is hereby authorized.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(e)</FONT></TD><TD STYLE="text-align: justify">Any account established under this Indenture may include any number of subaccounts deemed necessary
or advisable by the Trustee in the administration of the Accounts.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">10.5</FONT></TD><TD STYLE="text-align: justify">Accountings</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify"><B>Payment Date Report</B>. Not later than the tenth Business Day after the last day of each Monthly
Period and commencing in July, 2017, the Issuer shall compile and make available (or cause the Collateral Administrator to compile
and make available) to the Trustee, the Collateral Manager, the Liquidation Agent and, upon written request therefor, to any Holder
shown on the Note Register, and upon written notice to the Trustee substantially in the form of Exhibit&nbsp;C, the Trustee shall
make available to any holder of a beneficial interest in a Note, a monthly payment date report on a trade date basis with respect
to such Monthly Period (each such report a <B><I>Payment Date Report</I></B>). The first Payment Date Report shall be delivered
in July, 2017 as described above and shall be determined with respect to the Monthly Period ending on (but excluding) July 1, 2017.
The Payment Date Report for a Monthly Period shall contain the following information with respect to the Portfolio Assets and Eligible
Investments included in the Collateral, and shall be determined as of the Determination Date occurring on the last day of such
Monthly Period:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">A schedule titled &ldquo;Distributions&rdquo; showing: (A)&nbsp;The Aggregate Outstanding Amount
of the Notes at the beginning of the Monthly Period and such amount as a percentage of the original Aggregate Outstanding Amount
of the Notes; and (B)&nbsp;Interest Collections payable on the related Payment Date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">The amounts payable pursuant to each clause of Section&nbsp;11.1(a), each clause of Section&nbsp;11.1(b)
and each clause of Section&nbsp;11.1(c), as applicable, on the related Payment Date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify">For the Collection Account:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(A)</FONT></TD><TD STYLE="text-align: justify">the Balance on deposit in the Collection Account at the end of the related Monthly Period;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(B)</FONT></TD><TD STYLE="text-align: justify">the amounts of (x)&nbsp;Interest Collections payable from the Interest Collection Subaccount and
(y)&nbsp;Principal Collections payable from the Principal Collection Subaccount, in each case to the Payment Account in order to
make payments pursuant to Section&nbsp;11.1(a) and Section&nbsp;11.1(b) on the next Payment Date including, with respect to Section&nbsp;11.1(a),
the respective amounts of Priority Administrative Expenses payable pursuant to Section&nbsp;11.1(a)(i), the respective amounts
of Collateral Manager Advances and Collateral Manager Expenses payable pursuant to Section&nbsp;11.1(a)(ii) and the respective
amounts of other Administrative Expenses payable pursuant to Section&nbsp;11.1(a)(iii); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(C)</FONT></TD><TD STYLE="text-align: justify">the Balance remaining in the Collection Account immediately after all payments and deposits to
be made on such Payment Date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Upon receipt of each Payment
Date Report, the Trustee shall compare the information contained in such Payment Date Report to the information contained in its
records with respect to the Collateral and shall, within three Business Days after receipt of such Payment Date Report, notify
the Issuer, the Collateral Administrator, the Liquidation Agent and the Collateral Manager if the information contained in the
Payment Date Report does not conform to the information maintained by the Trustee with respect to the Collateral. In the event
that any discrepancy exists, the Trustee and the Issuer, or the Collateral Manager on behalf of the Issuer, shall attempt to resolve
the discrepancy. If such discrepancy cannot be promptly resolved, the Trustee shall within five Business Days notify the Collateral
Manager and the Liquidation Agent, and the Liquidation Agent shall review such Payment Date Report and the Trustee&rsquo;s records
to determine the cause of such discrepancy. If such review reveals an error in the Payment Date Report or the Trustee&rsquo;s records,
the Trustee shall notify the Issuer and the Collateral Manager of such error and the Payment Date Report or the Trustee&rsquo;s
records shall be revised accordingly and, as so revised, shall be utilized in making all calculations pursuant to this Indenture.
After the Issuer receives notice of any error in the Payment Date Report, the Issuer shall forward notice of such error to all
recipients of such report not later than the delivery of the subsequent Payment Date Report, which may be accomplished by making
a notation of such error in such subsequent Payment Date Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Each Payment Date Report shall
constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in
such Payment Date Report in the manner specified and in accordance with the priorities established in Section&nbsp;11.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify"><B>Daily Reporting</B>. Not later than 5:00&nbsp;p.m. Central Time on each Business Day, the Issuer
shall direct the Collateral Administrator to compile and make available to the Trustee, the Collateral Manager, the Liquidation
Agent and, upon written request therefor, any Holder shown on the Note Register and upon written notice to the Trustee substantially
in the form of Exhibit&nbsp;C, the Trustee shall make available to any holder of a beneficial interest in a Note, a daily report
in a form agreed to by the Issuer and the Collateral Administrator (each such report, a <B><I>Daily Report</I></B>). The Daily
Report shall contain the following information:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">For each Account, the cash balance of such Account, the Eligible Investments credited to such Account,
and each other credit or debit (specifying the nature, source and amount) to such Account since the previous Daily Report and for
the Delayed-Draw/Committed Proceeds/Revolver Account, a designation of the portion of the amounts credited thereto related to each
Delayed-Draw Loan, Committed Proceeds Asset and Revolver Loan that is a Portfolio Asset;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">A schedule showing the amount of Interest Collections received from the date of determination of
the immediately preceding Payment Date Report for (A)&nbsp;Interest Collections from Portfolio Assets and (B)&nbsp;Interest Collections
from Eligible Investments;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #010000">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify">A schedule titled &ldquo;Distributions&rdquo; showing: (A)&nbsp;The Aggregate Outstanding Amount
of the Notes and such amount as a percentage of the original Aggregate Outstanding Amount of the Notes; and (B)&nbsp;Interest Collections
payable on the next Payment Date;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iv)</FONT></TD><TD STYLE="text-align: justify">Purchases, prepayments, and sales:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(A)</FONT></TD><TD STYLE="text-align: justify">The identity, Principal Balance (other than any accrued interest that was purchased with Principal
Collections (but excluding any capitalized interest)), Principal Collections and Interest Collections received, and date for (X)&nbsp;each
Portfolio Asset that was released for sale or disposition by the Issuer (and the identity and Principal Balance of each Portfolio
Asset which the Issuer has entered into a commitment to sell or dispose) pursuant to Section&nbsp;12.1 since the end of the last
Monthly Period and (Y)&nbsp;each prepayment or redemption of a Portfolio Asset since the end of the last Monthly Period; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(B)</FONT></TD><TD STYLE="text-align: justify">The identity, Principal Balance, Principal Collections and Interest Collections expended, and date
for each Portfolio Asset that was purchased by the Issuer (and the identity and purchase price) of each Portfolio Asset which the
Issuer has entered into a commitment to purchase) since the end of the last Monthly Period;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(C)</FONT></TD><TD STYLE="text-align: justify">The trade date;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(D)</FONT></TD><TD STYLE="text-align: justify">The settlement date;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(E)</FONT></TD><TD STYLE="text-align: justify">The trade type;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(F)</FONT></TD><TD STYLE="text-align: justify">The par amount;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(G)</FONT></TD><TD STYLE="text-align: justify">The trade price;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(H)</FONT></TD><TD STYLE="text-align: justify">The counter bank name;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(I)</FONT></TD><TD STYLE="text-align: justify">The trade amount;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(J)</FONT></TD><TD STYLE="text-align: justify">The trade quantity;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(K)</FONT></TD><TD STYLE="text-align: justify">The trade settled;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(L)</FONT></TD><TD STYLE="text-align: justify">The accrued interest;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(M)</FONT></TD><TD STYLE="text-align: justify">The facility original amount global;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(N)</FONT></TD><TD STYLE="text-align: justify">The rate type (fixed versus floating);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(O)</FONT></TD><TD STYLE="text-align: justify">The par amount traded;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(P)</FONT></TD><TD STYLE="text-align: justify">The par amount settled;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(Q)</FONT></TD><TD STYLE="text-align: justify">The commitment settled;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(R)</FONT></TD><TD STYLE="text-align: justify">The commitment traded;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(S)</FONT></TD><TD STYLE="text-align: justify">The outstanding settled;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(T)</FONT></TD><TD STYLE="text-align: justify">The Moody&rsquo;s Rating, if any;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(U)</FONT></TD><TD STYLE="text-align: justify">The S&amp;P Rating, if any; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(V)</FONT></TD><TD STYLE="text-align: justify">With respect to each Portfolio Asset, the following information:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(I)</TD><TD STYLE="text-align: justify">The Portfolio Obligor(s) thereon (including the issuer ticker, if any);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(II)</TD><TD STYLE="text-align: justify">The CUSIP, LoanX i.d. number, or other identifier as applicable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(III)</TD><TD STYLE="text-align: justify">The Principal Balance thereof (other than any accrued interest that was purchased with Principal
Collections (but excluding any capitalized interest)) with any capitalized interest reflected as a separate line item;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(IV)</TD><TD STYLE="text-align: justify">The related interest rate or spread (including any applicable LIBOR floors), the related interest
payment period (quarterly, semi-annually, etc.) and if interest may be capitalized;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(V)</TD><TD STYLE="text-align: justify">The stated maturity thereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(VI)</TD><TD STYLE="text-align: justify">The country of domicile of the Portfolio Asset Obligor;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(VII)</TD><TD STYLE="text-align: justify">The Advance Percentage and the categorization of such Portfolio Asset for purposes of determining
the Advance Percentage applicable thereto.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify"><B>Collateral Change Event and Repayment Date Report</B>. The Issuer shall, (i) not later than
the eighth Business Day after the last day of each Monthly Period and commencing in July 2017 and (ii) not later than 2:00 p.m.
Central Standard Time on any Collateral Change Trade Date or Repayment Date, compile and make available (or cause the Collateral
Administrator to compile and make available) to the Trustee, the Collateral Manager, UBS and any Holder shown on the Note Register,
a report describing in reasonable detail each Collateral Change Event or Repayment, as applicable, occurring (x) in the case of
clause (i) above, during the Monthly Period ending on the Determination Date for such Monthly Period and (y) in the case of clause
(ii) above, on such Collateral Change Trade Date or Repayment Date (each such report a &ldquo;<B><I>Collateral Change Event and
Repayment Date Report</I></B>&rdquo;).</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify"><B>Redemption Date Reporting</B>. With respect to each Redemption Date, the Payment Date Report
in respect of the Payment Date on which such redemption is scheduled to occur shall also include the following: (A)&nbsp;the Aggregate
Outstanding Amount of the Notes at the beginning of the Monthly Period during which such Redemption Date occurs and such amount
as a percentage of the original Aggregate Outstanding Amount of the Notes; (B)&nbsp;the amount of principal payments to be made
on the Notes on the Redemption Date, and the Aggregate Outstanding Amount of the Notes after giving effect to the payment of the
Redemption Price, as a percentage of the original Aggregate Outstanding Amount of the Notes.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(e)</FONT></TD><TD STYLE="text-align: justify"><B>Failure to Provide Accounting</B>. If the Trustee is not the Collateral Administrator and shall
not have received any accounting provided for in this Section&nbsp;10.5 on the first Business Day after the date on which such
accounting is due to the Trustee, the Trustee shall notify the Collateral Manager who shall use all reasonable efforts to obtain
such accounting by the applicable Payment Date. To the extent the Collateral Manager is required to provide any information or
reports pursuant to this Section&nbsp;10.5 as a result of the failure of the Issuer to provide such information or reports, the
Collateral Manager shall do so at its own expense.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(f)</FONT></TD><TD STYLE="text-align: justify"><B>Required Content of Certain Reports</B>. Each Payment Date Report and Daily Report sent to any
Holder or beneficial owner of an interest in a Note shall contain, or be accompanied by, the following notices:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;The Notes have not been
and will not be registered under the United States Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;). The Notes
may be beneficially owned only by Persons that (A)&nbsp;are not U.S.&nbsp;persons (within the meaning of Regulation&nbsp;S under
the Securities Act) who purchased their beneficial interest in an offshore transaction or (B)&nbsp;(I)&nbsp;are both (1)&nbsp;(x)&nbsp;a
Qualified Purchaser, within the meaning of the Investment Company Act of 1940, as amended, and the rules thereunder or (y)&nbsp;an
entity owned (or in the case of Qualified Purchasers, beneficially owned) exclusively by Qualified Purchasers and (2)&nbsp;(x)&nbsp;in
the case of a Person that is an initial purchaser of the Notes, an Accredited Investor, within the meaning of Rule&nbsp;501(a)
under the Securities Act, or a Qualified Institutional Buyer or (y)&nbsp;in the case of a Person who becomes a beneficial owner
subsequent to the date of the Indenture, a Qualified Institutional Buyer that is not a broker-dealer which owns and invests on
a discretionary basis less than $25,000,000 in securities of issuers that are not affiliated persons of the dealer and is not a
plan referred to in paragraph&nbsp;(a)(1)(i)(d) or (a)(1)(i)(e) of Rule&nbsp;144A under the Securities Act or a trust fund referred
to in paragraph&nbsp;(a)(1)(i)(f) of Rule&nbsp;144A under the Securities Act that holds the assets of such a plan, if investment
decisions with respect to the plan are made by beneficiaries of the plan, who is purchasing the Notes in reliance on the exemption
from Securities Act registration provided by Rule&nbsp;144A thereunder and (II)&nbsp;can make the representations set forth in
Section&nbsp;2.5 of the Indenture and, if applicable, the appropriate Exhibit&nbsp;B to the Indenture and (C)&nbsp;otherwise comply
with the restrictions set forth in the applicable Note legends. In addition, (a)&nbsp;beneficial ownership interests in Rule&nbsp;144A
Global Notes may only be transferred to a Person that is both a Qualified Institutional Buyer and a Qualified Purchaser or a Person
beneficially owned exclusively by Qualified Purchasers and (b)&nbsp;Certificated Notes may only be owned by a Person that is both
a Qualified Institutional Buyer and a Qualified Purchaser or a Person beneficially owned exclusively by a Person that is both a
Qualified Institutional Buyer and a Qualified Purchaser, and, in each case, that can make the representations referred to in clause&nbsp;(B)
of the preceding sentence. The Issuer has the right to compel any beneficial owner of a Note that does not meet the qualifications
set forth in the preceding sentences to sell its interest in such Note, or may sell such interest on behalf of such owner, pursuant
to Section&nbsp;2.11 of the Indenture.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Each Holder receiving this report
agrees to keep all non-public information herein confidential and not to use such information for any purpose other than its evaluation
of its investment in the Notes, <B>provided</B> that any Holder may provide such information on a confidential basis to any prospective
purchaser, or financing provider, of such Holder&rsquo;s Notes that such Holder reasonably believes is permitted by the terms of
the Indenture to acquire such Holder&rsquo;s Notes.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(g)</FONT></TD><TD STYLE="text-align: justify"><B>Availability of Information</B>. The Issuer (or the Trustee on behalf of the Issuer) may post
the information contained in a Payment Date Report, Daily Report or Collateral Change Event and Repayment Date Report to a password-protected
internet site. The Trustee shall have the right to change the way such statements are distributed in order to make such distribution
more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all
above parties regarding any such changes. As a condition to access to the Trustee&rsquo;s internet website, the Trustee may require
registration and the acceptance of a disclaimer. The Trustee shall be entitled to rely on but shall not be responsible for the
content or accuracy of any information provided in the Daily Report and the Payment Date Report which the Trustee disseminates
in accordance with this Indenture and may affix thereto any disclaimer it deems appropriate in its reasonable discretion.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">10.6</FONT></TD><TD STYLE="text-align: justify">Release of Collateral</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">If no Event of Default has occurred and is continuing (in the case of sales pursuant to Section&nbsp;12.1(a))
and subject to Article&nbsp;12, the Issuer (or the Collateral Manager, acting on behalf of the Issuer) may, by Issuer Order delivered
to the Trustee at least one Business Day prior to the settlement date for any sale of any Collateral certifying that the sale of
such Collateral is being made in accordance with Section&nbsp;12.1 hereof and the Equity Contribution Agreement and such sale complies
with all applicable requirements of Section&nbsp;12.1 and the requirements of the Equity Contribution Agreement (which certification
shall be deemed to be made upon delivery of an Issuer Order in respect of such sale) direct the Trustee to release or cause to
be released such Collateral from the Lien of this Indenture and, upon receipt of such Issuer Order, (i)&nbsp;the Trustee shall
deliver any such Collateral, if in physical form, duly endorsed to the broker or purchaser designated in such Issuer Order or,
if such Collateral is a Clearing Corporation Security, cause an appropriate transfer thereof to be made, in each case against receipt
of the sales price therefor (in the case of a sale) or a receipt of certification evidencing the fact that the relevant disposition
complies with the requirements of the Equity Contribution Agreement (which certification shall be deemed to be made upon delivery
of an Issuer Order in respect of such sale), as applicable, as specified by the Collateral Manager in such Issuer Order, (ii)&nbsp;the
Issuer or its designee will be authorized to file UCC termination statements in order to evidence the termination of the Liens
and security interests granted pursuant to the Transaction Documents in respect of such Collateral and (iii)&nbsp;the Trustee will,
at the Issuer&rsquo;s expense, execute and deliver any other release or termination documents or other agreements in respect of
such Collateral as the Issuer may reasonably request in order to evidence the termination of the Liens and security interests granted
pursuant to the Transaction Documents in respect of such Collateral; <B>provided</B> that the Trustee may deliver any such Collateral
in physical form for examination in accordance with street delivery custom.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">Subject to the terms of this Indenture, the Trustee shall upon an Issuer Order delivered by the
Issuer or the Collateral Manager, acting on behalf of the Issuer, (i)&nbsp;deliver any Collateral, and release or cause to be released
such Collateral from the Lien of this Indenture, which is set for any mandatory call or payment in full to the appropriate administrative
agent or paying agent on or before the date set for such call or payment, in each case against receipt of the call or payment in
full thereof and (ii)&nbsp;provide notice thereof to the Issuer and the Collateral Manager.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">Upon receiving actual notice of any offer or any request for a waiver, consent, amendment or other
modification with respect to any Portfolio Asset, the Trustee on behalf of the Issuer shall notify the Liquidation Agent of any
Portfolio Asset that is subject to a tender offer, voluntary redemption, exchange offer, conversion or other similar action (an
<B><I>Offer</I></B>) or such request. Unless the Notes have been accelerated following an Event of Default, the Collateral Manager
may direct (x)&nbsp;the Trustee to accept or participate in or decline or refuse to participate in such Offer and, in the case
of acceptance or participation, to release from the Lien of this Indenture such Portfolio Asset in accordance with the terms of
the Offer against receipt of payment therefor, or (y)&nbsp;the Issuer or the Trustee to agree to or otherwise act with respect
to such consent, waiver, amendment or modification; <B>provided</B> that in the absence of any such direction, the Trustee shall
not respond or react to such Offer or request.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify">As provided in Section&nbsp;10.2(a), the Trustee shall deposit any proceeds received by it from
the disposition of a Portfolio Asset in the applicable subaccount of the Collection Account, unless simultaneously applied to the
purchase of additional Portfolio Assets or Eligible Investments as permitted under and in accordance with the requirements of this
Article&nbsp;10 and Article&nbsp;12.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(e)</FONT></TD><TD STYLE="text-align: justify">The Trustee shall, upon receipt of an Issuer Order delivered by the Issuer or the Collateral Manager,
acting on behalf of the Issuer, at such time as there are no Notes Outstanding and all obligations of the Issuer hereunder have
been satisfied, release any remaining Collateral from the Lien of this Indenture.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(f)</FONT></TD><TD STYLE="text-align: justify">Any security, Portfolio Asset or amounts that are released pursuant to Section&nbsp;10.6(a), (b)
or (c) shall be released from the Lien of this Indenture.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">10.7</FONT></TD><TD STYLE="text-align: justify">Procedures Relating to the Establishment of Accounts Controlled by the Trustee</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding anything else contained
herein, the Trustee agrees that with respect to each of the Accounts, it will cause each Securities Intermediary establishing any
such Account to enter into an account control agreement and, if the Securities Intermediary is the Bank, shall cause the Bank to
comply with the provisions of such account control agreement. The Trustee shall have the right to cause the establishment of such
subaccounts of any such Account as it deems necessary or appropriate for convenience of administration.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">10.8</FONT></TD><TD STYLE="text-align: justify">Section&nbsp;3(c)(7) Procedures</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify"><B>DTC Actions</B>. The Issuer will direct (or cause its agent to direct) DTC to take the following
steps in connection with the Global Notes (or such other appropriate steps regarding legends of restrictions on the Global Notes
under Section&nbsp;3(c)(7) of the Investment Company Act and Rule&nbsp;144A as may be customary under DTC procedures at any given
time):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">The Issuer will direct (or cause its agent to direct) DTC to include the marker &ldquo;3c7&rdquo;
in the DTC 20-character security descriptor and the 48-character additional descriptor for the Global Notes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">The Issuer will direct (or cause its agent to direct) DTC to cause each physical deliver order
ticket that is delivered by DTC to purchasers to contain the 20-character security descriptor. The Issuer will direct (or cause
its agent to direct) DTC to cause each deliver order ticket that is delivered by DTC to purchasers in electronic form to contain
a &ldquo;3c7&rdquo; indicator and a related user manual for participants. Such user manual will contain a description of the relevant
restrictions imposed by Section&nbsp;3(c)(7).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify">On or prior to the Closing Date, the Issuer will instruct (or cause its agent to direct) DTC to
send a Section&nbsp;3(c)(7) Notice to all DTC participants in connection with the offering of the Global Notes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iv)</FONT></TD><TD STYLE="text-align: justify">In addition to the obligations of the Note Registrar set forth in Section&nbsp;2.5, the Issuer
will from time to time (upon the request of the Trustee) make a request (or cause its agent to request) to DTC to deliver to the
Issuer a list of all DTC participants holding an interest in the Global Notes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(v)</FONT></TD><TD STYLE="text-align: justify">The Issuer will cause each CUSIP number obtained for a Global Note to have a fixed field containing
&ldquo;3c7&rdquo; and &ldquo;144A&rdquo; indicators, as applicable, attached to such CUSIP number.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify"><B>Bloomberg Screens, Etc.</B> The Issuer will from time to time request (or cause its agent to
request) all third-party vendors to include on screens maintained by such vendors appropriate legends regarding restrictions on
the Global Notes under Section&nbsp;3(c)(7) of the Investment Company Act and Rule&nbsp;144A.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">11.</FONT></TD><TD STYLE="text-align: justify">Application of Cash</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">11.1</FONT></TD><TD STYLE="text-align: justify">Disbursements of Cash from Payment Account</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding any other provision in
this Indenture, the Transaction Documents or the Notes, the Trustee shall disburse amounts transferred from the Collection Account
to the Payment Account pursuant to Section&nbsp;10.2(f) in accordance with the following (the <B><I>Priority of Payments</I></B>):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">On each Payment Date, unless an Enforcement Event has occurred and is continuing, all amounts transferred
to the Payment Account from the Interest Collection Subaccount shall be applied as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">first, to the payment of accrued and unpaid Priority Administrative Expenses, <B>provided</B> that
Priority Administrative Expenses payable under this clause&nbsp;(i) shall exclude any amounts payable pursuant to the second and
third clauses of the definition of Priority Administrative Expenses to the extent that payment of such amounts would result in
the aggregate amounts paid under this clause&nbsp;(i) would exceed U.S.$200,000 (prorated for the partial calendar year 2017 and
the year in which the Maturity or final payment of the Notes occurs, based on the actual number of days elapsed in such partial
year and a 360&nbsp;day year) in the applicable calendar year;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">second, to the payment of any Collateral Manager Advances and Collateral Manager Expenses reimbursable
to the Collateral Manager pursuant to the Collateral Management Agreement, and any other amounts payable to the Collateral Manager
pursuant to the Collateral Management Agreement, in aggregate not to exceed US$100,000 per calendar year (pro rated for the partial
calendar year 2017, and the year in which the Maturity or final payment of the Notes occurs, based on actual number of days in
such partial year and a 360&nbsp;day year);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify">third, to the payment of any other accrued and unpaid Administrative Expenses;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iv)</FONT></TD><TD STYLE="text-align: justify">fourth, in the reasonable discretion of the Collateral Manager, to the Expense Account for application
pursuant to Section&nbsp;10.3(c); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(v)</FONT></TD><TD STYLE="text-align: justify">fourth, as a payment of interest on the Class&nbsp;A Notes (calculated in accordance with Section&nbsp;2.7(a)).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">On the date of Maturity, unless an Enforcement Event has occurred and is continuing, all amounts
transferred to the Payment Account from the Principal Collection Subaccount shall be applied as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">first, to the payment of amounts referred to in Section&nbsp;11.1(a)(i) but only to the extent
not paid in full thereunder (but, including amounts paid under Section&nbsp;11.1(a)(i), subject to the per annum limit specified
therein);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">second, to the repayment of principal of the Class&nbsp;A Notes until the Class&nbsp;A Notes have
been paid in full;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify">third, to the payment of any remaining accrued and unpaid Administrative Expenses (which payments
shall be made, first, in respect of Priority Administrative Expenses) (after giving effect to payments under Sections&nbsp;11.1(a)(i),
11.1(a)(iii) and 11.1(b)(i) regardless of any limit); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iv)</FONT></TD><TD STYLE="text-align: justify">fourth, all remaining Principal Collections shall be paid to the holders of the Class&nbsp;A Notes
(on the Maturity Date immediately prior to the application of amounts pursuant to this Section 11.1(b)).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">If a declaration of acceleration of the maturity of the Notes has occurred, or the Notes have automatically
become due and payable without such a declaration, following an Event of Default and such declaration of acceleration (if applicable)
has not been rescinded (an <B><I>Enforcement Event</I></B>), the Trustee shall apply proceeds in respect of the Portfolio Assets
on each date or dates fixed by the Trustee, in accordance with clause&nbsp;(a) (in the case of Interest Collections) and clause&nbsp;(b)
(in the case of Principal Collections) of this Section&nbsp;11.1.</TD></TR></TABLE>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">12.</FONT></TD><TD STYLE="text-align: justify">Sale of Portfolio Assets; Purchase of Additional Portfolio Assets</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">12.1</FONT></TD><TD STYLE="text-align: justify">Sales of Portfolio Assets</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">The Issuer shall not sell or otherwise dispose of any Portfolio Asset unless each of the following
conditions is satisfied:</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">the Sole Member is not in default of any payment obligation or contribution obligation owing under
the Equity Contribution Agreement (<B>provided</B> that the condition under this clause&nbsp;(a) shall not apply if and so long
as an &ldquo;Event of Default&rdquo; with respect to UBS under the Global Master Repurchase Agreement has occurred and is continuing);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">other than in the case of a required transfer of a Participation Interest to the Sole Member that
is being made free of payment pursuant to the Equity Contribution Agreement, such sale or other disposition is made solely for
consideration consisting of cash and otherwise on arms&rsquo; length terms and, in the case of a sale or disposition (in each case,
whether directly or indirectly) to an Affiliate of the Collateral Manager, is approved by UBS in a written consent;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify">in accordance with the terms of the Global Master Repurchase Agreement, the Issuer (or the Collateral
Manager on its behalf) has given UBS prior notice of such proposed sale or other disposition of such Portfolio Asset, which notice
shall set forth, among other things, the identity of the buyer of such Portfolio Asset, the proposed settlement date for such sale
or disposition and the intended sale or disposition price for such Portfolio Asset;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iv)</FONT></TD><TD STYLE="text-align: justify">UBS has confirmed in writing to the Issuer, the Trustee and the Collateral Administrator that it
agrees with the valuations set forth in the applicable Collateral Change Event Notice delivered by the Collateral Manager on behalf
of the Issuer under the Equity Contribution Agreement in connection with such sale or other disposition with respect to the Initial
Market Value of any Portfolio Asset being acquired by the Issuer in connection with the Sole Member&rsquo;s contribution obligations
under the Equity Contribution Agreement arising out of such sale or disposition (and UBS shall be an express third party beneficiary
of this Indenture for purposes of exercising its right to confirm under this Section&nbsp;12.1(a)(iv)), such confirmation to be
provided promptly; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(v)</FONT></TD><TD STYLE="text-align: justify">if such sale is made at a price which is less than the UBS &ldquo;market value&rdquo; for purposes
of the Global Master Repurchase Agreement, any &ldquo;margin&rdquo; required to be posted under the Global Master Repurchase Agreement
as a result of the adjustment of the &ldquo;market value&rdquo; in connection with the sale is posted prior to the Portfolio Asset
Trade Date with respect to such asset.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify"><B>Mandatory Dispositions</B>. Notwithstanding Section&nbsp;12.1(a), (i)&nbsp;if any Portfolio
Asset acquired by the Issuer (such acquisition being deemed to occur on the trade date of such acquisition for this purpose) (1)&nbsp;becomes
a Defaulted Obligation or (2)&nbsp;failed to satisfy any Asset Eligibility Criteria on the applicable Portfolio Asset Trade Date
and such failure continues (or is the subject of a breach of a representation, warranty or certification in respect of such Portfolio
Asset contained in the statements of Section&nbsp;3.1(i) or that are made or deemed made in respect of such Portfolio Asset pursuant
to Section&nbsp;12.3(b)) or (ii)&nbsp;the security interest granted by (x)&nbsp;the Issuer to the Trustee pursuant to this Indenture
in any asset fails to be a valid perfected first priority securing interest or (y)&nbsp;if applicable, the seller to the Issuer
and the Trustee in such Portfolio Asset pursuant to the Master Loan Purchase Agreement fails to be a valid perfected first priority
security interest, in either case, which failure continues for a period of two Business Days, then the Issuer shall, within fourteen&nbsp;days
after the Issuer receives notice of the occurrence of such event, enter into a binding commitment to sell or otherwise dispose
of such Portfolio Asset as commercially reasonable, but not longer than twenty days after such notice to the Issuer.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify"><B>Right of Liquidation Agent to Direct Dispositions</B>. Notwithstanding Section&nbsp;12.1(a),
if an Event of Default has occurred and is continuing, and provided the Liquidation Agent&rsquo;s appointment has not been terminated,
the Liquidation Agent, by notice (or multiple notices, so long as such Event of Default is continuing) to the Issuer and Trustee
(with a copy to the Collateral Manager), may direct the Issuer and Trustee to sell all or any portion of one or more Portfolio
Assets identified in such notice (including the manner of sale thereof), or to refrain from selling any Portfolio Assets until
otherwise instructed by the Liquidation Agent, and the Issuer and Trustee shall act as so directed by the Liquidation Agent (including,
if so directed, as to the manner of sale of such Portfolio Asset, notwithstanding Sections&nbsp;5.4, 5.5 and 5.17). The Liquidation
Agent shall not be liable to the Issuer, the Trustee or any Secured Party for any losses, claims, damages, liabilities or expenses
arising out of any action taken or omitted to be taken by the Liquidation Agent in good faith (x)&nbsp;in accordance with this
Section&nbsp;12.1(c) or (y)&nbsp;otherwise in accordance with the Transaction Documents. For the avoidance of doubt, any such sale
at the direction of the Liquidation Agent pursuant to this clause&nbsp;(c) shall be a sale by the Issuer and shall not be deemed
to be a sale by the Trustee in its capacity as a secured party under Article&nbsp;9, Part&nbsp;6 of the UCC.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">12.2</FONT></TD><TD STYLE="text-align: justify">Acquisition of Portfolio Assets; Eligible Investments</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify"><B>Acquisition of Portfolio Assets</B>. The Issuer shall not acquire any Loan (other than a Portfolio
Asset included in the Portfolio on the Closing Date or Delayed Draw Funding Date) unless such Loan is a Portfolio Asset and (i)&nbsp;not
less than one Business Day prior to the Portfolio Asset Trade Date, UBS has been given notice of the proposed acquisition of such
Portfolio Asset and (ii)&nbsp;as of the Portfolio Asset Trade Date, each of the following conditions is satisfied:</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">other than in the case of a Portfolio Asset contributed by (as opposed to acquired in consideration
of an agreed purchase price from) the Sole Member pursuant to Section&nbsp;3 of the Equity Contribution Agreement, the acquisition
of such Portfolio Asset and the purchase price thereof shall be on arm&rsquo;s length terms (it being agreed that any acquisition
of such Portfolio Asset pursuant to a Transaction Document shall be deemed to be on arm&rsquo;s length terms) and, in the case
of an acquisition from or financed in whole or in part by an Affiliate of the Collateral Manager, is approved by UBS in a written
consent;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">the Sole Member is not in default of any payment obligation or contribution obligation owing to
the Issuer under the Equity Contribution Agreement (including, without limitation, any obligation arising under Section&nbsp;3
thereof that must be satisfied on or prior to the relevant acquisition trade date or settlement date of the proposed acquisition,
as applicable);</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify">no Event of Default (or any event that, with the giving of notice or the lapse of time or both,
would become an Event of Default) shall have occurred and be continuing immediately prior to or immediately after giving effect
to such acquisition;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iv)</FONT></TD><TD STYLE="text-align: justify">if such Portfolio Asset is a Zero Value Portfolio Asset, all margin required to be posted with
UBS by the Counterparty pursuant to the terms of the Global Master Repurchase Agreement has been so posted prior to such Portfolio
Asset Trade Date; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(v)</FONT></TD><TD STYLE="text-align: justify">UBS has confirmed in writing to the Issuer, the Trustee and Collateral Administrator that it agrees
with the determinations set forth in the applicable Collateral Change Event Notice delivered by the Collateral Manager on behalf
of the Issuer under the Equity Contribution Agreement, including with respect to the Initial Market Value and Advance Percentage
of any Portfolio Asset being acquired by the Issuer in connection with such acquisition (and UBS is an express third party beneficiary
of this Indenture for purposes of exercising such confirmation right under this Section&nbsp;12.2(a)(v)), such confirmation to
be provided promptly.</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">For purposes of each of Section&nbsp;12.2
and 12.3, each of (x)&nbsp;a contribution of a Portfolio Asset to the Issuer and (y)&nbsp;a substitution (in whole or part) of
any Portfolio Asset held by the Issuer for one or more different Portfolio Assets will constitute an acquisition of such Portfolio
Asset by the Issuer.</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify"><B>Investment in Eligible Investments</B>. Cash on deposit in any Account (other than the Payment
Account) may be invested at any time in Eligible Investments in accordance with Article&nbsp;10.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">12.3</FONT></TD><TD STYLE="text-align: justify">Conditions Applicable to All Sale and Purchase Transactions</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">Any transaction effected under this Article&nbsp;12 or in connection with the acquisition of additional
Portfolio Assets shall be conducted on an arm&rsquo;s length basis and, if effected with an Affiliate of the Collateral Manager
(or with an account or portfolio for which the Collateral Manager or any of its Affiliates serves as investment adviser), shall
be effected in accordance with the requirements of Section&nbsp;6(d) of the Collateral Management Agreement on terms no less favorable
to the Issuer than would be the case if such Person were not an Affiliate of the Collateral Manager, <B>provided</B> that the Trustee
shall have no responsibility to oversee compliance with this clause&nbsp;(a) by the other parties.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">Upon any acquisition of a Portfolio Asset pursuant to this Article&nbsp;12, (i)&nbsp;all of the
Issuer&rsquo;s right, title and interest to such Collateral shall be Granted to the Trustee pursuant to this Indenture, such Collateral
shall be Delivered to the Custodian, and, if applicable, the Custodian shall receive such Collateral and (ii)&nbsp;the Issuer shall
deliver to the Trustee, not later than the Subsequent Delivery Date, an Officer&rsquo;s certificate of the Issuer containing the
statements set forth in Section&nbsp;3.1(i) in respect of such Portfolio Asset and certifying that such acquisition complies with
Section&nbsp;12.2(a); <B>provided</B> that such requirement shall be satisfied, and such statements and certificates shall be deemed
to have been made by the Issuer, in respect of any such acquisition by the delivery to the Trustee of an Issuer Order or a trade
ticket in respect thereof that is signed by an Authorized Representative of the Collateral Manager on behalf of the Issuer.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">Other than in the case of a Portfolio Asset contributed by (as opposed to acquired in consideration
of an agreed purchase price from) the Sole Member pursuant to Section&nbsp;3 of the Equity Contribution Agreement, all acquisitions
of Portfolio Assets on or prior to the Closing Date, and all acquisitions of Portfolio Assets from the Sole Member or any Affiliate
thereof after the Closing Date, will be made pursuant to the terms of Master Loan Purchase Agreement. On or prior to the trade
date with respect to each Portfolio Asset acquired by the Issuer from the Sole Member (or an Affiliate thereof), the Issuer shall
amend (or cause to be amended) the schedule of Loans attached as Exhibit A to the Master Loan Purchase Agreement to reflect the
acquisition by the Issuer of such Portfolio Asset and the Issuer shall deliver to each of the Trustee and UBS a copy of such amended
schedule of Loans. The Master Loan Purchase Agreement shall contain the following wording, or wording similar thereto, which will
apply to each such transfer of Portfolio Assets from the Sole Member or any Affiliate thereof to the Issuer:</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;If, notwithstanding such
intentions, the transactions contemplated hereby are recharacterized as a secured loan by any relevant governmental, judicial or
other authority for any reason whatsoever, whether for limited purposes or otherwise, the seller hereby grants to (a)&nbsp;the
Issuer and (b)&nbsp;the Trustee for the benefit of the Secured Parties a security interest under Article&nbsp;9 of the UCC in all
of its right, title and interest in, to and under each Loan (or such equivalent term contained in the applicable transfer documentation),
in each case, whether now owned or existing, or hereafter acquired or arising, and wherever located.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The seller will take such action
as is necessary to maintain the perfection and priority of the security interest of the Issuer and the Trustee in each Loan. The
seller shall from time to time execute and deliver all such supplements and amendments hereto and file or authorize the filing
of all such Financing Statements, continuation statements, instruments of further assurance and other instruments, and shall take
such other action as may be necessary or advisable or desirable to secure the rights and remedies of the Issuer, the Trustee, the
Holders of the Notes and other Secured Parties hereunder and to: (i)&nbsp;grant more effectively the security interest in all or
any portion of each Loan; (ii)&nbsp;maintain, preserve and perfect any grant made or to be made by the Master Loan Purchase Agreement
including, without limitation, the first priority nature of the Lien (subject to Permitted Liens) or carry out more effectively
the purposes hereof; (iii)&nbsp;perfect, publish notice of or protect the validity of any grant made or to be made by the Master
Loan Purchase Agreement (including any and all actions necessary or desirable as a result of changes in law or regulations); (iv)&nbsp;enforce
any of the Loans or other instruments or property included in the Loans; (v)&nbsp;preserve and defend title to the Loans and the
rights therein of the Issuer, the Trustee and the Holders of the Notes and other Secured Parties in the Loans against the claims
of all Persons and parties; or (vi)&nbsp;pay or cause to be paid any and all taxes levied or assessed upon all or any part of the
Loans.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The seller hereby designates
Issuer (or the Trustee on its behalf) as its agent and attorney in fact to prepare and file any Financing Statement, continuation
statement and all other instruments, and take all other actions, required pursuant to this Master Loan Purchase Agreement. Such
designation shall not impose upon the Trustee, or release or diminish, the seller&rsquo;s obligations under this Master Loan Purchase
Agreement. The seller further authorizes, and shall cause the Issuer&rsquo;s United States counsel to file, a Financing Statement
that names the seller as debtor and the Issuer and the Trustee as a secured party and that describes &ldquo;the Master Loan Purchase
Agreement and the Loan Schedule attached thereto, as amended from time to time&rdquo;, or words of similar effect as the collateral
in which the Issuer and the Trustee has a grant.&rdquo;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Issuer shall take such action
as is necessary to cause the seller to maintain the perfection and priority of the security interest of the Issuer and the Trustee
in each Loan granted pursuant to the Master Loan Purchase Agreement; <B>provided</B> that the Issuer shall be entitled to rely
on any Opinion of Counsel delivered pursuant to Section&nbsp;7.4 or Section&nbsp;7.6 and any Opinion of Counsel with respect to
the same subject matter delivered pursuant to Section&nbsp;3.1(d) to determine which actions are necessary, and shall be fully
protected in so relying on such Opinion of Counsel, unless the Issuer has actual knowledge that the procedures described in such
Opinion of Counsel are no longer adequate to maintain such perfection and priority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify">Except as otherwise provided in this Section 12.3(d), any sale or other disposition of all or a
portion of a Portfolio Asset shall be effected by the transfer by assignment by the Issuer of full record and beneficial ownership
of such Portfolio Asset or the relevant portion thereof being transferred (such portion consisting of an unvarying percentage of
the Principal Balance of such Portfolio Asset and all related claims for interest, fees and other amounts). The Issuer (and the
Collateral Manager on behalf of the Issuer) shall be deemed to certify that all conditions to such sale or other disposition under
Section 12.1 and the Equity Contribution Agreement have been satisfied by the Issuer (and the Collateral Manager on behalf of the
Issuer) in respect of such sale or other disposition by the delivery of the Issuer or the Collateral Manager to the Trustee of
a trade ticket in respect thereof that is signed by an Authorized Officer of the Collateral Manager on behalf of the Issuer. Notwithstanding
the first sentence of this clause (d), the Issuer shall dispose of all or a portion of a Portfolio Asset in connection with any
required retransfer of the Issuer&rsquo;s right, title and interest in all or any portion of a Portfolio Asset back to the Sole
Member as required by Section 3(g) of the Equity Contribution Agreement, in each case, by selling to the relevant MPA Counterparty
on the required disposition date set forth in the Equity Contribution Agreement, a Participation Interest representing a 100% undivided
beneficial ownership in such Portfolio Asset or the relevant portion thereof being transferred (such portion consisting of an unvarying
percentage of the Principal Balance of such Portfolio Asset and all related claims for interest, fees and other amounts). For the
avoidance of doubt, no sale of such Participation Interest as described in the foregoing sentence shall be made unless it is made
in accordance with Section 3(g) of the Equity Contribution Agreement. In connection with any such sale of a Participation Interest:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">the Master Participation Agreement for such sale shall (A) be based on relevant documentation published
by the Loan Syndications and Trading Association, Inc. (or documentation containing similar terms and conditions), (B) contain
no liability or obligation on the Trustee, and (C) specify the date required by the Equity Contribution Agreement as the effective
date of such sale;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">such Master Participation Agreement shall include each of the following provisions:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;Notwithstanding any other
provision of this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(A)</FONT></TD><TD STYLE="text-align: justify">Buyer consents to the disclosure by Seller of this Agreement to U.S. Bank National Association,
as trustee (in such capacity, the &ldquo;Trustee&rdquo;) under the Indenture dated as of May 19, 2017 between Seller and the Trustee
(as amended, restated or otherwise supplemented from time to time, the &ldquo;Indenture&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(B)</FONT></TD><TD STYLE="text-align: justify">Buyer hereby acknowledges and agrees that all obligations of Seller arising out of or in connection
herewith shall constitute limited recourse obligations of Seller, payable solely from the assets of Seller. Upon realization of
such assets of Seller and their reduction to zero, all unpaid or unsatisfied claims against Seller arising out of or in connection
herewith shall be deemed to be extinguished and shall not thereafter revive. No party shall have any claim for any shortfall upon
realization of such assets of Seller and their reduction to zero. Buyer will have no recourse to any of the directors, officers,
employees, shareholders, members, governors, agents or affiliates of Seller with respect to any claims, losses, damages, liabilities,
indemnities or other obligations in connection with any transactions contemplated hereby. Buyer agrees not to cause the filing
of a petition in a bankruptcy or similar proceeding against or on behalf of Seller until the payment in full of all the Notes issued
under the Indenture and the expiration of a period equal to one year and a day, or, if longer, the applicable preference period,
following such payment. Nothing in this Section shall preclude, or be deemed to stop, Buyer from taking any action prior to the
expiration of the aforementioned period in (A) any proceeding voluntarily filed or commenced by Seller (other than any such proceeding
filed or commenced on behalf of Seller at the direction of Buyer or Seller&rsquo;s sole shareholder) or (B) any involuntary insolvency
proceeding filed or commenced by a person or entity other than Seller or its sole shareholder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(C)</FONT></TD><TD STYLE="text-align: justify">Buyer consents to the provisions of the assignment of this Agreement set forth in Section 15.1(i)
of the Indenture and acknowledges that Seller is assigning all of its right, title and interest in, to and under this Agreement
to the Trustee as representative of the holders of the Notes issued under the Indenture and agrees that all of the representations,
covenants and agreements made by Buyer in this Agreement are also for the benefit of the Trustee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(D)</FONT></TD><TD STYLE="text-align: justify">Buyer will deliver to the Trustee copies of all notices, statements, communications and instruments
delivered or required to be delivered by Buyer to Seller pursuant to this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(E)</FONT></TD><TD STYLE="text-align: justify">From and after the occurrence and continuance of any default, event of default or other similar
condition or event under the Indenture, Buyer shall continue to perform and be bound by the provisions of this Agreement (except
as otherwise expressly provided in this Agreement).&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify">notwithstanding anything to the contrary in this Indenture, following the completion of the sale
of such Participation Interest, the Lien of this Indenture shall not apply to any Sold Participation Interest Loan and any related
Sold PI Loan Collections received by or on behalf of the Issuer in respect thereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iv)</FONT></TD><TD STYLE="text-align: justify">the Issuer hereby directs the Trustee to deposit Sold PI Loan Collections into the Sold PI Loan
Collection Subaccount and pay any Sold PI Loan Collections received in respect of any Sold Participation Interest Loan that is
the subject of such Participation Interest to the MPA Counterparty in accordance with Section 10.2 hereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(v)</FONT></TD><TD STYLE="text-align: justify">the exercise of voting and other consensual rights by the Issuer in respect of the related Portfolio
Asset or portion so transferred shall be allocated as provided in the relevant Master Participation Agreement; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(vi)</FONT></TD><TD STYLE="text-align: justify">with respect to any elevation in accordance with the relevant Master Participation Agreement, (A)
the Collateral Manager on behalf of the Issuer shall promptly notify the Trustee of such elevation in the form of an Issuer Order
pursuant to Section 10.6(a) and (B) at all times following receipt of such notice, the Trustee shall recognize the MPA Counterparty
as record holder of the applicable Sold Participation Interest Loan and such Sold Participation Interest Loan shall be released
from the Lien of the Indenture and cease to be a Portfolio Asset hereunder.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">12.4</FONT></TD><TD STYLE="text-align: justify">Calculation of Required Contributions and Withdrawals by the Sole Member under the Equity Contribution
Agreement</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Issuer (or the Collateral Manager on
behalf of the Issuer) shall calculate on each Business Day, with respect to any actual or proposed sale, disposition, acquisition,
exchange or repayment of all or any part of a Portfolio Asset each amount required to be contributed or withdrawn by the Sole Member
under Section&nbsp;3 of the Equity Contribution Agreement and shall promptly notify the Issuer, the Collateral Manager, the Trustee,
the Collateral Administrator and the Sole Member of any such amount no later than 5:00&nbsp;p.m. (New York time) on such Business
Day.</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">13.</FONT></TD><TD STYLE="text-align: justify">Relations Among Holders</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">13.1</FONT></TD><TD STYLE="text-align: justify">Relations among Holders</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each Holder agrees, for the benefit of
all Holders, not to cause the filing of a petition in bankruptcy against the Issuer until the payment in full of all Notes (and
any other debt obligations of the Issuer that have been rated upon issuance by any rating agency at the request of the Issuer)
and the expiration of a period equal to one year and one day or, if longer, the applicable preference period then in effect plus
one day, following such payment in full. In the event one or more Holders of Notes cause the filing of a petition in bankruptcy
against the Issuer prior to the expiration of such period, any claim that such Holder(s) have against the Issuer or with respect
to any Collateral (including any proceeds thereof) shall be fully subordinate in right of payment to the claims of each Holder
of any Note that does not seek to cause any such filing, with such subordination being effective until each Note held by each Holder
that does not seek to cause any such filing is paid in full in accordance with the Priority of Payments set forth herein (after
giving effect to such subordination). The foregoing sentence (the terms of which are referred to herein as the <B><I>Bankruptcy
Subordination Agreement</I></B>) shall constitute a &ldquo;subordination agreement&rdquo; within the meaning of Section&nbsp;510(a)
of the Bankruptcy Code, Title&nbsp;11 of the United States Code, as amended. The Issuer shall direct the Trustee to segregate payments
and take other reasonable steps to effect the foregoing, and the Issuer shall obtain a separate CUSIP for the Notes held by such
Holder(s) (such Notes, the <B><I>Bankruptcy Subordinated Class</I></B>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">13.2</FONT></TD><TD STYLE="text-align: justify">Standard of Conduct</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In exercising any of its or their voting
rights, rights to direct and consent or any other rights as a Holder under this Indenture, a Holder or Holders shall not have any
obligation or duty to any Person or to consider or take into account the interests of any Person and shall not be liable to any
Person for any action taken by it or them or at its or their direction or any failure by it or them to act or to direct that an
action be taken, without regard to whether such action or inaction benefits or adversely affects any Holder, the Issuer, or any
other Person, except for any liability to which such Holder may be subject to the extent the same results from such Holder&rsquo;s
taking or directing an action, or failing to take or direct an action, in bad faith or in violation of the express terms of this
Indenture.</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">14.</FONT></TD><TD STYLE="text-align: justify">Miscellaneous</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">14.1</FONT></TD><TD STYLE="text-align: justify">Form of Documents Delivered to Trustee</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In any case where several matters are required
to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by,
or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such
Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and
any such Person may certify or give an opinion as to such matters in one or several documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any certificate or opinion of an Officer
of the Issuer or the Collateral Manager may and, where required by the Issuer shall, be based, insofar as it relates to legal matters,
upon a certificate or opinion of, or representations by, counsel (<B>provided</B> that such counsel is a nationally or internationally
recognized and reputable law firm), unless such Officer knows, or should know that the certificate or opinion or representations
with respect to the matters upon which such certificate or opinion is based are erroneous. Any such certificate of an Officer of
the Issuer or the Collateral Manager or Opinion of Counsel may and, where required by the Issuer, shall be based, insofar as it
relates to factual matters, upon a certificate or opinion of, or representations by, the Issuer, the Collateral Manager or any
other Person, stating that the information with respect to such factual matters is in the possession of the Issuer, the Collateral
Manager or such other Person, unless such Officer of the Issuer or the Collateral Manager or such counsel knows that the certificate
or opinion or representations with respect to such matters are erroneous. Any Opinion of Counsel may also be based, insofar as
it relates to factual matters, upon a certificate or opinion of, or representations by, an Officer of the Collateral Manager, the
Issuer, or any other Person stating that the information with respect to such matters is in the possession of the Collateral Manager,
the Issuer or such other Person, unless such counsel knows that the certificate or opinion or representations with respect to such
matters are erroneous.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Where any Person is required to make, give
or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture,
they may, but need not, be consolidated and form one instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Whenever in this Indenture it is provided
that the absence of the occurrence and continuation of a Default or Event of Default is a condition precedent to the taking of
any action by the Trustee at the request or direction of the Issuer, then notwithstanding that the satisfaction of such condition
is a condition precedent to the Issuer&rsquo;s right to make such request or direction, the Trustee shall be protected in acting
in accordance with such request or direction if it does not have knowledge of the occurrence and continuation of such Default or
Event of Default as provided in Section&nbsp;6.1(d).</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">14.2</FONT></TD><TD STYLE="text-align: justify">Acts of Holders</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">Any request, demand, authorization, direction, notice, consent, waiver or other action provided
by this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially
similar tenor signed by such Holders in writing or by an agent duly appointed in writing; and, except as herein otherwise expressly
provided, such action shall become effective when such instrument or instruments are delivered to the Trustee, and, where it is
hereby expressly required, to the Issuer. Such instrument or instruments (and the action or actions embodied therein and evidenced
thereby) are herein sometimes referred to as the <B><I>Act</I></B> <B><I>of the Holders</I></B> signing such instrument or instruments.
Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this
Indenture and conclusive in favor of the Trustee and the Issuer, if made in the manner provided in this Section&nbsp;14.2.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">The fact and date of the execution by any Person of any such instrument or writing may be proved
in any manner which the Trustee deems sufficient.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">The principal amount or face amount, as the case may be, and registered numbers of Notes held by
any Person, and the date of such Person&rsquo;s holding the same, shall be proved by the Note Register.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify">Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder
of any Notes shall bind the Holder (and any transferee thereof) of such and of every Note issued upon the registration thereof
or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Trustee, the Issuer
or any other Person in reliance thereon, whether or not notation of such action is made upon such Note.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">14.3</FONT></TD><TD STYLE="text-align: justify">Notices, etc., to Trustee, the Issuer, the Collateral Manager, the Collateral Administrator, the
Paying Agent, the Liquidation Agent</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">Any request, demand, authorization, direction, instruction, order, notice, consent, waiver or Act
of Holders or other documents provided or permitted by this Indenture to be made upon, given, delivered, e-mailed or furnished
to, or filed with:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">the Trustee shall be sufficient for every purpose hereunder if made, given, furnished or filed
in writing to and mailed, by certified mail, return receipt requested, hand delivered, sent by overnight courier service guaranteeing
next day delivery, by electronic mail, or by facsimile in legible form, to the Trustee addressed to it at its applicable Corporate
Trust Office, or at any other address previously furnished in writing to the other parties hereto by the Trustee, and executed
by an Authorized Representative of the entity sending such request, demand, authorization, direction, instruction, order, notice,
consent, waiver or other document (or, in the case of the Collateral Manager sending such request, demand, authorization, direction,
instruction, order, notice, consent, waiver or other document on behalf of the Issuer, executed by an Authorized Representative
of the Collateral Manager), <B>provided</B> that any demand, authorization, direction, instruction, order, notice, consent, waiver
or other document is sent to the Corporate Trust Office;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">the Issuer shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided)
if in writing and mailed, hand delivered, sent by overnight courier service or by facsimile or other electronic transmission in
legible form, to the Issuer addressed to it at Murray Hill Funding II, LLC, 3 Park Avenue, 36th Floor, New York, NY 10016, Attention:
Keith Franz, telephone no.&nbsp;212 418 4710, e-mail: kfranz@cioninvestments.com, or at any other address previously furnished
in writing to the other parties hereto by the Issuer, as the case may be, with a copy to the Collateral Manager at its address
below;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify">the Collateral Manager shall be sufficient for every purpose hereunder if in writing and mailed,
first class postage prepaid, hand delivered, sent by overnight courier service or by facsimile or other electronic transmission
in legible form, to the Collateral Manager addressed to it at C&#298;ON Investment Management, LLC, 3 Park Avenue, 36th Floor,
New York, NY 10016, Attention: Keith Franz, telephone no.&nbsp;212 418 4710, e-mail: kfranz@ cioninvestments.com, or at any other
address previously furnished in writing to the other parties hereto by the Collateral Manager;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iv)</FONT></TD><TD STYLE="text-align: justify">the Bank shall be sufficient for every purpose hereunder if in writing and mailed, hand delivered,
sent by overnight courier service or by facsimile or other electronic transmission in legible form, addressed to the Corporate
Trust Office or at any other address previously furnished in writing to the other parties hereto by the Bank;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(v)</FONT></TD><TD STYLE="text-align: justify">the Collateral Administrator shall be sufficient for every purpose hereunder if in writing and
mailed, hand delivered, sent by overnight courier service or by facsimile or other electronic transmission in legible form, to
the Collateral Administrator at the Corporate Trust Office, or at any other address previously furnished in writing to the other
parties hereto by the Collateral Administrator; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(vi)</FONT></TD><TD STYLE="text-align: justify">the Liquidation Agent shall be sufficient for every purpose hereunder if in writing and mailed,
first class postage prepaid, hand delivered, sent by overnight courier service or by facsimile or other electronic transmission
in legible form, addressed to UBS AG, London Branch, Structured Funding, 1285 Avenue of the Americas, New York, NY 10019-6064,
Tel: (203)&nbsp;719-1611, e-mail: OL-Structured-Financing-Group@ubs.com, or at any other address previously furnished in writing
to the other parties hereto by UBS.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">In the event that any provision in this Indenture calls for any notice or document to be delivered
simultaneously to the Trustee and any other Person, the Trustee&rsquo;s receipt of such notice or document shall entitle the Trustee
to assume that such notice or document was delivered to such other Person unless otherwise expressly specified herein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">Any reference herein to information being provided &ldquo;in writing&rdquo; shall be deemed to
include each permitted method of delivery specified in sub clause&nbsp;(a) above.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">14.4</FONT></TD><TD STYLE="text-align: justify">Notices to Holders; Waiver</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as otherwise expressly provided
herein, where this Indenture provides for notice to Holders of any event,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">such notice shall be sufficiently given to Holders if in writing and mailed, first class postage
prepaid, to each Holder affected by such event, at the address of such Holder as it appears in the Note Register (or, in the case
of Holders of Global Notes, emailed to DTC for distribution to each Holder affected by such event), not earlier than the earliest
date and not later than the latest date, prescribed for the giving of such notice; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">such notice shall be in the English language.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Such notices will be deemed to have been
given on the date of such mailing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding clause&nbsp;(a) above,
a Holder may give the Trustee a written notice that it is requesting that notices to it be given by electronic mail or by facsimile
transmissions and stating the electronic mail address or facsimile number for such transmission. Thereafter, the Trustee shall
give notices to such Holder by electronic mail or facsimile transmission, as so requested; <B>provided</B> that if such notice
also requests that notices be given by mail, then such notice shall also be given by mail in accordance with clause&nbsp;(a) above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Trustee will deliver to the Holders
any information or notice relating to this Indenture requested to be so delivered by at least 25% of the Holders (by Aggregate
Outstanding Amount), at the expense of the Issuer; <B>provided</B> that the Trustee may decline to send any such notice that it
reasonably determines to be contrary to (i)&nbsp;any of the terms of this Indenture, (ii)&nbsp;any duty or obligation that the
Trustee may have hereunder or (iii)&nbsp;applicable law. The Trustee may require the requesting Holders to comply with its standard
verification policies in order to confirm Holder status.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Neither the failure to mail any notice,
nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other
Holders. In case by reason of the suspension of regular mail service as a result of a strike, work stoppage or similar activity
or by reason of any other cause it shall be impracticable to give such notice by mail of any event to Holders when such notice
is required to be given pursuant to any provision of this Indenture, then such notification to Holders as shall be made with the
approval of the Trustee shall constitute a sufficient notification to such Holders for every purpose hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Where this Indenture provides for notice
in any manner, such notice may be waived in writing by any Person entitled to receive such notice, either before or after the event,
and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee but such filing
shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">14.5</FONT></TD><TD STYLE="text-align: justify">Effect of Headings and Table of Contents</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Article and Section headings herein
(including those used in cross-references herein) and the Table of Contents are for convenience only and shall not affect the construction
hereof.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">14.6</FONT></TD><TD STYLE="text-align: justify">Successors and Assigns</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All covenants and agreements in this Indenture
by the Issuer shall bind its successors and assigns, whether so expressed or not.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">14.7</FONT></TD><TD STYLE="text-align: justify">Severability</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If any term, provision, covenant or condition
of this Indenture or the Notes, or the application thereof to any party hereto or any circumstance, is held to be unenforceable,
invalid or illegal (in whole or in part) for any reason (in any relevant jurisdiction), the remaining terms, provisions, covenants
and conditions of this Indenture or the Notes, modified by the deletion of the unenforceable, invalid or illegal portion (in any
relevant jurisdiction), will continue in full force and effect, and such unenforceability, invalidity, or illegality will not otherwise
affect the enforceability, validity or legality of the remaining terms, provisions, covenants and conditions of this Indenture
or the Notes, as the case may be, so long as this Indenture or the Notes, as the case may be, as so modified continues to express,
without material change, the original intentions of the parties as to the subject matter hereof and the deletion of such portion
of this Indenture or the Notes, as the case may be, will not substantially impair the respective expectations or reciprocal obligations
of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">14.8</FONT></TD><TD STYLE="text-align: justify">Benefits of Indenture</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Liquidation Agent, the Collateral Manager,
the Bank and (solely for purposes of Section&nbsp;12.1(a)(iv), Section&nbsp;12.2(a)(v), as provided in Section&nbsp;2.13(h) and
any other provision hereof that specifically provides for UBS to have the right to make a determination, receive a notice, report
or certificate, make a request, give consent or otherwise exercise discretion) UBS shall each be an express third party beneficiary
of each agreement or obligation in this Indenture (including, without limitation, any right to make a determination, receive a
notice, report or certificate, make a request, give consent or direct a disposition expressed as being exercisable by the Liquidation
Agent or Collateral Manager hereunder). Nothing in this Indenture or in the Notes, expressed or implied, shall give to any Person,
other than the parties hereto and their successors hereunder, the Holders, the Collateral Manager, the Liquidation Agent, the Collateral
Administrator and the Bank, any benefit or any legal or equitable right, remedy or claim under this Indenture.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">14.9</FONT></TD><TD STYLE="text-align: justify">Legal Holidays</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event that the date of any Payment
Date, Redemption Date or Stated Maturity shall not be a Business Day, then notwithstanding any other provision of the Notes or
this Indenture, payment need not be made on such date, but may be made on the next succeeding Business Day with the same force
and effect as if made on the nominal date of any such Payment Date, Redemption Date or Stated Maturity date, as the case may be.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">14.10</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">Governing Law</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Indenture and the Notes shall be construed
in accordance with, and this Indenture and the Notes and any matters arising out of or relating in any way whatsoever to this Indenture
or the Notes, shall be governed by, the law of the State of New York.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">14.11</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">Submission to Jurisdiction</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With respect to any suit, action or proceedings
relating to this Indenture or any matter between the parties arising under or in connection with this Indenture (<B><I>Proceedings</I></B>),
each party irrevocably: (i)&nbsp;submits to the non-exclusive jurisdiction of the Supreme Court of the State of New York sitting
in the Borough of Manhattan and the United States District Court for the Southern District of New York, and any appellate court
from any thereof; and (ii)&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. Nothing in this Indenture
precludes any of the parties from bringing Proceedings in any other jurisdiction, nor will the bringing of Proceedings in any one
or more jurisdictions preclude the bringing of Proceedings in any other jurisdiction.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">14.12</FONT></TD><TD STYLE="text-align: justify">WAIVER OF JURY TRIAL</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>EACH OF THE ISSUER AND THE TRUSTEE HEREBY
IRREVOCABLY WAIVES, AND EACH HOLDER OF A NOTE BY ITS ACCEPTANCE OF SUCH NOTE OR INTEREST THEREIN SHALL BE DEEMED TO WAIVE, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING
TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY</B>. Each party hereby (i)&nbsp;certifies that no representative,
agent or attorney of the other has represented, expressly or otherwise, that the other would not, in the event of a Proceeding,
seek to enforce the foregoing waiver and (ii)&nbsp;acknowledges that it has been induced to enter into this Indenture by, among
other things, the mutual waivers and certifications in this paragraph.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">14.13</FONT></TD><TD STYLE="text-align: justify">Counterparts</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Indenture (and each amendment, modification
and waiver in respect of this Indenture) may be executed and delivered in counterparts (including by e-mail, facsimile or other
electronic transmission), each of which will be deemed an original, and all of which together constitute one and the same instrument.
Delivery of an executed counterpart of this Indenture by e-mail (PDF), facsimile or other electronic transmission shall be effective
as delivery of a manually executed counterpart of this Indenture.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">14.14</FONT></TD><TD STYLE="text-align: justify">Acts of Issuer</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any request, demand, authorization, direction,
notice, consent, waiver or other action provided by this Indenture to be given or performed by the Issuer shall be effective if
given or performed by the Issuer or by the Collateral Manager on the Issuer&rsquo;s behalf.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #010000">&nbsp;</P>


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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">14.15</FONT></TD><TD STYLE="text-align: justify">Confidential Information</TD></TR></TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                   <P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                   <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="color: #010000">(a)</FONT></P></TD><TD STYLE="text-align: justify">The Trustee, the Collateral Administrator and each Holder of Notes will maintain the confidentiality
of and will not disclose the Confidential Information; <B>provided</B> that such Person may deliver or disclose Confidential Information
to: (i)&nbsp;such Person&rsquo;s directors, trustees, officers, employees, agents, attorneys and Affiliates who agree to hold confidential
the Confidential Information substantially in accordance with the terms of this Section&nbsp;14.15 and to the extent such disclosure
is reasonably required for the administration of this Indenture, the matters contemplated hereby or the investment represented
by the Notes; (ii)&nbsp;such Person&rsquo;s financial advisors and other professional advisors who agree to hold confidential the
Confidential Information substantially in accordance with the terms of this Section&nbsp;14.15 and to the extent such disclosure
is reasonably required for the administration of this Indenture, the matters contemplated hereby or the investment represented
by the Notes; (iii)&nbsp;any other Holder; (iv)&nbsp;any Person of the type that would be, to such Person&rsquo;s knowledge, permitted
to acquire Notes in accordance with the requirements of Section&nbsp;2.5 hereof to which such Person sells or offers to sell any
such Note or any part thereof or from whom such Person seeking financing on the Note or any part thereof (if such Person has agreed
in writing prior to its receipt of such Confidential Information to be bound by the provisions of this Section&nbsp;14.15); (v)&nbsp;any
other Person from which such former Person offers to purchase any security of the Issuer (if such other Person has agreed in writing
prior to its receipt of such Confidential Information to be bound by the provisions of this Section&nbsp;14.15); (vi)&nbsp;any
Federal or State or other regulatory, governmental or judicial authority having jurisdiction over such Person; (vii)&nbsp;the National
Association of Insurance Commissioners or any similar organization, or any nationally recognized rating agency that requires access
to information about the investment portfolio of such Person, reinsurers and liquidity and credit providers that agree to hold
confidential the Confidential Information substantially in accordance with this Section&nbsp;14.15; (viii)&nbsp;any other Person
with the prior written consent of the Issuer, the Sole Member, the Liquidation Agent or the Collateral Manager; or (ix)&nbsp;any
other Person to which such delivery or disclosure may be necessary or appropriate (A)&nbsp;to effect compliance with any law, rule,
regulation or order applicable to such Person, (B)&nbsp;in response to any subpoena or other legal process upon prior notice to
the Issuer (unless and to the extent such notice is prohibited by applicable law, rule, order or decree or other requirement having
the force of law), (C)&nbsp;in connection with any litigation to which such Person is a party upon prior notice to the Issuer (unless
and to the extent such notice is prohibited by applicable law, rule, order or decree or other requirement having the force of law)
or (D)&nbsp;if an Event of Default has occurred and is continuing, to the extent such Person may reasonably determine such delivery
and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under the Notes
or this Indenture or (E)&nbsp;in the Trustee&rsquo;s or Collateral Administrator&rsquo;s performance of its obligations under this
Indenture, the Collateral Administration Agreement or other transaction document related thereto; and <B>provided</B> that delivery
to Holders by the Trustee or the Collateral Administrator of any report of information required by the terms of this Indenture
to be provided to Holders shall not be a violation of this Section&nbsp;14.15. Each Holder of Notes agrees, except as set forth
in clauses&nbsp;(vi), (vii) and (ix)&nbsp;above, that it shall use the Confidential Information for the sole purpose of making
an investment in the Notes or administering its investment in the Notes; and that the Trustee and the Collateral Administrator
shall neither be required nor authorized to disclose to Holders any Confidential Information in violation of this Section&nbsp;14.15.
In the event of any required disclosure of the Confidential Information by such Holder, such Holder agrees to use reasonable efforts
to protect the confidentiality of the Confidential Information. Each Holder of a Note, by its acceptance of a Note, will be deemed
to have agreed to be bound by and to be entitled to the benefits of this Section&nbsp;14.15.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">For the purposes of this Section&nbsp;14.15, <B><I>Confidential Information</I></B> means information
delivered to the Trustee, the Collateral Administrator, any other party to a Transaction Document or any Holder of Notes by or
on behalf of the Issuer (or otherwise obtained by the Trustee, the Collateral Administrator, any other party to a Transaction Document
or any Holder from the Issuer or the Collateral Manager) in connection with and relating to the transactions contemplated by or
otherwise pursuant to this Indenture; <B>provided</B> that such term does not include information that: (i)&nbsp;was publicly known
or otherwise known to the Trustee, the Collateral Administrator or such Holder prior to the time of such disclosure; (ii)&nbsp;subsequently
becomes publicly known through no act or omission by the Trustee, the Collateral Administrator, any Holder or any person acting
on behalf of the Trustee, the Collateral Administrator or any Holder; (iii)&nbsp;otherwise is known or becomes known to the Trustee,
the Collateral Administrator or any Holder other than (x)&nbsp;through disclosure by or on behalf of the Issuer or the Collateral
Manager or (y)&nbsp;to the knowledge of the Trustee, the Collateral Administrator or a Holder, as the case may be, in each case
after reasonable inquiry, as a result of the breach of a fiduciary duty to the Issuer or the Collateral Manager or a contractual
duty to the Issuer or the Collateral Manager; or (iv)&nbsp;is allowed to be treated as non-confidential by prior written consent
of the Issuer.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">Notwithstanding the foregoing, the Trustee and the Collateral Administrator may disclose Confidential
Information to the extent disclosure thereof may be required by law or by any regulatory or Governmental Authority and the Trustee
and the Collateral Administrator may disclose on a confidential basis any Confidential Information to its agents, attorneys and
auditors in connection with the performance of its responsibilities hereunder.</TD></TR></TABLE>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">15.</FONT></TD><TD STYLE="text-align: justify">Assignment of Certain Agreements</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">15.1</FONT></TD><TD STYLE="text-align: justify">Assignment of Collateral Management Agreement, Collateral Administration Agreement, Equity Contribution
Agreement, Master Loan Purchase Agreement and any Master Participation Agreement</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">The Issuer hereby acknowledges that its Grant pursuant to the first Granting Clause hereof includes
all of the Issuer&rsquo;s estate, right, title and interest in, to and under the Collateral Management Agreement, the Collateral
Administration Agreement, the Equity Contribution Agreement, the Master Loan Purchase Agreement and any Master Participation Agreement
including (i)&nbsp;the right to give all notices, consents and releases thereunder, (ii)&nbsp;the right to receive all notices,
accountings, consents, releases and statements thereunder, (iii)&nbsp;the right to do any and all other things whatsoever that
the Issuer is or may be entitled to do thereunder, (iv)&nbsp;with respect to the Collateral Management Agreement, the right to
give all notices of termination and to take any legal action upon the breach of an obligation of the Collateral Manager thereunder,
including the commencement, conduct and consummation of Proceedings at law or in equity, and (v)&nbsp;with respect to the Equity
Contribution Agreement, the right to give equity contribution notices and to do any and all other things whatsoever that the Issuer
is or may be entitled to do thereunder; <B>provided</B> that notwithstanding anything herein to the contrary, the Issuer shall
retain, and the Trustee shall not have, the authority to exercise any of the rights set forth in (i)&nbsp;through (v) above or
that may otherwise arise as a result of the Grant until the occurrence of an Event of Default hereunder and such authority of the
Trustee shall terminate at such time, if any, as such Event of Default is cured or waived.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">The assignment made hereby is executed as collateral security, and the execution and delivery hereby
shall not in any way impair or diminish the obligations of the Issuer under the provisions of the Collateral Management Agreement,
the Collateral Administration Agreement, the Equity Contribution Agreement, the Master Loan Purchase Agreement and any Master Participation
Agreement nor shall any of the obligations contained in such agreements be imposed on the Trustee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #010000">&nbsp;</P>


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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">Upon the retirement of the Notes, the payment of all amounts required to be paid pursuant to the
Priority of Payments and the release of the Collateral from the Lien of this Indenture, this assignment and all rights herein assigned
to the Trustee for the benefit of the Holders shall cease and terminate and all the estate, right, title and interest of the Trustee
in, to and under the Collateral Management Agreement, the Collateral Administration Agreement, the Equity Contribution Agreement,
the Master Loan Purchase Agreement and any Master Participation Agreement shall revert to the Issuer and no further instrument
or act shall be necessary to evidence such termination and reversion.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify">The Issuer represents that the Issuer has not executed any other assignment of the Collateral Management
Agreement, the Collateral Administration Agreement, the Equity Contribution Agreement, the Master Loan Purchase Agreement or any
Master Participation Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(e)</FONT></TD><TD STYLE="text-align: justify">The Issuer agrees that, subject to clause&nbsp;(c) above, this assignment is irrevocable, and that
it will not take any action which is inconsistent with this assignment or make any other assignment inconsistent herewith. The
Issuer will, from time to time upon request of the Trustee, execute all instruments of further assurance and all such supplemental
instruments with respect to this assignment as may be necessary to continue and maintain the effectiveness of such assignment.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(f)</FONT></TD><TD STYLE="text-align: justify">The Issuer hereby agrees, and hereby undertakes to obtain the agreement and consent of the Collateral
Manager in the Collateral Management Agreement, to the following:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">The Collateral Manager shall consent to the provisions of this assignment and agree to perform
any provisions of this Indenture applicable to the Collateral Manager subject to the terms (including the standard of care set
forth in the Collateral Management Agreement) of the Collateral Management Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">The Collateral Manager shall acknowledge that the Issuer is assigning all of its right, title and
interest in, to and under the Collateral Management Agreement to the Trustee as representative of the Holders and the Collateral
Manager shall agree that all of the representations, covenants and agreements made by the Collateral Manager in the Collateral
Management Agreement are also for the benefit of the Trustee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify">The Collateral Manager shall deliver to the Trustee copies of all notices, statements, communications
and instruments delivered or required to be delivered by the Collateral Manager to the Issuer pursuant to the Collateral Management
Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iv)</FONT></TD><TD STYLE="text-align: justify">Neither the Issuer nor the Collateral Manager will enter into any agreement amending, modifying
or terminating the Collateral Management Agreement (other than an amendment to correct inconsistencies, typographical or other
errors, defects or ambiguities) or selecting or consenting to a successor manager except with the consents and satisfaction of
the conditions specified in the Collateral Management Agreement entered into on the Closing Date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(v)</FONT></TD><TD STYLE="text-align: justify">The Collateral Manager agrees not to cause the filing of a petition in a bankruptcy or similar
Proceeding against or on behalf of the Issuer until the payment in full of all Notes issued under this Indenture and the expiration
of a period equal to one year and a day, or, if longer, the applicable preference period and a day, following such payment. Nothing
in this Section&nbsp;15.1 shall preclude, or be deemed to stop, the Collateral Manager from taking any action prior to the expiration
of the aforementioned period in (A)&nbsp;any Proceeding voluntarily filed or commenced by the Issuer (other than any such Proceeding
filed or commenced on behalf of the Issuer at the direction of the Collateral Manager or Sole Member) or (B)&nbsp;any involuntary
insolvency Proceeding filed or commenced by a Person other than the Collateral Manager or Sole Member.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(vi)</FONT></TD><TD STYLE="text-align: justify">From and after the occurrence and continuance of an Event of Default, the Collateral Manager shall
continue to perform and be bound by the provisions of the Collateral Management Agreement and this Indenture (except as otherwise
expressly provided in the Collateral Management Agreement).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(vii)</FONT></TD><TD STYLE="text-align: justify">From and after the occurrence and during the continuance of an Event of Default, and also if any
event occurs that under the Collateral Management Agreement would entitle the Issuer to terminate the Collateral Management Agreement
or remove or replace the Collateral Manager, the Collateral Manager shall not take or refrain from taking any action authorized
or required under the Collateral Management Agreement without the consent of the Majority Holders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(g)</FONT></TD><TD STYLE="text-align: justify">Upon a Trust Officer of the Trustee receiving written notice (i)&nbsp;from the Collateral Manager
that an event constituting &ldquo;Cause&rdquo; as defined in the Collateral Management Agreement has occurred, (ii)&nbsp;that the
Collateral Manager is resigning or is being removed, with or without &ldquo;Cause&rdquo; or (iii) of a successor collateral manager,
the Trustee shall, not later than three Business Days thereafter, notify the Holders (as their names appear in the Note Register).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(h)</FONT></TD><TD STYLE="text-align: justify">The Issuer hereby agrees, and hereby undertakes to obtain the agreement and consent of the Sole
Member in the Equity Contribution Agreement, to the following:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">The Sole Member shall consent to the provisions of this assignment and agree to perform any provisions
of this Indenture applicable to the Sole Member subject to the terms of the Equity Contribution Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">The Sole Member shall acknowledge that the Issuer is assigning all of its right, title and interest
in, to and under the Equity Contribution Agreement to the Trustee as representative of the Holders and the Sole Member shall agree
that all of the representations, covenants and agreements made by the Sole Member in the Equity Contribution Agreement are also
for the benefit of the Trustee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify">The Sole Member shall deliver to the Trustee copies of all notices, statements, communications
and instruments delivered or required to be delivered by the Sole Member to the Issuer pursuant to the Equity Contribution Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iv)</FONT></TD><TD STYLE="text-align: justify">Neither the Issuer nor the Sole Member will enter into any agreement amending, modifying or terminating
the Equity Contribution Agreement (other than an amendment to correct inconsistencies, typographical or other errors, defects or
ambiguities that, in each case, does not in any way affect the maintenance of a consistent aggregate Advance Value of Portfolio
Assets and Cash held by the Issuer by means of contributions and withdrawals under the Equity Contribution Agreement) without prior
written consent of the Trustee (which shall be given at the direction of the Majority Holders) and the Liquidation Agent.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(v)</FONT></TD><TD STYLE="text-align: justify">The Sole Member agrees not to cause the filing of a petition in a bankruptcy or similar Proceeding
against or on behalf of the Issuer until the payment in full of all Notes issued under this Indenture and the expiration of a period
equal to one year and a day, or, if longer, the applicable preference period and a day, following such payment. Nothing in this
Section&nbsp;15.1 shall preclude, or be deemed to preclude, the Sole Member from taking any action prior to the expiration of the
aforementioned period in (A)&nbsp;any Proceeding voluntarily filed or commenced by the Issuer (other than any such Proceeding filed
or commenced on behalf of the Issuer at the direction of the Collateral Manager or the Sole Member) or (B)&nbsp;any involuntary
insolvency Proceeding filed or commenced by a Person other than the Sole Member or Collateral Manager.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">The Issuer hereby agrees, and hereby undertakes to obtain the agreement and consent of the relevant
MPA Counterparty to any Master Participation Agreement, to the following:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">The relevant MPA Counterparty shall consent to the provisions of this assignment.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">The relevant MPA Counterparty shall acknowledge that the Issuer is assigning all of its right,
title and interest in, to and under the relevant Master Participation Agreement to the Trustee as representative of the Holders
and the relevant MPA Counterparty shall agree that all of the representations, covenants and agreements made by the relevant MPA
Counterparty in the relevant Master Participation Agreement are also for the benefit of the Trustee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify">The relevant MPA Counterparty shall deliver to the Trustee copies of all notices, statements, communications
and instruments delivered or required to be delivered by the relevant MPA Counterparty to the Issuer pursuant to the relevant Master
Participation Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iv)</FONT></TD><TD STYLE="text-align: justify">The relevant MPA Counterparty agrees not to cause the filing of a petition in a bankruptcy or similar
Proceeding against or on behalf of the Issuer until the payment in full of all Notes issued under this Indenture and the expiration
of a period equal to one year and a day, or, if longer, the applicable preference period, following such payment. Nothing in this
Section&nbsp;15.1 shall preclude, or be deemed to stop, an MPA Counterparty from taking any action prior to the expiration of the
aforementioned period in (A) any Proceeding voluntarily filed or commenced by the Issuer (other than any such Proceeding filed
or commenced on behalf of the Issuer at the direction of the relevant MPA Counterparty or Sole Member) or (B) any involuntary insolvency
Proceeding filed or commenced by a Person other than the relevant MPA Counterparty or Sole Member.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(v)</FONT></TD><TD STYLE="text-align: justify">From and after the occurrence and continuance of an Event of Default, the relevant MPA Counterparty
shall continue to perform and be bound by the provisions of the relevant Master Participation Agreement (except as otherwise expressly
provided in any Master Participation Agreement).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&ndash; <I>signature page follows</I> &ndash;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IN WITNESS WHEREOF</B>, we have set
our hands as of the day and year first written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><B>MURRAY HILL FUNDING II, LLC</B>,</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">Issuer</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">By:&nbsp;&nbsp;MURRAY HILL FUNDING, LLC,</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">Sole Member</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 59%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><I>/s/ Michael A. Reisner</I></TD>
    <TD><I>&nbsp;</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Name:</TD>
    <TD>Michael A. Reisner</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Title:</TD>
    <TD>Co-Chief Executive Officer</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><B>U.S. BANK NATIONAL ASSOCIATION</B>,</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">as Trustee</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 59%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><I>/s/ Ralph J. Creasia, Jr</I></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Name:</TD>
    <TD>Ralph J. Creasia, Jr.</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Title:</TD>
    <TD>Senior Vice President</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE 1<BR>
<BR>
</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Initial Portfolio Assets</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>v467817_ex10-3.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Exhibit 10.3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">RULE 144A GLOBAL NOTE<BR>
representing<BR>
CLASS A NOTES DUE 2027</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">THIS NOTE HAS NOT BEEN AND WILL
NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE &ldquo;<U>SECURITIES ACT</U>&rdquo;) OR THE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES, AND MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO A PERSON (1)
THAT IS A &ldquo;<U>QUALIFIED PURCHASER</U>&rdquo; (WITHIN THE MEANING OF THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE &ldquo;<U>INVESTMENT
COMPANY ACT</U>&rdquo;) AND THE RULES THEREUNDER) OR AN ENTITY BENEFICIALLY OWNED EXCLUSIVELY BY QUALIFIED PURCHASERS (AS DEFINED
FOR PURPOSES OF SECTION 3(c)(7) OF THE INVESTMENT COMPANY ACT), (2) THAT IS (X) A &ldquo;<U>QUALIFIED INSTITUTIONAL BUYER</U>&rdquo;
(AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT, AS AMENDED (&ldquo;<U>RULE 144A</U>&rdquo;)) OR (Y) AN &ldquo;<U>ACCREDITED
INVESTOR</U>&rdquo; (AS DEFINED IN RULE 501(A) OF REGULATION D UNDER THE SECURITIES ACT, AS AMENDED) WHO IS PURCHASING THIS NOTE
IN A NON-PUBLIC TRANSACTION, (3) THAT WAS NOT FORMED FOR THE PURPOSE OF INVESTING IN THE ISSUER (EXCEPT WHEN EACH BENEFICIAL OWNER
OF THE HOLDER IS A QUALIFIED PURCHASER), (4) THAT HAS RECEIVED THE NECESSARY CONSENT FROM ITS BENEFICIAL OWNERS WHEN THE HOLDER
IS A PRIVATE INVESTMENT COMPANY FORMED BEFORE APRIL 30, 1996, (5) THAT IS NOT A BROKER-DEALER WHICH OWNS AND INVESTS ON A DISCRETIONARY
BASIS LESS THAN U.S.$25 MILLION IN SECURITIES OF ISSUERS THAT ARE NOT AFFILIATED PERSONS OF THE DEALER AND (6) THAT IS NOT A PLAN
REFERRED TO IN PARAGRAPH (A)(1)(i)(D) OR (A)(1)(i)(E) OF RULE 144A OR A TRUST FUND REFERRED TO IN PARAGRAPH (A)(1)(i)(F) OF RULE
144A THAT HOLDS THE ASSETS OF SUCH A PLAN, IF INVESTMENT DECISIONS WITH RESPECT TO THE PLAN ARE MADE BY THE BENEFICIARIES OF THE
PLAN OR (B) TO A PERSON THAT IS NOT A &ldquo;<U>U.S. PERSON</U>&rdquo; (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT), AND
IS NOT ACQUIRING A BENEFICIAL INTEREST HEREIN FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON, IN AN OFFSHORE TRANSACTION IN COMPLIANCE
WITH REGULATION S, AND, IN EACH CASE, IN COMPLIANCE WITH THE CERTIFICATION AND OTHER REQUIREMENTS SPECIFIED IN THE INDENTURE REFERRED
TO HEREIN AND IN COMPLIANCE WITH ANY APPLICABLE SECURITIES LAW OF ANY APPLICABLE JURISDICTION. THE ISSUER OF THIS NOTE HAS NOT
BEEN AND WILL NOT BE REGISTERED UNDER THE INVESTMENT COMPANY ACT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">THE ISSUER, OR ON ITS BEHALF,
THE COLLATERAL MANAGER, HAS THE RIGHT, UNDER THE INDENTURE, TO COMPEL ANY BENEFICIAL OWNER OF AN INTEREST IN THIS NOTE THAT IS
A U.S. PERSON AND IS NOT BOTH (A) A &ldquo;<U>QUALIFIED PURCHASER</U>&rdquo; OR AN ENTITY BENEFICIALLY OWNED EXCLUSIVELY BY QUALIFIED
PURCHASERS (AS DEFINED FOR PURPOSES OF SECTION 3(c)(7) OF THE INVESTMENT COMPANY ACT) AND (B) (1) A &ldquo;<U>QUALIFIED INSTITUTIONAL
BUYER</U>&rdquo; (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) OR (2) AN &ldquo;<U>ACCREDITED INVESTOR</U>&rdquo; (AS DEFINED
IN RULE 501(A) OF REGULATION D UNDER THE SECURITIES ACT, AS AMENDED) WHO IS PURCHASING THIS NOTE IN A NON-PUBLIC TRANSACTION TO
SELL ITS INTEREST IN THE NOTE, OR MAY SELL SUCH INTEREST ON BEHALF OF SUCH OWNER.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">EACH PURCHASER OR TRANSFEREE
OF THIS NOTE WILL BE REQUIRED OR DEEMED TO REPRESENT AND WARRANT THAT (A) ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE
OR AN INTEREST HEREIN WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER THE EMPLOYEE RETIREMENT INCOME SECURITY ACT
OF 1974, AS AMENDED (&ldquo;<U>ERISA</U>&rdquo;) OR THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE &ldquo;<U>CODE</U>&rdquo;),
AND (B) IF IT IS A GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN WHICH IS SUBJECT TO ANY STATE, LOCAL, OTHER FEDERAL OR NON-U.S.
LAW OR REGULATION THAT IS SUBSTANTIALLY SIMILAR TO THE PROHIBITED TRANSACTION PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE (ANY
SUCH LAW OR REGULATION AN &ldquo;<U>OTHER PLAN LAW</U>&rdquo;), ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE OR AN INTEREST
HEREIN WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT VIOLATION OF ANY SUCH OTHER PLAN LAW.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">ANY TRANSFER OF A BENEFICIAL
INTEREST IN THIS NOTE IN VIOLATION OF THE FOREGOING SHALL BE NULL AND VOID <I>AB INITIO</I> AND WILL NOT OPERATE TO TRANSFER ANY
RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY NOTICE OR INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE TRUSTEE, THE NOTE REGISTRAR
OR ANY INTERMEDIARY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">ANY TRANSFER, PLEDGE OR OTHER
USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE &amp; CO., HAS
AN INTEREST HEREIN, UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (&ldquo;<U>DTC</U>&rdquo;),
NEW YORK, NEW YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED
IN THE NAME OF CEDE &amp; CO. OR OF SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON
IS MADE TO CEDE &amp; CO.).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">TRANSFERS OF THIS NOTE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR&rsquo;S NOMINEE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">TRANSFERS OF THIS NOTE SHALL
BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">THE FAILURE TO PROVIDE THE ISSUER,
THE TRUSTEE OR ANY PAYING AGENT WITH THE PROPERLY COMPLETED AND SIGNED APPLICABLE TAX CERTIFICATIONS (GENERALLY, IN THE CASE OF
U.S. FEDERAL INCOME TAX, AN INTERNAL REVENUE SERVICE FORM W-9 (OR APPLICABLE SUCCESSOR FORM) IN THE CASE OF A PERSON THAT IS A
&ldquo;<U>UNITED STATES PERSON</U>&rdquo; WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE CODE OR THE APPROPRIATE INTERNAL REVENUE
SERVICE FORM W-8 (OR APPLICABLE SUCCESSOR FORM) IN THE CASE OF A PERSON THAT IS NOT A &ldquo;<U>UNITED STATES PERSON</U>&rdquo;
WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE CODE) OR THE FAILURE TO MEET ITS NOTEHOLDER REPORTING OBLIGATIONS MAY RESULT IN
WITHHOLDING FROM PAYMENTS IN RESPECT OF SUCH NOTE, INCLUDING U.S. FEDERAL WITHHOLDING OR BACK-UP WITHHOLDING.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">EACH HOLDER AND BENEFICIAL OWNER
OF THIS NOTE OR AN INTEREST IN THIS NOTE WILL BE REQUIRED TO PROVIDE ANY INFORMATION AS IS NECESSARY (IN THE SOLE DETERMINATION
OF THE ISSUER, THE TRUSTEE AND ANY PAYING AGENT) FOR THE ISSUER, THE TRUSTEE AND ANY PAYING AGENT TO DETERMINE THEIR OBLIGATIONS
UNDER FATCA (AS DEFINED IN THE INDENTURE REFERRED TO HEREIN) (OR ANY INTERGOVERNMENTAL AGREEMENT ENTERED INTO IN CONNECTION THEREWITH)
OR ANY SIMILAR LAW.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">EACH HOLDER AND BENEFICIAL OWNER
OF THIS NOTE AGREES TO TREAT THIS NOTE FOR UNITED STATES FEDERAL, STATE AND LOCAL INCOME, SINGLE BUSINESS AND FRANCHISE TAX PURPOSES
AS AN EQUITY INTEREST IN THE ISSUER.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center">MURRAY HILL FUNDING II, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">RULE 144A GLOBAL NOTE<BR>
representing<BR>
CLASS A NOTES DUE 2027</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Up to U.S. $115,384,615</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 80%; font-size: 10pt">A/R-1</TD>
    <TD STYLE="width: 20%; font-size: 10pt; text-align: center">May 19, 2017</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CUSIP No.: 62706L AA8<SUP> </SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ISIN No.: US62706LAA89<SUP> </SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Murray Hill Funding II,
LLC, a Delaware limited liability company (the &ldquo;<U>Issuer</U>&rdquo;), for value received, hereby promise to pay to CEDE
&amp; CO. or its registered assigns, upon presentation and surrender of this Class A Note (except as otherwise permitted by the
Indenture referred to below), the principal sum as indicated on Schedule A hereto on May 19, 2027, (the &ldquo;<U>Stated Maturity</U>&rdquo;)
except as provided below and in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The obligations of the
Issuer under this Class A Note and the Indenture are limited recourse obligations of the Issuer payable solely from the Collateral
in accordance with the Indenture, and following the realization of the Collateral in accordance with the Indenture and the application
of such amounts in accordance with the terms of the Indenture, all claims of the Holders of Class A Notes shall be extinguished
and shall not thereafter revive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Issuer promises to
pay interest, if any, on each Payment Date commencing June 14, 2017 (or, if any such day is not a Business Day, the next succeeding
Business Day), in accordance with Section 11.1(a) of the Indenture. The interest so payable on any Payment Date will, as provided
in the Indenture, be paid to the Person in whose name this Class A Note (or one or more predecessor Class A Notes) is registered
at the close of business on the Record Date for such interest, which shall be the day (whether or not a Business Day) immediately
prior to such Payment Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">This Class A Note is
one of the &ldquo;Initial Funded Notes&rdquo; and is issued pursuant to and is entitled to the benefits of the Indenture, to which
reference is hereby made for a more complete statement of the terms and conditions under which the Initial Funded Note evidenced
hereby was issued and is to be repaid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The principal of this
Class A Note matures at par and is due and payable on the Stated Maturity, unless the principal of this Class A Note becomes due
and payable at an earlier date by declaration of acceleration, Optional Redemption, Tax Redemption or otherwise. Notwithstanding
the foregoing, the payment of principal of this Class A Note may only occur in accordance with the Priority of Payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">All payments made by
the Issuer under this Class A Note will be made without any deduction or withholding for or on account of any tax unless such deduction
or withholding is required by applicable law, as modified by the practice of any relevant governmental authority, then in effect
or is required pursuant to the Issuer&rsquo;s agreement with a governmental authority. If the Issuer is so required to deduct or
withhold, then the Issuer will not be obligated to pay any additional amounts in respect of such withholding or deduction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Unless the certificate
of authentication hereon has been executed by the Trustee or the Authenticating Agent by the manual signature of one of their Authorized
Officers, this Class A Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">This Class A Note is
one of a duly authorized issue of Class A Notes due 2027 (the &ldquo;<U>Class A Notes</U>&rdquo;) issued and to be issued under
an indenture dated as of May 19, 2017 (as amended, supplemented, restated or otherwise modified from time to time, the &ldquo;<U>Indenture</U>&rdquo;)
between the Issuer and U.S. Bank National Association, as trustee (the &ldquo;<U>Trustee</U>&rdquo;, which term includes any successor
trustee as permitted under the Indenture) and, solely as expressly specified therein, in its individual capacity. Reference is
hereby made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations of rights,
duties and immunities thereunder of the Issuer, the Trustee and the Holders of the Class A Notes and the terms upon which the Class
A Notes are, and are to be, authenticated and delivered. In the event of any conflict or inconsistency between the Indenture and
this Class A Note, the Indenture shall control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Capitalized terms used
herein and not otherwise defined shall have the meanings set forth in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Transfers of this Rule
144A Global Note shall be limited to transfers of such Global Note in whole, but not in part, to a nominee of DTC or to a successor
of DTC or such successor of DTC or such successor&rsquo;s nominee, except as otherwise set forth in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Issuer and the Trustee,
and any agent of the Issuer or the Trustee shall treat as the owner of this Class A Note (a) for the purpose of receiving payments
on this Class A Note (whether or not this Class A Note is overdue), the Person in whose name this Class A Note is registered in
the Note Register at the close of business on the applicable Record Date and (b) on any other date for all other purposes whatsoever
(whether or not this Class A Note is overdue), the Person in whose name this Class A Note is then registered in the Note Register,
and none of the Issuer, the Trustee or any agent of the Issuer or the Trustee shall be affected by notice to the contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">If an Event of Default
shall occur and be continuing, the Class A Notes may become or be declared due and payable in the manner and with the effect provided
in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Interests in this Rule
144A Global Note may be exchanged for an interest in, or transferred to a transferee taking an interest in, the corresponding Regulation
S Global Note subject to and in accordance with the restrictions set forth in the Indenture and in the legend attached to this
Class A Note and are otherwise transferable in accordance with DTC&rsquo;s rules and procedures in use at such time. This Rule
144A Global Note is subject to mandatory exchange for Certificated Notes under the limited circumstances set forth in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Upon exchange of or increase
in any interest represented by this Rule 144A Global Note, this Rule 144A Global Note shall be endorsed (or deemed to have been
endorsed) on Schedule A hereto to reflect the reduction of or increase in the principal amount evidenced hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Class A Notes will
be issued in minimum denominations of U.S.$250,000 and integral multiples of U.S.$1 in excess thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Title to Class A Notes
shall pass by registration in the Note Register kept by the Note Registrar. The Class A Notes may be transferred only in accordance
with the provisions of the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">No service charge shall
be made for registration of transfer or exchange of this Class A Note, but the Issuer, the Note Registrar or the Trustee may require
payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Note Registrar or
the Trustee shall be permitted to request such evidence reasonably satisfactory to it documenting the identity and/or signature
of the transferor and the transferee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">AS PROVIDED IN THE INDENTURE,
THE INDENTURE AND THE CLASS A NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND THE INDENTURE AND THE CLASS A NOTES AND ANY MATTERS
ARISING OUT OF OR RELATING IN ANY WAY WHATSOEVER TO THE INDENTURE AND THE CLASS A NOTES (WHETHER IN CONTRACT, TORT OR OTHERWISE),
SHALL BE GOVERNED BY, THE LAW OF THE STATE OF NEW YORK.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">- <I>signature page follows</I> -</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">IN WITNESS WHEREOF, the Issuer has caused
this Note to be duly executed as of the date first set forth above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2"><B>MURRAY HILL FUNDING II, LLC</B>,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2">Issuer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 5%; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">By:</TD>
    <TD>MURRAY HILL FUNDING, LLC,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2">its Sole Member</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><I>/s/ Michael A. Reisner</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in">Name: Michael A. Reisner</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in">Title: Co-Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CERTIFICATE OF AUTHENTICATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This is one of the Class A Notes referred to in the within-mentioned
Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>U.S. BANK NATIONAL ASSOCIATION</B>, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">as Trustee</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Authorized Signatory</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 7%">Dated:</TD>
    <TD STYLE="width: 43%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps">ASSIGNMENT
FORM</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%">For value received _________________________________________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>does hereby sell, assign, and transfer to</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 55%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 25%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Please insert social security or<BR>
other identifying number of assignee</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Please print or type name<BR>
and address, including zip code,<BR>
of assignee:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the within Security and does hereby irrevocably constitute and
appoint ___________________________ Attorney to transfer the Security on the books of the Trustee with full power of substitution
in the premises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 7%">Date:</TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 18%; text-decoration: none">Your Signature</TD>
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Sign exactly as your name appears in the
security)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">* NOTE: The signature to this assignment must correspond with
the name of the registered owner as it appears on the face of the within Note in every particular without alteration, enlargement
or any change whatsoever. Such signature must be guaranteed by an &ldquo;eligible guarantor institution&rdquo; meeting the requirements
of the Note Registrar, which requirements include membership or participation in Securities Transfer Agents Medallion Program (&ldquo;<U>STAMP</U>&rdquo;)
or such other &ldquo;signature guarantee program&rdquo; as may be determined by the Note Registrar in addition to, or in substitution
for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE OF EXCHANGES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The outstanding principal
amount of the Class A Notes represented by this Rule 144A Global Note on the Closing Date is U.S. $115,384,615. The following exchanges
of or increases in the whole or a part of the Class A Notes represented by this Rule 144A Global Note have been made:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 16%; border-bottom: Black 1pt solid">Date exchange/ <BR>
increase/decrease <BR>
made</TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 18%; border-bottom: Black 1pt solid">Original principal <BR>
amount of this <BR>
Rule 144A Global <BR>
Note</TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 27%; border-bottom: Black 1pt solid">Part of principal amount <BR>
of this Rule 144A Global <BR>
Note exchanged/ <BR>
increased/decreased</TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 22%; border-bottom: Black 1pt solid">Remaining principal <BR>
amount of this Rule <BR>
144A Global Note<BR>
following such <BR>
exchange/ <BR>
increase/decrease</TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-bottom: Black 1pt solid; padding-left: 0.125in">Notation <BR>
made by or <BR>
on behalf<BR>
of the<BR>
Issuer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">RULE 144A GLOBAL NOTE<BR>
representing<BR>
CLASS A NOTES DUE 2027</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">THIS NOTE HAS NOT BEEN AND WILL
NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE &ldquo;<U>SECURITIES ACT</U>&rdquo;) OR THE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES, AND MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO A PERSON (1)
THAT IS A &ldquo;<U>QUALIFIED PURCHASER</U>&rdquo; (WITHIN THE MEANING OF THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE &ldquo;<U>INVESTMENT
COMPANY ACT</U>&rdquo;) AND THE RULES THEREUNDER) OR AN ENTITY BENEFICIALLY OWNED EXCLUSIVELY BY QUALIFIED PURCHASERS (AS DEFINED
FOR PURPOSES OF SECTION 3(c)(7) OF THE INVESTMENT COMPANY ACT), (2) THAT IS (X) A &ldquo;<U>QUALIFIED INSTITUTIONAL BUYER</U>&rdquo;
(AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT, AS AMENDED (&ldquo;<U>RULE 144A</U>&rdquo;)) OR (Y) AN &ldquo;<U>ACCREDITED
INVESTOR</U>&rdquo; (AS DEFINED IN RULE 501(A) OF REGULATION D UNDER THE SECURITIES ACT, AS AMENDED) WHO IS PURCHASING THIS NOTE
IN A NON-PUBLIC TRANSACTION, (3) THAT WAS NOT FORMED FOR THE PURPOSE OF INVESTING IN THE ISSUER (EXCEPT WHEN EACH BENEFICIAL OWNER
OF THE HOLDER IS A QUALIFIED PURCHASER), (4) THAT HAS RECEIVED THE NECESSARY CONSENT FROM ITS BENEFICIAL OWNERS WHEN THE HOLDER
IS A PRIVATE INVESTMENT COMPANY FORMED BEFORE APRIL 30, 1996, (5) THAT IS NOT A BROKER-DEALER WHICH OWNS AND INVESTS ON A DISCRETIONARY
BASIS LESS THAN U.S.$25 MILLION IN SECURITIES OF ISSUERS THAT ARE NOT AFFILIATED PERSONS OF THE DEALER AND (6) THAT IS NOT A PLAN
REFERRED TO IN PARAGRAPH (A)(1)(i)(D) OR (A)(1)(i)(E) OF RULE 144A OR A TRUST FUND REFERRED TO IN PARAGRAPH (A)(1)(i)(F) OF RULE
144A THAT HOLDS THE ASSETS OF SUCH A PLAN, IF INVESTMENT DECISIONS WITH RESPECT TO THE PLAN ARE MADE BY THE BENEFICIARIES OF THE
PLAN OR (B) TO A PERSON THAT IS NOT A &ldquo;<U>U.S. PERSON</U>&rdquo; (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT), AND
IS NOT ACQUIRING A BENEFICIAL INTEREST HEREIN FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON, IN AN OFFSHORE TRANSACTION IN COMPLIANCE
WITH REGULATION S, AND, IN EACH CASE, IN COMPLIANCE WITH THE CERTIFICATION AND OTHER REQUIREMENTS SPECIFIED IN THE INDENTURE REFERRED
TO HEREIN AND IN COMPLIANCE WITH ANY APPLICABLE SECURITIES LAW OF ANY APPLICABLE JURISDICTION. THE ISSUER OF THIS NOTE HAS NOT
BEEN AND WILL NOT BE REGISTERED UNDER THE INVESTMENT COMPANY ACT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">THE ISSUER, OR ON ITS BEHALF,
THE COLLATERAL MANAGER, HAS THE RIGHT, UNDER THE INDENTURE, TO COMPEL ANY BENEFICIAL OWNER OF AN INTEREST IN THIS NOTE THAT IS
A U.S. PERSON AND IS NOT BOTH (A) A &ldquo;<U>QUALIFIED PURCHASER</U>&rdquo; OR AN ENTITY BENEFICIALLY OWNED EXCLUSIVELY BY QUALIFIED
PURCHASERS (AS DEFINED FOR PURPOSES OF SECTION 3(c)(7) OF THE INVESTMENT COMPANY ACT) AND (B) (1) A &ldquo;<U>QUALIFIED INSTITUTIONAL
BUYER</U>&rdquo; (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) OR (2) AN &ldquo;<U>ACCREDITED INVESTOR</U>&rdquo; (AS DEFINED
IN RULE 501(A) OF REGULATION D UNDER THE SECURITIES ACT, AS AMENDED) WHO IS PURCHASING THIS NOTE IN A NON-PUBLIC TRANSACTION TO
SELL ITS INTEREST IN THE NOTE, OR MAY SELL SUCH INTEREST ON BEHALF OF SUCH OWNER.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">EACH PURCHASER OR TRANSFEREE
OF THIS NOTE WILL BE REQUIRED OR DEEMED TO REPRESENT AND WARRANT THAT (A) ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE
OR AN INTEREST HEREIN WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER THE EMPLOYEE RETIREMENT INCOME SECURITY ACT
OF 1974, AS AMENDED (&ldquo;<U>ERISA</U>&rdquo;) OR THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE &ldquo;<U>CODE</U>&rdquo;),
AND (B) IF IT IS A GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN WHICH IS SUBJECT TO ANY STATE, LOCAL, OTHER FEDERAL OR NON-U.S.
LAW OR REGULATION THAT IS SUBSTANTIALLY SIMILAR TO THE PROHIBITED TRANSACTION PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE (ANY
SUCH LAW OR REGULATION AN &ldquo;<U>OTHER PLAN LAW</U>&rdquo;), ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE OR AN INTEREST
HEREIN WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT VIOLATION OF ANY SUCH OTHER PLAN LAW.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">ANY TRANSFER OF A BENEFICIAL
INTEREST IN THIS NOTE IN VIOLATION OF THE FOREGOING SHALL BE NULL AND VOID <I>AB INITIO</I> AND WILL NOT OPERATE TO TRANSFER ANY
RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY NOTICE OR INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE TRUSTEE, THE NOTE REGISTRAR
OR ANY INTERMEDIARY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">ANY TRANSFER, PLEDGE OR OTHER
USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE &amp; CO., HAS
AN INTEREST HEREIN, UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (&ldquo;<U>DTC</U>&rdquo;),
NEW YORK, NEW YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED
IN THE NAME OF CEDE &amp; CO. OR OF SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON
IS MADE TO CEDE &amp; CO.).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">TRANSFERS OF THIS NOTE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR&rsquo;S NOMINEE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">TRANSFERS OF THIS NOTE SHALL
BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">THE FAILURE TO PROVIDE THE ISSUER,
THE TRUSTEE OR ANY PAYING AGENT WITH THE PROPERLY COMPLETED AND SIGNED APPLICABLE TAX CERTIFICATIONS (GENERALLY, IN THE CASE OF
U.S. FEDERAL INCOME TAX, AN INTERNAL REVENUE SERVICE FORM W-9 (OR APPLICABLE SUCCESSOR FORM) IN THE CASE OF A PERSON THAT IS A
&ldquo;<U>UNITED STATES PERSON</U>&rdquo; WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE CODE OR THE APPROPRIATE INTERNAL REVENUE
SERVICE FORM W-8 (OR APPLICABLE SUCCESSOR FORM) IN THE CASE OF A PERSON THAT IS NOT A &ldquo;<U>UNITED STATES PERSON</U>&rdquo;
WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE CODE) OR THE FAILURE TO MEET ITS NOTEHOLDER REPORTING OBLIGATIONS MAY RESULT IN
WITHHOLDING FROM PAYMENTS IN RESPECT OF SUCH NOTE, INCLUDING U.S. FEDERAL WITHHOLDING OR BACK-UP WITHHOLDING.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">EACH HOLDER AND BENEFICIAL OWNER
OF THIS NOTE OR AN INTEREST IN THIS NOTE WILL BE REQUIRED TO PROVIDE ANY INFORMATION AS IS NECESSARY (IN THE SOLE DETERMINATION
OF THE ISSUER, THE TRUSTEE AND ANY PAYING AGENT) FOR THE ISSUER, THE TRUSTEE AND ANY PAYING AGENT TO DETERMINE THEIR OBLIGATIONS
UNDER FATCA (AS DEFINED IN THE INDENTURE REFERRED TO HEREIN) (OR ANY INTERGOVERNMENTAL AGREEMENT ENTERED INTO IN CONNECTION THEREWITH)
OR ANY SIMILAR LAW.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">EACH HOLDER AND BENEFICIAL OWNER
OF THIS NOTE AGREES TO TREAT THIS NOTE FOR UNITED STATES FEDERAL, STATE AND LOCAL INCOME, SINGLE BUSINESS AND FRANCHISE TAX PURPOSES
AS AN EQUITY INTEREST IN THE ISSUER.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center">MURRAY HILL FUNDING II, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">RULE 144A GLOBAL NOTE<BR>
representing<BR>
CLASS A NOTES DUE 2027</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Up to U.S. $76,923,076</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 80%">A/R-2</TD>
    <TD STYLE="width: 20%; text-align: center">May 19, 2017</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CUSIP No.: 62706L AB6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ISIN No.: US62706LAB62</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Murray Hill Funding II,
LLC, a Delaware limited liability company (the &ldquo;<U>Issuer</U>&rdquo;), for value received, hereby promise to pay to CEDE
&amp; CO. or its registered assigns, upon presentation and surrender of this Class A Note (except as otherwise permitted by the
Indenture referred to below), the principal sum as indicated on Schedule A hereto on May 19, 2027, (the &ldquo;<U>Stated Maturity</U>&rdquo;)
except as provided below and in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The obligations of the
Issuer under this Class A Note and the Indenture are limited recourse obligations of the Issuer payable solely from the Collateral
in accordance with the Indenture, and following the realization of the Collateral in accordance with the Indenture and the application
of such amounts in accordance with the terms of the Indenture, all claims of the Holders of Class A Notes shall be extinguished
and shall not thereafter revive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Issuer promises to
pay interest, if any, on each Payment Date commencing June 14, 2017 (or, if any such day is not a Business Day, the next succeeding
Business Day), in accordance with Section 11.1(a) of the Indenture. The interest so payable on any Payment Date will, as provided
in the Indenture, be paid to the Person in whose name this Class A Note (or one or more predecessor Class A Notes) is registered
at the close of business on the Record Date for such interest, which shall be the day (whether or not a Business Day) immediately
prior to such Payment Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">This Class A Note is
one of the &ldquo;Delayed Draw Notes&rdquo; and is issued pursuant to and is entitled to the benefits of the Indenture, to which
reference is hereby made for a more complete statement of the terms and conditions under which the Delayed Draw Note evidenced
hereby was issued and is to be repaid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The principal of this
Class A Note matures at par and is due and payable on the Stated Maturity, unless the principal of this Class A Note becomes due
and payable at an earlier date by declaration of acceleration, Optional Redemption, Tax Redemption or otherwise. Notwithstanding
the foregoing, the payment of principal of this Class A Note may only occur in accordance with the Priority of Payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">All payments made by
the Issuer under this Class A Note will be made without any deduction or withholding for or on account of any tax unless such deduction
or withholding is required by applicable law, as modified by the practice of any relevant governmental authority, then in effect
or is required pursuant to the Issuer&rsquo;s agreement with a governmental authority. If the Issuer is so required to deduct or
withhold, then the Issuer will not be obligated to pay any additional amounts in respect of such withholding or deduction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Unless the certificate
of authentication hereon has been executed by the Trustee or the Authenticating Agent by the manual signature of one of their Authorized
Officers, this Class A Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">This Class A Note is
one of a duly authorized issue of Class A Notes due 2027 (the &ldquo;<U>Class A Notes</U>&rdquo;) issued and to be issued under
an indenture dated as of May 19, 2017 (as amended, supplemented, restated or otherwise modified from time to time, the &ldquo;<U>Indenture</U>&rdquo;)
between the Issuer and U.S. Bank National Association, as trustee (the &ldquo;<U>Trustee</U>&rdquo;, which term includes any successor
trustee as permitted under the Indenture) and, solely as expressly specified therein, in its individual capacity. Reference is
hereby made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations of rights,
duties and immunities thereunder of the Issuer, the Trustee and the Holders of the Class A Notes and the terms upon which the Class
A Notes are, and are to be, authenticated and delivered. In the event of any conflict or inconsistency between the Indenture and
this Class A Note, the Indenture shall control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Capitalized terms used
herein and not otherwise defined shall have the meanings set forth in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Transfers of this Rule
144A Global Note shall be limited to transfers of such Global Note in whole, but not in part, to a nominee of DTC or to a successor
of DTC or such successor of DTC or such successor&rsquo;s nominee, except as otherwise set forth in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Issuer and the Trustee,
and any agent of the Issuer or the Trustee shall treat as the owner of this Class A Note (a) for the purpose of receiving payments
on this Class A Note (whether or not this Class A Note is overdue), the Person in whose name this Class A Note is registered in
the Note Register at the close of business on the applicable Record Date and (b) on any other date for all other purposes whatsoever
(whether or not this Class A Note is overdue), the Person in whose name this Class A Note is then registered in the Note Register,
and none of the Issuer, the Trustee or any agent of the Issuer or the Trustee shall be affected by notice to the contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">If an Event of Default
shall occur and be continuing, the Class A Notes may become or be declared due and payable in the manner and with the effect provided
in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Interests in this Rule
144A Global Note may be exchanged for an interest in, or transferred to a transferee taking an interest in, the corresponding Regulation
S Global Note subject to and in accordance with the restrictions set forth in the Indenture and in the legend attached to this
Class A Note and are otherwise transferable in accordance with DTC&rsquo;s rules and procedures in use at such time. This Rule
144A Global Note is subject to mandatory exchange for Certificated Notes under the limited circumstances set forth in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Upon exchange of or increase
in any interest represented by this Rule 144A Global Note, this Rule 144A Global Note shall be endorsed (or deemed to have been
endorsed) on Schedule A hereto to reflect the reduction of or increase in the principal amount evidenced hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Class A Notes will
be issued in minimum denominations of U.S.$250,000 and integral multiples of U.S.$1 in excess thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Title to Class A Notes
shall pass by registration in the Note Register kept by the Note Registrar. The Class A Notes may be transferred only in accordance
with the provisions of the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">No service charge shall
be made for registration of transfer or exchange of this Class A Note, but the Issuer, the Note Registrar or the Trustee may require
payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Note Registrar or
the Trustee shall be permitted to request such evidence reasonably satisfactory to it documenting the identity and/or signature
of the transferor and the transferee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">AS PROVIDED IN THE INDENTURE,
THE INDENTURE AND THE CLASS A NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND THE INDENTURE AND THE CLASS A NOTES AND ANY MATTERS
ARISING OUT OF OR RELATING IN ANY WAY WHATSOEVER TO THE INDENTURE AND THE CLASS A NOTES (WHETHER IN CONTRACT, TORT OR OTHERWISE),
SHALL BE GOVERNED BY, THE LAW OF THE STATE OF NEW YORK.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">- <I>signature page follows</I> -</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">IN WITNESS WHEREOF, the Issuer has caused
this Note to be duly executed as of the date first set forth above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2"><B>MURRAY HILL FUNDING II, LLC</B>,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2">Issuer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><I>/s/ Michael A. Reisner</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2">Name: Michael A. Reisner</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2">Title: Co-Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CERTIFICATE OF AUTHENTICATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This is one of the Class A Notes referred to in the within-mentioned
Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>U.S. BANK NATIONAL ASSOCIATION</B>, <BR>
as Trustee</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 17.3pt">&nbsp;</TD>
    <TD>Authorized Signatory</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 7%">Dated:</TD>
    <TD STYLE="width: 43%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps">ASSIGNMENT
FORM</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%">For value received _________________________________________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>does hereby sell, assign, and transfer to</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 55%">&nbsp;</TD>
    <TD STYLE="width: 25%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Please insert social security or<BR>
other identifying number of assignee</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Please print or type name<BR>
and address, including zip code,<BR>
of assignee:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the within Security and does hereby irrevocably constitute and
appoint ___________________________ Attorney to transfer the Security on the books of the Trustee with full power of substitution
in the premises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 7%">Date:</TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 18%; text-decoration: none">Your Signature</TD>
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Sign exactly as your name appears in the
security)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">* NOTE: The signature to this assignment must correspond with
the name of the registered owner as it appears on the face of the within Note in every particular without alteration, enlargement
or any change whatsoever. Such signature must be guaranteed by an &ldquo;eligible guarantor institution&rdquo; meeting the requirements
of the Note Registrar, which requirements include membership or participation in Securities Transfer Agents Medallion Program (&ldquo;<U>STAMP</U>&rdquo;)
or such other &ldquo;signature guarantee program&rdquo; as may be determined by the Note Registrar in addition to, or in substitution
for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE OF EXCHANGES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The outstanding principal
amount of the Class A Notes represented by this Rule 144A Global Note on the Closing Date is U.S.$0. The following exchanges of
or increases in the whole or a part of the Class A Notes represented by this Rule 144A Global Note have been made:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 16%; border-bottom: Black 1pt solid">Date exchange/ <BR>
increase/decrease <BR>
made</TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 18%; border-bottom: Black 1pt solid">Original principal <BR>
amount of this <BR>
Rule 144A Global <BR>
Note</TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 27%; border-bottom: Black 1pt solid">Part of principal amount <BR>
of this Rule 144A Global <BR>
Note exchanged/ <BR>
increased/decreased</TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 22%; border-bottom: Black 1pt solid">Remaining principal <BR>
amount of this Rule <BR>
144A Global Note<BR>
following such <BR>
exchange/<BR>
&nbsp;increase/decrease</TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-bottom: Black 1pt solid">Notation <BR>
made by or <BR>
on behalf<BR>
 of the<BR>
Issuer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>5
<FILENAME>v467817_ex10-4.htm
<DESCRIPTION>EXHIBIT 10.4
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit 10.4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>May 19, 2017</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>MURRAY HILL FUNDING II, LLC,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(as Issuer),</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>MURRAY HILL FUNDING, LLC,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(as Sole Member)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>U.S. BANK NATIONAL ASSOCIATION,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(as Trustee)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>and</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>C&#298;ON INVESTMENT MANAGEMENT, LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 30%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CONTRIBUTION AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 30%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">CONTENTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 7%; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 86%; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 7%; text-align: right; font-weight: bold">Page</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">1.</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Interpretation</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">1</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">2.</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Contribution of Additional Capital in connection with Expense Contribution Event or to comply with Applicable Laws</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">4</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">3.</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Contribution of Additional Capital and Required Withdrawals in connection with Collateral Change Events and Repayments</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">4</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">4.</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Representations and Warranties</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">8</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">5.</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Covenants</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">14</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">6.</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Acknowledgement, Agreement and Consent</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">18</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">7.</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Withholding Taxes</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">19</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">8.</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Waiver; Survival</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">19</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">9.</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Notices</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">19</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">10.</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Amendments; Successors; Assignments</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">19</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">11.</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Governing Law; Submission to Jurisdiction; Etc.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">20</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">12.</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Waiver of Jury Trial</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">20</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">13.</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Contributions</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">21</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">14.</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Severability</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">21</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">15.</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Benefits of Agreement</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">21</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CONTRIBUTION AGREEMENT</B>, dated as of May 19, 2017 (this
&ldquo;<U>Agreement</U>&rdquo;), between:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>MURRAY HILL FUNDING II, LLC</B>, a Delaware limited liability
company (the &ldquo;<U>Issuer</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>MURRAY HILL FUNDING, LLC,</B> a limited liability company
organized under the laws of the Delaware (the &ldquo;<U>Sole Member</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>U.S. BANK NATIONAL ASSOCIATION</B>, as trustee under the
Indenture referred to below (in such capacity, the &ldquo;<U>Trustee</U>&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>C&#298;ON INVESTMENT MANAGEMENT, LLC</B>, a Delaware limited
liability company (the &ldquo;<U>Collateral Manager</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>WHEREAS:</B></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">A.&#9;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;The Issuer is party to an Indenture dated as of May 19, 2017 between the Issuer and the Trustee (as amended, supplemented
or otherwise modified from time to time, the &ldquo;<U>Indenture</U>&rdquo;).</FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">B.&#9;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;The Indenture provides for the authentication, issuance and delivery of Notes to the Holders thereof in an original Aggregate
Outstanding Amount up to U.S.$192,307,691. The Issuer intends to use the proceeds of the Notes to purchase, in accordance with
the requirements of the Indenture, (a) Portfolio Assets consisting of Loans that satisfy the Asset Eligibility Criteria and (b)
Eligible Investments.</FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">C.&#9;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp; The Sole Member is the sole member of the Issuer.</FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="color: #010000">D.&#9;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To induce the Holders to purchase the Notes, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Sole Member is willing to make capital contributions to the Issuer in the
circumstances described herein. Accordingly, the parties hereto agree as follows:</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: #010000">1.</FONT></TD><TD STYLE="text-align: justify"><B>Interpretation</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Capitalized terms used but not
defined herein have the respective meanings given to such terms in the Indenture. In addition, as used herein, the following terms
have the following respective meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Acceptable Loan</I></B>:
A Loan that, at the time of the proposed contribution of such Loan pursuant to this Agreement, the Issuer would be permitted to
acquire as a Portfolio Asset pursuant to Section 12.2 of the Indenture, disregarding Section 12.2(a)(ii) (solely to the extent
the default referred to therein would be remedied upon contribution to the Issuer of such Loan) of the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Advance Value Depreciation</I></B>:
With respect to any sale or other disposition of all or part of a Portfolio Asset by the Issuer, as determined by the Collateral
Manager and notified to the Trustee, the Collateral Administrator, UBS and the Sole Member, the greater of (a) zero and (b) the
remainder of (i) the Advance Value of such Portfolio Asset (or applicable portion thereof) <U>minus</U> (ii) the product of (A)
the Final Market Value of such Portfolio Asset (or applicable portion thereof) <U>multiplied by</U> (B) the Advance Percentage
with respect to such Portfolio Asset (or applicable portion thereof).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Advance Value Gain</I></B>:
With respect to any sale or other disposition for Cash consideration of all or part of a Portfolio Asset by the Issuer, as determined
by the Collateral Manager and notified to the Trustee, the Collateral Administrator, UBS and the Sole Member, the greater of (a)
zero and (b) the remainder of (i) the product of (A) the Final Market Value of such Portfolio Asset (or applicable portion thereof)
<U>multiplied by</U> (B) the Advance Percentage with respect to such Portfolio Asset (or applicable portion thereof) minus (ii)
the Advance Value of such Portfolio Asset (or applicable portion thereof).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Collateral Change Event</I></B>:
The meaning specified in Section 3 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Collateral Change Event
Notice</I></B>: A notice from the Collateral Manager on behalf of the Issuer in the form of Exhibit A hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Collateral Change Settlement
Date</I></B>: In the case of a sale, disposition, exchange, substitution or acquisition by the Issuer of a Portfolio Asset, the
settlement date for such sale, disposition, exchange, substitution or acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Collateral Change Trade
Date</I></B>: In the case of a sale, disposition, substitution or acquisition by the Issuer of a Portfolio Asset, the trade date
for such sale, disposition, substitution or acquisition.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Expense Contribution Amount</I></B>:
With respect to any Expense Contribution Event, has the meaning given to such term in the definition of &ldquo;Expense Contribution
Event.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Expense Contribution Event</I></B>:
With respect to any date of determination, the giving of notice by the Trustee to the Sole Member pursuant to Section 10.3(c) of
the Indenture that the amount then standing to the credit of the Expense Account is (or will be, after giving effect to the payment
of aggregate Administrative Expenses payable, but not yet paid, at any time during a particular Monthly Period) less than U.S.$100,000
(the amount of any such shortfall, the <B><I>Expense Contribution Amount</I></B>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Final Market Value</I></B>:&#9;With
respect to any sale or other disposition of all or part of a Portfolio Asset by the Issuer, the net Cash proceeds that will (or
would, if not sold for Cash) be received from the sale or other disposition of such Portfolio Asset pursuant to the proposed terms
for such sale or disposition as of the Collateral Change Trade Date of the sale or disposition, as shall be determined by the Collateral
Manager exclusive of accrued interest and capitalized interest and net of the related Costs of Assignment and notified by the Collateral
Manager in writing to the Trustee and Collateral Administrator (with a simultaneous copy to UBS).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Global Master Repurchase
Agreement</I></B>: The TBMA/ISMA Global Master Repurchase Agreement (2000 Version) dated as of May 15, 2017 (including any annex,
confirmation and any transaction supplement exchanged thereunder and as amended, modified or otherwise supplemented from time to
time) between Murray Hill Funding, LLC and UBS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>LSTA</I></B>: The Loan
Syndications and Trading Association, Inc. and any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Removed Asset</I></B>:
With respect to any Collateral Change Event:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">in the case of any sale or other disposition or substitution of all or part of a Portfolio Asset,
the portion of the Principal Balance of such Portfolio Asset that is being sold, disposed of or substituted; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">in the case of any acquisition of a Portfolio Asset, the Cash amount that must be paid by the Issuer
in order to effect such acquisition.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Repayment</I></B>: With
respect to any repayment of or other reduction in the Principal Balance of any Portfolio Asset (including, without limitation,
through any exercise of any right of set-off, reduction, or counterclaim that results in the satisfaction of the obligations of
the applicable Portfolio Asset Obligor to pay any principal owing in respect of such Portfolio Asset), the amount of such repayment
or other reduction. <B><I>Repay</I></B> and <B><I>Repaid</I></B> shall each have the corresponding meaning.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Repayment Date</I></B>:
With respect to any Repayment, the date of such Repayment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Replacement Asset</I></B>:
With respect to any Collateral Change Event, any one or more of the following (as shall be identified in a Collateral Change Event
Notice that satisfies the requirements of Section 3 hereof):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">any Acceptable Loan which the Collateral Manager specifies must be contributed by or on behalf
of the Sole Member to the Issuer in connection with such Collateral Change Event;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">any Cash amount which the Collateral Manager specifies must be contributed by or on behalf of the
Sole Member to the Issuer in connection with such Collateral Change Event (which contribution shall be made into the Principal
Collections Subaccount);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">in the case of any sale or other disposition for Cash proceeds of all or part of a Portfolio Asset,
the portion of the applicable Principal Collections which the Collateral Manager specifies must be retained in the Principal Collections
Subaccount; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">in the case of any acquisition for Cash of a Portfolio Asset, any Acceptable Loan that is being
acquired.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>UBS</I></B>: UBS AG, London
Branch, together with its successors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">2.&#9;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Contribution
of Additional Capital in connection with Expense Contribution Event or to comply with Applicable Laws</B></FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">With respect to each Expense Contribution Event that occurs during the period from (and including)
the Closing Date to (and including) the date on which all of the Notes have been repaid in full and all Administrative Expenses
(including anticipated further expenses of the Trustee) have been paid in full, the Sole Member hereby irrevocably commits to contribute
additional equity capital to the Issuer in USD Cash by wire transfer in immediately available funds in an amount no less than the
applicable Expense Contribution Amount (each such contribution, a <B><I>Required Expense Equity Contribution</I></B>).</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">Each contribution obligation pursuant to Section 2(a) shall be paid to the Expense Account by no
later than 5:00 p.m. (New York City time) on the first Business Day following the Sole Member&rsquo;s receipt of notice of such
Expense Contribution Event.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">The Sole Member shall make such additional capital contributions to the Issuer as necessary for
the Issuer to comply with its obligations under Sections 7.5, 7.6 and 7.13 of the Indenture and for any related expenses of the
Trustee.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">3.&#9;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;<B>Contribution of Additional Capital and Required Withdrawals in connection with Collateral Change Events and Repayments</B></FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">If at any time (x) the Issuer wishes to sell, substitute or otherwise dispose of all or part of
a Portfolio Asset pursuant to and in accordance with Section 12.1 of the Indenture, (y) the Issuer wishes to acquire a Portfolio
Asset pursuant to and in accordance with Section 12.2 of the Indenture or (z) a modification, amendment or action with respect
to a Portfolio Asset results in a change to the classification of a Portfolio Asset (as determined by UBS under the Global Master
Repurchase Agreement, provided that UBS has notified Counterparty of such determination) (any such event, a <B><I>Collateral Change
Event</I></B>), then the Collateral Manager on behalf of the Issuer shall deliver a Collateral Change Event Notice to the Trustee
and Collateral Administrator (with a simultaneous copy to UBS) no later than one Business Day prior to the applicable Collateral
Change Trade Date, <B>provided</B> that a single Collateral Change Event Notice may be delivered with respect to multiple Collateral
Change Events that have the same Collateral Change Trade Date. If the Issuer wishes to (1)&nbsp;sell or otherwise dispose of all
or part of a Portfolio Asset on one Collateral Change Date and (2)&nbsp;acquire a Portfolio Asset on a different Collateral Change
Date, the Collateral Manager, on behalf of the Issuer, shall deliver a Collateral Change Event Notice with respect to each such
Collateral Change Event in accordance with this Section 3(a).</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">Each Collateral Change Event Notice relating to a Collateral Change Event described in Section
3(a)(x) and (y) above shall specify one or more Replacement Assets that must be acquired by, or contributed by the Sole Member
to, the Issuer with an aggregate Advance Value equal to the Advance Value of the Removed Asset that is the subject of such Collateral
Change Event determined as of the date the Collateral Change Event Notice is delivered. Prior to the Collateral Change Settlement
Date, the Sole Member shall contribute to the Issuer each Replacement Asset described in clause (a) or (b) of the definition thereof
that is identified in any Collateral Change Event Notice in accordance with the requirements of this Section 3.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">As a condition precedent to the effectiveness of any sale or other disposition of all or any part
of a Portfolio Asset, the sale price therefor shall be no less than the expected sale price set forth in the applicable Collateral
Change Event Notice.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify">In the case of any sale or other disposition for Cash consideration of all or part of a Portfolio
Asset:</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">if the Advance Value Depreciation of such sale or other disposition is greater than zero, then
(A) subject to Section 3(h)(i) below, the Sole Member shall contribute Cash and/or Acceptable Loans as Replacement Asset(s) with
an aggregate Advance Value equal to the amount of such expected Advance Value Depreciation (which shall be identified in the applicable
Collateral Change Event Notice) (which contribution, if and to the extent that it is comprised of Cash, (I) shall be deposited
into the Principal Collection Subaccount and (II) upon receipt thereof by the Trustee on a Business Day, shall be promptly notified
by the Trustee to UBS on such Business Day) on the applicable Collateral Change Trade Date and (B) in the case of a sale or disposition,
such deposit shall be a condition precedent to such sale or disposition becoming a binding commitment of the Issuer, and</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">if the Advance Value Gain of such sale or other disposition is greater than zero, the Trustee shall,
at the direction of the Collateral Manager, transfer the portion of the Principal Collections received in respect of such sale
or other disposition in the form of Cash with an Advance Value equal to the amount of such expected Advance Value Gain (as identified
to the Trustee by the Collateral Manager) from the Principal Collection Subaccount to the Portfolio Gains Account promptly and
in any event no later than the first Business Day following the applicable Collateral Change Settlement Date.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(e)</FONT></TD><TD STYLE="text-align: justify">If any Repayment or other distribution of Cash by a Portfolio Asset Obligor is made in respect
of a Portfolio Asset that is being acquired, sold or otherwise disposed of by the Issuer at any time during the period from and
including the applicable Collateral Change Trade Date to but excluding the applicable Collateral Change Settlement Date:</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">the Collateral Manager shall notify the Trustee, the Sole Member and UBS of (A)&nbsp;any change
to the Initial Market Value and Advance Value of any Removed Asset or Replacement Asset specified in the original Collateral Change
Event Notice resulting therefrom and (B)&nbsp;any Cash amount that must be contributed or withdrawn by the Sole Member in order
to ensure that the adjusted aggregate Advance Value of the Replacement Assets identified in the original Collateral Change Event
Notice is equal to the adjusted Advance Value of the Removed Asset identified in the original Collateral Change Event Notice;</TD></TR></TABLE>

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<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">the Sole Member shall contribute, or the Sole Member shall instruct the Collateral Manager to direct
the Trustee to withdraw, such Cash amount into or from the Principal Collection Subaccount on or prior to the Collateral Change
Settlement Date;</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify">any amount withdrawn from the Principal Collection Subaccount shall be deposited in the Portfolio
Gains Account; and</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iv)</FONT></TD><TD STYLE="text-align: justify">the original Collateral Change Event Notice shall be deemed to have been amended accordingly.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(f)</FONT></TD><TD STYLE="text-align: justify">In the case of any acquisition by the Issuer of a Portfolio Asset with an Advance Value that is
less than the Advance Value of the Cash applied to satisfy the aggregate purchase price, the Sole Member shall contribute (or the
Sole Member shall direct CION Investment Corporation to contribute, on behalf of the Sole Member) additional Replacement Assets
(other than the Portfolio Asset that is being acquired) identified in the related Collateral Change Event Notice and having an
aggregate Advance Value equal to such deficiency. The Sole Member shall contribute to the Issuer any such additional Replacement
Asset that is (i) a Cash amount into the Principal Collection Subaccount on the applicable Collateral Change Trade Date or (ii)
an Acceptable Loan by executing appropriate transfer documentation with (A) a contribution trade date that occurs on the applicable
Collateral Change Trade Date and (B) a settlement date that occurs on the Collateral Change Settlement Date and, subject to Section
3(h), any failure by the Sole Member (or CION Investment Corporation, as applicable) to effect the settlement of such contribution
in accordance with the foregoing shall constitute a breach of its contribution obligations hereunder.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(g)</FONT></TD><TD STYLE="text-align: justify">In the event that the Sole Member wishes to contribute (or the Sole Member wishes to direct CION
Investment Corporation to contribute, on behalf of the Sole Member) one or more Acceptable Loans to the Issuer and the Collateral
Manager, on behalf of the Issuer, delivers a Collateral Change Event Notice in connection with a Collateral Change Event that would,
if they were all Replacement Assets, otherwise result in the aggregate Advance Value of the Replacement Assets exceeding the Advance
Value of the related Removed Asset, the Issuer shall, on the settlement date for such contribution, immediately transfer to the
Sole Member, free of payment, a Participation Interest in one or more portion(s) of such contributed Acceptable Loan(s) (as shall
be identified in the applicable Collateral Change Event Notice) with an aggregate Advance Value equal to such excess pursuant to
and in accordance with Section 12.3(d) of the Indenture such that each such participated portion of such Acceptable Loan shall
thereafter constitute a Sold Participation Interest Loan; <B>provided</B> that:</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">the Sole Member shall only be entitled to contribute (and the Sole Member shall only be entitled
to direct CION Investment Corporation, on behalf of the Sole Member, to contribute) such excess Acceptable Loans if no portion
of the pool of Replacement Assets is comprised of Cash; and</TD></TR></TABLE>

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<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">for the avoidance of doubt, the Sole Member may not contribute Cash to the Issuer as a Replacement
Asset if and to the extent that such contribution would result in the aggregate Advance Value of the Replacement Assets exceeding
the Advance Value of the related Removed Asset.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(h)</FONT></TD><TD STYLE="text-align: justify">If for any reason the Collateral Change Settlement Date does not occur in connection with any sale,
acquisition or disposition by the Issuer of all or part of a Portfolio Asset:</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">the Issuer shall, or the Collateral Manager on behalf of the Issuer shall instruct the Trustee
to, promptly withdraw any Cash deposited in the Principal Collection Subaccount pursuant to Section 3(d)(i) above and, as specified
by the Issuer, or the Collateral Manager on behalf of the Issuer, (A) pay all or a portion of such amount to the Sole Member or
(B) transfer all or any portion of such amount not paid to the Sole Member pursuant to the foregoing clause (A) to the Portfolio
Gains Account; and</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">in accordance with Section 3(f)(ii)(B) above, the settlement date for the contribution of any Acceptable
Loan by the Sole Member (or by CION Investment Corporation, on behalf of the Sole Member, at the direction of the Sole Member)
shall not occur and the Sole Member shall be released from its contribution obligations with respect thereto.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">If a Repayment is made in respect of a Portfolio Asset (other than a Repayment described in Section
3(e) above which shall be dealt with in accordance with the provisions of such Section), then:</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">if (A) the Advance Value of such Repayment is greater than (B) the Advance Value of the portion
of the Principal Balance of such Portfolio Asset that is being Repaid, the Collateral Manager shall direct the Trustee to transfer
a Cash amount with an Advance Value equal to such excess from the Principal Collection Subaccount to the Portfolio Gains Account
no later than the first Business Day following the applicable Repayment Date; and</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">if (A) the Advance Value of the portion of the Principal Balance of such Portfolio Asset that is
being Repaid is greater than (B) the Advance Value of such Repayment, (1) the Collateral Manager shall promptly notify the Sole
Member, the Trustee and UBS and (2) the Sole Member shall contribute a Cash amount with an Advance Value equal to such excess into
the Principal Collection Subaccount no later than the first Business Day following the applicable Repayment Date.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(j)</FONT></TD><TD STYLE="text-align: justify">If and to the extent that funds standing to the credit of the Portfolio Gains Account are available
therefor, any contribution in the form of Cash required to be made by the Sole Member pursuant to this Section 3 may be made by
the Sole Member instructing the Collateral Manager to direct the Trustee to transfer such amount from the Portfolio Gains Account
to the applicable Account into which such contribution is required to be made.</TD></TR></TABLE>

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<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(k)</FONT></TD><TD STYLE="text-align: justify">If any modification, amendment or action with respect to any Portfolio Asset results in a change
to the classification of a Portfolio Asset (as determined by UBS under the Global Master Repurchase Agreement, provided that UBS
has notified Counterparty of such determination), then the Collateral Manager on behalf of the Issuer shall deliver a Collateral
Change Event Notice to the Trustee and Collateral Administrator (with a simultaneous copy to UBS) which shall treat (1) (A) the
Portfolio Asset immediately prior to giving effect to such modification, amendment or action as the Removed Asset, (B) the Portfolio
Asset immediately after giving effect to such modification, amendment or action as the Replacement Asset and (C) the date of such
modification, amendment or action as the Collateral Change Settlement Date and (2) specify the change and the adjustment in Advance
Value to such Portfolio Asset resulting from such re-classification in the same manner required for a sale, substitution, disposition
or acquisition of a Portfolio Asset as described in Section 3(a) and (b) above. In connection with the foregoing,</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">if the Advance Value of the Removed Asset exceeds the Advance Value of the Replacement Asset, on
or prior to the Collateral Change Settlement Date, the Sole Member shall contribute Cash and/or Acceptable Loans as Replacement
Asset(s) with an aggregate Advance Value equal to the amount of such excess (which shall be identified in the applicable Collateral
Change Event Notice) in accordance with the procedures set forth in the last sentence of Section 3(f), and</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">if the Advance Value of the Replacement Asset exceeds the Advance Value of the Removed Asset, the
Issuer shall, transfer to the Sole Member, free of payment, a Participation Interest in the Replacement Asset (as shall be identified
in the applicable Collateral Change Event Notice) with an Advance Value equal to such excess in accordance with the procedures
set forth in Section 3(g).</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(l)</FONT></TD><TD STYLE="text-align: justify">Each subsection of this Section 3 shall operate independently such that actions may be required
to be taken, and adjustments made, from time to time, under each such subsection. The actions required to be taken, and adjustments
to be made under each such subsection of this Section 3 shall take into account the actions taken, and adjustments made, pursuant
to other subsections of this Section 3.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">4.&#9;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Representations and Warranties</B></FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">The Sole Member hereby represents and warrants as of the date hereof as follows:</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify"><B>Status</B>. It is duly organized and validly existing under the law of the jurisdiction of its
organization or incorporation and, if relevant under such law, in good standing.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify"><B>Powers</B>. It has the power and authority 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 such other documentation
and has taken all necessary action to authorize such execution, delivery and performance.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify"><B>No Violation or Conflict</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 property or any contractual restriction binding on or affecting it or any of its property.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iv)</FONT></TD><TD STYLE="text-align: justify"><B>Consents</B>. All governmental and other consents that are required to have been obtained by
it with respect to this Agreement have been obtained and are in full force and effect and all conditions of any such consents have
been complied with.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(v)</FONT></TD><TD STYLE="text-align: justify"><B>Obligations Binding</B>. This Agreement constitutes its legal, valid and binding obligation,
enforceable against it in accordance with its terms (subject to applicable bankruptcy, reorganization, insolvency, rehabilitation,
conservation, moratorium or similar laws affecting rights of its creditors 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)).</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(vi)</FONT></TD><TD STYLE="text-align: justify"><B>Absence of Litigation</B>. There is not pending or, to its knowledge, threatened against it
or any of its subsidiaries any action, suit or proceeding at law or in equity or before any court, tribunal, governmental body,
agency or official or any arbitrator that could reasonably be expected to affect the legality, validity or enforceability against
it of this Agreement or its ability to perform its obligations under this Agreement.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">The Sole Member represents to the Trustee and the Liquidation Agent at all times during the period
referred to in 2(a) that the Sole Member is the Sole Member of the Issuer.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">The Sole Member at all times during the period referred to in 2(a) (other than with respect to
clauses (i), (ii), (iii), (vi)(A), (vi)(B) and (vii) below, in which case, as of the date hereof and as of each Collateral Change
Settlement Date) represents and warrants to the Issuer, the Trustee and the Liquidation Agent as follows (with respect to Loans
or other assets contributed hereunder both before and after the Closing Date):</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">Any Loan or any other asset (including any Acceptable Loan and any other Replacement Asset) contributed
by the Sole Member (or by CION Investment Corporation, at the direction of the Sole Member) under this Agreement was originally
acquired by the Sole Member for fair value at the time of such acquisition.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">The Sole Member shall cause itself to be, as of the Closing Date and for as long as any Notes are
outstanding, directly or indirectly, an entity disregarded from a U.S. organized entity taxable as a corporation (&ldquo;Tax Owner&rdquo;)
for U.S. federal tax purposes, and shall not take any action that would result in either itself or the Issuer being classified
as a partnership or as an association taxable as a corporation for U.S. Federal tax purposes.</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">The Sole Owner
further represents that its Tax Owner has timely filed all material Tax returns and reports required to be filed with any governmental
authority, and has paid all material Taxes, assessments, fees and other governmental charges levied or imposed by any governmental
authority upon it or its properties, income or assets otherwise due and payable, except those that are being contested in good
faith by appropriate proceedings diligently conducted and for which adequate reserves have been provided in accordance with GAAP.
The Sole Owner also covenants that its Tax Owner will pay all material taxes imposed upon such Tax Owner or any of such Tax Owner&rsquo;s
properties or assets or in respect of any of its income, businesses or franchises, or for which it otherwise is liable, before
any penalty or fine accrues thereon, and all material claims (including claims for labor, services, materials and supplies) for
sums that have become due and payable and that by law have or may become a lien upon any of its properties or assets, prior to
the time when any penalty or fine shall be incurred with respect thereto; provided, that no such tax or claim need be paid to the
extent (i) either the amount thereof is immaterial or the amount or validity thereof is currently being contested in good faith
by appropriate proceedings, (ii) adequate reserves in conformity with GAAP with respect thereto have been made or provided therefor
and (iii) such proceedings could not reasonably be expected to result in the sale, forfeiture or loss of any material portion of
the Issuer&rsquo;s assets or any interest therein.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify">As of the applicable settlement date of the relevant contribution hereunder, the Sole Member (or
if CION Investment Corporation, at the direction of the Sole Member is making such contribution on behalf of the Sole Member, CION
Investment Corporation) is or was the sole owner with good and marketable title of, and the right to transfer, all Loans and other
assets that it contributes to the Issuer hereunder, free and clear of any security interest, lien or other adverse claim. All actions
necessary under the law of any relevant jurisdiction (other than United States bankruptcy, insolvency, reorganization, moratorium,
fraudulent conveyance or transfer or other similar laws relating to or affecting the rights of creditors generally) and under the
terms of the relevant Loan or asset to effect a sale of such Loan or asset (a)&nbsp;to the Sole Member and the subsequent contribution
of such Loan or other asset to the Issuer or (b)&nbsp;to the Issuer have been or will have been taken on the date of the relevant
sale to the Sole Member and the date of the contribution thereof to the Issuer. Except as otherwise permitted pursuant to this
Agreement, no sale of such Loan or asset to the Sole Member or to the Issuer has been, or will be, made by any holder of equity
in the Sole Member.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iv)</FONT></TD><TD STYLE="text-align: justify">With respect to any Loan or any other asset contributed to the Issuer hereunder that was acquired
by the Sole Member from any Person, the assignment or other transfer documentation governing such acquisition by the Sole Member
from such Person:</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(A)</FONT></TD><TD STYLE="text-align: justify">was entered into on arms&rsquo; length terms;</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(B)</FONT></TD><TD STYLE="text-align: justify">provides for the assignment or other transfer of all of such Person&rsquo;s right, title and interest in, to and under such
Loan or asset (other than interest, fees and similar amounts accrued to or as of the date of assignment or other transfer that
are customarily paid to sellers);</TD></TR></TABLE>

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<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(C)</FONT></TD><TD STYLE="text-align: justify">does not give such Person the option to revoke the relevant assignment or other transfer under any circumstances (whether by
a redemption payment or a payment from any other source of funds);</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(D)</FONT></TD><TD STYLE="text-align: justify">does not (1) give such Person the right to exercise any continuing control of any kind over the relevant Loan under any circumstances
(including with respect to any disposition of such Loan or other asset by the Sole Member or any transferee thereof) or (2) restrict
in any matter the ability of the Sole Member (or any transferee thereof) to exercise any control over such Loan or asset, including
the right to dispose of such Loan or asset and to exercise voting and other consensual rights in respect of such Loan or asset;</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(E)</FONT></TD><TD STYLE="text-align: justify">does not impose an obligation upon or provide a right to such Person to repurchase or reacquire such Loan or asset other than
by reason of a material breach of any of the representations, warranties and covenants referred to in the following clause (F);</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(F)</FONT></TD><TD STYLE="text-align: justify">does not provide for any other recourse of the Sole Member or the Issuer to such Person (whether with respect to the performance
by the relevant obligor(s) under such Loan or asset or otherwise, including collection risk) other than recourse for breach of
representations, warranties or covenants and related indemnification obligations of such Person that are substantially similar
to (and in any event no more favorable to the Sole Member or the Issuer in any material respect than) the representations, warranties,
covenants and indemnities applicable to the seller in standard transfer documentation published by the LSTA;</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(G)</FONT></TD><TD STYLE="text-align: justify">does not provide for any future or further payment participation or other consideration of any kind to be paid or delivered
to such Person with respect to such Loan or asset (other than interest, fees and similar amounts accrued to or as of the date of
assignment or other transfer that are customarily paid to sellers);</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(H)</FONT></TD><TD STYLE="text-align: justify">provides for the payment by the Sole Member of the purchase price for such acquisition on or prior to the related settlement
date and notification to the obligor on such Loan or other asset of such acquisition; and</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(I)</FONT></TD><TD STYLE="text-align: justify">by its terms reflects or is not inconsistent with the parties intent that such assignment was an absolute assignment and transfer.
If any of the foregoing representations in this subsection (iv) is untrue for any reason, then to the extent it would cause such
representation to be more true or accurate, the Sole Member hereby waives (x) such provision or portion thereof of such assignment
or other transfer documentation that causes such representation to be untrue and (y) all rights and remedies of the Sole Member
against any Person arising from any such provision or portion thereof (and such Person shall be deemed to constitute an express
third party beneficiary of such waiver and is entitled to enforce such waiver without any action or notice or acceptance hereof
or reliance hereon, all as if such Person were a party hereto).</TD></TR></TABLE>

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<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(v)</FONT></TD><TD STYLE="text-align: justify">The Sole Member (A) has made its own independent credit evaluation in order to acquire each Loan
or other asset that is contributed hereunder and (B) has not, and will not in the future, rely primarily on the credit of any Person
from which it has acquired any Loan or other asset that is being contributed hereunder in making any investment decision with regard
to its purchase of such Loan or asset from such Person, but will instead rely primarily on the collectability of such Loan or asset.
With respect to each Loan or other asset that is contributed hereunder, any Person from which the Sole Member acquired such Loan
or asset (1) has no obligation to pay the Sole Member&rsquo;s costs of collection of such Loan or asset, (2) has no obligation
to pay or reimburse the Sole Member for paying taxes in respect of such Loan or asset that accrue after the transfer thereof to
the Sole Member and (3) has no obligation to provide any financing or credit support (whether by guarantee or otherwise) to the
Sole Member or the Issuer in respect of such Loan or asset or the Notes.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(vi)</FONT></TD><TD STYLE="text-align: justify">With respect to any Person that is an Affiliate of the Sole Member from which the Sole Member acquires
any Loan or asset that is being contributed hereunder:</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(A)</FONT></TD><TD STYLE="text-align: justify">the Sole Member has and will continue to have at least one independent director unaffiliated with
any such Person or its Affiliates, whose authority will be limited to consenting to a bankruptcy filing by the Sole Member;</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(B)</FONT></TD><TD STYLE="text-align: justify">such Person is not under any obligation to pay for the expenses of the Sole Member;</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(C)</FONT></TD><TD STYLE="text-align: justify">the Sole Member has not been and will not be referred to as a division or department of such Person;</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(D)</FONT></TD><TD STYLE="text-align: justify">the directors of the Sole Member are expected to act in the interests of the Sole Member and, in
each case, are not expected to act contrary to those interests at the direction of such Person;</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(E)</FONT></TD><TD STYLE="text-align: justify">there should be no difficulty in segregating and ascertaining respective assets and liabilities
of the Sole Member and such Person;</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(F)</FONT></TD><TD STYLE="text-align: justify">either (1) the Sole Member is not and will not be included in such Person&rsquo;s consolidated
financial statements or (2) such consolidated financial statements will contain a footnote to the effect that such Loan has been
either (a) acquired by the Sole Member from such Person or (b)&nbsp;contributed by such Person to the Sole Member;</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(G)</FONT></TD><TD STYLE="text-align: justify">there is no commingling of business functions or of assets between such Person, on the one hand,
and the Sole Member, on the other hand, and the activities of the Sole Member are expected to be entirely separate from whatever
business activities such Person may otherwise be engaged in;</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(H)</FONT></TD><TD STYLE="text-align: justify">no guarantees have been or will be made by such Person with respect to obligations of the Sole
Member, and no guarantees have been or will be made by the Sole Member with respect to obligations of such Person;</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(I)</FONT></TD><TD STYLE="text-align: justify">there have not been, and there will not be, any transfers of assets between the Sole Member and
such Person without formal observance of corporate formalities and all formal legal requirements relating to the Sole Member have
been and will be strictly observed; and</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(J)</FONT></TD><TD STYLE="text-align: justify">although there may be substantial overlap between the ultimate economic owners of such Person and
the ultimate economic owners of the Sole Member, (1) ultimate economic ownership is held through different chains of intermediate
ownership vehicles that are organized under different corporate laws, (2) the business conducted by, and the investment results
obtained by, such Person are different to that of the Sole Member, and (3) the creditor or creditors of such Person (and its intermediate
parent companies) are different to the creditor or creditors of the Sole Member (and its intermediate parent companies).</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(vii)</FONT></TD><TD STYLE="text-align: justify">If any Loan or any other asset to be contributed to the Issuer hereunder is or will be acquired
by the Sole Member or the Issuer from any Person that is an Affiliate of the Sole Member,</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(A)</FONT></TD><TD STYLE="text-align: justify">such acquisition is being or will be made without any intent to hinder, delay or defraud any person
to which such Person is or will become indebted on or after the related date of such acquisition; and</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(B)</FONT></TD><TD STYLE="text-align: justify">on the date of such acquisition (after proper consideration is given to such Person&rsquo;s fixed
and contingent liabilities), (1) such Person is not insolvent, and such sale of such Loan or asset will not render such Person
insolvent, (2) such Person is not engaged in any business or any transaction, and will not be about to engage in any business or
any transaction, for which the assets remaining with such Person after such acquisition by the Sole Member will be an unreasonably
small amount of capital, (3) such Person neither intends nor believes that it will incur debts beyond its ability to pay such debts
as they mature and (4) such acquisition is not being effected with any intent by such Person, the Sole Member or the Issuer to
evade any applicable law or public policy.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(viii)</FONT></TD><TD STYLE="text-align: justify">The investment adviser to the Sole Member is registered as such under the Investment Advisers Act
of 1940 and transactions among its advisory clients are conducted in a manner consistent with Rule 206(3)-2 thereunder<FONT STYLE="font-size: 10pt">.</FONT></TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify">The Sole Member represents and warrants to the Issuer, the Trustee and UBS as of the date of acquisition
by the Issuer of any Loan or any other asset that it acquires (including any Acceptable Loan and any other Replacement Asset contributed
by the Sole Member (or by CION Investment Corporation, at the direction of the Sole Member, on behalf of the Sole Member) under
this Agreement), that the Sole Member would be entitled to receive all interest payments on such Loan or asset free of U.S. federal
or foreign withholding tax or, in the case of foreign withholding tax, would be entitled to receive &ldquo;gross up&rdquo; payments
that cover the full amount of such withholding taxes, in each case, if they held such Loan or asset directly.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">With respect
to Loans or other assets contributed hereunder before the Closing Date, all references in this Section 4 to the past, present or
future tense shall be deemed to be references to circumstances in effect, respectively, at any time prior to, at the time of, or
at any time after, in each case, the applicable Collateral Change Settlement Date.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">5.&#9;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Covenants</B></FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">Each of the Issuer and the Sole Member will from time to time execute and deliver such further
documents and do such other acts and things as the Trustee or the Liquidation Agent may reasonably request in order fully to accomplish
the purposes of this Agreement.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">The Sole Member will comply with all laws, rules, regulations and orders of any Governmental Authority
applicable to it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">The Sole Member shall ensure that:</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">its Constitutive Documents provide that:</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(A)</FONT></TD><TD STYLE="text-align: justify">recourse of any creditor of the Sole Member against the Sole Member with respect to the costs,
expenses or other liabilities of the Sole Member shall be solely to the assets of the Sole Member (which assets shall not be held
out by the Sole Member as being available to satisfy the obligations of others) (<B>provided</B> that the foregoing shall not preclude
any separate contractual credit support arrangement with a third party entity in favor of any such creditor that is not precluded
by the covenants, and does not conflict with any of the representations, set forth herein);</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(B)</FONT></TD><TD STYLE="text-align: justify">the activities and business purposes of the Sole Member shall be limited to acquiring Notes of
the Issuer, holding securities, obligations or other assets related to one or more repurchase transactions, holding equity interests
in the Issuer and activities reasonably incidental thereto;</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(C)</FONT></TD><TD STYLE="text-align: justify">the Sole Member shall not incur any Indebtedness other than Indebtedness (which may be in the form
of a repurchase transaction, including without limitation, any repurchase transaction entered into with UBS or one of its Affiliates
or in connection with the financing of the treasury securities received from UBS or one of its Affiliates with respect to such
repurchase transaction) incurred in connection with the acquisition of Notes of the Issuer;</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(D)</FONT></TD><TD STYLE="text-align: justify">the Sole Member will not create, incur, assume or permit to exist any lien (other than a lien arising
by operation of law), charge or other encumbrance on any of its assets, or sell, transfer, exchange or otherwise dispose of any
of its assets, or assign or sell any income or revenues or rights in respect thereof except in connection with the acquisition
of Notes and related repurchase transactions;</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(E)</FONT></TD><TD STYLE="text-align: justify">after paying Taxes and expenses payable by the Sole Member or setting aside adequate reserves for
the payment of such Taxes and expenses, the Sole Member will, on a periodic basis not less frequently than semiannually, distribute
100% of the Cash proceeds of the assets acquired by it (net of such Taxes, expenses and reserves);</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(F)</FONT></TD><TD STYLE="text-align: justify">the Sole Member will not form or directly own any subsidiary other than the Issuer or directly
own any equity interest in any other entity other than equity interests in the Issuer; and</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(G)</FONT></TD><TD STYLE="text-align: justify">the Sole Member will not acquire or hold title to any real property or a controlling interest in
any entity that owns real property;</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">its Constitutive Documents provide that the Sole Member will:</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(A)</FONT></TD><TD STYLE="text-align: justify">maintain books and records separate from any other Person;</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(B)</FONT></TD><TD STYLE="text-align: justify">maintain its accounts separate from those of any other Person;</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(C)</FONT></TD><TD STYLE="text-align: justify">not commingle its assets with those of any other Person;</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(D)</FONT></TD><TD STYLE="text-align: justify">conduct its own business in its own name;</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(E)</FONT></TD><TD STYLE="text-align: justify">maintain separate financial statements (if any);</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(F)</FONT></TD><TD STYLE="text-align: justify">pay its own liabilities out of its own funds; provided that the Issuer may pay expenses of the
Sole Member to the extent that collections on the assets held by the Sole Member are insufficient for such purpose;</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(G)</FONT></TD><TD STYLE="text-align: justify">observe all corporate formalities and other formalities in its by-laws and its certificate of incorporation;</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(H)</FONT></TD><TD STYLE="text-align: justify">except as otherwise expressly contemplated in the Indenture, the Collateral Management Agreement
and this Agreement, maintain an arm's length relationship with its Affiliates;</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(I)</FONT></TD><TD STYLE="text-align: justify">not have any employees other than any Directors or Officers;</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(J)</FONT></TD><TD STYLE="text-align: justify">not guarantee or become obligated for the debts of any other person (other than the Issuer) or
hold out (including in its financial statements) its credit as being available to satisfy the obligations of others (other than
the Issuer);</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(K)</FONT></TD><TD STYLE="text-align: justify">not acquire obligations or securities of the Issuer or any Affiliate other than Equity Securities
in the Issuer and Notes issued under the Indenture;</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(L)</FONT></TD><TD STYLE="text-align: justify">allocate fairly and reasonably any overhead for shared office space;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(M)</FONT></TD><TD STYLE="text-align: justify">use separate stationery, invoices and checks;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(N)</FONT></TD><TD STYLE="text-align: justify">not pledge its assets for the benefit of any other Person (other than the Trustee) or make any
loans or advance to any Person other than in connection with repurchase transactions;</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(O)</FONT></TD><TD STYLE="text-align: justify">hold itself out as a separate Person;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(P)</FONT></TD><TD STYLE="text-align: justify">correct any known misunderstanding regarding its separate identity;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(Q)</FONT></TD><TD STYLE="text-align: justify">maintain adequate capital in light of its contemplated business operations;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(R)</FONT></TD><TD STYLE="text-align: justify">have its own directors;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(S)</FONT></TD><TD STYLE="text-align: justify">act solely through its duly authorized officers or agents in the conduct of its business;</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(T)</FONT></TD><TD STYLE="text-align: justify">cause all its formal written and oral communications, including without limitation letters, invoices,
purchase orders, contracts, statements and loan applications, to be made solely in the Sole Member&rsquo;s own name;</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(U)</FONT></TD><TD STYLE="text-align: justify">direct creditors of the Sole Member to send invoices and other statements of account of the Sole
Member directly to the Sole Member and not to any Affiliate and cause the Affiliates to direct their creditors not to send invoices
and other statements of accounts of such Affiliate to the Sole Member;</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(V)</FONT></TD><TD STYLE="text-align: justify">compensate all consultants and agents and Affiliates, to the extent applicable, for services provided
to the Sole Member by such employees, consultants and Affiliates, in each case, from the Sole Member&rsquo;s own funds;</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(W)</FONT></TD><TD STYLE="text-align: justify">cause its resolutions, agreements and other instruments authorizing and underlying the transactions
described in the Transaction Documents to be maintained by it as official records, separately identified and held apart from the
records of any Affiliate;</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(X)</FONT></TD><TD STYLE="text-align: justify">not appoint an Affiliate or any employee of an Affiliate as an agent of the Sole Member (although
such Person can qualify as a Director or an officer of the Sole Member); and</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(Y)</FONT></TD><TD STYLE="text-align: justify">maintain its valid existence in good standing under the laws of the state of Delaware and maintain
its qualification to do business under the laws of such other jurisdictions as its operations require; and</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify">its Constitutive Documents provide that the business of the Sole Member shall be managed by or
under the direction of a board of at least one director and that at least one such director whose authority will be limited to
consenting to a bankruptcy filing by the Sole Member shall be a person who is not at the time of appointment and for the five years
prior thereto has not been:</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(A)</FONT></TD><TD STYLE="text-align: justify">a direct or indirect legal or beneficial owner of the Collateral Manager, the Sole Member or any
of their respective Affiliates (excluding <I>de minimis</I> ownership);</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(B)</FONT></TD><TD STYLE="text-align: justify">a creditor, supplier, officer, manager, or contractor of the Collateral Manager, the Sole Member
or any of their respective Affiliates; or</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(C)</FONT></TD><TD STYLE="text-align: justify">a person who controls (whether directly, indirectly or otherwise) the Collateral Manager, the Sole
Member or any of their respective Affiliates or any creditor, supplier, officer, manager or contractor of the Collateral Manager,
the Sole Member or any of their respective Affiliates; <I>provided</I> that the Constitutive Documents of the Sole Member shall
permit the directors of the Sole Member to be independent directors of other bankruptcy remote special purpose vehicles of the
Collateral Manager, the Issuer or their respective Affiliates.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify">The Sole Member shall not:</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">amend any of the provisions in its Constitutive Documents identified in Section 5(c) above (other
than a technical amendment to correct inconsistencies, typographical or other manifest errors, defects or ambiguities that, in
each case, (x) does not in any way affect its bankruptcy remote status and (y) could not otherwise reasonably be expected to materially
adversely affect any of the Issuer, the Holders, the Collateral or the interests of the Trustee and Issuer therein) without the
consent of the Issuer (acting at the direction of a Majority of the Senior Notes); or</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">acquire any Loan or any other asset that is contributed to the Issuer hereunder on terms differing
in any material respect from those required under Section 4(c)(iv) above or from a Person that is not organized in any State of
the United States of America unless a &ldquo;true sale&rdquo; opinion acceptable to UBS has first been obtained from external counsel
in the relevant jurisdiction in which such Person is organized.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(e)</FONT></TD><TD STYLE="text-align: justify">The Sole Member agrees not to propose or pass any resolution to wind up the Issuer or cause the
filing of a petition in bankruptcy against or on behalf of the Issuer until the payment in full of all Notes issued under the Indenture
and the expiration of a period equal to one year and a day, or, if longer, the applicable preference period plus one day, following
such payment.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(f)</FONT></TD><TD STYLE="text-align: justify">The Sole Member agrees to treat the Issuer as disregarded as an entity separate from the Tax Owner
for U.S. Federal income tax purposes and agrees not to make any election or take any action, or cause the Issuer to make or take
such an election or action, that would cause the Issuer to be treated as an association taxable as a corporation for U.S. Federal
income tax purposes. The Sole Member agrees to not transfer any membership interests in the Issuer, and not to permit the Issuer
to register a transfer or subsequent issuance of any membership interests, if such transfer or subsequent issuance (a) would cause
the Issuer to have more than one owner for U.S. Federal income tax purposes or (b) would cause the Issuer to be treated other than
as disregarded as an entity separate from the Tax Owner; provided, however, that any transaction under a repurchase agreement entered
into in connection with the Notes that results in a change of tax ownership or tax classification shall not constitute a breach
of this provision by the Sole Member.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">6.&#9;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;<B>Acknowledgement, Agreement and Consent</B></FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">The Sole Member acknowledges, agrees and consents, in connection with Section 15.1(h) of the Indenture,
to the assignment described therein and the Sole Member agrees to perform the provisions of the Indenture applicable to the Sole
Member subject to the terms of this Agreement.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">The Sole Member acknowledges and agrees that the Issuer is assigning all of its right, title and
interest in, to and under this Agreement to the Trustee as representative of the Holders of the Notes and agrees that all of the
representations, covenants and agreements made by the Sole Member in this Agreement are also for the benefit of the Trustee and
enforceable against the Sole Member by the Trustee.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">The Sole Member will not enter into any agreement amending, modifying or terminating this Agreement
(other than an amendment to correct inconsistencies, typographical or other manifest errors, defects or ambiguities) except with
the prior written consent of the Liquidation Agent and the Trustee (which shall be given at the direction of the Majority Holders).</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify">In executing and performing its duties under this Agreement, the Trustee shall have all the rights,
benefits, protections, indemnities and immunities afforded to it under the Indenture, including Article 6 thereof.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(e)</FONT></TD><TD STYLE="text-align: justify">The Sole Member shall not amend, or permit the amendment of, the Constitutive Documents of the
Issuer without prior written consent of the Trustee and each Holder.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(f)</FONT></TD><TD STYLE="text-align: justify">The Sole Member consents to the filing of a Financing Statement against it in favor of the Issuer
and Trustee as secured parties in connection with the transfer of each Portfolio Asset from the Sole Member to the Issuer on the
Closing Date and any other Loan transferred from the Sole Member to the Issuer at any time.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">7.&#9;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Withholding Taxes</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
the Sole Member is required to deduct or withhold any tax from any Expense Contribution Amount, then the Sole Member will pay
an amount equal to such shortfall to the Issuer in accordance with Section 2 hereof. Upon the making of any such payment, the
Issuer agrees that the Sole Member will be fully subrogated to the rights of the Issuer to receive any tax refund or other similar
payment with respect to such withholdings or deductions, and any such amounts (if and when received by the Issuer) shall be promptly
paid to the Sole Member, free and clear of the lien of the Indenture.</FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">8.&#9;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Waiver; Survival</B></FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">No failure on the part of either party or any third party beneficiary hereof to exercise and no
delay in exercising, and no course of dealing with respect to, any right, power or privilege under this Agreement shall operate
as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege under this Agreement preclude any
other or further exercise thereof or the exercise of any other right, power or privilege. The remedies provided herein are cumulative
and not exclusive of any remedies provided by law.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">The obligations of the parties under this Agreement will survive until the payment in full of the
Notes and all Administrative Expenses have been paid in full (in each case subject to and in accordance with the terms and conditions
of the Indenture, including, without limitation, Section 2.7(g) thereof).</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">This Agreement shall terminate on such date that the Notes have been repaid in full and all Administrative
Expenses have been paid in full (in each case subject to and in accordance with the terms and conditions of the Indenture, including,
without limitation, Section 2.7(g) thereof).</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">9.&#9;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;<B>Notices</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
notices and other communications in respect of this Agreement (including, without limitation, any modifications of, or requests,
waivers or consents under, this Agreement) shall be given or made to a party at its address specified in Section 14.3 of the Indenture.
Except as otherwise provided in this Agreement, all such communications shall be deemed to have been duly given if in writing
and mailed, first class postage prepaid, hand delivered, sent by overnight courier service, by facsimile in legible form or by
e-mail transmission to any address previously furnished in writing to the other parties hereto and third party beneficiaries hereof
by a party hereto.</FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">10.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;<B>Amendments; Successors; Assignments</B></FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">No amendment, modification or waiver in respect of this Agreement will be effective unless in writing
(including a writing evidenced by e-mail (PDF) or facsimile transmission) and executed by each of the parties with the prior written
consent of the Liquidation Agent and the Trustee (which shall be given at the direction of the Majority Holders) (other than an
amendment to correct inconsistencies, typographical or other manifest errors, defects or ambiguities).</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">This Agreement (and each amendment, modification and waiver in respect of this Agreement) may be
executed and delivered in counterparts (including by e-mail (PDF) or facsimile transmission), each of which will be deemed an original.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">This Agreement shall be binding upon and inure to the benefit of the Sole Member and the Trustee
and their respective successors and permitted assigns.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify">Except as provided in Section 10(c), neither this Agreement nor any interest or obligation in or
under this Agreement may be transferred (whether by way of security or otherwise) by any party without the prior written consent
of the other parties (and in the case of the Trustee, such consent to be given at the direction of the Majority Noteholders) and
the Liquidation Agent. Any purported transfer that is not in compliance with this Section 10 will be void.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">11.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;<B>Governing Law; Submission to Jurisdiction; Etc.</B></FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify"><B>Governing Law</B>. This Agreement, shall be construed in accordance with, and this Agreement
and any matters arising out of or relating in any way whatsoever to this Agreement (whether in contract, tort or otherwise), shall
be governed by, the law of the State of New York.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify"><B>Submission to Jurisdiction</B>. With respect to Proceedings relating to this Agreement, each
party irrevocably (i) submits to the non-exclusive jurisdiction of the Supreme Court of the State of New York sitting in the Borough
of Manhattan in New York City and of the United States District Court for the Southern District of New York, and any appellate
court from any thereof, and (ii) waives any objection which it may have at any time to the laying of venue of any Proceedings brought
in any such court, waives any claim that such Proceedings have been brought in an inconvenient forum and further waives the right
to object, with respect to such Proceedings, that such court does not have any jurisdiction over such party. Nothing in this Agreement
precludes either party from bringing Proceedings in any other jurisdiction, nor will the bringing of Proceedings in any one or
more jurisdictions preclude the bringing of Proceedings in any other jurisdiction.</TD></TR></TABLE>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">12.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;<B>Waiver of Jury Trial</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>EACH
OF THE SOLE MEMBER, THE ISSUER, AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY</B>. Each party hereby (i) certifies that no representative, agent or attorney of the other has represented, expressly
or otherwise, that the other would not, in the event of a Proceeding, seek to enforce the foregoing</FONT> waiver and (ii) acknowledges
that it has been induced to enter into this Agreement by, among other things, the mutual waivers and certifications in this paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">13.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Contributions</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Sole Member and the Issuer hereby acknowledge and agree that this Agreement is not a contract (a) to issue a security of the Issuer
or (b) to make a loan or to extend other debt financing or financial accommodations to or for the benefit of the Issuer, as referenced
in Section 365(e)(2)(B) of the United States Bankruptcy Code, as amended. Each of the Sole Member, on behalf of itself, and the
Issuer further acknowledges and agrees that the transactions contemplated by this Agreement are made for reasonably equivalent
value. The Sole Member represents to the Trustee and to the third party beneficiary hereof that neither the Issuer nor the Sole
Member is insolvent at this time, will not be rendered insolvent by this Agreement and do not intend by the transactions contemplated
in this Agreement to incur debts beyond their ability to repay those debts.</FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">14.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;<B>Severability</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
any term, provision, covenant or condition of this Agreement, or the application thereof to any party hereto or any circumstance,
is held to be unenforceable, invalid or illegal (in whole or in part) for any reason (in any relevant jurisdiction), the remaining
terms, provisions, covenants and conditions of this Agreement, modified by the deletion of the unenforceable, invalid or illegal
portion (in any relevant jurisdiction), will continue in full force and effect, and such unenforceability, invalidity, or illegality
will not otherwise affect the enforceability, validity or legality of the remaining terms, provisions, covenants and conditions
of this Agreement, as the case may be, so long as this Agreement, as the case may be, as so modified continues to express, without
material change, the original intentions of the parties as to the subject matter hereof and the deletion of such portion of this
Agreement, as the case may be, will not substantially impair the respective expectations or reciprocal obligations of the parties
or the practical realization of the benefits that would otherwise be conferred upon the parties.</FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">15.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;<B>Benefits of Agreement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Each
of UBS and the Liquidation Agent shall be an express third party beneficiary of (i) each agreement, covenant and obligation in
this Agreement (including, without limitation, any right to make a determination, receive a notice, report or certificate, make
a request, give consent or direct a disposition expressed as being exercisable by the Issuer, UBS or Liquidation Agent hereunder)
and (ii) the representations and warranties made under Section 4 of this Agreement. Nothing in this Agreement, expressed or implied,
shall give to any Person, other than the parties hereto and their successors hereunder, UBS and the Liquidation Agent, any benefit
or any legal or equitable right, remedy or claim under this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>IN WITNESS WHEREOF</B>, the undersigned have executed this
Agreement as of the date first written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><B>MURRAY HILL FUNDING II, LLC,</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>as Issuer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.35in; text-indent: -0.35in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:&nbsp;&nbsp;</TD>
    <TD STYLE="width: 46%">MURRAY HILL FUNDING, LLC,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>as Sole Member</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:&nbsp;&nbsp;</TD>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid"><I>/s/ Michael A. Reisner</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Name: Michael A. Reisner</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Title: Co-Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><B>MURRAY HILL FUNDING, LLC,</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 9pt">as Sole Member</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid"><I>/s/ Michael A. Reisner</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Michael A. Reisner</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Co-Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">CONTRIBUTION AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><B>U.S. BANK NATIONAL ASSOCIATION,</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 9pt">as Trustee</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:&nbsp;&nbsp;</TD>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid"><I>/s/ Ralph J. Creasia, Jr.</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Name: Ralph J. Creasia, Jr.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Title: Senior Vice President</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><B>C&#298;ON INVESTMENT MANAGEMENT, LLC</B>,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 9pt">as Collateral Manager</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:&nbsp;&nbsp;</TD>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid"><I>/s/ Michael A. Reisner</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Name: Michael A. Reisner</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Title: Co-Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">CONTRIBUTION AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">Acknowledged by the following as a third party beneficiary:</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%"><B>UBS AG, LONDON BRANCH,</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">as Liquidation Agent</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">By:&nbsp;&nbsp;</TD>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid"><I>/s/ Trevor Spencer</I></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">Name: Trevor Spencer</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">Title: Authorized Signatory</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>By:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><I>/s/ Ben Stewart</I></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">Name: Ben Stewart</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">Title: Authorized Signatory</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">CONTRIBUTION AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Exhibit
A </B></FONT><B>[Note: Exhibit to be included if Collateral Change Events are included]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Form
of Collateral Change Event Notice</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">U.S. Bank National Association,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">as Trustee (the <B><I>Trustee</I></B>)
and Collateral Administrator (the <B><I>Collateral Administrator</I></B>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">One Federal Street, 3<SUP>rd</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Boston, MA 02110</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Attention: Global Corporate Trust Services
&ndash; Murray Hill Funding II, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Email: gayle.filomia@usbank.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With a simultaneous copy to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">UBS AG, London Branch</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">100 Liverpool Street, London EC2M 2RH</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Credit Risk Control - Documentation Unit/Legal
Department</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Facsimile: +44 20 7567 4406 / +44 20 7568
9247</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">E-mail: OL-Structured-Financing-Group@ubs.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With copies to: E-mail: OL-CTM@ubs.com;
sh-coll-stm-otc@ubs.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[Date]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Reference is hereby made to the Contribution
Agreement, dated as of May 19, 2017 (as amended, restated or otherwise modified from time to time, the <B><I>Contribution Agreement</I></B>)
between Murray Hill Funding II, LLC (the <B><I>Issuer</I></B>), Murray Hill Funding, LLC (the <B><I>Sole Member</I></B>), the Trustee,
and C&#298;ON Investment Management, LLC (the <B><I>Collateral Manager</I></B>). Capitalized terms used but not defined herein
shall have the meanings given them in the Contribution Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This notice is given pursuant to Section
3(a) of the Contribution Agreement, whereby the Collateral Manager on behalf of the Issuer specifies to the Trustee and the Collateral
Administrator the following information (to the extent applicable pursuant to the terms of the Contribution Agreement):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[Specify the following for each Collateral
Change Event]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 28 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit A</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 10%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Collateral
Change Trade Date</FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Advance
    Value of Removed Asset</FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Total
    Advance Value Added</FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">Amount
        of Sale Proceeds Collections that need to be transferred to the Portfolio Gains Account</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">(if
        applicable)</FONT></P></TD>
    <TD STYLE="width: 15%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>

<TR>
    <TD STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Identity
    of each&nbsp;&nbsp;Removed Asset</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Type
    of each Removed Asset</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Advance
    Percentage with respect to each Removed Asset</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">Expected
        Sale Price of each Removed Asset</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">(N/A
        if Cash)</FONT></P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">Principal
        Balance of each Removed Asset</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">(N/A
        if Cash)</FONT></P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Initial
    Market Value of each Removed Asset</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Advance
    Value of each Removed Asset</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Final
    Market Value of each Removed Asset</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Amount
    of any Advance Value Depreciation or any Advance Value Gain that will be realized in respect of any sale or other disposition
    of each Removed Asset</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>

<TR>
    <TD STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Identity
    of each Replacement Asset</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Type
    of each Replacement Asset</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Advance
    Percentage with respect to each Replacement Asset</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">Principal
        Balance of each Replacement Asset</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">(N/A
        if Cash)</FONT></P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">Portion
        of any contributed Acceptable Loan that will not constitute a Replacement Asset in respect of which Participation Interest
        must be sold</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">(if
        applicable)</FONT></P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">Initial
        Market Value of each Replacement Asset</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">(net
        of any Sold Participation Interest Loan)</FONT></P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Advance
    Value of each Replacement Asset</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This notice shall be deemed to constitute instructions to the
Trustee and the Collateral Administrator to make the transfers indicated herein to the Portfolio Gains Account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Submission of this notice bearing the Collateral Manager&rsquo;s
electronic signature shall constitute effective delivery hereof. This notice shall be construed in accordance with, and this notice
and all matters arising out of or relating in any way whatsoever (whether in contract, tort or otherwise) to this notice shall
be governed by, the law of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>


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<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>6
<FILENAME>v467817_ex10-5.htm
<DESCRIPTION>EXHIBIT 10.5
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"><B>Exhibit 10.5</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 49%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;<IMG SRC="pg01img01_ex10-5.jpg" ALT=""></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Bond Market Association<br>
        New York &#9679; Washington &#9679; London<br>
        www.bondmarkets.com</P></td>
    <td style="width: 51%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><IMG SRC="pg01img02_ex10-5.jpg" ALT="">&nbsp;&nbsp;&nbsp;&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">International Securities Market Association<br>
        Rigistrasse 60, P.O. Box, CH-8033, Z&uuml;rich<br>
        www.isma.org</P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>2000 VERSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TBMA/ISMA<BR>
<BR>
GLOBAL MASTER REPURCHASE AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Dated as of <U>MAY 15, 2017</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 30%; text-align: left; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Between:</b></font></td>
    <TD STYLE="width: 70%; text-align: left; font-size: 10pt">&nbsp;</td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>UBS AG</b></font></td>
    <TD STYLE="text-align: left; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(&ldquo;Party A&rdquo;)</b></font></td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>and</b></font></td>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MURRAY HILL FUNDING, LLC</b></font></td>
    <TD STYLE="text-align: left; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(&ldquo;Party B&rdquo;)</b></font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Applicability</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">From time to time the parties hereto may enter into transactions
in which one party, acting through a Designated Office, (&ldquo;Seller&rdquo;) agrees to sell to the other, acting through a Designated
Office, (&ldquo;Buyer&rdquo;) securities and financial instruments (&ldquo;Securities&rdquo;) (subject to paragraph 1(c), other
than equities and Net Paying Securities) against the payment of the purchase price by Buyer to Seller, with a simultaneous agreement
by Buyer to sell to Seller Securities equivalent to such Securities at a date certain or on demand against the payment of the repurchase
price by Seller to Buyer.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Each such transaction (which may be a repurchase transaction (&ldquo;Repurchase
Transaction&rdquo;) or a buy and sell back transaction (&ldquo;Buy/Sell Back Transaction&rdquo;)) shall be referred to herein as
a &ldquo;Transaction&rdquo; and shall be governed by this Agreement, including any supplemental terms or conditions contained in
Annex I hereto, unless otherwise agreed in writing.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If this Agreement may be applied to -</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Buy/Sell Back Transactions, this shall be specified in Annex I hereto,
and the provisions of the Buy/Sell Back Annex shall apply to such Buy/Sell Back Transactions;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Net Paying Securities, this shall be specified in Annex I hereto
and the provisions of Annex I, paragraph 1(b) shall apply to Transactions involving Net Paying Securities.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If Transactions are to be effected under this Agreement by either
party as an agent, <FONT STYLE="color: black">this shall be specified in Annex I hereto, and the provisions of the Agency Annex
shall apply to such Agency Transactions.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Definitions</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Act of Insolvency&rdquo; shall occur with respect to any party
hereto upon -</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">its making a general assignment for the benefit of, entering into
a reorganisation, arrangement, or composition with creditors; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">its admitting in writing that it is unable to pay its debts as they
become due; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">its seeking, consenting to or acquiescing in the appointment of any
trustee, administrator, receiver or liquidator or analogous officer of it or any material part of its property; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the presentation or filing of a petition in respect of it (other
than by the counterparty to this Agreement in respect of any obligation under this Agreement) in any court or before any agency
alleging or for the bankruptcy, winding-up or insolvency of such party (or any analogous proceeding) or seeking any reorganisation,
arrangement, composition, re-adjustment, administration, liquidation, dissolution or similar relief under any present or future
statute, law or regulation, such petition (except in the case of a petition for winding-up or any analogous proceeding, in respect
of which no such 30 day period shall apply) not having been stayed or dismissed within 30 days of its filing; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the appointment of a receiver, administrator, liquidator or trustee
or analogous officer of such party or over all or any material part of such party&rsquo;s property; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the convening of any meeting of its creditors for the purposes of
considering a voluntary arrangement as referred to in section 3 of the Insolvency Act 1986 (or any analogous proceeding);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Agency Transaction&rdquo;, the meaning specified in paragraph
1 of the Agency Annex;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Appropriate Market&rdquo;, the meaning specified in paragraph
10;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Base Currency&rdquo;, the currency indicated in Annex I hereto;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Business Day&rdquo; -</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">in relation to the settlement of any Transaction which is to be settled
through <FONT STYLE="color: black">Clearstream or Euroclear, a day on which Clearstream or, as the case may be, Euroclear is open
to settle business in the currency in which the Purchase Price and the Repurchase Price are denominated;</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">in relation to the settlement of any Transaction which is to be settled
through <FONT STYLE="color: black">a settlement system other than Clearstream or Euroclear, a day on which that settlement system
is open to settle such Transaction;</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">in relation to any delivery of Securities not falling within (i)
or (ii) above, a day <FONT STYLE="color: black">on which banks are open for business in the place where delivery of the relevant
Securities is to be effected; and</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">in relation to any obligation to make a payment not falling within
(i) or (ii) <FONT STYLE="color: black">above, a day other than a Saturday or a Sunday on which banks are open for business in the
principal financial centre of the country of which the currency in which the payment is denominated is the official currency and,
if different, in the place where any account designated by the parties for the making or receipt of the payment is situated (or,
in the case of a payment in euro, a day on which TARGET operates);</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Cash Margin&rdquo;, a cash sum paid to Buyer or Seller in
accordance with paragraph 4;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Clearstream&rdquo;, Clearstream Banking, soci&eacute;t&eacute;
anonyme, (previously Cedelbank) or any <FONT STYLE="color: black">successor thereto;</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Confirmation&rdquo;, the meaning specified in paragraph 3(b);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Contractual Currency&rdquo;, the meaning specified in paragraph
7(a);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Defaulting Party&rdquo;, the meaning specified in paragraph
10;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(k)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Default Market Value&rdquo;, the meaning specified in paragraph
10;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(l)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: black">&ldquo;Default Notice&rdquo;, a written notice served
by the non-Defaulting Party on the Defaulting Party under paragraph 10 stating that an event shall be treated as an Event of Default
for the purposes of this Agreement;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(m)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Default Valuation Notice&rdquo;, the meaning specified in
paragraph 10;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(n)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Default Valuation Time&rdquo;, the meaning specified in paragraph
10;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(o)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Deliverable Securities&rdquo;, the meaning specified in paragraph
10;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(p)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Designated Office&rdquo;, with respect to a party, a branch
or office of that party which is <FONT STYLE="color: black">specified as such in Annex I hereto or such other branch or office
as may be agreed to by the parties;</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(q)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Distributions&rdquo;, the meaning specified in sub-paragraph
(w) below;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(r)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Equivalent Margin Securities&rdquo;, Securities equivalent
to Securities previously <FONT STYLE="color: black">transferred as Margin Securities;</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(s)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Equivalent Securities&rdquo;, with respect to a Transaction,
Securities equivalent to <FONT STYLE="color: black">Purchased Securities under that Transaction. If and to the extent that such
Purchased Securities have been redeemed, the expression shall mean a sum of money equivalent to the proceeds of the redemption;</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(t)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Securities are &ldquo;equivalent to&rdquo; other Securities for the
purposes of this Agreement if they are: (i) of the same issuer; (ii) part of the same issue; and (iii) of an identical type, nominal
value, description and (except where otherwise stated) amount as those other Securities, provided that -</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities will be equivalent
to other Securities notwithstanding that those Securities have been redenominated into euro or that the nominal value of those
Securities has changed in connection with such redenomination; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">where Securities have
been converted, subdivided or consolidated or have become the subject of a takeover or the holders of Securities have become entitled
to receive or acquire other Securities or other property or the Securities have become subject to any similar event, the expression
&ldquo;equivalent to&rdquo; shall mean Securities equivalent to (as defined in the provisions of this definition preceding the
proviso) the original Securities together with or replaced by a sum of money or Securities or other property equivalent to (as
so defined) that receivable by holders of such original Securities resulting from such event;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(u)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Euroclear&rdquo;, Morgan Guaranty Trust Company of New York,
Brussels office, as <FONT STYLE="color: black">operator of the Euroclear System or any successor thereto;</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Event of Default&rdquo;, the meaning specified in paragraph
10;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(w)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Income&rdquo;, with respect to any Security at any time, all
interest, dividends or other <FONT STYLE="color: black">distributions thereon, but excluding distributions which are a payment
or repayment of principal in respect of the relevant securities (&ldquo;Distributions&rdquo;);</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(x)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Income Payment Date&rdquo;, with respect to any Securities,
the date on which Income is <FONT STYLE="color: black">paid in respect of such Securities or, in the case of registered Securities,
the date by reference to which particular registered holders are identified as being entitled to payment of Income;</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(y)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;LIBOR&rdquo;, in relation to any sum in any currency, the
one month London Inter Bank <FONT STYLE="color: black">Offered Rate in respect of that currency as quoted on page 3750 on the Bridge
Telerate Service (or such other page as may replace page 3750 on that service) as of 11:00 a.m., London time, on the date on which
it is to be determined;</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(z)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Margin Ratio&rdquo;, with respect to a Transaction, the Market
Value of the Purchased <FONT STYLE="color: black">Securities at the time when the Transaction was entered into divided by the Purchase
Price (and so that, where a Transaction relates to Securities of different descriptions and the Purchase Price is apportioned by
the parties among Purchased Securities of each such description, a separate Margin Ratio shall apply in respect of Securities of
each such description), or such other proportion as the parties may agree with respect to that Transaction;</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(aa)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Margin Securities&rdquo;, in relation to a Margin Transfer,
Securities reasonably acceptable <FONT STYLE="color: black">to the party calling for such Margin Transfer;</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(bb)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Margin Transfer&rdquo;, any, or any combination of, the payment
or repayment of Cash <FONT STYLE="color: black">Margin and the transfer of Margin Securities or Equivalent Margin Securities;</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(cc)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Market Value&rdquo;, with respect to any Securities as of
any time on any date, the price for <FONT STYLE="color: black">such Securities at such time on such date obtained from a generally
recognised source agreed to by the parties (and where different prices are obtained for different delivery dates, the price so
obtainable for the earliest available such delivery date) (provided that the price of Securities that are suspended shall (for
the purposes of paragraph 4) be nil unless the parties otherwise agree and (for all other purposes) shall be the price of those
Securities as of close of business on the dealing day in the relevant market last preceding the date of suspension) plus the aggregate
amount of Income which, as of such date, has accrued but not yet been paid in respect of the Securities to the extent not included
in such price as of such date, and for these purposes any sum in a currency other than the Contractual Currency for the Transaction
in question shall be converted into such Contractual Currency at the Spot Rate prevailing at the relevant time;</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(dd)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Net Exposure&rdquo;, the meaning specified in paragraph 4(c);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(ee)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: black">the &ldquo;Net Margin&rdquo; provided to a party at
any time, the excess (if any) at that time of (i) the sum of the amount of Cash Margin paid to that party (including accrued interest
on such Cash Margin which has not been paid to the other party) and the Market Value of Margin Securities transferred to that party
under paragraph 4(a) (excluding any Cash Margin which has been repaid to the other party and any Margin Securities in respect of
which Equivalent Margin Securities have been transferred to the other party) over (ii) the sum of the amount of Cash Margin paid
to the other party (including accrued interest on such Cash Margin which has not been paid by the other party) and the Market Value
of Margin Securities transferred to the other party under paragraph 4(a) (excluding any Cash Margin which has been repaid by the
other party and any Margin Securities in respect of which Equivalent Margin Securities have been transferred by the other party)
and for this purpose any amounts not denominated in the Base Currency shall be converted into the Base Currency at the Spot Rate
prevailing at the relevant time;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(ff)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: black">&ldquo;Net Paying Securities&rdquo;, Securities which
are of a kind such that, were they to be the subject of a Transaction to which paragraph 5 applies, any payment made by Buyer under
paragraph 5 would be one in respect of which either Buyer would or might be required to make a withholding or deduction for or
on account of taxes or duties or Seller might be required to make or account for a payment for or on account of taxes or duties
(in each case other than tax on overall net income) by reference to such payment;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(gg)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Net Value&rdquo;, the meaning specified in paragraph 10;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(hh)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;New Purchased Securities&rdquo;, the meaning specified in
paragraph 8(a);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Price Differential&rdquo;, with respect to any Transaction
as of any date, the aggregate <FONT STYLE="color: black">amount obtained by daily application of the Pricing Rate for such Transaction
to the Purchase Price for such Transaction (on a 360 day basis or 365 day basis in accordance with the applicable ISMA convention,
unless otherwise agreed between the parties for the Transaction), for the actual number of days during the period commencing on
(and including) the Purchase Date for such Transaction and ending on (but excluding) the date of calculation or, if earlier, the
Repurchase Date;</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(jj)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Pricing Rate&rdquo;, with respect to any Transaction, the
per annum percentage rate for <FONT STYLE="color: black">calculation of the Price Differential agreed to by Buyer and Seller in
relation to that Transaction;</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(kk)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Purchase Date&rdquo;, with respect to any Transaction, the
date on which Purchased <FONT STYLE="color: black">Securities are to be sold by Seller to Buyer in relation to that Transaction;</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(ll)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: black">&ldquo;Purchase Price&rdquo;, on the Purchase Date,
the price at which Purchased Securities are sold or are to be sold by Seller to Buyer;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(mm)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: black">&ldquo;Purchased Securities&rdquo;, with respect to
any Transaction, the Securities sold or to be sold by Seller to Buyer under that Transaction, and any New Purchased Securities
transferred by Seller to Buyer under paragraph 8 in respect of that Transaction;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(nn)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Receivable Securities&rdquo;, the meaning specified in paragraph
10;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(oo)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Repurchase Date&rdquo;, with respect to any Transaction, the
date on which Buyer is to sell Equivalent Securities to Seller in relation to that Transaction;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(pp)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Repurchase Price&rdquo;, with respect to any Transaction and
as of any date, the sum of <FONT STYLE="color: black">the Purchase Price and the Price Differential as of such date;</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(qq)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Special Default Notice&rdquo;, the meaning specified in paragraph
14;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(rr)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: black">&ldquo;Spot Rate&rdquo;, where an amount in one currency
is to be converted into a second currency on any date, unless the parties otherwise agree, the spot rate of exchange quoted by
Barclays Bank PLC in the London inter-bank market for the sale by it of such second currency against a purchase by it of such first
currency;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(ss)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: black">&ldquo;TARGET&rdquo;, the Trans-European Automated
Real-time Gross Settlement Express Transfer System;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(tt)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: black">&ldquo;Term&rdquo;, with respect to any Transaction,
the interval of time commencing with the Purchase Date and ending with the Repurchase Date;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(uu)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: black">&ldquo;Termination&rdquo;, with respect to any Transaction,
refers to the requirement with respect to such Transaction for Buyer to sell Equivalent Securities against payment by Seller of
the Repurchase Price in accordance with paragraph 3(f), and reference to a Transaction having a &ldquo;fixed term&rdquo; or being
&ldquo;terminable upon demand&rdquo; shall be construed accordingly;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(vv)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Transaction Costs&rdquo;, the meaning specified in paragraph
10;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(ww)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Transaction Exposure&rdquo;, with respect to any Transaction
at any time during the period <FONT STYLE="color: black">from the Purchase Date to the Repurchase Date (or, if later, the date
on which Equivalent Securities are delivered to Seller or the Transaction is terminated under paragraph 10(g) or 10(h)), the difference
between (i) the Repurchase Price at such time multiplied by the applicable Margin Ratio (or, where the Transaction relates to Securities
of more than one description to which different Margin Ratios apply, the amount produced by multiplying the Repurchase Price attributable
to Equivalent Securities of each such description by the applicable Margin Ratio and aggregating the resulting amounts, the Repurchase
Price being for this purpose attributed to Equivalent Securities of each such description in the same proportions as those in which
the Purchase Price was apportioned among the Purchased Securities) and (ii) the Market Value of Equivalent Securities at such time.
If (i) is greater than (ii), Buyer has a Transaction Exposure for that Transaction equal to that excess. If (ii) is greater than
(i), Seller has a Transaction Exposure for that Transaction equal to that excess; and</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(xx)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">except in paragraphs 14(b)(i) and 18, references in this Agreement
to &ldquo;written&rdquo; <FONT STYLE="color: black">communications and communications &ldquo;in writing&rdquo; include communications
made through any electronic system agreed between the parties which is capable of reproducing such communication in hard copy form.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Initiation; Confirmation; Termination</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A Transaction may be entered into orally or in writing at the initiation
of either Buyer or Seller.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Upon agreeing to enter into a Transaction hereunder Buyer or Seller
(or both), as shall have been agreed, shall promptly deliver to the other party written confirmation <FONT STYLE="color: black">of
such Transaction (a &ldquo;Confirmation&rdquo;).</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Confirmation shall describe
the Purchased Securities (including CUSIP or ISIN or other identifying number or numbers, if any), identify Buyer and Seller and
set forth -</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Purchase Date;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Purchase Price;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Repurchase Date, unless the Transaction is to be terminable on
demand <FONT STYLE="color: black">(in which case the Confirmation shall state that it is terminable on demand);</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Pricing Rate applicable to the Transaction;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">in respect of each party the details of the bank account[s] to which
payments <FONT STYLE="color: black">to be made hereunder are to be credited;</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">where the Buy/Sell Back Annex applies, whether the Transaction is
a <FONT STYLE="color: black">Repurchase Transaction or a Buy/Sell Back Transaction;</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">where the Agency Annex applies, whether the Transaction is an Agency
<FONT STYLE="color: black">Transaction and, if so, the identity of the party which is acting as agent and the name, code or identifier
of the Principal; and</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any additional terms or conditions of the Transaction;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">and may be in the form of Annex
II hereto or may be in any other form to which the parties agree.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Confirmation relating to
a Transaction shall, together with this Agreement, constitute prima facie evidence of the terms agreed between Buyer and Seller
for that Transaction, unless objection is made with respect to the Confirmation promptly after receipt thereof. In the event of
any conflict between the terms of such Confirmation and this Agreement, the Confirmation shall prevail in respect of that Transaction
and those terms only.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">On the Purchase Date for a Transaction, Seller shall transfer the
Purchased Securities to Buyer or its agent against the payment of the Purchase Price by Buyer.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Termination of a Transaction will be effected, in the case of on
demand Transactions, on the date specified for Termination in such demand, and, in the case of fixed term Transactions, on the
date fixed for Termination.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">In the case of on demand Transactions, demand for Termination shall
be made by Buyer or Seller, by telephone or otherwise, and shall provide for Termination to occur after not less than the minimum
period as is customarily required for the settlement or delivery of money or Equivalent Securities of the relevant kind.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></P>

<!-- Field: Page; Sequence: 8; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">On the Repurchase Date, Buyer shall transfer to Seller or its agent
Equivalent <FONT STYLE="color: black">Securities against the payment of the Repurchase Price by Seller (less any amount then payable
and unpaid by Buyer to Seller pursuant to paragraph 5).</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Margin Maintenance</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If at any time either party has a Net Exposure in respect of the
other party it may by notice to the other party require the other party to make a Margin Transfer to it of an aggregate amount
or value at least equal to that Net Exposure.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A notice under sub-paragraph (a) above may be given orally or in
writing.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">For the purposes of this Agreement a party has a Net Exposure in
respect of the other <FONT STYLE="color: black">party if the aggregate of all the first party&rsquo;s Transaction Exposures plus
any amount payable to the first party under paragraph 5 but unpaid less the amount of any Net Margin provided to the first party
exceeds the aggregate of all the other party&rsquo;s Transaction Exposures plus any amount payable to the other party under paragraph
5 but unpaid less the amount of any Net Margin provided to the other party; and the amount of the Net Exposure is the amount of
the excess. For this purpose any amounts not denominated in the Base Currency shall be converted into the Base Currency at the
Spot Rate prevailing at the relevant time.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">To the extent that a party calling for a Margin Transfer has previously
paid Cash <FONT STYLE="color: black">Margin which has not been repaid or delivered Margin Securities in respect of which Equivalent
Margin Securities have not been delivered to it, that party shall be entitled to require that such Margin Transfer be satisfied
first by the repayment of such Cash Margin or the delivery of Equivalent Margin Securities but, subject to this, the composition
of a Margin Transfer shall be at the option of the party making such Margin Transfer.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Any Cash Margin transferred shall be in the Base Currency or such
other currency as the parties may agree.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A payment of Cash Margin shall give rise to a debt owing from the
party receiving such payment to the party making such payment. Such debt shall bear interest at such rate, payable at such times,
as may be specified in Annex I hereto in respect of the relevant currency or otherwise agreed between the parties, and shall be
repayable subject to the terms of this Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Where Seller or Buyer becomes obliged under sub-paragraph (a) above
to make a <FONT STYLE="color: black">Margin Transfer, it shall transfer Cash Margin or Margin Securities or Equivalent Margin Securities
within the minimum period specified in Annex I hereto or, if no period is there specified, such minimum period as is customarily
required for the settlement or delivery of money, Margin Securities or Equivalent Margin Securities of the relevant kind.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The parties may agree that, with respect to any Transaction, the
provisions of subparagraphs (a) to (g) above shall not apply but instead that margin may be provided <FONT STYLE="color: black">separately
in respect of that Transaction in which case -</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">that Transaction shall not be taken into account when calculating
whether either party has a Net Exposure;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">margin shall be provided in respect of that Transaction in such manner
as the parties may agree; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">margin provided in respect of that Transaction shall not be taken
into account for the purposes of sub-paragraphs (a) to (g) above.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The parties may agree that any Net Exposure which may arise shall
be eliminated not <FONT STYLE="color: black">by Margin Transfers under the preceding provisions of this paragraph but by the repricing
of Transactions under sub-paragraph (j) below, the adjustment of Transactions under sub-paragraph (k) below or a combination of
both these methods.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Where the parties agree that a Transaction is to be repriced under
this sub-paragraph, <FONT STYLE="color: black">such repricing shall be effected as follows -</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Repurchase Date under the relevant Transaction (the &ldquo;Original
Transaction&rdquo;) shall be deemed to occur on the date on which the repricing is to be effected (the &ldquo;Repricing Date&rdquo;);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the parties shall be deemed to have entered into a new Transaction
(the &ldquo;Repriced Transaction&rdquo;) on the terms set out in (iii) to (vi) below;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Purchased Securities under the Repriced Transaction shall be
Securities <FONT STYLE="color: black">equivalent to the Purchased Securities under the Original Transaction;</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Purchase Date under the Repriced Transaction shall be the Repricing
<FONT STYLE="color: black">Date;</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Purchase Price under the Repriced Transaction shall be such amount
as <FONT STYLE="color: black">shall, when multiplied by the Margin Ratio applicable to the Original Transaction, be equal to the
Market Value of such Securities on the Repricing Date;</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Repurchase Date, the Pricing Rate, the Margin Ratio and, subject
as <FONT STYLE="color: black">aforesaid, the other terms of the Repriced Transaction shall be identical to those of the Original
Transaction;</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the obligations of the parties with respect to the delivery of the
Purchased Securities and the payment of the Purchase Price under the Repriced Transaction shall be set off against their obligations
with respect to the delivery of Equivalent Securities and payment of the Repurchase Price under the Original Transaction and accordingly
only a net cash sum shall be paid by one party to the other. Such net cash sum shall be paid within the period specified in sub-paragraph
(g) above.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(k)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The adjustment of a Transaction (the &ldquo;Original Transaction&rdquo;)
under this sub-paragraph shall be effected by the parties agreeing that on the date on which the adjustment is to be made (the
&ldquo;Adjustment Date&rdquo;) the Original Transaction shall be terminated and they shall enter into a new Transaction (the &ldquo;Replacement
Transaction&rdquo;) in accordance with the following provisions -</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Original Transaction shall be terminated on the Adjustment Date
on such <FONT STYLE="color: black">terms as the parties shall agree on or before the Adjustment Date;</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Purchased Securities under the Replacement Transaction shall
be such <FONT STYLE="color: black">Securities as the parties shall agree on or before the Adjustment Date (being Securities the
aggregate Market Value of which at the Adjustment Date is substantially equal to the Repurchase Price under the Original Transaction
at the Adjustment Date multiplied by the Margin Ratio applicable to the Original Transaction);</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Purchase Date under the Replacement Transaction shall be the
<FONT STYLE="color: black">Adjustment Date;</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the other terms of the Replacement Transaction shall be such as the
parties <FONT STYLE="color: black">shall agree on or before the Adjustment Date; and</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the obligations of the parties with respect to payment and delivery
of <FONT STYLE="color: black">Securities on the Adjustment Date under the Original Transaction and the Replacement Transaction
shall be settled in accordance with paragraph 6 within the minimum period specified in sub-paragraph (g) above.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Income Payments</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise agreed
-</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">where the Term of a particular Transaction extends over an Income
Payment Date in respect of any Securities subject to that Transaction, Buyer shall on the date such Income is paid by the issuer
transfer to or credit to the account of Seller an amount equal to (and in the same currency as) the amount paid by the issuer;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">where Margin Securities are transferred from one party (&ldquo;the
first party&rdquo;) to the other party (&ldquo;the second party&rdquo;) and an Income Payment Date in respect of such Securities
occurs before Equivalent Margin Securities are transferred by the second party to the first party, the second party shall on the
date such Income is paid by the issuer transfer to or credit to the account of the first party an amount equal to (and in the same
currency as) the amount paid by the issuer;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">and for the avoidance of doubt
references in this paragraph to the amount of any Income paid by the issuer of any Securities shall be to an amount paid without
any withholding or deduction for or on account of taxes or duties notwithstanding that a payment of such Income made in certain
circumstances may be subject to such a withholding or deduction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Payment and Transfer</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Unless otherwise agreed, all money paid hereunder shall be in immediately
available <FONT STYLE="color: black">freely convertible funds of the relevant currency. All Securities to be transferred hereunder
(i) shall be in suitable form for transfer and shall be accompanied by duly executed instruments of transfer or assignment in blank
(where required for transfer) and such other documentation as the transferee may reasonably request, or (ii) shall be transferred
through the book entry system of Euroclear or Clearstream, or (iii) shall be transferred through any other agreed securities clearance
system or (iv) shall be transferred by any other method mutually acceptable to Seller and Buyer.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Unless otherwise agreed, all money payable by one party to the other
in respect of <FONT STYLE="color: black">any Transaction shall be paid free and clear of, and without withholding or deduction
for, any taxes or duties of whatsoever nature imposed, levied, collected, withheld or assessed by any authority having power to
tax, unless the withholding or deduction of such taxes or duties is required by law. In that event, unless otherwise agreed, the
paying party shall pay such additional amounts as will result in the net amounts receivable by the other party (after taking account
of such withholding or deduction) being equal to such amounts as would have been received by it had no such taxes or duties been
required to be withheld or deducted.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Unless otherwise agreed in writing between the parties, under each
Transaction transfer of Purchased Securities by Seller and payment of Purchase Price by Buyer against the transfer of such Purchased
Securities shall be made simultaneously and transfer of Equivalent Securities by Buyer and payment of Repurchase Price payable
by Seller against the transfer of such Equivalent Securities shall be made simultaneously.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Subject to and without prejudice to the provisions of sub-paragraph
6(c), either party may from time to time in accordance with market practice and in recognition of the practical difficulties in
arranging simultaneous delivery of Securities and money waive in relation to any Transaction its rights under this Agreement to
receive simultaneous transfer and/or payment provided that transfer and/or payment shall, notwithstanding such waiver, be made
on the same day and provided also that no such waiver in respect of one Transaction shall affect or bind it in respect of any other
Transaction.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The parties shall execute and deliver all necessary documents and
take all necessary steps to procure that all right, title and interest in any Purchased Securities, any Equivalent Securities,
any Margin Securities and any Equivalent Margin Securities shall pass to the party to which transfer is being made upon transfer
of the same in accordance with this Agreement, free from all liens, claims, charges and encumbrances.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Notwithstanding the use of expressions such as &ldquo;<I>Repurchase
Date</I>&rdquo;, &ldquo;<I>Repurchase Price</I>&rdquo;, &ldquo;<I>margin</I>&rdquo;, &ldquo;<I>Net Margin</I>&rdquo;, &ldquo;<I>Margin
Ratio</I>&rdquo; and &ldquo;<I>substitution</I>&rdquo;, which are used to reflect terminology used in the market for transactions
of the kind provided for in this Agreement, all right, title and interest in and to Securities and money transferred or paid under
this Agreement shall pass to the transferee upon transfer or payment, the obligation of the party receiving Purchased Securities
or Margin Securities being an obligation to transfer Equivalent Securities or Equivalent Margin Securities.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Time shall be of the essence in this Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Subject to paragraph 10, all amounts in the same currency payable
by each party to <FONT STYLE="color: black">the other under any Transaction or otherwise under this Agreement on the same date
shall be combined in a single calculation of a net sum payable by one party to the other and the obligation to pay that sum shall
be the only obligation of either party in respect of those amounts.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Subject to paragraph 10, all Securities of the same issue, denomination,
currency and series, transferable by each party to the other under any Transaction or hereunder on the same date shall be combined
in a single calculation of a net quantity of Securities transferable by one party to the other and the obligation to transfer the
net quantity of Securities shall be the only obligation of either party in respect of the Securities so transferable and receivable.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If the parties have specified in Annex I hereto that this paragraph
6(j) shall apply, each <FONT STYLE="color: black">obligation of a party under this Agreement (other than an obligation arising
under paragraph 10) is subject to the condition precedent that none of those events specified in paragraph 10(a) which are identified
in Annex I hereto for the purposes of this paragraph 6(j) (being events which, upon the serving of a Default Notice, would be an
Event of Default with respect to the other party) shall have occurred and be continuing with respect to the other party.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">7.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Contractual Currency</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">All the payments made in respect of the Purchase Price or the Repurchase
Price of any Transaction shall be made in the currency of the Purchase Price (the &ldquo;Contractual Currency&rdquo;) save as provided
in paragraph 10(c)(ii). Notwithstanding the foregoing, the payee of any money may, at its option, accept tender thereof in any
other currency, provided, however, that, to the extent permitted by applicable law, the obligation of the payer to pay such money
will be discharged only to the extent of the amount of the Contractual Currency that such payee may, consistent with normal banking
procedures, purchase with such other currency (after deduction of any premium and costs of exchange) for delivery within the customary
delivery period for spot transactions in respect of the relevant currency.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If for any reason the amount in the Contractual Currency received
by a party, including amounts received after conversion of any recovery under any judgment or order expressed in a currency other
than the Contractual Currency, falls short of the amount in the Contractual Currency due and payable, the party required to make
the payment will, as a separate and independent obligation, to the extent permitted by applicable law, immediately transfer such
additional amount in the Contractual Currency as may be necessary to compensate for the shortfall.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If for any reason the amount in the Contractual Currency received
by a party exceeds <FONT STYLE="color: black">the amount of the Contractual Currency due and payable, the party receiving the transfer
will refund promptly the amount of such excess.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">8.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Substitution</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A Transaction may at any time between the Purchase Date and Repurchase
Date, if Seller so requests and Buyer so agrees, be varied by the transfer by Buyer to Seller of Securities equivalent to the Purchased
Securities, or to such of the Purchased Securities as shall be agreed, in exchange for the transfer by Seller to Buyer of other
Securities of such amount and description as shall be agreed (&ldquo;New Purchased Securities&rdquo;) (being Securities having
a Market Value at the date of the variation at least equal to the Market Value of the Equivalent Securities transferred to Seller).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Any variation under sub-paragraph (a) above shall be effected, subject
to paragraph 6(d), by the simultaneous transfer of the Equivalent Securities and New Purchased Securities concerned.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A Transaction which is varied under sub-paragraph (a) above shall
thereafter continue in effect as though the Purchased Securities under that Transaction consisted of or included the New Purchased
Securities instead of the Securities in respect of which Equivalent Securities have been transferred to Seller.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Where either party has transferred Margin Securities to the other
party it may at any time before Equivalent Margin Securities are transferred to it under paragraph 4 request the other party to
transfer Equivalent Margin Securities to it in exchange for the transfer to the other party of new Margin Securities having a Market
Value at the time of transfer at least equal to that of such Equivalent Margin Securities. If the other party agrees to the request,
the exchange shall be effected, subject to paragraph 6(d), by the simultaneous transfer of the Equivalent Margin Securities and
new Margin Securities concerned. Where either or both of such transfers is or are effected through a settlement system in circumstances
which under the rules and procedures of that settlement system give rise to a payment by or for the account of one party to or
for the account of the other party, the parties shall cause such payment or payments to be made outside that settlement system,
for value the same day as the payments made through that settlement system, as shall ensure that the exchange of Equivalent Margin
Securities and new Margin Securities effected under this sub-paragraph does not give rise to any net payment of cash by either
party to the other.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">9.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Representations</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each party represents
and warrants to the other that -</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">it is duly authorised to execute and deliver this Agreement, to enter
into the Transactions contemplated hereunder and to perform its obligations hereunder and thereunder and has taken all necessary
action to authorise such execution, delivery and performance;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">it will engage in this Agreement and the Transactions contemplated
hereunder (other than Agency Transactions) as principal;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the person signing this Agreement on its behalf is, and any person
representing it in entering into a Transaction will be, duly authorised to do so on its behalf;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">it has obtained all authorisations of any governmental or regulatory
body required in connection with this Agreement and the Transactions contemplated hereunder and such authorisations are in full
force and effect;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the execution, delivery and performance of this Agreement and the
Transactions contemplated hereunder will not violate any law, ordinance, charter, by-law or rule applicable to it or any agreement
by which it is bound or by which any of its assets are affected;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">it has satisfied itself and will continue to satisfy itself as to
the tax implications of the Transactions contemplated hereunder;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">in connection with this Agreement and each Transaction -</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">unless there is a written agreement with the other party to the contrary,
it is not relying on any advice (whether written or oral) of the other party, other than the representations expressly set out
in this Agreement;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">it has made and will make its own decisions regarding the entering
into of any Transaction based upon its own judgment and upon advice from such professional advisers as it has deemed it necessary
to consult;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">it understands the terms, conditions and risks of each Transaction
and is willing to assume (financially and otherwise) those risks; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">at the time of transfer to the other party of any Securities it will
have the full and unqualified right to make such transfer and that upon such transfer of Securities the other party will receive
all right, title and interest in and to those Securities free of any lien, claim, charge or encumbrance.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On the date on which any Transaction
is entered into pursuant hereto, and on each day on which Securities, Equivalent Securities, Margin Securities or Equivalent Margin
Securities are to be transferred under any Transaction, Buyer and Seller shall each be deemed to repeat all the foregoing representations.
For the avoidance of doubt and notwithstanding any arrangements which Seller or Buyer may have with any third party, each party
will be liable as a principal for its obligations under this Agreement and each Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">10.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Events of Default</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If any of the following events (each an &ldquo;Event of Default&rdquo;)
occurs in relation to either party (the &ldquo;Defaulting Party&rdquo;, the other party being the &ldquo;non-Defaulting Party&rdquo;)
whether acting as Seller or Buyer -</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Buyer fails to pay the Purchase Price upon the applicable Purchase
Date or Seller fails to pay the Repurchase Price upon the applicable Repurchase Date, and the non-Defaulting Party serves a Default
Notice on the Defaulting Party; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">if the parties have specified in Annex I hereto that this sub-paragraph
shall apply, Seller fails to deliver Purchased Securities on the Purchase Date or Buyer fails to deliver Equivalent Securities
on the Repurchase Date, and the non-Defaulting Party serves a Default Notice on the Defaulting Party; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Seller or Buyer fails to pay when due any sum payable under sub-paragraph
(g) or (h) below, and the non-Defaulting Party serves a Default Notice on the Defaulting Party; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Seller or Buyer fails to comply with paragraph 4 and the non-Defaulting
Party serves a Default Notice on the Defaulting Party; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Seller or Buyer fails to comply with paragraph 5 and the non-Defaulting
Party serves a Default Notice on the Defaulting Party; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">an Act of Insolvency occurs with respect to Seller or Buyer and (except
in the case of an Act of Insolvency which is the presentation of a petition for winding-up or any analogous proceeding or the appointment
of a liquidator or analogous officer of the Defaulting Party in which case no such notice shall be required) the non-Defaulting
Party serves a Default Notice on the Defaulting Party; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any representations made by Seller or Buyer are incorrect or untrue
in any material respect when made or repeated or deemed to have been made or repeated, and the non-Defaulting Party serves a Default
Notice on the Defaulting Party; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Seller or Buyer admits to the other that it is unable to, or intends
not to, perform any of its obligations hereunder and/or in respect of any Transaction and the non-Defaulting Party serves a Default
Notice on the Defaulting Party; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ix)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Seller or Buyer is suspended or expelled from membership of or participation
in any securities exchange or association or other self regulating organisation, or suspended from dealing in securities by any
government agency, or any of the assets of either Seller or Buyer or the assets of investors held by, or to the order of, Seller
or Buyer are transferred or ordered to be transferred to a trustee by a regulatory authority pursuant to any securities regulating
legislation and the non-Defaulting Party serves a Default Notice on the Defaulting Party; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(x)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Seller or Buyer fails to perform any other of its obligations hereunder
and does not remedy such failure within 30 days after notice is given by the non-Defaulting Party requiring it to do so, and the
non-Defaulting Party serves a Default Notice on the Defaulting Party;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">then sub-paragraphs (b) to (f)
below shall apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Repurchase Date for each Transaction hereunder shall be deemed
immediately to occur and, subject to the following provisions, all Cash Margin (including interest accrued) shall be immediately
repayable and Equivalent Margin Securities shall be immediately deliverable (and so that, where this sub-paragraph applies, performance
of the respective obligations of the parties with respect to the delivery of Securities, the payment of the Repurchase Prices for
any Equivalent Securities and the repayment of any Cash Margin shall be effected only in accordance with the provisions of sub-paragraph
(c) below).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">(c)</TD>
    <TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Default Market
Values of the Equivalent Securities and any Equivalent <FONT STYLE="color: black">Margin Securities to be transferred, the amount
of any Cash Margin (including the amount of interest accrued) to be transferred and the Repurchase Prices to be paid by each party
shall be established by the non-Defaulting Party for all Transactions as at the Repurchase Date; and</FONT></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">on the basis of the sums so established, an account shall be taken
(as at the Repurchase Date) of what is due from each party to the other under this Agreement (on the basis that each party&rsquo;s
claim against the other in respect of the transfer to it of Equivalent Securities or Equivalent Margin Securities under this Agreement
equals the Default Market Value therefor) and the sums due from one party shall be set off against the sums due from the other
and only the balance of the account shall be payable (by the party having the claim valued at the lower amount pursuant to the
foregoing) and such balance shall be due and payable on the next following Business Day. For the purposes of this calculation,
all sums not denominated in the Base Currency shall be converted into the Base Currency on the relevant date at the Spot Rate prevailing
at the relevant time.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">For the purposes of this Agreement, the &ldquo;Default Market Value&rdquo;
of any Equivalent Securities or Equivalent Margin Securities shall be determined in accordance with <FONT STYLE="color: black">sub-paragraph
(e) below, and for this purpose -</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the &ldquo;Appropriate Market&rdquo; means, in relation to Securities
of any description, the market which is the most appropriate market for Securities of that description, as determined by the non-Defaulting
Party;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the &ldquo;Default Valuation Time&rdquo; means, in relation to an
Event of Default, the close of business in the Appropriate Market on the fifth dealing day after the day on which that Event of
Default occurs or, where that Event of Default is the occurrence of an Act of Insolvency in respect of which under paragraph 10(a)
no notice is required from the non-Defaulting Party in order for such event to constitute an Event of Default, the close of business
on the fifth dealing day after the day on which the non-Defaulting Party first became aware of the occurrence of such Event of
Default;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Deliverable Securities&rdquo; means Equivalent Securities
or Equivalent Margin <FONT STYLE="color: black">Securities to be delivered by the Defaulting Party;</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Net Value&rdquo; means at any time, in relation to any Deliverable
Securities or <FONT STYLE="color: black">Receivable Securities, the amount which, in the reasonable opinion of the non-Defaulting
Party, represents their fair market value, having regard to such pricing sources and methods (which may include, without limitation,
available prices for Securities with similar maturities, terms and credit characteristics as the relevant Equivalent Securities
or Equivalent Margin Securities) as the non-Defaulting Party considers appropriate, less, in the case of Receivable Securities,
or plus, in the case of Deliverable Securities, all Transaction Costs which would be incurred in connection with the purchase or
sale of such Securities;</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Receivable Securities&rdquo; means Equivalent Securities or
Equivalent Margin <FONT STYLE="color: black">Securities to be delivered to the Defaulting Party; and</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Transaction Costs&rdquo; in relation to any transaction contemplated
in paragraph 10(d) or (e) means the reasonable costs, commission, fees and expenses (including any mark-up or mark-down) that would
be incurred in connection with the purchase of Deliverable Securities or sale of Receivable Securities, calculated on the assumption
that the aggregate thereof is the least that could reasonably be expected to be paid in order to carry out the transaction;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)</FONT></TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
                                         between the occurrence of the relevant Event of Default and the Default <FONT STYLE="color: black">Valuation
                                         Time the non-Defaulting Party gives to the Defaulting Party a written notice (a &ldquo;Default
                                         Valuation Notice&rdquo;) which -</FONT></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">states that, since the
occurrence of the relevant Event of Default, the non-Defaulting Party has sold, in the case of Receivable Securities, or purchased,
in the case of Deliverable Securities, Securities which form <FONT STYLE="color: black">part of the same issue and are of an identical
type and description as those Equivalent Securities or Equivalent Margin Securities, and that the non-Defaulting Party elects to
treat as the Default Market Value -</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(aa)</TD><TD STYLE="text-align: justify">in the case of Receivable Securities, the net proceeds of such sale after deducting all reasonable
costs, fees and expenses incurred in connection therewith (provided that, where the Securities sold are not identical in amount
to the Equivalent Securities or Equivalent Margin Securities, the non-Defaulting Party may either (x) elect to treat such net proceeds
of sale divided by the amount of Securities sold and multiplied by the amount of the Equivalent Securities or Equivalent Margin
Securities as the Default Market Value or (y) elect to treat such net proceeds of sale of the Equivalent Securities or Equivalent
Margin Securities actually sold as the Default Market Value of that proportion of the Equivalent Securities or Equivalent Margin
Securities, and, in the case of (y), the Default Market Value of the balance of the Equivalent Securities or Equivalent Margin
Securities shall be determined separately in accordance with the provisions of this paragraph 10(e) and accordingly may be the
subject of a separate notice (or notices) under this paragraph 10(e)(i)); or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(bb)</TD><TD STYLE="text-align: justify">in the case of Deliverable Securities, the aggregate cost of such purchase, including all reasonable
costs, fees and expenses incurred in connection therewith (provided that, where the Securities purchased are not identical in amount
to the Equivalent Securities or Equivalent Margin Securities, the non-Defaulting Party may either (x) elect to treat such aggregate
cost divided by the amount of Securities sold and multiplied by the amount of the Equivalent Securities or Equivalent Margin Securities
as the Default Market Value or (y) elect to treat the aggregate cost of purchasing the Equivalent Securities or Equivalent Margin
Securities actually purchased as the Default Market Value of that proportion of the Equivalent Securities or Equivalent Margin
Securities, and, in the case of (y), the Default Market Value of the balance of the Equivalent Securities or Equivalent Margin
Securities shall be determined separately in accordance with the provisions of this paragraph 10(e) and accordingly may be the
subject of a separate notice (or notices) under this paragraph 10(e)(i));</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">states that the non-Defaulting
Party has received, in the case of Deliverable Securities, offer quotations or, in the case of Receivable <FONT STYLE="color: black">Securities,
bid quotations in respect of Securities of the relevant description from two or more market makers or regular dealers in the Appropriate
Market in a commercially reasonable size (as determined by the non-Defaulting Party) and specifies -</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(aa)</TD><TD STYLE="text-align: justify">the price or prices quoted by each of them for, in the case of Deliverable Securities, the sale
by the relevant market marker or dealer of such Securities or, in the case of Receivable Securities, the purchase by the relevant
market maker or dealer of such Securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(bb)</TD><TD STYLE="text-align: justify">the Transaction Costs which would be incurred in connection with such a transaction; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(cc)</TD><TD STYLE="text-align: justify">that the non-Defaulting Party elects to treat the price so quoted (or, where more than one price
is so quoted, the arithmetic mean of the prices so quoted), after deducting, in the case of Receivable Securities, or adding, in
the case of Deliverable Securities, such Transaction Costs, as the Default Market Value of the relevant Equivalent Securities or
Equivalent Margin Securities; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(C)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">states -</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(aa)</TD><TD STYLE="text-align: justify">that either (x) acting in good faith, the non-Defaulting Party has endeavoured but been unable
to sell or purchase Securities in accordance with sub-paragraph (i)(A) above or to obtain quotations in accordance with sub-paragraph
(i)(B) above (or both) or (y) the non-Defaulting Party has determined that it would not be commercially reasonable to obtain such
quotations, or that it would not be commercially reasonable to use any quotations which it has obtained under sub-paragraph (i)(B)
above; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(bb)</TD><TD STYLE="text-align: justify">that the non-Defaulting Party has determined the Net Value of the relevant Equivalent Securities
or Equivalent Margin Securities (which shall be specified) and that the non-Defaulting Party elects to treat such Net Value as
the Default Market Value of the relevant Equivalent Securities or Equivalent Margin Securities,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">then the Default Market Value
of the relevant Equivalent Securities or Equivalent Margin Securities shall be an amount equal to the Default Market Value specified
in accordance with (A), (B)(cc) or, as the case may be, (C)(bb) above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If by the Default Valuation Time the non-Defaulting Party has not
given a Default Valuation Notice, the Default Market Value of the relevant Equivalent Securities or Equivalent Margin Securities
shall be an amount equal to their Net Value at the Default Valuation Time; provided that, if at the Default Valuation Time the
non-Defaulting Party reasonably determines that, owing to circumstances affecting the market in the Equivalent Securities or Equivalent
Margin Securities in question, it is not possible for the non-Defaulting Party to determine a Net Value of such Equivalent Securities
or Equivalent Margin Securities which is commercially reasonable, the Default Market Value of such Equivalent Securities or Equivalent
Margin Securities shall be an amount equal to their Net Value as determined by the non-Defaulting Party as soon as reasonably practicable
after the Default Valuation Time.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Defaulting Party shall be liable to the non-Defaulting Party
for the amount of all reasonable legal and other professional expenses incurred by the non-Defaulting Party in connection with
or as a consequence of an Event of Default, together with interest thereon at LIBOR or, in the case of an expense attributable
to a particular Transaction, the Pricing Rate for the relevant Transaction if that Pricing Rate is greater than LIBOR.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If Seller fails to deliver Purchased Securities to Buyer on the applicable
Purchase Date Buyer may -</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">if it has paid the Purchase Price to Seller, require Seller immediately
to repay the sum so paid;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">if Buyer has a Transaction Exposure to Seller in respect of the relevant
<FONT STYLE="color: black">Transaction, require Seller from time to time to pay Cash Margin at least equal to such Transaction
Exposure;</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">at any time while such failure continues, terminate the Transaction
by giving written notice to Seller. On such termination the obligations of Seller and Buyer with respect to delivery of Purchased
Securities and Equivalent Securities shall terminate and Seller shall pay to Buyer an amount equal to the excess of the Repurchase
Price at the date of Termination over the Purchase Price.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If Buyer fails to deliver Equivalent Securities to Seller on the
applicable Repurchase Date Seller may -</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">if it has paid the Repurchase Price to Buyer, require Buyer immediately
to <FONT STYLE="color: black">repay the sum so paid;</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">if Seller has a Transaction Exposure to Buyer in respect of the relevant
<FONT STYLE="color: black">Transaction, require Buyer from time to time to pay Cash Margin at least equal to such Transaction Exposure;</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">at any time while such failure continues, by written notice to Buyer
declare that that Transaction (but only that Transaction) shall be terminated immediately in accordance with sub-paragraph (c)
above (disregarding for this purpose references in that sub-paragraph to transfer of Cash Margin and delivery of Equivalent Margin
Securities and as if references to the Repurchase Date were to the date on which notice was given under this subparagraph).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The provisions of this Agreement constitute a complete statement
of the remedies available to each party in respect of any Event of Default.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Subject to paragraph 10(k), neither party may claim any sum by way
of consequential loss or damage in the event of a failure by the other party to perform any of its obligations under this Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">(k)</TD>
    <TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Subject to sub-paragraph
(ii) below, if as a result of a Transaction terminating <FONT STYLE="color: black">before its agreed Repurchase Date under paragraphs
10(b), 10(g)(iii) or 10(h)(iii), the non-Defaulting Party, in the case of paragraph 10(b), Buyer, in the case of paragraph 10(g)(iii),
or Seller, in the case of paragraph 10(h)(iii), (in each case the &ldquo;first party&rdquo;) incurs any loss or expense in entering
into replacement transactions, the other party shall be required to pay to the first party the amount determined by the first
party in good faith to be equal to the loss or expense incurred in connection with such replacement transactions (including all
fees, costs and other expenses) less the amount of any profit or gain made by that party in connection with such replacement transactions;
provided that if that calculation results in a negative number, an amount equal to that number shall be payable by the first party
to the other party.</FONT></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If the first party reasonably decides, instead of entering into such
replacement transactions, to replace or unwind any hedging transactions which the first party entered into in connection with the
Transaction so terminating, or to enter into any replacement hedging transactions, the other party shall be required to pay to
the first party the amount determined by the first party in good faith to be equal to the loss or expense incurred in connection
with entering into such replacement or unwinding (including all fees, costs and other expenses) less the amount of any profit or
gain made by that party in connection with such replacement or unwinding; provided that if that calculation results in a negative
number, an amount equal to that number shall be payable by the first party to the other party.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(l)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Each party shall immediately notify the other if an Event of Default,
or an event which, upon the serving of a Default Notice, would be an Event of Default, occurs in relation to it.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">11.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Tax Event</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">This paragraph shall apply if either party notifies the other that
-</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any action taken by a taxing authority or brought in a court of competent
jurisdiction (regardless of whether such action is taken or brought with respect to a party to this Agreement); or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a change in the fiscal or regulatory regime (including, but not limited
to, a change in law or in the general interpretation of law but excluding any change in any rate of tax),</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">has or will,
in the notifying party&rsquo;s reasonable opinion, have a material adverse effect on that party in the context of a Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If so requested by the other party, the notifying party will furnish
the other with an opinion of a suitably qualified adviser that an event referred to in sub-paragraph (a)(i) or (ii) above has occurred
and affects the notifying party.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Where this paragraph applies, the party giving the notice referred
to in sub-paragraph may, subject to sub-paragraph (d) below, terminate the Transaction with effect from a date specified in the
notice, not being earlier (unless so agreed by the other party) than 30 days after the date of the notice, by nominating that date
as the Repurchase Date.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If the party receiving the notice referred to in sub-paragraph (a)
so elects, it may override that notice by giving a counter-notice to the other party. If a counter-notice is given, the party which
gives the counter-notice will be deemed to have agreed to indemnify the other party against the adverse effect referred to in sub-paragraph
(a) so far as relates to the relevant Transaction and the original Repurchase Date will continue to apply.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Where a Transaction is terminated as described in this paragraph,
the party which has given the notice to terminate shall indemnify the other party against any reasonable legal and other professional
expenses incurred by the other party by reason of the termination, but the other party may not claim any sum by way of consequential
loss or damage in respect of a termination in accordance with this paragraph.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">This paragraph is without prejudice to paragraph 6(b) (obligation
to pay additional amounts if withholding or deduction required); but an obligation to pay such additional amounts may, where appropriate,
be a circumstance which causes this paragraph to apply.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">12.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Interest</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">To the extent
permitted by applicable law, if any sum of money payable hereunder or under any Transaction is not paid when due, interest shall
accrue on the unpaid sum as a separate debt at the greater of the Pricing Rate for the Transaction to which such sum relates (where
such sum is referable to a Transaction) and LIBOR on a 360 day basis or 365 day basis in accordance with the applicable ISMA convention,
for the actual number of days during the period from and including the date on which payment was due to, but excluding, the date
of payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-weight: normal"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">13.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Single Agreement</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">Each party
acknowledges that, and has entered into this Agreement and will enter into each Transaction hereunder in consideration of and in
reliance upon the fact that all Transactions hereunder constitute a single business and contractual relationship and are made in
consideration of each other. Accordingly, each party agrees (i) to perform all of its obligations in respect of each Transaction
hereunder, and that a default in the performance of any such obligations shall constitute a default by it in respect of all Transactions
hereunder, and (ii) that payments, deliveries and other transfers made by either of them in respect of any Transaction shall be
deemed to have been made in consideration of payments, deliveries and other transfers in respect of any other Transactions hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">14.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Notices and Other Communications</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Any notice or other communication to be given under this Agreement
-</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">shall be in the English language, and except where expressly otherwise
provided in this Agreement, shall be in writing;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">may be given in any manner described in sub-paragraphs (b) and (c)
below;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">shall be sent to the party to whom it is to be given at the address
or number, or in accordance with the electronic messaging details, set out in Annex I hereto.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Subject to sub-paragraph (c) below, any such notice or other communication
shall be effective -</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">if in writing and delivered in person or by courier, at the time
when it is delivered;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">if sent by telex, at the time when the recipient&rsquo;s answerback
is received;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">if sent by facsimile transmission, at the time when the transmission
is received <FONT STYLE="color: black">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</FONT> <FONT STYLE="color: black">transmission report generated
by the sender&rsquo;s facsimile machine);</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">if sent by certified or registered mail (airmail, if overseas) or
the equivalent (return receipt requested), at the time when that mail is delivered or its delivery is attempted;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">if sent by electronic messaging system, at the time that electronic
message is received;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">except that
any notice or communication which is received, or delivery of which is attempted, after close of business on the date of receipt
or attempted delivery or on a day which is not a day on which commercial banks are open for business in the place where that notice
or other communication is to be given shall be treated as given at the opening of business on the next following day which is such
a day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">lf-</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">there occurs in relation to either party an event which, upon the
service of a <FONT STYLE="color: black">Default Notice, would be an Event of Default; and</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the non-Defaulting Party, having made all practicable efforts to
do so,<FONT STYLE="color: black"> including having attempted to use at least two of the methods specified in sub-paragraph (b)(ii),
(iii) or (v), has been unable to serve a Default Notice by one of the methods specified in those sub-paragraphs (or such of those
methods as are normally used by the non-Defaulting Party when</FONT> <FONT STYLE="color: black">communicating with the Defaulting
Party),</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">the non-Defaulting
Party may sign a written notice (a &ldquo;Special Default Notice&rdquo;) which -</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(aa)</TD><TD STYLE="text-align: justify">specifies the relevant event referred to in paragraph 10(a) which has occurred in relation to the
Defaulting Party;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(bb)</TD><TD STYLE="text-align: justify">states that the non-Defaulting Party, having made all practicable efforts to do so, including having
attempted to use at least two of the methods specified in sub-paragraph (b)(ii), (iii) or (v), has been unable to serve a Default
Notice by one of the methods specified in those sub-paragraphs (or such of those methods as are normally used by the non-Defaulting
Party when communicating with the Defaulting Party);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(cc)</TD><TD STYLE="text-align: justify">specifies the date on which, and the time at which, the Special Default Notice is signed by the
non-Defaulting Party; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(dd)</TD><TD STYLE="text-align: justify">states that the event specified in accordance with sub-paragraph (aa) above shall be treated as
an Event of Default with effect from the date and time so specified.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">On the signature
of a Special Default Notice the relevant event shall be treated with effect from the date and time so specified as an Event of
Default in relation to the Defaulting Party, and accordingly references in paragraph 10 to a Default Notice shall be treated as
including a Special Default Notice. A Special Default Notice shall be given to the Defaulting Party as soon as practicable after
it is signed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Either party may by notice to the other change the address, telex
or facsimile number or electronic messaging system details at which notices or other communications are to be given to it.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">15.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Entire Agreement; Severability</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">This Agreement
shall supersede any existing agreements between the parties containing general terms and conditions for Transactions. Each provision
and agreement herein shall be treated as separate from any other provision or agreement herein and shall be enforceable notwithstanding
the unenforceability of any such other provision or agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">16.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Non-assignability; Termination</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Subject to sub-paragraph (b) below, neither party may assign, charge
or otherwise deal with (including without limitation any dealing with any interest in or the creation of any interest in) its rights
or obligations under this Agreement or under any Transaction without the prior written consent of the other party. Subject to the
foregoing, this Agreement and any Transactions shall be binding upon and shall inure to the benefit of the parties and their respective
successors and assigns.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Sub-paragraph (a) above shall not preclude a party from assigning,
charging or <FONT STYLE="color: black">otherwise dealing with all or any part of its interest in any sum payable to it under</FONT>
<FONT STYLE="color: black">paragraph 10(c) or (f) above.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Either party may terminate this Agreement by giving written notice
to the other, except that this Agreement shall, notwithstanding such notice, remain applicable to any Transactions then outstanding.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">All remedies hereunder shall survive Termination in respect of the
relevant Transaction and termination of this Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The participation of any additional member State of the European
Union in economic <FONT STYLE="color: black">and monetary union after 1 January 1999 shall not have the effect of altering any
term</FONT> <FONT STYLE="color: black">of the Agreement or any Transaction, nor give a party the right unilaterally to alter or
terminate the Agreement or any Transaction.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">17.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Governing Law</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">This Agreement
shall be governed by and construed in accordance with the laws of England. Buyer and Seller hereby irrevocably submit for all purposes
of or in connection with this Agreement and each Transaction to the jurisdiction of the Courts of England.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">Party A hereby
appoints the person identified in Annex I hereto as its agent to receive on its behalf service of process in such courts. If such
agent ceases to be its agent,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">Party A shall
promptly appoint, and notify Party B of the identity of, a new agent in England.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">Party B hereby
appoints the person identified in Annex I hereto as its agent to receive on its behalf service of process in such courts. If such
agent ceases to be its agent, Party B shall promptly appoint, and notify Party A of the identity of, a new agent in England.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">Each party
shall deliver to the other, within 30 days of the date of this Agreement in the case of the appointment of a person identified
in Annex I or of the date of the appointment of the relevant agent in any other case, evidence of the acceptance by the agent appointed
by it pursuant to this paragraph of such appointment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">Nothing in
this paragraph shall limit the right of any party to take proceedings in the courts of any other country of competent jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">18.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">No Waivers, etc.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">No express
or implied waiver of any Event of Default by either party shall constitute a waiver of any other Event of Default and no exercise
of any remedy hereunder by any party shall constitute a waiver of its right to exercise any other remedy hereunder. No modification
or waiver of any provision of this Agreement and no consent by any party to a departure herefrom shall be effective unless and
until such modification, waiver or consent shall be in writing and duly executed by both of the parties hereto. Without limitation
on any of the foregoing, the failure to give a notice pursuant to paragraph 4(a) hereof will not constitute a waiver of any right
to do so at a later date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">19.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Waiver of Immunity</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">Each party
hereto hereby waives, to the fullest extent permitted by applicable law, all immunity (whether on the basis of sovereignty or otherwise)
from jurisdiction, attachment (both before and after judgment) and execution to which it might otherwise be entitled in any action
or proceeding in the Courts of England or of any other country or jurisdiction, relating in any way to this Agreement or any Transaction,
and agrees that it will not raise, claim or cause to be pleaded any such immunity at or in respect of any such action or proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">20.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Recording</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">The parties
agree that each may electronically record all telephone conversations between them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">21.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Third Party Rights</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">No person shall
have any right to enforce any provision of this Agreement under the Contracts (Rights of Third Parties) Act 1999.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Party A</B></FONT></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PARTY B</B></FONT></td></tr>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">UBS AG</FONT></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">MURRAY HILL FUNDING, LLC</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify; width: 7%">&nbsp;</td>
    <TD STYLE="text-align: justify; width: 38%">&nbsp;</td>
    <TD STYLE="text-align: justify; width: 10%">&nbsp;</td>
    <TD STYLE="text-align: justify; width: 7%">&nbsp;</td>
    <TD STYLE="text-align: justify; width: 38%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/ Lisa Rosenthal</i></font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/ Michael A. Reisner</i></font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive Director &amp; Counsel</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Co-Chief Executive Officer</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 19, 2017</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 19, 2017</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 7%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</font></td>
    <TD STYLE="width: 38%; border-bottom: Black 1pt solid; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/ Sergio Breton</i></font></td>
    <TD STYLE="width: 10%; text-align: justify">&nbsp;</td>
    <TD STYLE="width: 7%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</font></td>
    <TD STYLE="width: 38%; border-bottom: Black 1pt solid; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/ Mark Gatto</i></font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Co-Chief Executive Officer</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 19, 2017</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 19, 2017</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ANNEX I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Supplemental
Terms or Conditions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following terms
and conditions supplement and are a part of the Global Master Repurchase Agreement dated the date hereof (the &ldquo;<B>Agreement</B>&rdquo;)
between UBS AG (&ldquo;<B>Party A</B>&rdquo;), a banking corporation organized under the laws of Switzerland, and MURRAY HILL FUNDING,
LLC<B> </B>(&ldquo;<B>Party B</B>&rdquo;), a Delaware limited liability company. In the event of a conflict between provisions
of this Annex I and the Agreement, the provisions of this Annex I shall govern. Capitalized terms used but not defined shall have
the meanings ascribed to them in the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Paragraph references
are to paragraphs in the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">The following elections shall apply:</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">paragraph 1(c)(i). Buy/Sell Back Transactions <B>may be</B> effected under this Agreement, and
accordingly the Buy/Sell Back Annex shall apply.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">paragraph 1(c)(ii). Transactions in Net Paying Securities <B>may be</B> effected under this Agreement,
and accordingly the provisions of sub-paragraphs (i) to (ii) below shall apply.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 28.35pt">(i)</TD><TD STYLE="text-align: justify">The phrase &quot;other than equities and Net Paying Securities&quot; shall be replaced by the phrase
&quot;other than equities&quot;.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 28.35pt">(ii)</TD><TD STYLE="text-align: justify">In the Buy/Sell Back Annex the following words shall be added to the end of the definition of the
expression &quot;IR&quot;: &quot;and for the avoidance of doubt the reference to the amount of Income for these purposes shall
be to an amount paid without withholding or deduction for or on account of taxes or duties notwithstanding that a payment of such
Income made in certain circumstances may be subject to such a withholding or deduction&quot;.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">paragraph 1(d). Agency Transactions <B>may not</B> be effected under this Agreement, and accordingly
the Agency Annex shall not apply.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">paragraph 1. Transactions in gilt-edged securities <B>may be</B> effected under this Agreement
and accordingly the Gilt Annex shall apply.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">paragraph 1. Equity Transactions <B>may not be</B> effected under this Agreement and accordingly
the Equity Annex <B>shall not</B> apply.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">paragraph 1. Transactions in Italian Domestic Purchased Securities <B>may not be</B> effected under
this Agreement and accordingly the Italian Annex <B>shall not </B>apply.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">Transactions in Japanese Securities <B>may not be</B> effected under this Agreement and accordingly
the Japanese Annex <B>shall not</B> apply.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">paragraph 2(d). The Base Currency shall be: United States Dollars (&quot;USD&quot;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0%">&nbsp;</TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">paragraph 2(p). Designated Office:</FONT></TD>
    <TD STYLE="width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Party A:</FONT></TD>
    <TD STYLE="width: 39%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">London, Stamford and New York</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Party B:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify">paragraph 2(cc). The pricing source for calculation of Market Value shall be: failing agreement,
any generally accepted pricing source for the relevant Securities, which in the case of UK gilt-edged securities, shall include
&ldquo;GEMMA&rdquo; prices published by the UK Debt Management Office.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(k)</TD><TD STYLE="text-align: justify">paragraph 2(rr). Spot Rate to be the rate as provided in paragraph 2(rr).</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(l)</TD><TD STYLE="text-align: justify">paragraph 3(b). Both Seller and Buyer to deliver Confirmation.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(m)</TD><TD STYLE="text-align: justify">paragraph 4(f). Interest rate on Cash Margin (including the payment intervals and payment dates)
shall be the rate per annum equal to the overnight Federal Funds (Effective) Rate for each day on which cash is held as Margin
hereunder, as reported in Federal Reserve Publication H.15-519, unless specifically agreed otherwise between the parties at the
time that a margin call is made.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(n)</TD><TD STYLE="text-align: justify">paragraph 4(g). Delivery period for Margin Transfers shall be:</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">in respect of Cash Margin, any Margin Securities or Equivalent Margin Securities denominated in
CAD or USD same day if the call is made before 10 am (New York time) and if requested after such time on such Business Day, on
the next Business Day; and</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">in respect of Cash Margin, any Margin Securities or Equivalent Margin Securities denominated in
any other currency, next Business Day if the call is made before 10am (New York time), and if requested after such time on such
Business Date, on the second next Business Day.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(o)</TD><TD STYLE="text-align: justify">paragraph 6(j). Paragraph 6(j) shall apply and the events specified in paragraph 10(a) identified
for the purposes of paragraph 6(j) shall be those as set out in sub-paragraphs (i) and (iii) to (xiii) of paragraph 10(a) of the
Agreement, provided, however, and without limiting the rights of a non-Defaulting Party under paragraph 10, a party&rsquo;s right
to suspend payments due to the condition precedent set forth in paragraph 6(j) with respect to an Event of Default (other than
an &ldquo;Exempt Event of Default&rdquo; as defined below) shall only apply for a period not longer than 60 days after the non-Defaulting
Party has received a Termination Request (as defined below) from the Defaulting Party and provided further that the Defaulting
Party shall promptly provide the non-Defaulting Party with such material information as it may reasonably request during such period.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">For the purposes
herein, an Exempt Event of Default shall mean an Event of Default referenced in paragraph 10(a), subparagraphs (i), (iii), (iv),
(v), (vi), (xi), (xii) and (xiii), unless the Defaulting Party has demonstrated to the reasonable satisfaction of the non-Defaulting
Party that such default under Sections subparagraphs (xi), (xii) or (xiii) was caused solely by an event, condition or circumstance
other than a failure to pay money or deliver an asset.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">For the purposes
herein, a Termination Request shall mean a notice requesting that the non-Defaulting Party suspend its payment or delivery obligations
for no longer than 60 days. A Termination Request may only be made and shall only be applicable at a time when the non-Defaulting
Party is otherwise entitled to send a Default Notice under paragraph 10 of this Agreement, and nothing herein shall limit the non-Defaulting
Party's right to send such Default Notice. Such Termination Request may only be delivered to the non-Defaulting Party after the
non-Defaulting Party does not make a payment or delivery when due under this Agreement by reason of the condition precedent set
forth in paragraph 6(j) not being satisfied. The Termination Request shall not be effective unless delivered in the manner set
forth in paragraph 14 of the Agreement as if it was a notice under paragraph 10.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(p)</TD><TD STYLE="text-align: justify">paragraph 10(a)(ii). paragraph 10(a)(ii) shall not apply.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(q)</TD><TD STYLE="text-align: justify">paragraph 14. For the purposes of paragraph 14 of this Agreement -</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">Address for notices and other communications for Party A when acting through its London Branch:</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse; margin-left: 1in">
<tr style="vertical-align: top">
    <TD STYLE="width: 35%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">Address: </font></td>
    <TD STYLE="width: 65%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">5 Broadgate, London EC2M 2QS</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">Attention:</font></td>
    <TD STYLE="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">Documentation Unit / Legal Department</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">Telephone:</font></td>
    <TD STYLE="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">+44 20 7567 8000</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">Facsimile:</font></td>
    <TD STYLE="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">+44 20 7567 4406 / +44 20 7568 9257</font></td></tr>
</table>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">Address for notices and other communications for Party A when acting through its Stamford or New
York Branch:</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse; margin-left: 1in">
<tr style="vertical-align: top">
    <TD STYLE="width: 35%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">Address: </font></td>
    <TD STYLE="width: 65%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">1285 Avenue of the Americas, New York, NY</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">Attention:</font></td>
    <TD STYLE="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">Documentation Unit / Legal Department </font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">Email:</font></td>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>SH-UBSLegalNotices-Amer@ubs.com</U></FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: 0.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(iii)</TD><TD>Address for notices and other communications for Party
B:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: 0.55pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse; margin-left: 1in">
<tr style="vertical-align: top">
    <TD STYLE="width: 35%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">Address:</font></td>
    <TD STYLE="width: 65%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">3 Park Ave, 36th Floor, New York, NY 10016</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">Attention:</font></td>
    <TD STYLE="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">Murray Hill Funding, LLC &ndash; Keith Franz</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">Telephone:</font></td>
    <TD STYLE="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">212 418 4710</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">Email:</font></td>
    <TD STYLE="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">kfranz@cioninvestments.com</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(r)</TD><TD STYLE="text-align: justify">paragraph 17. For the purposes of paragraph 17 of this Agreement &ndash;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 41.25pt">(i)</TD><TD STYLE="text-align: justify">In relation to Party A: Not Applicable;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 41.25pt">(ii)</TD><TD STYLE="text-align: justify">In relation to Party B: Murray Hill Funding, LLC c/o Law Debenture Corporate Services Limited,
100 Wood Street, Fifth Floor, London EC2V 7EX</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 77.25pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">The following Supplemental Terms and conditions shall apply. To the extent that these supplemental
terms and conditions conflict with the provisions contained in the Agreement, the provisions contained in this Part 2 of Annex
I shall prevail.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">With effect from the date of this Agreement, the parties agree that:</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">all repurchase agreements between the parties will be terminated.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">Unless otherwise agreed:</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD STYLE="text-align: justify">This Agreement will govern all Transactions between the parties;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: justify">The confirmation for each such Transaction will supplement and form part of this Agreement; and</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(C)</TD><TD STYLE="text-align: justify">All such confirmations, together with this Agreement, will constitute a single agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">The parties agree that Forward Transactions (as defined in sub-paragraph (i)(A) below) <B>may be</B>
effected under this Agreement and accordingly the provisions of sub-paragraphs (i) to (iv) below shall apply.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">The following
definitions shall apply&nbsp;&ndash;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(i)</TD><TD STYLE="text-align: justify">(A)&nbsp;&nbsp;&quot;<I>Forward Transaction</I>&quot;, a Transaction
in respect of which the Purchase Date is at least three Business Days after the date on which the Transaction was entered into
and has not yet occurred;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"></TD><TD STYLE="text-align: justify">(B)&nbsp;&nbsp;&quot;<I>Forward Repricing Date</I>&quot;, with
respect to any Forward Transaction the date which is such number of Business Days before the Purchase Date as is equal to the
minimum period for the delivery of margin applicable under paragraph 4(g).</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">The Confirmation relating to any Forward Transaction may describe the Purchased Securities by reference
to a type or class of Securities, which, without limitation, may be identified by issuer or class of issuers and a maturity or
range of maturities. Where this paragraph applies, the parties shall agree the actual Purchased Securities not less than two Business
Days before the Purchase Date and Buyer or Seller (or both), as shall have been agreed, shall promptly deliver to the other party
a Confirmation which shall describe such Purchased Securities.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">At any time between the Forward Repricing Date and the Purchase Date for any Forward Transaction
the parties may agree either&nbsp;&ndash;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(A)&nbsp;&nbsp;to adjust
the Purchase Price under that Forward Transaction; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(B)&nbsp;&nbsp;to adjust
the number of Purchased Securities to be sold by Seller to Buyer under that Forward Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">Where the parties agree to an adjustment under paragraph (iii) above, Buyer or Seller (or both),
as shall have been agreed, shall promptly deliver to the other party a Confirmation of the Forward Transaction, as adjusted under
paragraph (iii) above.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">Paragraphs 2 and 4 of the Agreement are amended as follows.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">Paragraph 2(ww) is deleted and replaced by the following-&nbsp;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&quot;(ww)&quot;
Transaction Exposure&quot; means -</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(i) with respect
to any Forward Transaction at any time between the Forward Repricing Date and the Purchase Date, the difference between (A) the
Market Value of the Purchased Securities at the relevant time and (B) the Purchase Price;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(ii) with respect
to any Transaction at any time during the period (if any) from the Purchase Date to the date on which the Purchased Securities
are delivered to Buyer or, if earlier, the date on which the Transaction is terminated under paragraph 10(g), the difference between
(A) the Market Value of the Purchased Securities at the relevant time and (B) the Repurchase Price at the relevant time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(iii) with respect
to any Transaction at any time during the period from the Purchase Date (or, if later, the date on which the Purchased Securities
are delivered to Buyer or the Transaction is terminated under paragraph 10(g)) to the Repurchase Date (or, if later, the date on
which Equivalent Securities are delivered to Seller or the Transaction is terminated under paragraph 10(h)), the difference between
(A) the Repurchase Price at the relevant time multiplied by the applicable Margin Ratio (or, where the Transaction relates to Securities
of more than one description to which different Margin Ratios apply, the amount produced by multiplying the Repurchase Price attributable
to Equivalent Securities of each such description by the applicable Margin Ratio and aggregating the resulting amounts, the Repurchase
Price being for this purpose attributed to Equivalent Securities of each such description in the same proportions as those in which
the Purchase Price was apportioned among the Purchased Securities) and (B) the Market Value of Equivalent Securities at the relevant
time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">In each case,
if (A) is greater than (B), Buyer has a Transaction Exposure for that Transaction equal to the excess, and if (B) is greater than
(A), Seller has a Transaction Exposure to Buyer equal to the excess.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">In paragraph 4(c) -</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(aa)&nbsp;&nbsp;the words
&quot;any amount payable to the first party under paragraph 5 but unpaid&quot; are deleted and replaced by &quot;any amount which
will become payable to the first party under paragraph 5 during the period after the time at which the calculation is made which
is equal to the minimum period for the delivery of margin applicable under paragraph 4(g) or which is payable to the first party
under paragraph 5 but unpaid&quot;; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(bb)&nbsp;&nbsp;the words
&quot;any amount payable to the other party under paragraph 5 but unpaid&quot; are deleted and replaced by &quot;any amount which
will become payable to the other party under paragraph 5 during the period after the time at which the calculation is made which
is equal to the minimum period for the delivery of margin applicable under paragraph 4(g) or which is payable to the other party
under paragraph 5 but unpaid&quot;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">Upon execution of this Agreement, each party shall deliver to the other evidence of signing authority
and specimen signatures.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Additionally, with respect to
the parties:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">Party B agrees to provide Party A with the following on the date of execution of the Agreement:
(A) a certified copy of its memorandum and articles of association or equivalent constitutive documents; (B) a certified copy of
the board resolution authorizing its entry into this Agreement and the Transactions hereunder (or limited liability company agreement,
as applicable); (C) a certified copy of its certificate of incorporation (or limited liability company certificate, as applicable);
(D) evidence of the authority and true signatures of each official or representative signing this Agreement or, as the case may
be, a Confirmation, on its behalf; (E) a legal opinion satisfactory to Party A regarding (among other things) the ability of Party
B to enter into and perform its obligations under this Agreement; and (F) such other similar documentation as Party A may reasonably
request.</TD></TR>                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">Party B agrees to provide Party A with the following tax document on or before the date of execution
of the Agreement: A duly completed and executed U.S. Internal Revenue Service Form W-9.</TD></TR>                                                                                                 <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 36.55pt">(iii)</TD><TD STYLE="text-align: justify">Party A agrees to provide the following applicable tax documents on the date of execution of the
Agreement: (A) With respect to each Transaction that is entered into under this Agreement whereby Party A is acting as nominee
on behalf of UBS Securities LLC, a person that is a &ldquo;US person&rdquo; as that term is defined under Section 7701(a)(30) of
the US Internal Revenue Code, a duly completed and executed U.S. Internal Revenue Service Form W-8IMY (or successor thereto) for
UBS AG, together with the required schedule and a duly executed and completed U.S. Internal Revenue Service Form W-9 for UBS Securities
LLC, (B) With respect to each Transaction that is entered into under this Agreement through an Office of Party B that is not located
in the U.S., one duly executed and completed U.S. Internal Revenue Service Form W-8BEN-E (or any successor of such form).</TD></TR>                                                                                                                                   <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">Margin Transfer may not be required by either party unless its Net Exposure in respect of the other
party is more than <B>USD 100,000.</B></TD></TR>                                                <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">Additional Events of Default</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The word &quot;or&quot; shall
be added at the end of paragraph 10(a)(x) and the following paragraphs shall be inserted in paragraph 10(a) immediately after paragraph
10(a)(x):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The following additional provisions
shall be inserted into Paragraph 10(a) of the Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;(xi) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the occurrence of a
default, event of default or other similar condition or event (howsoever described) (excluding any Additional Termination Event
as such term is defined in any ISDA Master Agreement) under any agreement relating to Specified Indebtedness between Party A or
any Specified Entity of Party A and Party B or any Specified Entity of Party B and the acceleration of all obligations and transactions
under such agreement, and the non-Defaulting Party serves a Default Notice on the Defaulting Party; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;(xii) (1) a default, event
of default or other similar condition or event (howsoever described) in respect of (x) Party A or (y) Party B or any Specified
Entity of Party B under one or more agreements or instruments relating to Specified Indebtedness of such entity in an aggregate
amount of not less than the applicable Threshold Amount, which has resulted in such Specified Indebtedness becoming due and payable
under such agreements or instruments before it would otherwise have been due and payable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(2) any failure by such entity
to make one or more payments on their due dates under such agreements or instruments (after giving effect to any applicable grace
period), in an aggregate amount not less than the applicable Threshold Amount and the non-Defaulting Party serves a notice on the
Defaulting Party;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">provided, however, that notwithstanding
the foregoing, an Event of Default shall not occur under 10 (a)(xii) above if, as demonstrated to the reasonable satisfaction of
the non-Defaulting Party, (a) the event or condition referred to in 10(a)(xii)(A)(1) or the failure to pay referred to in 10(a)(xii)(B(2)
is a failure to pay caused by an error or omission of an administrative or operational nature; and (b) funds were available to
such party to enable it to make the relevant payment when due; and (c) such relevant payment is made within three Business Days
following receipt of written notice from an interested party of such failure to pay. &rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;10(a)(xiii)&nbsp;&nbsp;&nbsp;if
Party A determines that this Agreement or the Transactions contemplated hereby constitute or may constitute a &quot;prohibited
transaction&quot; under ERISA and/or the Code and that no exemption from the &quot;prohibited transaction&quot; provisions of ERISA
and the Code is available with respect to this Agreement or such Transactions, in which case Party B shall be the Defaulting Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: windowtext">(g)</FONT></TD><TD STYLE="text-align: justify">Paragraph 2<B>.</B> The following additional definitions shall be included in Paragraph 2:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&ldquo;<B>Affiliate</B>&rdquo;
means 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, &ldquo;control&rdquo;
of any entity or person means ownership of a majority of the voting power of the entity or person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>ERISA</B>&rdquo; means
the Employee Retirement Income Security Act of 1974, as amended, or any successor statute.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&ldquo;<B>Specified Entity</B>&rdquo;
means (I) in relation to Party A, UBS Limited and UBS Securities LLC, and (ii) in relation to Party B, C&#298;ON Investment Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&ldquo;<B>Specified Indebtedness</B>&rdquo;
shall mean any obligation (whether present or future, contingent or otherwise as principal or surety or otherwise) (a) in respect
of any borrowed money, and/or (b) in respect of any Specified Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&quot;<B>Specified
Transaction</B>&quot; means (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 applicable Specified Entity of such party) and any third party entity,
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, precious metal transaction, letters of credit reimbursement obligation,</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif">indebtedness for borrowed money (whether or not evidenced by a note or
similar instrument), any transactions or obligations under any prime brokerage or centrally cleared derivative agreements, 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&ldquo;<B>Threshold Amount</B>&rdquo;
shall mean (i) in relation to Party A: an amount equal to 2% of the shareholder equity of Party A (howsoever described) as shown
in its most recent annual audited financial statements; and (ii) in relation to Party B:&nbsp; USD 10,000,000 (or the equivalent
in any other currency or currencies);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">The following shall be additional provisions to the Global Master Repurchase Agreement:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&ldquo;22. Set off</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">Without affecting
the provisions of the Agreement requiring the calculation of certain net payment amounts, all payments under this Agreement will
be made without set-off or counterclaim; provided, however, in addition to and not in limitation of any other right or remedy (including
any right to set off, counterclaim, or otherwise withhold payment or any recourse to any credit support document) under applicable
law the non-Defaulting Party (&ldquo;X&rdquo;) may without prior notice to any person set off any sum or obligation (whether or
not arising under this Agreement and whether matured or unmatured, whether or not contingent and irrespective of the currency,
place of payment or booking office of the sum or obligation) owed by the Defaulting Party (&ldquo;Y&rdquo;) to X or any Affiliate
of X against any sum or obligation (whether or not arising under this Agreement, whether matured or unmatured, whether or not contingent
and irrespective of the currency, place of payment or booking office of the sum or obligation) owed by X or any Affiliate of X
to Y and, for this purpose, may convert one currency into another at a market rate determined by X. If any sum or obligation is
unascertained, X may in good faith estimate that sum or obligation and set-off in respect of that estimate, subject to X or Y,
as the case may be, accounting to the other party when such sum or obligation is ascertained. Nothing in this Agreement shall create
or be deemed to create any charge under English law.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">[Reserved]</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify">paragraph 9(g) is amended by deleting the word &ldquo;and&rdquo; at the end of sub-clause (iii),
and including the following as an additional paragraph:-</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&ldquo;References in this clause
to a &ldquo;party&quot; shall, in the case of UBS AG and where the context so allows, include reference to any affiliate of UBS
AG, and&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(k)</TD><TD STYLE="text-align: justify">paragraph 4(c)(iv) and 4(e)(v) of the Italian Annex for Domestic Purchased Securities shall be
replaced with the following:</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(l)</TD><TD STYLE="text-align: justify">&ldquo;the Pricing Rate shall be the market rate, on the day, as quoted on Telematico or as agreed
between the parties on the day of the Replacement Transaction.&rdquo;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(m)</TD><TD STYLE="text-align: justify">The first paragraph of Paragraph 17 shall be deleted in its entirety and replaced as follows:</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">&ldquo;17.</TD><TD STYLE="text-align: justify"> (a)&nbsp;&nbsp;<B>Governing Law</B>. This Agreement and
any non-contractual obligations arising out of or in connection with it or with the subject matter of this contract shall be governed
by, and construed in accordance with, English law.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">A new subparagraph (b) is inserted
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)&#9;The
courts of England have exclusive jurisdiction to hear and decide any suit, action or proceedings, and to settle any disputes,
which may arise out of or in connection with <FONT STYLE="color: black">this Agreement, including without limitation disputes
arising out of or in connection with the existence, creation, validity, effect, interpretation performance and/or termination
</FONT>of the legal relationships established by this Agreement and to any disputes arising out of any non-contractual obligations
arising out of or in connection with this Agreement,</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">(respectively,
&quot;Proceedings&quot; and &quot;Disputes&quot;) and, for these purposes, each party irrevocably submits to the jurisdiction
of the courts of England.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63.8pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Each party irrevocably waives any objection which it might at any time have to the courts of England
being nominated as the forum to hear and decide any Proceedings and to settle any Disputes and agrees not to claim that the courts
of England are not a convenient or appropriate forum.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63.8pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">Any Affiliate
of Party A, performing obligations under or in connection with this Agreement, shall be entitled to the benefits of and shall be
subject to the terms of this paragraph 17.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63.8pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(n)</TD><TD STYLE="text-align: justify">Paragraph 21 is hereby amended by inserting the words &ldquo;subject to paragraph 17(b)&rdquo;
in the first line.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(o)</TD><TD STYLE="text-align: justify">New Paragraphs 23 and 24 shall be added as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 71.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 71.45pt; text-align: justify; text-indent: -35.45pt">&ldquo;23.
INTENT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 71.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">The parties recognize that each Transaction is a &ldquo;repurchase agreement&rdquo; as that term
is defined in Section 101 of Title 11 of the United States Code as amended (the &ldquo;<B>Code</B>&rdquo;) (except insofar as the
type of Securities subject to such Transaction or the term of such Transaction would render such definition inapplicable), and
a &ldquo;securities contract&rdquo; as that term is defined in Section 741 of the Code.</TD></TR>                                                                                                 <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">It is understood that either party&rsquo;s right to liquidate Securities delivered to it in connection
with Transactions hereunder or to exercise any other remedies pursuant to Paragraph 10 hereof, is a contractual right to liquidate
such Transaction as described in Section 555 and 559 of the Code.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">The parties agree and acknowledge that if a party hereto is an &ldquo;insured depository institution&rdquo;,
as such terms is defined in the Federal Deposit Insurance Act, as amended (&ldquo;<B>FDIA</B>&rdquo;), then each Transaction hereunder
is a &ldquo;qualified financial contract&rdquo;, as such term is defined in the FDIA and any rules, orders or policy statements
thereunder (except insofar as the type of assets subject to such Transaction would render such definition inapplicable).</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">It is understood that this Agreement constitutes a &ldquo;netting contract&rdquo; as defined in
and subject to Title IV of the Federal Deposit Insurance Corporation Improvement Act of 1991 (&ldquo;<B>FDICIA</B>&rdquo;) and
each payment entitlement and payment obligation under any Transaction hereunder shall constitute a &ldquo;covered contractual payment
entitlement&rdquo; or &ldquo;covered contractual payment obligation&rdquo;, respectively, as defined in and subject to FDICIA (except
insofar as one or both of the parties is not a &ldquo;financial institution&rdquo; as such term is defined in FDICIA).</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><B>24.&nbsp;&nbsp;ACKNOWLEDGEMENTS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"></TD><TD STYLE="text-align: justify">The parties acknowledge that they have been advised that:</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">in the case of Transactions in which one of the parties is a broker or dealer registered with the
Securities and Exchange Commission (&ldquo;<B>SEC</B>&rdquo;) under Section 15 of the Securities Exchange Act of 1934 (&ldquo;<B>1934
Act</B>&rdquo;), the Securities Investor Protection Corporation has taken the position that the provisions of the Securities Investor
Protection Act of 1970 (&ldquo;<B>SIPA</B>&rdquo;) do not protect the other party with respect to Transactions hereunder;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">in the case of Transactions in which one of the parties is a government securities broker or government
securities dealer registered with the SEC under Section 15C of the 1934 Act, SIPA will not provide protection to the other party
with respect to any Transaction hereunder; and</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">in the case of Transactions in which one of the parties is a financial institution, funds held
by the financial institution pursuant to a Transaction hereunder are not a deposit and therefore are not insured by the Federal
Deposit Insurance Corporation or the National Credit Union Share Insurance Fund, as applicable.&rdquo;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(p)</TD><TD STYLE="text-align: justify">Agency.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">As a broker-dealer registered with the U.S. Securities and Exchange Commission (&ldquo;<B>SEC</B>&rdquo;),
UBS Securities LLC (&ldquo;<B>UBSS</B>&rdquo;) as agent for each of Party A and Party B, will be responsible for effecting Transactions,
transmitting confirmations and maintaining books and records of Transactions as required by Rule 15a-6 under the Securities Exchange
Act of 1934, as amended.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">UBSS is acting in connection with Transactions hereunder solely in its capacity as agent for Party
A and Party B pursuant to instructions from Party A and Party B. UBSS shall have no responsibility or personal liability to Party
A and Party B to pay or perform any obligation hereunder, except for gross negligence or wilful misconduct by UBSS. Each of Party
A and Party B agrees to proceed solely against the other to collect or recover any amounts owing to it to enforce any of its right
in connection with, or as a result of Transactions hereunder.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">Any and all notices, demands or communications of any kind relating to Transactions hereunder between
Party A and Party B shall be transmitted exclusively through UBSS.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">The parties acknowledge that the Agreement shall not govern any repurchase transaction between
(i) UBSS, acting in its individual capacity, and Party B or (ii) Party B and any entity other than Party A, regardless of whether
UBSS is acting as agent for such other entity.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(q)</TD><TD STYLE="text-align: justify">Counterparts. This Agreement (and each amendment, modification and waiver in respect of it) may
be executed and delivered in counterparts (including by facsimile transmission, by portable document file (&quot;PDF&quot;) or
other electronic file contained in an email and by electronic messaging system), each of which will be deemed an original.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(r)</TD><TD><B>Foreign Account Tax Compliance Act Provisions (FATCA</B>)</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Paragraph 2(a) is amended by
the insertion of the following new definitions and amendments to existing definitions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&quot;<B>Code</B>&quot;, the
United States of America Internal Revenue Code 1986, as amended; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&quot;<B>FATCA</B>&quot;, Sections
1471 through 1471 of the Code, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The definition of &quot;Equivalent
Securities&quot; is amended as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&quot;<B>Equivalent Securities</B>&quot;,
with respect to a Transaction, Securities equivalent to Purchased Securities under that Transaction. If and to the extent that
such Purchased Securities have been redeemed, the expression shall mean a sum of money equivalent to the proceeds of the redemption,
without taking into account any deduction or withholding imposed or collected in connection with FATCA that would not have been
imposed but for Buyer's non-compliance with FATCA</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Paragraph 5 is deleted in its
entirety and replaced as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&quot;Unless otherwise agreed</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">where the Term of a particular Transaction extends over an Income Payment Date in respect of any
Securities subject to that Transaction, Buyer shall on the date such Income is paid by the issuer transfer to or credit to the
account of Seller an amount equal to (and in the same currency as) the amount paid by the issuer;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">where Margin Securities are transferred from one party (the &quot;<B>First Party</B>&quot;) to
the other party (the &quot;<B>Second Party</B>&quot;) and an Income Payment Date in respect of such Securities occurs before Equivalent
Margin Securities are transferred by the Second Party to the First Party, the Second Party shall on the date such Income is paid
by the issuer transfer to or credit to the account of the First Party an amount equal to (and in the same currency as) the amount
paid by the issuer,</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">and for the avoidance of doubt
references in this paragraph to the amount of Income paid by the issuer of any Securities shall be to an amount paid without any
withholding or deduction for or on account of taxes or duties notwithstanding that a payment of such Income made in certain circumstances
may be subject to withholding or deduction, except, where a withholding or deduction for or on account of taxes or duties has been
imposed under FATCA, to the extent an equivalent or greater amount of withholding or deduction for or on account of taxes or duties
would have been imposed under FATCA in respect of Income paid by the issuer on such Securities (or Margin Securities, as applicable)
had the Seller (or the First Party, as applicable) retained the Securities (or the Margin Securities, as applicable).&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Paragraph 6(b) is deleted in
its entirety and replaced as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise agreed,
all money payable by one party to the other in respect of any Transaction shall be paid free and clear of, and without withholding
or deduction for, any taxes or duties of whatsoever nature imposed, levied, collected, withheld or assessed by any authority having
power to tax unless the withholding or deduction of such taxes or duties is required by law. In that event, unless otherwise agreed,
the paying party shall pay such additional amounts as will result in the net amounts receivable by the other party (after taking
account of such withholding or deduction including such withholdings or deductions applicable to such additional sums payable under
this paragraph) being equal to such amounts as would have been received by it had no such taxes or duties been required to be withheld
or deducted. For the avoidance of doubt, the reference to &quot;law&quot; in this paragraph includes FATCA. However, no additional
amounts shall be payable by the paying party to the other party under this sub-paragraph (b)(i) to the extent that such tax is
imposed or collected under FATCA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If the paying party is required to make a withholding or deduction under FATCA but does not so withhold or deduct, and a liability
resulting from such tax is assessed directly against the paying party, then, except to the extent the other party has satisfied
or then satisfies the liability resulting from such tax, the other party will promptly pay to the paying party the amount of such
liability (including any related liability for interest, but including any related liability for penalties only to the extent provided
in sub-paragraph b(iii)).&nbsp; No payment under this sub-paragraph (b)(ii) is required to be made to the extent that the relevant
liability arises from any gross negligence or willful misconduct of the paying party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The amount of related
liability for penalties shall only be payable to the paying party under sub-paragraph (b)(ii) where such penalties become due
because the other party has failed to provide appropriate tax forms as required herein<FONT STYLE="color: #1F497D">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1F497D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The following new paragraph 6(k) is inserted as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(k) If at any time the First Party
is required to remit an amount of tax to the IRS with respect to a payment under a Transaction in connection with FATCA, then without
duplication of any amount the First Party has deducted on account of such tax from any amount previously paid to the Second Party
pursuant to the Transaction, the Second Party shall be required to pay to the First Party an amount equal to that amount of tax
on the payment date on which a payment giving rise to remittance required under FATCA occurs. Upon the reasonable request of the
Second Party with respect to any payment date, the First Party will supply to the Second Party computations setting forth in reasonable
detail the amount payable on such payment date pursuant to the preceding sentence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The<B> </B>following new paragraph
6(l) is inserted as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(l) For the avoidance of doubt,
the imposition of any withholding or deduction pursuant to or on account of FATCA on any amounts paid or received under a Transaction
shall not be treated as an Event of Default under paragraph 10 or as a material adverse effect that could cause a Tax Event under
paragraph 11, even if such imposition results in either party receiving amounts that differ materially from the amount that the
party would have otherwise received if no such withholding or deduction were imposed</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The following new sub-paragraph
10(e)(iii) is inserted as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Default Market Value determined pursuant to sub-paragraphs (i) or (ii) above shall not take into account any deduction or
withholding imposed or collected (or that would be imposed or collected) in connection with FATCA that would not be imposed
but for the non-Defaulting Party's non-compliance with FATCA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(s)</TD><TD STYLE="text-align: justify">The following additional paragraph 9(A), subsections (i) and (ii) shall be inserted:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">9(A). Additional Representations and Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in; text-align: justify">(i) Party B Representations. Party
B represents and warrants on and as of the date hereof and on and as of each date this Agreement or any Transaction remains outstanding:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(A)</TD><TD STYLE="text-align: justify">No ERISA Funds. The assets of Party B do not include &ldquo;plan assets&rdquo; within the meaning
of Section 3(42) of ERISA, and Party B is not otherwise subject to Title I of ERISA or Section 4975 of the Code.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(B)</TD><TD STYLE="text-align: justify">No Governmental Plan Funds. The assets of Party B do not include the assets of any &ldquo;governmental
plan&rdquo; within the meaning of Section 3(32) of ERISA, and Party B is not otherwise subject to any law, rule, regulation, or
restriction governing the investment of the assets of such plans.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">Notice of Increase of Constituent Plan Investment<I>.</I> Party B agrees to notify Party A immediately
if any time it learns or discovers facts at variance with the foregoing representations and warranties.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in; color: red"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[signature page follows]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: justify; text-indent: 0in; width: 7%"><font style="font-family: Times New Roman, Times, Serif; font-weight: normal">22.</font></td>
    <TD STYLE="font-weight: bold; text-align: justify; text-indent: 0in; width: 38%"><font style="font-family: Times New Roman, Times, Serif">PARTY A</font></td>
    <TD STYLE="font-weight: bold; text-align: justify; text-indent: 0in; width: 10%">&nbsp;</td>
    <TD STYLE="font-weight: bold; text-align: justify; text-indent: 0in; width: 7%"><font style="font-family: Times New Roman, Times, Serif; font-weight: normal">23.</font></td>
    <TD STYLE="font-weight: bold; text-align: justify; text-indent: 0in; width: 38%"><font style="font-family: Times New Roman, Times, Serif">PARTY B</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-weight: normal">25.</font></td>
    <TD STYLE="font-weight: bold; text-align: left; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif">UBS AG</font></td>
    <TD STYLE="font-weight: bold; text-align: left; text-indent: 0in">&nbsp;</td>
    <TD STYLE="font-weight: bold; text-align: left; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-weight: normal">24.</font></td>
    <TD STYLE="font-weight: bold; text-align: left; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif">MURRAY HILL FUNDING, LLC</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT>&nbsp;</TD>
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/
Lisa Rosenthal</I></FONT>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/ Michael A.
Reisner</I></FONT></TD>
</TR>
<tr style="vertical-align: top">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive
Director &amp; Counsel</FONT></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">Title: </td>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Co-Chief Executive Officer </font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
19, 2017</FONT></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">Date:</td>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> May 19, 2017</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 7%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</font></td>
    <TD STYLE="width: 38%; text-align: justify; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/ Sergio Breton</i></font></td>
    <TD STYLE="width: 10%; text-align: justify">&nbsp;</td>
    <TD STYLE="width: 7%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</font></td>
    <TD STYLE="width: 38%; text-align: justify; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/ Mark Gatto</i></font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</font></td>
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</font></td>
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Co-Chief Executive Officer</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</font></td>
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 19, 2017</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</font></td>
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 19, 2017</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">ANNEX
II</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">Form
of Confirmation</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To: ____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From: __________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Date: ___________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 20%; text-align: left"><font style="font-family: Times New Roman, Times, Serif">Subject:</font></td>
    <TD STYLE="width: 40%; text-align: left"><font style="font-family: Times New Roman, Times, Serif">[Repurchase][Buy/Sell]* Transaction</font></td>
    <TD STYLE="width: 40%; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif">(Reference Number:</font></td>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;)</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Sirs,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The purpose of this [letter]/[facsimile//[telex],
a &quot;Confirmation&quot; for the purposes of the Agreement, is to set forth the terms and conditions of the above repurchase
transaction entered into between us on the Contract Date referred to below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Confirmation supplements and forms
part of, and is subject to, the Global Master Repurchase Agreement as entered into between us as of [ ] as the same may be amended
from time to time (the &quot;Agreement&quot;). All provisions contained in the Agreement govern this Confirmation except as expressly
modified below. Words and phrases defined in the Agreement and used in this Confirmation shall have the same meaning herein as
in the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">1.</TD><TD>Contract Date:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">2.</TD><TD>Purchased Securities [state type[s] and nominal value[s]]:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">3.</TD><TD>CUSIP, ISIN or other identifying number[s]:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">4.</TD><TD>Buyer:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">5.</TD><TD>Seller:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">6.</TD><TD>Purchase Date:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">7.</TD><TD>Purchase Price:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">8.</TD><TD>Contractual Currency:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">[9.</TD><TD>Repurchase Date]:*</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">[10.</TD><TD>Terminable on demand]:*</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">11.</TD><TD>Pricing Rate:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">[12.</TD><TD>Sell Back Price:]</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">13.</TD><TD>Buyer's Bank Account[s] Details:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">14.</TD><TD>Seller's Bank Account[s] Details:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">[15.</TD><TD STYLE="text-align: justify">The Transaction is an Agency Transaction. [Name of Agent] is acting as agent for [name or identifier
of Principal]]:<SUP>*</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">[16.</TD><TD>Additional Terms]]:<SUP>*</SUP></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 12pt"><SUP>*</SUP></FONT><FONT STYLE="font-size: 10pt">
</FONT>Delete as appropriate</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify; text-indent: -17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify; text-indent: -17.85pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0">&nbsp;<FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Confirmation in respect of Repurchase
Transaction</P>

<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">May 19, 2017</P>

<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: left; text-indent: -35.25pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; text-align: left; color: #00000A">To:</TD>
    <TD STYLE="width: 40%; text-align: left; color: #00000A">Murray Hill Funding, LLC</TD>
    <TD STYLE="width: 53%; text-align: left; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: left; color: #00000A">c/o C&#298;ON Investment Corporation</TD>
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: left; color: #00000A">Three Park Avenue, 36<SUP>th</SUP> Floor</TD>
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: left; color: #00000A">New York, NY 10016</TD>
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: left; color: #00000A">Attention:&nbsp;&nbsp;Keith Franz</TD>
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">From:</TD>
    <TD STYLE="text-align: left; color: #00000A">UBS AG, London Branch</TD>
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD></TR>
</TABLE>
<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Sirs,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The purpose of this confirmation (this
&ldquo;<B>Confirmation</B>&rdquo;) is to set forth the terms and conditions of the above-referenced repurchase transaction between
Murray Hill Funding, LLC (&ldquo;<B>Seller</B>&rdquo;) and UBS AG, London Branch (&ldquo;<B>Buyer</B>&rdquo;, and &ldquo;<B>Party</B>&rdquo;
shall mean either Seller or Buyer), on the Trade Date specified below (the &ldquo;<B>Transaction</B>&rdquo;). This Confirmation
evidences the Transaction (replacing the form of Confirmation required by Annex II to the Agreement which shall not apply to the
Transaction) and forms a binding agreement between Seller and Buyer as to the terms of the Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Confirmation supplements, forms part
of, and is subject to the TBMA/ISMA Global Master Repurchase Agreement (2000 version), dated as of May 15, 2017, between Seller
and Buyer, together with the Annex(es) thereto (as supplemented, amended or otherwise modified from time to time, the &ldquo;<B>Agreement</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All provisions contained or incorporated
by reference in the Agreement shall govern this Confirmation except as expressly modified below. In the event of any inconsistency
between the provisions of the Agreement and this Confirmation, this Confirmation will prevail. In this Confirmation, defined words
and expressions shall have the same meaning as in the Agreement unless otherwise defined in this Confirmation, in which case terms
used in this Confirmation shall take precedence over terms used in the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-left: 34pt; text-indent: -34pt; text-align: justify; color: #00000A; font-weight: bold"><FONT STYLE="font-size: 10pt">1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>General Terms</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 34pt; text-indent: -34pt; text-align: justify; color: #00000A; font-weight: bold; width: 34%">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A; width: 65%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Seller:</FONT></TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A"><FONT STYLE="font-size: 10pt">Murray Hill Funding, LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Buyer:</FONT></TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A"><FONT STYLE="font-size: 10pt">UBS AG, London Branch</FONT></TD></TR>
</TABLE>
<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A; width: 34%"><FONT STYLE="font-size: 10pt">Calculation Agent:</FONT></TD>
    <TD STYLE="text-align: justify; color: #00000A; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 65%">
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">UBS AG, London Branch.</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Calculation Agent shall
        perform all determinations and calculations hereunder in good faith and in a commercially reasonable manner. For the purpose of
        making any determination or calculation hereunder, the Calculation Agent may rely on any information or notice delivered by a third
        party.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Trade Date:</FONT></TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A"><FONT STYLE="font-size: 10pt">May 19, 2017.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Purchase Date:</FONT></TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">May 19, 2017 (the &ldquo;<B>First
        Purchase Date</B>&rdquo;); and</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">June 19, 2017 (the &ldquo;<B>Second
        Purchase Date</B>&rdquo;)</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>provided, however, </I>that
        if a Mandatory Prepayment occurs after the First Purchase Date and on or prior to the Second Purchase Date, the Second Purchase
        Date will not occur.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Repurchase Date:</FONT></TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A"><FONT STYLE="font-size: 10pt">May 19, 2020, subject to adjustment in accordance with the Business Day Convention, as such date may be accelerated as provided herein and in the Agreement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Purchased Securities:</FONT></TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a) On the First Purchase
        Date, Seller will transfer to Buyer Class A Notes having a principal amount of USD 115,384,615 in exchange for the First Purchase
        Date Purchase Price on the First Purchase Date; and</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) on the Second Purchase
        Date, if any, Seller will transfer to Buyer additional Class A Notes having a principal amount of USD 76,923,076 (&rdquo;<B>Second
        Purchase Date Required Additional Amount</B>&rdquo;) in exchange for the Second Purchase Date Purchase Price on the Second Purchase
        Date.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Purchase Price:</FONT></TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a) with respect to the
        Purchased Securities transferred to Buyer on the First Purchase Date, USD 75,000,000 (the &ldquo;<B>First Purchase Date Purchase
        Price</B>&rdquo;); and</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) with respect to the
        Purchased Securities transferred to Buyer on the Second Purchase Date, USD 50,000,000 (the &ldquo;<B>Second Purchase Date Purchase
        Price</B>&rdquo;).</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Repurchase Price:</FONT></TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With respect to each Purchased
        Security, the Purchase Price for such Purchased Security as of the relevant Repurchase Date, as such amount may from time to time
        be reduced by a Voluntary Partial Prepayment pursuant to the operation of the &ldquo;Purchase Price Reduction&rdquo; provisions
        herein; in which case, for the avoidance of doubt, Purchase Price will be reduced by the Prepayment Amount in respect of such Voluntary
        Partial Prepayment.</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the avoidance of doubt,
        there shall be no Price Differential incorporated into the Repurchase Price and all references to Price Differential and Pricing
        Rate are hereby deleted from the Agreement. In lieu of Price Differential, Seller shall be obligated to pay the Transaction Fee
        Amounts to Buyer as set forth herein. For the avoidance of doubt, paragraphs 2(ii), 2(jj) and 2(pp) of the Agreement shall not
        apply to the Transaction.</P></TD></TR>
</TABLE>
<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Initial Fee:</FONT></TD>
    <TD STYLE="width: 1%; text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="width: 65%; text-align: justify; color: #00000A"><FONT STYLE="font-size: 10pt">On the Initial Fee Payment Date specified below, Seller shall pay to Buyer the Initial Fee Amount specified below. The Initial Fee shall be fully earned when paid and there shall be no rebate thereof, notwithstanding the failure to occur of any Purchase Date or the occurrence of any early Repurchase Date.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Initial Fee Payment Date:</FONT></TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A"><FONT STYLE="font-size: 10pt">The Trade Date.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Initial Fee Amount:</FONT></TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A"><FONT STYLE="font-size: 10pt">USD 1,250,000.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Termination of Transaction:</FONT></TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A"><FONT STYLE="font-size: 10pt">Subject to paragraphs 10 and&nbsp;11 of the Agreement and Buyer&rsquo;s rights with respect to a Regulatory Event and as otherwise set forth in this Confirmation, unless the parties otherwise agree, the Transaction shall not be terminable on demand by either Party.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Purchase Price Reduction:</FONT></TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
        any time after the Second Purchase Date, Seller may elect to prepay all or a portion of the Repurchase Price of the Purchased Securities
        upon at least five Business Days&rsquo; prior written notice to Buyer, any prepayment under this clause (a), a &ldquo;<B>Voluntary
        Prepayment,</B>&rdquo; any prepayment of all of the then-outstanding Repurchase Price under this clause (a), a &ldquo;<B>Voluntary
        Full Prepayment</B>&rdquo; and any prepayment of a portion of the then-outstanding Repurchase Price under this clause (a), a &ldquo;<B>Voluntary
        Partial Prepayment</B>&rdquo;); <I>provided</I> that a Voluntary Partial Prepayment may be elected if a portion of the Purchased
        Securities have been redeemed by the Issuer for cash in the form of USD on or prior to the related Prepayment Date (as defined
        below) and the portion of the Purchased Securities to be repurchased shall be those which have been redeemed and in an amount not
        in excess of the Current Redeemed Amount.</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
        a Mandatory Prepayment Event has occurred and is continuing with respect to the Purchased Securities, Buyer may upon at least three
        Business Days&rsquo; prior written notice to Seller require Seller to prepay the entire Repurchase Price of the Purchased Securities
        (such prepayment, a &ldquo;<B>Mandatory Prepayment</B>&rdquo;).</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each written notice delivered
        by Seller under clause (a) or Buyer under clause (b) shall designate the date on which such prepayment is to be effective (each
        a &ldquo;<B>Prepayment Date</B>&rdquo;). For purposes of any Prepayment Date relating to a Voluntary Partial Prepayment, the &ldquo;<B>Prepayment
        Amount</B>&rdquo; shall be an amount equal to the product of (a) the Advance Percentage applicable to Cash (as specified in the
        Indenture) and (b) the Current Redeemed Amount and in the case of a Voluntary Full Prepayment, the &ldquo;<B>Prepayment Amount</B>&rdquo;
        shall be an amount equal to the Repurchase Price.</P></TD></TR>
</TABLE>
<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="width: 65%">
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the Failure
        to Deliver Equivalent Securities and the timing therein, on each Prepayment Date:</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buyer
        shall transfer to Seller or its agent Equivalent Securities, which, in the case of a Voluntary Partial Prepayment or a Voluntary
        Full Prepayment occurring after redemption in full of the Notes, shall be in the form of USD cash in an amount equal to the Current
        Redeemed Amount;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller
        shall pay the related Prepayment Amount to Buyer;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller
        shall pay the related Breakage Amount (if any) to Buyer; and</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with
        respect to a Voluntary Partial Prepayment, for each Purchased Security that is the subject of such prepayment, the Repurchase Price
        for such Purchased Security immediately after giving effect to such prepayment shall be equal to (x) the Repurchase Price thereof
        immediately prior to such prepayment minus (y) the related Prepayment Amount for such Purchased Security.</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For purposes of the foregoing,
        amounts payable by Buyer and Seller under (i), (ii) and (iii) above shall be netted.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Current Redeemed Amount:</FONT></TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A"><FONT STYLE="font-size: 10pt">With respect to any Prepayment Date relating to a Voluntary Partial Prepayment or a Voluntary Full Prepayment occurring after redemption in full of the Notes, an amount in USD determined by the Calculation Agent equal to the aggregate amount actually received by the holder of the Purchased Securities from the Issuer as a principal redemption payment in respect of the Purchased Securities on or prior to such Prepayment Date that has not previously been delivered by Buyer to Seller as Equivalent Securities.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Mandatory Prepayment Event:</FONT></TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A"><FONT STYLE="font-size: 10pt">It shall constitute a Mandatory Prepayment Event with respect to Seller if (after giving effect to all applicable notice requirements and grace periods) an Indenture Event of Default occurs.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Accelerated Termination </FONT><BR>
<FONT STYLE="font-size: 10pt">Event:</FONT></TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A"><FONT STYLE="font-size: 10pt">Buyer may, at any time following the occurrence of a Regulatory Event, terminate the Transaction under this Confirmation by notifying Seller of an early Repurchase Date for the Transaction, which Repurchase Date shall not be earlier (unless so agreed by Buyer and Seller) than 10 calendar days after the date of such notice (or such lesser period as may be necessary for Buyer to comply with its obligations under applicable laws and regulations arising as a result of such Regulatory Event). Upon knowledge of any Regulatory Event that may occur, Buyer and Seller shall negotiate in good faith to enter into one or more financing transactions with substantially the same terms as the effected Transaction. </FONT></TD></TR>
</TABLE>
<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Regulatory Event:</FONT></TD>
    <TD STYLE="width: 1%; text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="width: 65%; text-align: justify; color: #00000A"><FONT STYLE="font-size: 10pt">An event which shall occur if, at any time, (a) Buyer determines, in its good faith commercially reasonable discretion, that Buyer&rsquo;s involvement in the transactions contemplated in this Confirmation and the Agreement violates any law, rule or regulation applicable to Buyer or (b) any applicable Governmental Authority informs Buyer that Buyer&rsquo;s involvement in such transactions violates any law, rule or regulation applicable to Buyer.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Paragraph 6(h):</FONT></TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A"><FONT STYLE="font-size: 10pt">Paragraph 6(h) shall be amended by deleting the words &ldquo;Subject to paragraph 10,&rdquo; at the beginning thereof such that, for the avoidance of doubt, such paragraph applies with respect to all payment obligations arising out of the occurrence of an Accelerated Termination Event, Voluntary Partial Prepayment, Voluntary Full Prepayment or an early Repurchase Date (including, without limitation, payment obligations in respect of Income that have accrued on or prior to the relevant date).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Failure to Deliver Equivalent Securities:</FONT></TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In respect of this Transaction,
        this provision (Failure to Deliver Equivalent Securities) shall apply in relation to the Buyer&rsquo;s obligations with respect
        to the Class A Notes in lieu of paragraph 10(h) of the Agreement and any reference in the Agreement to paragraph 10(h) in respect
        of Buyer&rsquo;s obligations with respect to the Class A Notes shall be deemed to be a reference to this provision (Failure to
        Deliver Equivalent Securities).</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is acknowledged by each
        of the Parties hereto that the Class A Notes are unique assets, and that accordingly no asset other than the Purchased Securities
        will qualify as Equivalent Securities.</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding anything
        to the contrary in paragraph 10 of the Agreement or otherwise in the Agreement or this Confirmation and without duplication of
        the Cure Period provisions below, if Buyer (the &ldquo;<B>Transferor</B>&rdquo;) fails to deliver to Seller (the &ldquo;<B>Transferee</B>&rdquo;)
        any Purchased Security (an &ldquo;<B>Unavailable Asset</B>&rdquo;) by the time (the &ldquo;<B>Due Date</B>&rdquo;) required under
        this Transaction or within such other period as may be agreed in writing by the Transferor and the Transferee (such failure, a
        &ldquo;<B>Transfer Failure</B>&rdquo;):</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
        Transferor, acting in good faith and a commercially reasonable manner, shall try for a period of 10 calendar days from the day
        following the Due Date in respect of the Unavailable Asset (the last day of such period, the &ldquo;<B>Transfer Cut-Off Date</B>&rdquo;)
        to obtain such Unavailable Asset (and, where the Transfer Failure is in respect of Buyer&rsquo;s obligation to deliver the Purchased
        Securities on the scheduled Repurchase Date for this Transaction, this Transaction shall be deemed to continue until, and terminate
        upon, the Extended Termination Date);</P></TD></TR>
</TABLE>
<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="width: 65%">
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
        the Transferor obtains any Unavailable Asset on or prior to the Transfer Cut-Off Date, the Transferor shall promptly give notice
        to the Transferee of its ability to deliver such Unavailable Asset and shall transfer such Unavailable Asset to the Transferee
        on the third Business Day following the day on which the Transferor delivers such notice in settlement of the relevant Transfer
        Failure; and</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
        any Unavailable Asset is redeemed in full or in part by the relevant issuer prior to the Transfer Cut-Off Date, then either Party
        may give notice to the other Party of such redemption after becoming aware of the same, and the Transferor shall transfer a sum
        of money equivalent to the proceeds of such redemption to the Transferee no later than two Business Days following the day on which
        the Transferor delivers or receives such notice, in exchange for the payment by the Transferee of all or a ratable portion of any
        unpaid Repurchase Price (as applicable).</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the avoidance of doubt,
        in relation to this Transaction, the Parties&rsquo; other obligations under the Agreement shall continue, and if such Transfer
        Failure occurred in connection with the relevant Repurchase Date for this Transaction, the Transaction shall terminate on the day
        (the &ldquo;<B>Extended Termination Date</B>&rdquo;) which is, with respect to the last Unavailable Asset, the earliest to occur
        of:</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
        Business Day on which the Transferor transfers such last Unavailable Asset in accordance with sub-paragraph (c) above; or</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
        day on which the Transferor transfers proceeds of such redemption if such last Unavailable Asset is redeemed in full in accordance
        with sub-paragraph (c) above.</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If any such Transfer Failure
        continues to subsist after the Due Date for this Transaction, the Transaction Fee Amounts in respect of such Unavailable Assets
        shall cease to accrue on the Due Date for this Transaction and no further Transaction Fee Amounts shall be payable in respect of
        this Transaction, notwithstanding the continuance of the Parties&rsquo; obligations up to the Extended Termination Date under this
        provision.</P></TD></TR>
</TABLE>
<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Determination of Default </FONT><BR>
<FONT STYLE="font-size: 10pt">Valuation Time:</FONT></TD>
    <TD STYLE="width: 1%; text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="width: 65%">
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding anything
        to the contrary contained in the Agreement, the &ldquo;Default Valuation Time&rdquo; means, in relation to an Event of Default,
        the close of business in the applicable market on the 40th dealing day after the day on which that Event of Default occurs or,
        where that Event of Default is the occurrence of an Act of Insolvency in respect of which under paragraph 10(a) no notice is required
        from the non-Defaulting Party in order for such event to constitute an Event of Default, the close of business on the 40th dealing
        day after the day on which the non-Defaulting Party first became aware of the occurrence of such Event of Default.</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the avoidance of doubt,
        the amount payable pursuant to Paragraph 10(c) of the Agreement cannot be calculated until the Default Market Values of all of
        the Equivalent Securities and any Equivalent Margin Securities under each Transaction can be calculated. As such, the payment under
        paragraph 10(c)(ii) will be delayed until the latest date on which the Default Market Value has been determined with respect to
        any such Equivalent Securities and any Equivalent Margin Securities.</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The parties acknowledge
        that (a) the Purchased Securities under this Transaction are expected to be illiquid and unique and that there may be no other
        commercially reasonable determinant of value with respect to such Purchased Securities other than the price at which willing buyers
        agree to purchase such Purchased Securities or the relevant Portfolio Assets, (b) if the Buyer were forced to liquidate such Purchased
        Securities or the relevant Portfolio Assets on the date an Event of Default occurs (or shortly thereafter), such liquidation would
        likely result in a commercially unreasonable price, and (c) giving the Buyer an extended period of time to liquidate such Purchased
        Securities or the relevant Portfolio Assets is more likely to produce a commercially reasonable result. For avoidance of doubt,
        Buyer may, at any time, use any commercially reasonable determinant of value (whether the price at which willing buyers agree to
        purchase such Purchased Securities or the relevant Portfolio Assets or otherwise).</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Income:</FONT></TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A"><FONT STYLE="font-size: 10pt">Means any interest or dividend payment or any other payment or distribution (other than any principal payment or repayment, which, for the avoidance of doubt, includes any redemption payment)&nbsp;&nbsp;paid with respect to any Purchased Securities and not otherwise received by Seller.&nbsp;&nbsp;Buyer shall transfer to Seller an amount equal to (and in the same currency as) the amount of all Income paid or distributed on or in respect of the Purchased Securities within one Business Day after the date on which such Income is paid or distributed to holders of the Purchased Securities, and paragraph 5(i) of the Agreement shall be amended accordingly. For avoidance of doubt, (a) references to the amount of any Income paid shall be to an amount paid net of any withholding or deduction for or on account of taxes or duties and (b) Buyer shall not (except in connection with a termination of this Transaction resulting from an Event of Default)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-size: 10pt">net or set-off against or otherwise apply the Income payment or payments to reduce the amount, if any, to be transferred to Buyer by Seller upon termination of this Transaction.</FONT></TD></TR>
</TABLE>
<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Clawback:</FONT></TD>
    <TD STYLE="width: 1%; text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="width: 65%; text-align: justify; color: #00000A"><FONT STYLE="font-size: 10pt">If (a) any distribution (whether as an Income payment or otherwise) on a Purchased Security, an Equivalent Security or, if the Equivalent Security is cash, such cash, is received by Buyer and subsequently paid by Buyer to Seller hereunder, and (b) Buyer is subsequently required to transfer all or a portion of such payment to the issuer of such Security (or trustee, paying agent or similar party) (the amount transferred, the &ldquo;<B>Clawback Amount</B>&rdquo;), then promptly after receiving notice of such Clawback Amount from Buyer, Seller shall transfer an amount equal to the Clawback Amount to Buyer. Buyer agrees to pay over to Seller within one Business Day after receipt any amounts subsequently recovered (but only to the extent such amounts are actually received by Buyer and Buyer is not otherwise obligated to pay such amounts to Seller pursuant to any other provision hereunder such that payment would result in duplicative payments by Buyer or any other party), and to make reasonable efforts to claim and collect such recoveries.&nbsp;&nbsp;No interest shall be payable by Buyer or Seller in relation to Clawback Amounts or amounts recovered in respect thereof for the period prior to such amounts becoming payable under this provision. This provision shall survive the termination of the Transaction.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 22.1pt; text-align: left; color: #00000A; text-indent: -22.1pt"><FONT STYLE="font-size: 10pt">Cure Period:</FONT></TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A"><FONT STYLE="font-size: 10pt">Notwithstanding paragraph 10(a) of the Agreement as amended by any Annex, the failure of a Party (&ldquo;<B>X</B>&rdquo;) to make any payment or delivery referred to in such paragraph (other than a payment or delivery referred to in paragraph 10(a)(iv) of the Agreement) in respect of the Transaction will not give rise to the right of the other Party to deliver a Default Notice to X unless such failure is not remedied on or before the third Business Day after notice of such failure is given to X.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 22.1pt; text-align: left; color: #00000A; text-indent: -22.1pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 22.1pt; text-align: left; color: #00000A; text-indent: -22.1pt"><FONT STYLE="font-size: 10pt">Events of Default:</FONT></TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the Events
        of Default set forth in the Agreement, if any of the following events occurs, it shall constitute an Event of Default with respect
        to the relevant Party specified below which shall be the Defaulting Party:</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with
        respect to Seller, if Seller fails to pay the Initial Fee Amount due on the Initial Fee Payment Date, and Buyer, as non-Defaulting
        Party, serves a Default Notice on the Seller as Defaulting Party;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with
        respect to Seller, if Seller fails to pay any Transaction Fee Amount due on a Transaction Fee Payment Date, and Buyer, as non-Defaulting
        Party, serves a Default Notice on the Seller as Defaulting Party;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with
        respect to Seller, if Seller breaches any of the covenants set forth in the section &ldquo;Certain Covenants of Seller&rdquo; below
        other than the CIC Financials Requirement and Buyer, as non-Defaulting Party, serves a Default Notice on the Seller as Defaulting
        Party;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-left: 22.1pt; text-align: left; color: #00000A; text-indent: -22.1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="width: 65%">
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with respect to Seller,
        if Seller breaches the CIC Financials Requirement and such failure is not cured within three Business Days following notice from
        Buyer to Seller of such failure, and Buyer, as non-Defaulting Party, serves a Default Notice on the Seller as Defaulting Party;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with
        respect to Seller, if Seller fails to pay the applicable Breakage Amount (if any) on any Prepayment Date or early Repurchase Date,
        and Buyer, as non-Defaulting Party, serves a Default Notice on the Seller as Defaulting Party;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(f) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with
        respect to Seller, Seller fails to pay any Clawback Amount in accordance with the &ldquo;Clawback&rdquo; provisions herein and
        Buyer, as non-Defaulting Party, serves a Default Notice on the Seller as Defaulting Party;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(g) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with
        respect to Seller, if Seller&rsquo;s Investment Manager ceases to be responsible for the asset management, loan servicing, special
        servicing or underwriting services of Seller and its subsidiaries, and Buyer, as non-Defaulting Party, serves a Default Notice
        on the Seller as Defaulting Party;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(h) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with
        respect to Seller, notwithstanding anything to the contrary in the Agreement, if Seller fails to deliver Purchased Securities on
        any Purchase Date (including without limitation, as a result of a failure by the Issuer to issue the related Purchased Securities
        on or prior to such Purchase Date), including, for the avoidance of doubt, the Second Purchase Date and Buyer, as non-Defaulting
        Party, serves a Default Notice on Seller as Defaulting Party;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1pt">(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with
        respect to Seller, the occurrence of any of the events set forth in Section 10(b) of the Collateral Management Agreement, and Buyer,
        as non-Defaulting Party, serves a Default Notice on Seller as Defaulting Party;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1pt">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1pt">(j) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with
        respect to Seller, the occurrence of any breach by Seller, as Sole Member, of any of its obligations under the Equity Contribution
        Agreement, and Buyer, as non-Defaulting Party, serves a Default Notice on Seller as Defaulting Party;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1pt">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1pt">(k) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with
        respect to Seller, a Zero-Value Portfolio Asset EoD (as defined the &ldquo;Zero-Value Portfolio Asset EoD&rdquo; provisions below)
        has occurred, and Buyer, as non-Defaulting Party, serves a Default Notice on Seller as Defaulting Party;</P></TD></TR>
</TABLE>
<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify; color: #00000A; text-indent: 1pt">&nbsp;</TD>
    <TD STYLE="width: 65%">
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1pt">(l) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with
        respect to Seller, the shareholder&rsquo;s equity of C&#298;ON Investment Corporation (&ldquo;<B>CIC</B>&rdquo;), determined in
        accordance with United States generally accepted accounting principles consistently applied, falls below USD 540,000,000, and Buyer,
        as non-Defaulting Party, serves a Default Notice on Seller as Defaulting Party; and</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1pt">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(m) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller
        incurs any Indebtedness, or incurs any other liability (including, but not limited to, in respect of any option, swap, repurchase
        agreement, securities forward transaction or securities lending agreement), other than as contemplated by the terms hereof or any
        agreement or instrument contemplated hereby, and Buyer, as non-Defaulting Party, serves a Default Notice on Seller as Defaulting
        Party.</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each of the foregoing Events
        of Default shall be an &ldquo;Exempt Event of Default&rdquo; for purposes of the Agreement.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">Breakage Amounts:</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If (a) the Repurchase Date
        for this Transaction occurs prior to the scheduled Repurchase Date by reason of the occurrence of an Event of Default (where Seller
        is the Defaulting Party), a Mandatory Prepayment, a Voluntary Full Prepayment or an event described in paragraph 11(a) of the Agreement
        in respect of which Seller is the notifying party or (b) a Prepayment Date occurs in connection with a Voluntary Partial Prepayment,
        then, without limitation of any other payments or deliveries that become due as a result of such event but without duplication,
        on such Repurchase Date, Seller shall pay to Buyer an amount equal to the Breakage Amount for this Transaction or the applicable
        portion thereof. If an Event of Default occurs prior to the First Purchase Date (where Seller is the Defaulting Party), Seller
        shall pay to Buyer an amount equal to the Breakage Amount for this Transaction. For the avoidance of doubt, no Breakage Amount
        shall be payable by Seller in respect of any Repurchase Date occurring as a result of a Regulatory Event.</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Breakage Amount</B>&rdquo;
        shall mean, with respect to the Transaction evidenced hereby (or, in the case of a Voluntary Partial Prepayment the applicable
        portion thereof that is the subject of such Voluntary Partial Prepayment), the present value of the Spread portion of the Transaction
        Fee Amounts (discounted using a LIBOR discount curve constructed by the Calculation Agent) that would have been payable to Buyer
        under such Transaction (or the applicable portion thereof) from (and including) the early Repurchase Date or applicable Prepayment
        Date (as applicable) to (but excluding) the scheduled Repurchase Date, as determined by the Calculation Agent assuming, solely
        for purposes of determining such amount, that (i) the Spread is equal to the Relevant Rate, (ii) the Repurchase Price payable upon
        such termination were to remain outstanding until the originally scheduled Repurchase Date and (iii) Seller has transferred to
        Buyer Securities on each Purchase Date with an aggregate Purchase Price applicable to each Purchase Date as set out in the &ldquo;Purchase
        Price&rdquo; provisions above.</P></TD></TR>
</TABLE>
<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="width: 65%; text-align: justify; color: #00000A">The <B>&ldquo;Relevant Rate&rdquo;</B> means 2.00%.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify; color: #00000A"><B>2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Securities, Margining and Substitutions</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">Marking to Market:</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">The Parties agree that, with respect to this Transaction, the provisions of paragraphs 4(a) to (h) (inclusive), 4(j) and 4(k) of the Agreement shall not apply and instead margin shall be provided separately in respect of this Transaction in accordance with the terms of this Confirmation.&nbsp;&nbsp;For the avoidance of doubt, the provisions of paragraph 8(d) of the Agreement shall not apply to the Transaction.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">Margin Maintenance:</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the &ldquo;Timing
        of Transfer of Eligible Margin&rdquo; provision of this Confirmation:</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">(a)
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if at any time the Net Transaction Exposure for the Transaction is greater than zero,
        Buyer may, by notice to Seller, require Seller to, and Seller shall following such notice, transfer to Buyer an amount of Eligible
        Margin equal to the Net Transaction Exposure;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
        at any time the Net Transaction Exposure for the Transaction is less than zero, Seller may, by notice to Buyer, require Buyer to,
        and Buyer shall following such notice, transfer an amount of Eligible Margin to Seller equal to the Net Transaction Exposure;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">(c)
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if at any time the Supplemental Margin Amount for the Transaction is a positive number,
        Buyer may, by notice to Seller, require Seller to, and Seller shall following such notice, transfer to Buyer an amount of Eligible
        Margin equal to the Supplemental Margin Amount;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
        at any time the Supplemental Margin Amount for the Transaction is a negative number, Seller may, by notice to Buyer, require Buyer
        to, and Buyer shall following such notice, transfer an amount of Eligible Margin to Seller equal to the absolute value of the Supplemental
        Margin Amount;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>provided</B> that:</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(i) Buyer shall
only be obligated to transfer Eligible Margin to Seller pursuant to sub-clause (d) above if (and only to the extent that) such
transfer of Eligible Margin by Buyer is a return of Eligible Margin that has previously been transferred by Seller to Buyer pursuant
to sub-clause (c) above in respect of the Transaction and has not been previously returned by Buyer to Seller; and&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify; color: #00000A; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 65%">
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(ii) Buyer or Seller may
        not transfer Eligible Margin except to the extent that it is requested by the other Party to do so in accordance with the applicable
        sub-clause (a) through (d) above and accordingly, any Eligible Margin transferred by either Party in breach of this sub-clause
        (iii) shall not qualify as Eligible Margin and shall be assigned a zero value for all purposes hereof unless, until and solely
        to the extent that Eligible Margin is subsequently requested by the other Party in accordance with any of sub-clauses (a) through
        (d) above.</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Seller acknowledges that
        failure to timely Transfer Eligible Margin may have ramifications under the Indenture, Collateral Management Agreement and Equity
        Contribution Agreement, including, but not limited to, failure of conditions necessary to purchase or sell Portfolio Assets thereunder
        and acceleration of the Notes.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">Supplemental Margin Amount:</TD>
    <TD STYLE="text-align: justify; color: #00000A; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">As of any date of determination by UBS, the &ldquo;Supplemental Margin Amount&rdquo; shall equal:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="padding-left: 0.25in; text-align: justify; color: #00000A"><IMG SRC="pg12img1_ex10-5.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-left: 1.2pt; text-align: right; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-indent: -0.25in; text-align: justify; color: #00000A">&nbsp;</TD>
    <TD>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 19pt; text-align: justify; text-indent: -0.25in"><B>where:</B></P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 19pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 19.2pt; text-align: justify">&ldquo;Repurchase
        Price&rdquo; for purposes of calculating the Supplemental Margin Amount means the sum of all Repurchase Prices in respect of all
        Purchased Securities (which shall, for the avoidance of doubt, give effect to reductions in such Repurchase Prices resulting from
        any Voluntary Partial Prepayment),</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 19.2pt; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 19.2pt; text-align: justify">&ldquo;Trigger&rdquo;
        means 60%</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 19.2pt; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 19.2pt; text-align: justify">&ldquo;Prospective
        Inclusion MV&rdquo; means the Portfolio Inclusion MV as of the date of determination but determined as if the trade date or contribution
        date for any proposed sale, disposition or acquisition of any Portfolio Asset that has been identified in a Collateral Change Event
        Notice (as each such term is defined in the Equity Contribution Agreement) or in connection with any issuance of Class A Notes
        has already occurred</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 19.2pt; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 19.2pt; text-align: justify">&ldquo;Margin
        Held&rdquo; means the aggregate Market Value of all Eligible Margin held by UBS as Buyer in respect of the Supplemental Margin
        Amount but not yet returned to Seller prior to such date of determination.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-indent: -0.25in; text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="padding-left: 19pt; text-indent: -0.25in; text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">Eligible Margin:</TD>
    <TD STYLE="text-align: justify; color: #00000A; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">USD cash only. </TD></TR>
</TABLE>
<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>



<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #00000A">Net Transaction Exposure:</FONT></TD>
    <TD STYLE="text-align: justify; width: 1%; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 65%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #00000A">As of any time, an amount equal to the aggregate Purchased Securities Exposure Amount of the Purchased Securities under the Transaction <U>minus</U> an amount equal to the amount of Net Margin provided to Buyer by Seller excluding Supplemental Margin.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #00000A">Purchased Securities </FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #00000A">Exposure Amount: </FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #00000A">In respect of a Purchased Security, an amount equal to:</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.25in"><IMG SRC="pg13img01_ex10-5.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #00000A">Portfolio Margin Price</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2pt; text-align: justify; color: #00000A">As of any time,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2pt; text-align: justify; color: #00000A; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.2pt; text-align: justify; text-indent: -0.5in; color: #00000A">(a)
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, at all times from and including the First Purchase Date to and including such time,
        the Portfolio Market Price has exceeded 90%, 100%; or</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.2pt; text-align: justify; text-indent: -0.5in; color: #00000A">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #00000A">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;otherwise,
        the lesser of (a) 100% and (b) the Current Trigger.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 1.2pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #00000A">Current Trigger:</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.2pt; text-align: justify; text-indent: -0.5in; color: #00000A">If
        on any date of determination of Portfolio Market Price,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.2pt; text-align: justify; text-indent: -0.5in; color: #00000A">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.2pt; text-align: justify; text-indent: -0.5in; color: #00000A">(a)
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Portfolio Market Price as of the prior date of determination of Portfolio Market
        Price was at or above a Portfolio Price Trigger and (ii) the current Portfolio Market Price is below that Portfolio Price Trigger,
        then the Current Trigger will be the Portfolio Market Price rounded up to the next highest Portfolio Price Trigger;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.2pt; text-align: justify; text-indent: -0.5in; color: #00000A">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.2pt; text-align: justify; text-indent: -0.5in; color: #00000A">(b)
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Portfolio Market Price as of the prior date of determination of Portfolio Market
        Price was at or below a Portfolio Price Trigger and (ii) the current Portfolio Market Price is above that Portfolio Price Trigger,
        then the Current Trigger will be the Portfolio Market Price rounded down to the next lowest Portfolio Price Trigger;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.2pt; text-align: justify; text-indent: -0.5in; color: #00000A">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.2pt; text-align: justify; text-indent: -0.5in; color: #00000A">(c)
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the current Portfolio Market Price is equal to a Portfolio Price Trigger, then the Current
        Trigger will be such Portfolio Price Trigger; and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.2pt; text-align: justify; text-indent: -0.5in; color: #00000A">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.2pt; text-align: justify; text-indent: -0.5in; color: #00000A">(d)&nbsp;
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;otherwise, the Current Trigger as of the prior date of determination of Portfolio Market
        Price.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 37.2pt; text-align: justify; text-indent: -0.5in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #00000A">Portfolio Market Price</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #00000A">As of any time and as to any Purchased Security, expressed as a percentage,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD STYLE="text-align: right; padding-left: 0; text-indent: 0"></TD>
    <TD STYLE="text-align: right"><IMG SRC="pg13img02_ex10-5.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #00000A">Portfolio Price Triggers</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #00000A">5% and each integer multiple of 5% up to and including 100% (i.e., 100%, 95%, 90% and so on down to 5%) </FONT></TD></TR>
</TABLE>


<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; text-align: left; color: #00000A">Net Margin: </TD>
    <TD STYLE="width: 1%; text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="width: 65%">
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The definition of Net Margin
        in paragraph 2(ee) of the Agreement shall be deleted in its entirety and replaced with the following:</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: justify; text-indent: -1pt">&ldquo;The
        &lsquo;Net Margin&rsquo; provided to a party at any time shall mean the excess (if any) at that time of (i) the sum of the amount
        of Cash Margin paid to that party (including accrued interest on such Cash Margin which has not been paid to the other party) under
        the Margin Maintenance provisions in this Confirmation (excluding any Cash Margin which has been repaid to the other party) over
        (ii) the sum of the amount of Cash Margin paid to the other party (including accrued interest on such Cash Margin which has not
        been paid by the other party) under the Margin Maintenance provisions in this Confirmation (excluding any Cash Margin which has
        been repaid by the other party) and for this purpose any amounts not denominated in the Base Currency shall be converted into the
        Base Currency at the Spot Rate prevailing at the relevant time.&rdquo;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">Timing of Transfer of Eligible Margin:</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Where Eligible Margin is
        to be transferred under the Margin Maintenance provisions hereof, unless otherwise agreed between the Parties, if the relevant
        notification is received:</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on
        a Business Day at or prior to the Margin Transfer Notification Time, then the transfer shall be made not later than the close of
        business on the same Business Day; and</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on
        a Business Day after the Margin Transfer Notification Time or on a day that is not a Business Day, then the relevant transfer shall
        be made not later than the close of business on the next Business Day after the date such notification is received.</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Margin Transfer
        Notification Time</B>&rdquo; means 10:00 am (New York time).</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Portfolio Inclusion MV:</FONT></TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">With respect to the Class A Notes on any date of determination by the Calculation Agent, an amount equal to the sum of (i) with respect to each Portfolio Asset held by the Issuer on such date, including any Zero-Value Portfolio Asset, the Initial Market Value of such Portfolio Asset (as of the date of acquisition), plus (ii) the aggregate amount of all cash held by the Issuer on such date in, or required to be deposited in, the Principal Collection Subaccount and Delayed-Draw/Committed Proceeds/Revolver Account, plus (iii) the aggregate market value of all Eligible Investments held by the Issuer on such date which are credited, or required to be credited to, to the Principal Collection Subaccount and Delayed-Draw/Committed Proceeds/Revolver Account.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Market Value:</FONT></TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding paragraph
        2(cc) of the Agreement, &ldquo;Market Value&rdquo; shall mean:</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with
        respect to cash, the amount of cash;</P></TD></TR>
</TABLE>
<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-left: 0; text-indent: 0; text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="width: 65%">
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.2pt; text-align: justify; text-indent: -0.5in">(b)&nbsp;&nbsp;
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with         respect to the Class A Notes on any date of determination by the Calculation
        Agent, an amount equal to the market value of all         such Class A Notes, calculated as the sum of (i) with respect to
        each Portfolio Asset, held by the Issuer on such date other than         any Zero-Value Portfolio Asset, the product of (A)
        the Current Price with respect to such Portfolio Asset times (B) the Principal         Balance with respect to such Portfolio
        Asset, in each case on such date of determination plus (ii) the aggregate amount of all         cash held by the Issuer on
        such date in, or required to be deposited in, the Principal Collection Subaccount and Delayed-Draw/Committed
        Proceeds/Revolver Account, (iii) the aggregate market value of all Eligible Investments held by the issuer of the Class A
        Notes         on such date which are credited to, or required to be credited to, the Principal Collection Subaccount and
        Delayed-Draw/Committed         Proceeds/Revolver Account.</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.2pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the avoidance of doubt,
        Zero-Value Portfolio Assets are excluded from and thus have a value of zero in the calculation of Market Value.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-indent: 0; text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="padding-left: 37.2pt; text-indent: -0.5in; text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Determination of When Assets are Held:</FONT></TD>
    <TD STYLE="text-align: justify; color: #00000A; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For purposes of calculating
        Portfolio Inclusion MV, Market Value pursuant to clause (b) thereof and the status of an asset (or a portion thereof) as a Zero-Value
        Portfolio Asset, with respect to:</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a) the Inclusion of any
        asset which would not, on its Inclusion Date, be a Zero-Value Portfolio Asset, the Portfolio Asset Trade Date shall be used to
        determine whether and when a Portfolio Asset is held by the Issuer; and</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) the Inclusion of any
        asset which would, on its Inclusion Date, be a Zero-Value Portfolio Asset, the Business Day preceding the Portfolio Asset Trade
        Date with respect to any Inclusion of a Portfolio Asset shall be used to determine whether and when a Portfolio Asset is held by
        the Issuer (and, for the avoidance of doubt, the amount of cash and Eligible Investments held by the Issuer shall, in the case
        of an acquisition, be debited by any relevant purchase price of such asset as of the same date as described below); and</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c) the disposition of
        any asset,</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(i) where the asset is
        a Zero-Value Portfolio Asset which is a Defaulted Obligation, the settlement date for any disposition shall be used to determine
        whether and when a Portfolio Asset is held by the Issuer (and, correspondingly, in the event that the Buyer holds margin, any margin
        held in respect of such Defaulted Obligation shall not be released until after the sale proceeds in respect of such disposition
        are received) and</P></TD></TR>
</TABLE>
<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="width: 65%">
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(ii) otherwise, (A) where
        the disposition is to an Approved Dealer on Approved Terms, the Portfolio Asset Trade Date of such disposition shall be used to
        determine whether and when a Portfolio Asset is held by the Issuer and (B) otherwise the settlement date of such disposition shall
        be used to determine whether and when a Portfolio Asset is held by the Issuer.</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For purposes of calculating
        Market Value pursuant to clause (a) thereof cash to be paid or received in relation to acquisition or disposition of an asset shall
        be debited or credited as of the date as of which the related asset becomes or ceases to be held by the Issuer determined in accordance
        with the preceding sections.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="padding-left: 1pt; text-indent: -1pt; text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="padding-left: 1pt; text-indent: -1pt; text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Current Price:</FONT></TD>
    <TD STYLE="padding-left: 1pt; text-indent: -1pt; text-align: justify; color: #00000A">&nbsp;</TD>
    <TD>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: justify; text-indent: -1pt">On
        any date of determination by the Calculation Agent with respect to any Portfolio Asset, including as of the related Inclusion Date
        of such Portfolio Asset, the net cash proceeds (expressed as a percentage of par) that would be received from the sale of such
        Portfolio Asset on such date, exclusive of accrued interest and capitalized interest and net of the related Costs of Assignment
        (as defined below), as determined by the Calculation Agent.</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: justify; text-indent: -1pt">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: justify; text-indent: -1pt">In
        the event that the Issuer proposes to engage in a sale of a Portfolio Asset, the Issuer will notify the Calculation Agent of the
        proposed buyer, the proposed sale price and proposed settlement date in accordance with the Indenture. (If such sale is entered
        into, it is a &quot;<B>Sale</B>&quot;, and the agreed sale price is the &quot;<B>Sale Price</B>&quot;). After the date on which
        such notice is received by the Calculation Agent (the <B>&ldquo;Sale Notice Date&rdquo;</B>) and at all times until the settlement
        of such transaction, the Current Price (<B>&ldquo;Sale Adjusted Price&rdquo;</B>) will be equal to:</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: justify; text-indent: -1pt">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: justify; text-indent: -1pt">(a)
        if such Sale is to an Approved Dealer on Approved Terms, the Sale Price, exclusive of accrued interest and capitalized interest
        and net of the related Costs of Assignment; and</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: justify; text-indent: -1pt">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: justify; text-indent: -1pt">(b)
        if such Sale is not to one of the Approved Dealers or is not on Approved Terms, the lesser of (i) the Current Price determined
        as if there were no Sale and (ii) the Sale Price exclusive of accrued interest and capitalized interest and net of the related
        Costs of Assignment.</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: justify; text-indent: -1pt">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: justify; text-indent: -1pt">If
        the Issuer is to sell a Portfolio Asset for a clean price below the Current Price of such asset (a <B>&ldquo;Low Sale&rdquo;</B>),
        the Seller will be obligated to transfer additional Eligible Margin required to reflect the use of the Sale Adjusted Price as the
        Current Price prior to, and as a condition of, consummation of the relevant Low Sale. As more fully described in the Indenture,
        the Issuer may not consummate such a Low Sale absent receipt by the Issuer and Liquidation Agent of confirmation from UBS that
        the relevant additional Eligible Margin has been received.</P></TD></TR>
</TABLE>
<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-left: 1pt; text-indent: -1pt; text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="width: 65%">
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: justify; text-indent: -1pt"><B>&ldquo;Approved
        Terms&rdquo;</B> means terms evidenced in a binding confirmation in market standard form between Issuer and the buyer under the
        Sale.</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: justify; text-indent: -1pt">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: justify; text-indent: -1pt">&ldquo;<B>Costs
        of Assignment</B>&rdquo; means, with respect to any Portfolio Asset, the sum (without duplication) of (a) any costs of any exchange,
        sale, transfer or assignment transaction with respect to such Portfolio Asset that would be paid by a hypothetical seller in effecting
        such transaction under the terms of such Portfolio Asset or otherwise actually imposed on such hypothetical seller by any applicable
        trustee, administrative agent, registrar, borrower or Portfolio Asset Obligor incurred in connection with any such transaction
        with respect to such Portfolio Asset (including, without limitation, any amounts reimbursable by such person in respect of any
        tax or other governmental charge incurred with respect thereto), (b) any reasonable expenses that would be incurred by a hypothetical
        seller in connection with any such transaction and (c) any reasonable administrative, legal or accounting fees, costs and expenses
        (including, without limitation, any fees and expenses of the trustee of or outside counsel to the Portfolio Asset Obligor on such
        Portfolio Asset) that a would be incurred by a hypothetical seller in connection with any such transaction.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="padding-left: 1pt; text-indent: -1pt; text-align: justify; color: #00000A">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Zero-Value Portfolio Asset:</FONT></TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
        Portfolio Asset (a) which (i) has a yield-to-maturity greater than 12.0% (determined as of the Inclusion/Amendment Date) or (ii)
        is a Senior Secured (Type III) Loan or (iii) is a Senior Secured (Type IV) Loan (for the avoidance of doubt, the status for purposes
        of (ii) and (iii) is also determined as of the Inclusion/Amendment Date) and (b) for which there does <B><U>not</U></B> exist a
        written agreement (which may be evidenced by an exchange of emails by duly authorized persons) between Buyer (acting in its sole
        discretion, the exercise of which discretion shall not be affected by any prior exercise thereof by or other actions or omissions
        of Buyer) and Seller, entered into prior to, and in respect of, the related Inclusion/Amendment Date, to the effect that such Portfolio
        Asset shall <B><U>not</U> </B>be a &ldquo;Zero-Value Portfolio Asset&rdquo;; <B>provided </B>that any such Portfolio Asset may
        subsequently become a Zero-Value Portfolio Asset pursuant to (b), (c), (d) or (f) of this Section.</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
        Portfolio Asset that, at any time after the Inclusion/Amendment Date on any date of determination by the Calculation Agent, has
        (i) become, as determined by the Calculation Agent, a Defaulted Obligation, or (ii) ceased to comply with any of the Repo Asset
        Criteria (other than those criteria that, by their express terms, are tested only at the Inclusion/Amendment Date) or the Asset
        Eligibility Criteria;</P></TD></TR>
</TABLE>
<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="width: 65%">
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
        Illiquid Loan that is deemed to be a Zero-Value Portfolio Asset as a result of Seller&rsquo;s failure to comply with the requirements
        described in the &ldquo;Third Party Valuations&rdquo; provision below;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
        Portfolio Asset which (i) together with any other Portfolio Assets, has resulted in a breach of any of the Repo Portfolio Criteria;
        <B>provided</B> that (i) where a Repo Portfolio Criterion is expressed as a maximum, a Portfolio Asset shall constitute a Zero-Value
        Portfolio Asset as a result of a violation of the Repo Portfolio Criteria only with respect to the portion of such Portfolio Asset
        that (together with the equivalent and equal portions of any other Portfolio Assets which are members of the category subject to
        such maximum) causes the failure by the Issuer to satisfy any of the Repo Portfolio Criteria, allocated across Portfolio Assets
        by the Buyer (in the case where a Portfolio Asset violates or causes the violation of more than one of the Repo Portfolio Criteria)
        and (ii) where a Repo Portfolio Criterion is expressed as a minimum, a Portfolio Asset shall constitute a Zero-Value Portfolio
        Asset as a result of a violation of the Repo Portfolio Criteria only with respect to the portion of such Portfolio Asset that (together
        with the equivalent and equal portions of any other Portfolio Assets that are not members of the category subject to such minimum)
        causes the failure by the Issuer to satisfy any of the Repo Portfolio Criteria, allocated across Portfolio Assets by the Buyer
        (in the case where a Portfolio Asset violates or causes a violation of more than one of the Repo Portfolio Criteria);</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
        Portfolio Asset that does not at the time of Inclusion satisfy the conditions and requirements set forth in Section 12.2(a) and
        12.3(b) of the Indenture and that has not since such time satisfied such conditions and requirements; and</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(f) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
        Portfolio Asset with respect to which Seller took, agreed or consented to any action under the Collateral Management Agreement,
        including, but not limited to, actions relating to voting rights in respect of any Portfolio Asset, without providing Buyer (acting
        in its capacity as Liquidation Agent or otherwise) with any prior or subsequent notice in relation thereto required by the Collateral
        Management Agreement within the timeframes set out therein.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="padding-left: 1pt; text-indent: -1pt; text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="padding-left: 1pt; text-indent: -1pt; text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Zero-Value Portfolio Asset EoD:</FONT></TD>
    <TD STYLE="padding-left: 1pt; text-indent: -1pt; text-align: justify; color: #00000A">&nbsp;</TD>
    <TD>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: justify; text-indent: -1pt">With
        respect to any asset which would, as of its Inclusion Date, be a Zero-Value Portfolio Asset due to failure to satisfy the Asset
        Eligibility Criteria, the Repo Asset Criteria or Repo Portfolio Criteria, it shall be a <B>&ldquo;Zero-Value Portfolio Asset EoD&rdquo;</B>
        if the Portfolio Asset Trade Date for the Zero-Value Portfolio Asset occurs prior to the later of:</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: justify; text-indent: -1pt">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.5pt; text-align: justify; text-indent: -27pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;one
        Business Day after the date on which the Issuer notified UBS of the intended Inclusion of such asset; and</P></TD></TR>
</TABLE>
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<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-left: 1pt; text-indent: -1pt; text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="width: 65%; padding-left: 28.5pt; text-align: justify; color: #00000A; text-indent: -27pt"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;one Business Day after the date on which the Seller posted any additional Margin required based on recalculation of Market Value in respect of the asset which would, on Inclusion, be a Zero-Value Portfolio Asset (such recalculation occurring as of the Business Day preceding the trade date as described in the &ldquo;Market Value&rdquo; provision above).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="padding-left: 1pt; text-indent: -1pt; text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="padding-left: 1pt; text-indent: -1pt; text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Repo Asset Criteria:</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="padding-left: 1pt; text-indent: -1pt; text-align: justify; color: #00000A">&nbsp;</TD>
    <TD>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: justify; text-indent: -1pt">Criteria
        satisfied in respect of a Portfolio Asset if:</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: justify; text-indent: -1pt">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
        of the Inclusion/Amendment Date, if the obligation is (i) not a Second Lien Loan, the obligation has a legal final maturity not
        more than 7 years after the related Inclusion Date or (ii) a Second Lien Loan, the obligation has a legal final maturity not more
        than 8 years after the related Inclusion Date;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
        of the Inclusion/Amendment Date, the obligation does not by its terms permit the deferral and/or capitalization of payment of 25%
        or more accrued, unpaid interest;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
        of the Inclusion/Amendment Date, the United States or the District of Columbia is the principal place of business for the related
        Portfolio Asset Obligor for the obligation;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
        of any date of determination by the Buyer, EBITDA for the most recent consecutive four fiscal quarters (or last twelve months if
        available) of the relevant Portfolio Asset Obligor for which financial reports are available is at least USD 5,000,000 for Senior
        Secured (Type III) Loans;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
        of any date of determination by the Buyer, EBITDA for the most recent consecutive four fiscal quarters (or last twelve months if
        available) of the relevant Portfolio Asset Obligor for which financial reports are available is at least USD 10,000,000 <FONT STYLE="color: windowtext">for
        all Senior Secured (Type I) Loans, Senior Secured (Type I Cov-Lite) Loans, Senior Secured (Type II) Loans, Senior Secured (Type
        IV) Loans and Senior Secured Last Out (Type I) Loans</FONT><FONT STYLE="color: #00B050">;</FONT></P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">(f)
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as of any date of determination by the Buyer, EBITDA for the most recent consecutive
        four fiscal quarters (or last twelve months if available) of the relevant Portfolio Asset Obligor for which financial reports are
        available is at least USD 15,000,000 for Second Lien Loans;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
        of (i) the Inclusion Date and (ii) (A) if a rating is available as of such Amendment Date, the most recent Amendment Date or (B)
        otherwise, the last day of the Asset Valuation Report Period immediately preceding such most recent Amendment Date, the obligation
        is rated (including any private rating) by one of Moody&rsquo;s, S&amp;P, or has received a credit estimate from Lincoln International
        (&ldquo;<B>Lincoln</B>&rdquo;), with a rating assigned to the obligation by Moody&rsquo;s, S&amp;P, or Lincoln not less than &ldquo;Caa2&rdquo;,
        &ldquo;CCC&rdquo;, or &ldquo;CCC&rdquo;, respectively;</P></TD></TR>
</TABLE>
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<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-left: 1pt; text-indent: -1pt; text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="width: 65%">
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
        of the Inclusion/Amendment Date, the Current Price of the obligation is not less than the greater of (i) 70% and (ii) 80% of the
        value of the S&amp;P/LSTA US Leveraged Loan 100 Index;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
        of any date of determination (including the Inclusion/Amendment Date), the obligation is denominated and payable solely in USD
        and is neither convertible by the related Portfolio Asset Obligor thereof into, nor payable in, any other currency;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32.5pt; text-align: justify; text-indent: -32.5pt">(j)
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as of the Inclusion/Amendment Date, the obligation is not an ABL Loan; and</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32.5pt; text-align: justify; text-indent: -32.5pt">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
        of the Inclusion/Amendment Date, the obligation is not a Second Lien Loan which is also a Cov-Lite Loan.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Repo Portfolio Criteria:</FONT></TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Criteria that are satisfied
        on any date of determination by Buyer so long as:</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &nbsp;the Aggregate Principal Balance of all Portfolio Assets consisting of Illiquid Loans does not exceed 87.5% of the RPC Par Value;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37pt; text-align: justify; text-indent: -37pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
        Aggregate Principal Balance of all Portfolio Assets consisting of Senior Secured (Type I) Loans, Senior Secured (Type II) Loans
        and Cash credited or required to be credited to the Principal Collection Subaccount and Eligible Investments acquired with such
        Cash is at least 20% of the RPC Par Value, and the Aggregate Principal Balance of all Portfolio Assets consisting of Senior Secured
        (Type I) Loans, Senior Secured (Type II) Loans, Senior Secured Last Out (Type I) Loans and Cash credited or required to be credited
        to the Principal Collection Subaccount and Eligible Investments acquired with such Cash is at least 40% of the RPC Par Value;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37pt; text-align: justify; text-indent: -37pt">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37pt; text-align: justify; text-indent: -37pt">(c)
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subject to the limited exception in the following clause (ii) , the Aggregate Principal
        Balance of all Portfolio Assets relating to a single Portfolio Asset Obligor is not more than 7.5% of the RPC Par Value; (ii) notwithstanding
        the preceding clause (i), the Aggregate Principal Balance of all Portfolio Assets relating to three (3) Portfolio Asset Obligors
        may be up to 10.0% of the RPC Par Value (for purposes of this clause (c), Portfolio Asset Obligors which are co-borrowers or guarantors
        will be treated as a single Portfolio Asset Obligor);</P></TD></TR>
</TABLE>
<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="width: 65%">
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37pt; text-align: justify; text-indent: -37pt">(d)
&nbsp;        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subject to the limited exceptions in the following clauses (ii) and (iii), the Aggregate
        Principal Balance of all Portfolio Assets in any single S&amp;P Industry Classification Group is not more than 12.0% of the RPC
        Par Value, (ii) notwithstanding the preceding clause (i), the Aggregate Principal Balance of all Portfolio Assets in up to each
        of three 3) separate S&amp;P Industry Classification Groups may each be up to 15.0% of the RPC Par Value and (iii) notwithstanding
        the preceding clauses (i) and (ii), the Aggregate Principal Balance of all Portfolio Assets in one (1) S&amp;P Industry Classification
        Group may be up to 20% of the RPC Par Value;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37pt; text-align: justify; text-indent: -37pt">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37pt; text-align: justify; text-indent: -37pt">(e)
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Aggregate Principal Balance of Portfolio Assets that are Senior Secured (Type III)
        Loans does not exceed 10% of the RPC Par Value;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37pt; text-align: justify; text-indent: -37pt">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37pt; text-align: justify; text-indent: -37pt">(f)
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Aggregate Principal Balance of Portfolio Assets that are Middle Market Illiquid Loans
        does not exceed 70% of the RPC Par Value;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37pt; text-align: justify; text-indent: -37pt">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37pt; text-align: justify; text-indent: -37pt">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Aggregate Principal Balance of Portfolio Assets that are (i) Delayed-Draw Loans and
        (ii) Revolver Loans does not exceed 5% of the RPC Par Value; and</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37pt; text-align: justify; text-indent: -37pt">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37pt; text-align: justify; text-indent: -37pt">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
        Aggregate Principal Balance of all Portfolio Assets consisting of Cov-Lite Loans does not exceed 50.0% of the RPC Par Value.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">S&amp;P Industry Classification Groups:</FONT></TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">Each of the categories set forth in Schedule I hereto.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Third Party Valuations:</FONT></TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Seller shall procure that
        the Initial Valuation Company or a Fallback Valuation Company provide valuations in respect of each Portfolio Asset that was, as
        of the related Inclusion Date an Illiquid Loan (an &ldquo;<B>Asset Valuation Report</B>&rdquo;) to Buyer as follows:</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">(a)
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with respect to each such Illiquid Loan acquired by the Issuer, on or before the Inclusion
        Date of such Illiquid Loan; and</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">(b)
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;within 20 calendar days of the last day of each Asset Valuation Report Period, an Asset
        Valuation Report in respect of each such Illiquid Loan held by the Issuer as of such date which remains, as of the last day of
        such Asset Valuation Report Period, an Illiquid Loan.</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: justify; text-indent: -1pt">For
        purposes of the foregoing, &ldquo;<B>Asset Valuation Report Period</B>&rdquo; means each calendar quarter ending on March 31, June
        30, September 30 and December 31.</P></TD></TR>
</TABLE>
<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="width: 65%; text-align: justify; color: #00000A">If, on any date of determination by the Calculation Agent, Seller has failed to procure an Asset Valuation Report in respect of one or more Illiquid Loans in accordance with the requirements of clause (a) or (b), each such Illiquid Loan omitted from such Asset Valuation Report shall be deemed to be a Zero-Value Portfolio Asset until such time as such Illiquid Loan is included in a subsequent Asset Valuation Report or an equivalent report from the Initial Valuation Company or a Fallback Valuation Company delivered at any time after such date of determination (which equivalent report may be requested by Seller at any time).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Dispute Rights:</FONT></TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Provided that no Event
        of Default has occurred and is continuing with respect to Seller, if Seller in good faith has a commercially reasonable basis for
        disagreement with the Calculation Agent&rsquo;s determination of the Current Price of any Portfolio Asset, then Seller may dispute
        such determination by giving notice of such dispute (a &ldquo;<B>Dispute Notice</B>&rdquo;) to Buyer and the Calculation Agent
        no later than (i)&nbsp;if Seller receives notice of the Calculation Agent&rsquo;s determination of a Current Price in dispute at
        or prior to noon (New York time) on any Business Day, by the close of business on such Business Day and (ii) if Seller receives
        notice of the Calculation Agent&rsquo;s determination of a Current Price in dispute after noon (New York time) on any Business
        Day, by noon (New York time) on the following Business Day. Any such Dispute Notice shall specify, in reasonable detail, the bid-side
        market price Seller believes should be attributed to any such Portfolio Asset, along with reasonable evidence supporting such value.</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Promptly following delivery
        of a Dispute Notice in relation to any Portfolio Asset, the Calculation Agent and Seller shall negotiate in good faith to try to
        agree to the disputed Current Price. If by 10:00 a.m. (New York time) on the Business Day following the day on which the Dispute
        Notice is delivered, the Calculation Agent and Seller are unable to agree, then:</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33.85pt; text-align: justify">(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller
        shall request that the Initial Valuation Company or one of the Fallback Valuation Companies (in either case, the &ldquo;<B>Alternate
        Valuation Company</B>&rdquo;), provide an Eligible Valuation to the Calculation Agent;</P></TD></TR>
</TABLE>
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<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="width: 65%">
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.7pt; text-align: justify">(A) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
        (1) no such Eligible Valuation is received by the Calculation Agent from the Alternate Valuation Company by 2:00 p.m. (New York
        time) on the fifth Business Day following such request (a <B>&ldquo;Valuation Non-Delivery&rdquo;</B>) or (2) the Buyer in good
        faith disagrees with the Alternate Valuation Company&rsquo;s Eligible Valuation (a <B>&ldquo;Valuation Disagreement&rdquo;</B>)
        and the Buyer notifies Seller and the Calculation Agent of such disagreement on the day such Eligible Valuation is received by
        the Seller (the earlier of such fifth Business Day and the day of such notification, the &ldquo;<B>Notification Day</B>&rdquo;),
        then no later than 10:00 a.m. (New York time) on the Business Day next following the Notification Day, the Calculation Agent shall
        deliver a request (a <B>&ldquo;Back-Up Request&rdquo;</B>) to one of the Initial Valuation Company or Fallback Valuation Companies
        (in any case, which was not the Alternate Valuation Company) (in any case, a &ldquo;<B>Back-Up Valuation Company</B>&rdquo;) to
        provide an Eligible Valuation for such disputed Portfolio Asset; and</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.7pt; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.7pt; text-align: justify">(B) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
        Current Price in relation to such disputed Portfolio Asset shall be:</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.7pt; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 101.55pt; text-align: justify">(1) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
        the Alternate Valuation Company provides an Eligible Valuation and the Calculation Agent does not provide a Back-Up Request, the
        Resolved Current Price in relation to the Eligible Valuation provided by the Alternate Valuation Company;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 101.55pt; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 101.55pt; text-align: justify">(2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
        the Calculation Agent provides a Back-Up Request and the Back-Up Valuation Company provides an Eligible Valuation for such disputed
        Portfolio Asset by no later than 2:00 p.m. (New York time) on the fifth Business Day following such request, the Resolved Current
        Price in relation to the Eligible Valuation provided by the Back-Up Valuation Company;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 101.55pt; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 101.55pt; text-align: justify">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if the
        Calculation Agent provides a Back-Up Request as a result of a Valuation Non-Delivery and the Back-Up Valuation Company fails to
        provide an Eligible Valuation for such disputed Portfolio Asset by no later than 2:00 p.m. (New York time) on the fifth Business
        Day following such request, the Current Price originally determined by the Calculation Agent; and</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 101.55pt; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 101.55pt; text-align: justify">(4) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the
        Calculation Agent provides a Back-Up Request as a result of a Valuation Disagreement and the Back-Up Valuation Company fails to
        provide an Eligible Valuation for such disputed Portfolio Asset by no later than 2:00 p.m. (New York time) on the fifth Business
        Day following such request, the Eligible Valuation provided by the Alternate Valuation Company.</P></TD></TR>
</TABLE>
<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="width: 65%">
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If Seller has delivered
        a Dispute Notice, during the pendency of such dispute, the Parties shall be required to deliver or return (as applicable) margin
        based on the Calculation Agent&rsquo;s determination in accordance with this Confirmation; <B>provided</B> that, following resolution
        of the dispute, the Parties shall be required to deliver or return (as applicable) margin based on the Current Price so determined.
        For the avoidance of doubt, with respect to the dispute of the Current Price of any Portfolio Asset, upon the determination of
        such Current Price in accordance with the foregoing, the Calculation Agent shall recalculate the relevant Market Value of the related
        Purchased Securities using such Current Price for such Portfolio Asset.</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Eligible Valuation</B>&rdquo;
        shall mean, with respect to any disputed Portfolio Asset, a valuation (which may be quoted in a range of values) for the outstanding
        principal amount of such Portfolio Asset (expressed as a percentage of par) that would be received from the sale of such Portfolio
        Asset on the date such valuation is provided, exclusive of accrued interest and capitalized interest; and</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Resolved Current
        Price</B>&rdquo; shall be, with respect to any Eligible Valuation that is:</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(I) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;quoted
        as a range of values where the difference between the lowest and highest values in such range (each expressed as a percentage of
        par) is an amount greater than 5% of par, as determined by the Calculation Agent, the lowest value in such range;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(II) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;quoted
        as a range of values where the difference between the lowest and highest values in such range (each expressed as a percentage of
        par) is an amount less than or equal to 5% of par, as determined by the Calculation Agent, the mid-point between the lowest and
        highest value in such range, as determined by the Calculation Agent; and</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(III) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;not
        quoted as a range of values, such Eligible Valuation.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Interest on Cash Margin:</FONT></TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A"><FONT STYLE="font-size: 10pt">The interest rate applicable to Cash Margin shall be a rate per annum equal to the overnight Federal Funds (Effective) Rate for each day cash is held as Margin hereunder, as reported in Federal Reserve Publication H.15-519. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Substitutions:</FONT></TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A"><FONT STYLE="font-size: 10pt">No substitutions of Purchased Securities shall be permitted. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
</TABLE>
<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt"><B>3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B>Fees</B></TD>
    <TD STYLE="width: 1%; text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="width: 65%; text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Transaction Fees:</FONT></TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On each Transaction Fee Payment Date, for each Purchased Security, Seller shall pay to Buyer an amount equal to the Transaction Fee Amount for such Purchased Security for the related Transaction Fee Period.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Transaction Fee Payment Dates:</FONT></TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For each Purchased Security,&nbsp;&nbsp;February 19,, May 19, August 19, and November 19, commencing on August 19, 2017, and ending on (and including) the Repurchase Date for such Purchased Security, subject to adjustment in accordance with the Business Day Convention.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Transaction Fee Periods:</FONT></TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For each Purchased Security, each period from (and including) one Transaction Fee Payment Date for such Purchased Security to (but excluding) the next following Transaction Fee Payment Date for such Purchased Security; <B>provided</B><I> </I>that (a) the initial Transaction Fee Period shall commence on (and include) the Purchase Date for such Purchased Security and (b) the final Transaction Fee Period shall end on (and exclude) the Repurchase Date for such Purchased Security.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Transaction Fee Amounts:</FONT></TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For each Purchased Security, the Transaction Fee Amount payable by Seller on a Transaction Fee Payment Date shall be equal to the aggregate amount obtained by application of the Transaction Fee Rate for the related Transaction Fee Period, on an actual/360 basis, on each day during the related Transaction Fee Period to the Repurchase Price outstanding for such Purchased Security.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Transaction Fee Rate:</FONT></TD>
    <TD STYLE="padding-left: 0.1pt; text-align: justify; color: #00000A; text-indent: -0.05pt">&nbsp;</TD>
    <TD>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-align: justify; text-indent: -0.05pt">For
        each Transaction Fee Period, a rate per annum equal to the sum of (a) LIBOR determined on the Reset Date for such Transaction Fee
        Period plus (b) the Spread.</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-align: justify; text-indent: -0.05pt">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-align: justify; text-indent: -0.05pt">Where:</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-align: justify; text-indent: -0.05pt">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding paragraph
        2(y) of the Agreement, &ldquo;<B>LIBOR</B>&rdquo;, for any Reset Date, means the London Interbank Offered Rate for the Relevant
        Period in respect of USD as quoted on the Bloomberg Screen BTMM Page (or such other page as may replace the Bloomberg Screen BTMM
        Page) under the heading &ldquo;LIBOR-FIX-BBAM&lt;GO&gt;&ldquo; (or any replacement heading) as of 11:00 a.m., London time, on the
        day (the &ldquo;<B>Determination Date</B>&rdquo;) that is two London banking days preceding such date. If such rate does not appear
        on the Bloomberg Screen BTMM Page (or any replacement page) under such heading (or any replacement heading), as of 11:00 a.m.,
        London time, on such Determination Date, LIBOR will be determined by the Calculation Agent. For any Transaction Fee Period that
        is less than the Relevant Period, LIBOR shall be determined through the use of straight line interpolation by reference to two
        rates based on LIBOR, one of which shall be determined as if the Relevant Period were the period of time for which rates are available
        next shorter than the length of the Transaction Fee Period and the other of which shall be determined as if the Relevant Period
        were the period of time for which rates are available next longer than the length of the Transaction Fee Period.</P></TD></TR>
</TABLE>
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<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="width: 65%">
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Relevant Period</B>&rdquo;
        means three months.</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Reset Date</B>&rdquo;
        with respect to any Transaction Fee Period, means the first day of such Transaction Fee Period.</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Spread</B>&rdquo;
        means 3.50%.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt"><B>4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B>Miscellaneous</B></TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Voting Rights:</FONT></TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A"><FONT STYLE="font-size: 10pt">Where any voting or consent rights fail to be exercised in relation to any Purchased Securities, Buyer shall be entitled to exercise such voting or consent rights in its sole discretion and shall not have any obligation to arrange for voting or consent rights to be exercised in accordance with the instructions of Seller.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Business Day:</FONT></TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A"><FONT STYLE="font-size: 10pt">Notwithstanding paragraph 2(e) of the Agreement, &ldquo;Business Day&rdquo; means any day on which commercial banks are open for general business (including dealings in foreign exchange and foreign currency deposits) in New York.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Business Day Convention:</FONT></TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A"><FONT STYLE="font-size: 10pt">The convention for adjusting any relevant date if it would otherwise fall on a day that is not a Business Day so that such date will be the first following day that is a Business Day.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 22.1pt; text-align: left; color: #00000A; text-indent: -22.1pt"><FONT STYLE="font-size: 10pt">Unpaid Amounts:</FONT></TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A"><FONT STYLE="font-size: 10pt">For the avoidance of doubt, on the final Repurchase Date (whether occurring prior to, on, or after, the scheduled Repurchase Date, and whether occurring as a result of an Event of Default, a Prepayment Date, or otherwise), if there are amounts that became payable by one Party to the other Party on or prior to such Repurchase Date and which remain unpaid as at such Repurchase Date, such amounts shall remain an outstanding obligation of such Party and shall be netted with and set off against the amounts otherwise payable by the Parties on such Repurchase Date.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 22.1pt; text-align: left; color: #00000A; text-indent: -22.1pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Interest on Amounts Payable:</FONT></TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A"><FONT STYLE="font-size: 10pt">Any amount due from one party to the other following the occurrence of an Event of Default shall be paid together with (to the extent permitted under applicable law) interest thereon (both before and after judgment) in USD, from (and including) the date on which such amount was originally due to (but excluding) the date such amount is paid, at a rate per annum equal to the overnight Federal Funds (Effective) Rate for each day such amount remains outstanding (as reported in Federal Reserve Publication H.15-519) <U>plus</U> 1% per annum.&nbsp;&nbsp;Such interest will accrue daily without compounding based on the actual number of days elapsed. The provisions of this paragraph shall supersede any conflicting provisions in paragraph 12 of the Agreement.</FONT></TD></TR>
</TABLE>
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    <TD STYLE="width: 34%; text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Tax Matters:</FONT></TD>
    <TD STYLE="width: 1%; text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="width: 65%">
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(i) For (and only for)
        U.S. Federal income tax purposes, each Party agrees: (i) to treat the purchase hereunder of Purchased Securities consisting of
        Class A Notes as if Buyer had made a loan to Seller secured by such Purchased Securities, (ii) to treat Seller as beneficial owner
        of such Purchased Securities, and (iii) not to take any inconsistent position on any related tax return.</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(ii) Notwithstanding anything
        else in the Agreement, if the defaulting Party exercises its right to assign rights to payment under Paragraph 16(b) of the Agreement
        following an Event of Default, if any withholding or other taxes are imposed on payments to any assignee, the payor&rsquo;s obligation
        to gross-up any such payment in respect of such tax to such assignee shall be limited to the amount of any gross-up it would have
        been obligated to pay immediately before any such assignment occurred.</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(iii) If either Party exercises
        its right to assign rights to payment under Paragraph 16(b) of the Agreement, prior to being entitled to receive any gross-up payments
        in respect of any taxes withheld, any assignee will be required to submit to the payor an executed, complete IRS Form W-8 or W-9
        (as applicable) establishing any available exemption or reduction from any US withholding taxes that may be imposed on the payment
        assigned.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Certain Covenants of Seller:</FONT></TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller
        agrees that Seller will not permit any securities to be issued under the Indenture to any person or entity other than Seller and
        that Seller will not direct or permit the Issuer to issue any securities other than in conjunction with a Purchase Date or otherwise
        as required under the Indenture or other transaction documents.</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller
        agrees that Seller will not sell, transfer or otherwise dispose of any securities issued under the Indenture (or any interest therein)
        other than pursuant to the Transaction.</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller
        agrees that if CIC ceases to be a business development company (within the meaning of the U.S. Investment Company Act of 1940)
        and to file publicly-available financials as required of a public business development company, Seller will provide, or cause to
        be provided, to Buyer quarterly unaudited financial statements within 60 days of each quarter-end and annual audited financial
        statements within 120 days of the year-end, prepared in accordance with generally accepted accounting principles (as in effect
        in the relevant jurisdiction) (such covenant, the &ldquo;<B>CIC Financials Requirement&rdquo;</B>).</P></TD></TR>
</TABLE>
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<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%">
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Notification of Events of
        Default:</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD>
    <TD STYLE="width: 1%; text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="width: 65%; text-align: justify; color: #00000A"><FONT STYLE="font-size: 10pt">Each Party shall notify the other Party as soon as reasonably practicable upon becoming aware of the occurrence of any Event of Default with respect to such notifying Party or event which with the giving of notice and/or lapse of time could become an Event of Default with respect to such notifying Party.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Representations and acknowledgements:</FONT></TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless agreed to the contrary
        expressly and in writing in this Confirmation and notwithstanding any communication that each Party (and/or its Affiliates) may
        have had with the other Party or any of its Affiliates, in respect of the Transaction subject to this Confirmation, each Party
        will be deemed to represent to the other Party on the Trade Date and each Purchase Date of the Transaction and on each date on
        which the Transaction is terminated (in whole or in part) that:</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;it
        is entering into or terminating (in whole or in part) the Transaction for its own account;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;none
        of the other Party or any of its Affiliates or agents are acting as a fiduciary or financial adviser for it;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;it
        is a sophisticated investor that has made its own independent decisions to enter into the Transaction, as to whether the Transaction
        is appropriate or proper for it and as to any related investment, hedging and/or trading based upon its own judgment and upon advice
        from such legal, regulatory, tax, financial, accounting and other advisers as it has deemed necessary, and not upon any view expressed
        by the other Party or any of its Affiliates or agents;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;it
        is not relying on any communication (written or oral) of the other Party or any Affiliate or agent thereof except those expressly
        set forth in the Agreement, except that nothing in the Agreement will limit or exclude any liability of a party for fraud;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 the Transaction, and is also capable of assuming, and assumes, the risks of the
        Transaction;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(vi) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;having
        made all necessary enquiries with relevant authorities, its entry into or termination (in whole or in part) of the Transaction
        will not contravene any applicable law, decree, regulation, regulatory guidance, regulatory request, regulatory briefing or order
        of any government or governmental body (including any court or tribunal); and</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="width: 65%">
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(vii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
        the extent required to do so, it has notified relevant authorities, in a manner acceptable to such authorities, of its entry into
        the Transaction.</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless agreed to the contrary
        expressly and in writing in this Confirmation and notwithstanding any communication that each Party (and/or its Affiliates) may
        have had with the other Party, in respect of the Transaction subject to this Confirmation, each Party will be deemed to acknowledge
        on the date on which it enters into the Transaction that:</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;none
        of the other Party or its Affiliates provides investment, tax, accounting, legal or other advice in respect of the Transaction;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;it
        has been given the opportunity to obtain information from the other Party concerning the terms and conditions of the Transaction
        necessary in order for it to evaluate the merits and risks of the Transaction; <B>provided</B> that, notwithstanding the foregoing,
        (i) it and its advisors are not relying on any communication (written or oral and including, without limitation, opinions of third
        party advisors) of the other Party or its Affiliates as (A)&nbsp;legal, regulatory, tax, business, investments, financial, accounting
        or other advice, (B)&nbsp;a recommendation to enter into the Transaction or (C)&nbsp;an assurance or guarantee as to the expected
        results of the Transaction; it being understood that information and explanations related to the terms and conditions of the Transaction
        are made incidental to the other Party&rsquo;s business and shall not be considered (x)&nbsp;legal, regulatory, tax, business,
        investments, financial, accounting or other advice, (y)&nbsp;a recommendation to enter into the Transaction or (z)&nbsp;an assurance
        or guarantee as to the expected results of the Transaction and (ii) any such communication should not be the basis on which such
        Party has entered into the Transaction, and should be independently confirmed by such Party and its advisors prior to entering
        into the Transaction;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;none
        of the Parties or any Affiliate thereof has any obligation to, and it will not, select securities or transfers of currency, with
        regard to the needs or interests of any person other than itself, and each Party and its Affiliates may accept deposits from, make
        loans or otherwise extend credit to, and generally engage in any kind of commercial or investment banking business with the issuer
        of any Purchased Security or its affiliates or any other person or entity having obligations relating to the Purchased Securities
        and may act with respect to such business in the same manner as if the Transaction did not exist, regardless of whether any such
        action may have an adverse effect on either Party&rsquo;s position under the Transaction;</P></TD></TR>
</TABLE>
<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="width: 65%">
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each
        Party and its Affiliates may, whether by virtue of the types of relationships described above or otherwise, at the date hereof
        or at times hereafter be in possession of information in relation to the issuer of the Class A Notes which is or may be material
        in the context of the Transaction and which is or may not be known to the general public or to one or both of the Parties, and
        the Transaction does not create any obligation on the part of any of the Parties and their respective Affiliates to disclose to
        either Party any such relationship or information (whether or not confidential);</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;neither
        Party makes any representations or warranties to the other in connection with, and shall have no responsibility with respect to,
        the accuracy of any statements, warranties or representations made in or in connection with the Purchased Securities, any information
        contained in any document filed by the issuer of the Purchased Securities (the &ldquo;<B>Issuer</B>&rdquo;) with any exchange or
        with any governmental entity regulating the purchase and sale of securities, the solvency or financial condition of the Issuer,
        or the legality, validity, binding effect or enforceability of the obligations of the Issuer in respect of the Purchased Securities.
        Each Party acknowledges that it has, independently and without reliance on the other and based on such documents and information
        as it has deemed appropriate, made its own credit analysis and decision to enter into the Transaction and will continue to be responsible
        for making its own independent appraisal of the business, affairs and financial condition of the Issuer; and</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
        Transaction does not create either a direct or indirect obligation of the Issuer owing to Seller or a direct or indirect participation
        in any obligation of the Issuer owing to Buyer. The Seller acknowledges that the Seller shall not have any voting rights with respect
        to the Purchased Securities or any other rights under or with respect to the Purchased Securities, other than as expressly set
        forth herein.</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each Party acknowledges
        and agrees that (i) the Transaction to which this Confirmation relates is (x) a &ldquo;securities contract&rdquo;, as defined in
        Section&nbsp;741 of the federal Bankruptcy Code, Title 11 of the United States Code, as amended (the &ldquo;<B>Bankruptcy Code</B>&rdquo;)
        and (y) a &ldquo;repurchase agreement&rdquo; as that term is defined in Section 101 of Title 11 of the Bankruptcy Code (except
        insofar as the type of Securities subject to the Transaction or the term of the Transaction would render such definition inapplicable)
        and (ii) the exercise by either Party of any right under the Agreement to cause the liquidation, termination or acceleration of
        the Transaction, because of a condition of the kind specified in Section 365(e)(1) of the Bankruptcy Code shall not be stayed,
        avoided, or otherwise limited by operation of any provision of the Bankruptcy Code or by order of a court or administrative agency
        in any proceeding under the Bankruptcy Code.</P></TD></TR>
</TABLE>
<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Additional Seller Representations:</FONT></TD>
    <TD STYLE="width: 1%; text-indent: 1.2pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 65%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.2pt">The following additional
        paragraph 9(A), subsections (i) and (ii) shall be inserted into the Agreement:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.2pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.15pt; text-align: justify">&ldquo;9(A). Additional Representations
        and Notice.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.15pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.15pt; text-align: justify">(i) Seller Representations.
        Seller represents and warrants on and as of the date hereof and on and as of each date this Agreement or any Transaction remains
        outstanding:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.15pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
        Prohibited Transactions. Seller represents and warrants that Seller is not an &ldquo;employee benefit plan&rdquo; subject to Title
        I of the Employee Retirement Income Security Act of 1974, as amended (<B>&ldquo;ERISA&rdquo;</B>) or a &ldquo;plan&rdquo; within
        the meaning of Section 4975 of the Internal Revenue Code of 1986, as amended (the <B>&ldquo;Code&rdquo;</B>), and all investors
        in Seller acquire &ldquo;publicly-offered securities&rdquo; within the meaning of 29 CFR &sect; 2510.3-101. Any subsequent permitted
        assignee of Seller will be deemed to have represented and warranted, that (i) no portion of the assets used by such assignee to
        either (x) acquire and hold the Class A Notes or (y) enter into or assume the obligations under the Transaction evidenced hereby
        constitutes the assets of any employee benefit plan subject to Title I of ERISA, a &ldquo;governmental plan&rdquo; within the meaning
        of Section 3(32) of ERISA, or a &ldquo;plan&rdquo; within the meaning of Section 4975(e)(1) of the Code or (ii) both the purchase
        and holding of such Class A Notes by such assignee and the assumption of the obligations under the Transaction evidenced hereby
        will constitute neither (x) a non-exempt &ldquo;prohibited transaction&rdquo; under (and as defined in) Section 406 of ERISA or
        Section 4975 of the Code nor (y) a similar violation under any applicable similar federal, state, local, non-U.S. or other law,
        rule or regulation.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify">(B) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        Notice Requirement. Seller agrees to notify Buyer immediately if any time it learns or discovers facts at variance with the foregoing
        representations and warranties.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seller has not incurred
        any Indebtedness, or any other liability (including, but not limited to, in respect of any option, swap, repurchase agreement,
        securities forward transaction or securities lending agreement) other than as contemplated by the terms of this Agreement or any
        agreement or instrument contemplated hereby.&rdquo;</P></TD></TR>
</TABLE>
<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="width: 1%; text-indent: 1.2pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 65%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.15pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(</FONT>ii)
        Seller represents and warrants that its acquisition of the Class A Notes complied with the terms of the Indenture and Class A Notes.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.15pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.15pt; text-align: justify">(iii) Seller represents and
        warrants that either (i) the Purchased Securities are not required to be retained by the Collateral Manager (or a &ldquo;majority
        owned affiliate&rdquo; of the Collateral Manager) pursuant to Section 15G of the Securities Exchange Act of 1934 and the rules
        promulgated thereunder (the &ldquo;<B>Risk Retention Rules</B>&rdquo;) or (ii) the Purchased Securities are required to be retained
        by the Collateral Manager (or a &ldquo;majority owned affiliate&rdquo; of the Collateral Manager) pursuant to the Risk Retention
        Rules and the entry by the Collateral Manager (or a &ldquo;majority owned affiliate&rdquo; of the Collateral Manager) into the
        transactions contemplated by the Collateral Management Agreement will not violate or conflict with the Risk Retention Rules.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-indent: 1.2pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-indent: 1.2pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Transfer; Assignment; Amendment;</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Neither Buyer nor Seller will have the right to transfer, assign, amend, modify or supplement the Agreement or this Confirmation or any interest or obligation or right or benefit received in or under the Agreement or this Confirmation without the prior written consent of each party.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Disapplication and Modification of Provisions of the Annex I: </FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a) The following provisions of Annex I
        to the Agreement shall not apply to the Transaction evidenced by this Confirmation:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Parts 1(a), 1(b)(ii), 1(d), 1(f), 1(j),
        1(m), 1(n), 2(b), 2(c), 2(i), 2(k), 2(r) and 2(s)(ii) of Annex I.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 22.1pt; text-align: left; color: #00000A; text-indent: -22.1pt"><FONT STYLE="font-size: 10pt">Counterparts Clause:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">This Confirmation may be signed or executed in any number of counterparts, and by each Party on separate counterparts. Each counterpart is an original but shall not be effective until each Party has executed and delivered at least one counterpart. All counterparts together shall constitute one and the same instrument. This has the same effect as if the signatures on the counterparts were on a single original of this Confirmation. Delivery of an executed counterpart signature page of this Confirmation by email (portable document format (&ldquo;pdf&rdquo;)) or facsimile copy shall be as effective as delivery of a manually executed counterpart of this Confirmation.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 22.1pt; text-align: left; color: #00000A; text-indent: -22.1pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 22.1pt; text-align: left; color: #00000A; text-indent: -22.1pt"><FONT STYLE="font-size: 10pt">No effect, Inconsistency:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The terms set forth in the Confirmation for this trade shall apply only to the Transaction.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 22.1pt; text-align: left; color: #00000A; text-indent: -22.1pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Buyer&rsquo;s Bank Account Details: </FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Account Name:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">SWIFT BIC Code:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">For the benefit of:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">SWIFT BIC Code:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Account No.:</P></TD></TR>
</TABLE>
<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Seller&rsquo;s Bank Account Details:</FONT></TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 65%; text-align: left"><FONT STYLE="font-size: 10pt">As specified separately to Buyer from Seller. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 22.1pt; text-align: left; color: #00000A; text-indent: -22.1pt"><FONT STYLE="font-size: 10pt">Notices:</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">If to Seller:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Address: Murray Hill Funding, LLC&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Three Park Avenue, 36<SUP>th</SUP> Floor<BR>
        New York, NY 10016<BR>
        Attention: Keith Franz<BR>
        Telephone: 212 418 4710<BR>
        Email: kfranz@cioninvestments.com</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">If to Buyer:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">As specified in the Annex to the Agreement.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 22.1pt; text-align: left; color: #00000A; text-indent: -22.1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 22.1pt; text-align: left; color: #00000A; text-indent: -22.1pt"><FONT STYLE="font-size: 10pt">Limited Recourse:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Buyer acknowledges that it shall have recourse solely to the assets of the Seller and that nothing contained in this Confirmation shall create any liability or obligation of any other person or entity. Buyer further agrees that: (i) the Buyer shall have no recourse or claim against any stockholder, partner, member or other holder of any interest in or security of the Seller, or against any controlling person of the Seller or any of the Seller&rsquo;s officers, directors employees (collectively the &ldquo;<B>Related Persons</B>&rdquo;); (ii) the Buyer shall have no claim against the Seller or any Related Person for any failure to maintain capital except as expressly required in the Confirmation; and (iii) the Buyer shall not seek the substantive consolidation of the Seller with any other person or entity, including any of the Related Persons. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 22.1pt; text-align: left; color: #00000A; text-indent: -22.1pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 22.1pt; text-align: left; color: #00000A; text-indent: -22.1pt"><FONT STYLE="font-size: 10pt">Additional Defined Terms:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following terms shall have the respective
        meanings specified below:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>ABL Loan</B>&rdquo; means any
        Loan secured by a first priority perfected security interest in or other lien on, and as to which the maximum aggregate principal
        amount thereof that may be outstanding under the related Underlying Instrument is limited by a formula computed (no less frequently
        than monthly) by reference to, one or more of accounts receivable, inventory, machinery, equipment and other fixed assets (other
        than real estate).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Account</B>&rdquo; has the meaning
        given to such term in the Indenture.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Aggregate Outstanding Amount</B>&rdquo;,
        on any date&nbsp;with respect to the Class A Notes, has the meaning given to such term in the Indenture.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;Aggregate Portfolio Par Value&rdquo;</B>
        means, on any date of determination, the Aggregate Principal Balance of (a) all Portfolio Assets plus (b) all Cash credited or
        required to be credited to the Principal Collection Subaccount and Eligible Investments acquired with such Cash.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-left: 22.1pt; text-align: left; color: #00000A; text-indent: -22.1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 65%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Aggregate Principal Balance</B>&rdquo;
        means, when used with respect to all or a portion of the Portfolio Assets or the Collateral, the sum of the Principal Balances
        of all or of such portion of the Portfolio Assets or Collateral, as applicable.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;Amendment Date&rdquo;</B>
        means, with respect to any Portfolio Asset, the effective date of any amendment or action described in Section 2(o) of the Collateral
        Management Agreement.</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Approved Dealer</B>&rdquo;
        means each of Antares Capital, BMO Capital Markets Corp., Bank of America, N.A., Barclays Bank plc, BNP Paribas, Cantor Fitzgerald
        &amp; Co., Citigroup, Credit Agricole S.A., Credit Suisse, Deutsche Bank AG, Goldman Sachs &amp; Co., Guggenheim Securities, Jefferies
        &amp; Company, Inc., JPMorgan Chase Bank, N.A., Keybanc Capital Markets Inc., Macquarie Capital (USA) Inc., Morgan Stanley &amp;
        Co., Nomura Securities Inc., Royal Bank of Canada, SunTrust Bank, Scotia Capital (USA) Inc., Societe Generale, and The Royal Bank
        of Scotland plc, UBS AG, and Wells Fargo Bank, N.A. or any Affiliates; <B>provided </B>that (a) the Calculation Agent may at any
        time, upon written notice to Seller, delete any name from such list so long as such deletion is consistent with the general application
        of its internal credit policies with respect to such Approved Dealer and (b) the Calculation Agent and Seller may, at any time,
        agree in writing to add or remove an Approved Dealer to or from such list.</P>
        <P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Asset Eligibility Criteria</B>&rdquo;
        has the meaning given to such term in the Indenture.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Cash</B>&rdquo; has the meaning
        given to such term in the Indenture.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Class A Notes</B>&rdquo; means
        the Class A Notes issued under the Indenture.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Collateral</B>&rdquo; has the
        meaning given to such term in the Indenture.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Collateral Management Agreement</B>&rdquo;
        has the meaning given to such term in the Indenture.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Collateral Manager</B>&rdquo;
        has the meaning given to such term in the Indenture.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;Consolidated Leverage Ratio&rdquo;</B>
        means, as of any date of determination with respect to any Portfolio Asset Obligor and a particular Portfolio Asset of such Portfolio
        Asset Obligor, the ratio of:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
        Principal Balances of such Portfolio Asset and the outstanding principal amount of all other Indebtedness of such Portfolio Asset
        Obligor and its Subsidiaries that is of equal or higher seniority with such Portfolio Asset and is secured by a similar ranking
        lien or security interest in the same collateral as of such date of calculation that would be stated on a consolidated balance
        sheet (excluding any notes thereto); provided that, for purposes of this definition only, the amount of Indebtedness shall be determined
        only to the extent that it has been advanced such that any undrawn amount thereunder shall not constitute Indebtedness for purposes
        of this clause (a); to</P></TD></TR>
</TABLE>
<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-left: 22.1pt; text-align: left; color: #00000A; text-indent: -22.1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 65%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA
        of such Portfolio Asset Obligor for the four fiscal quarters (or last twelve months if available) for which financial reports are
        available for such Portfolio Asset Obligor.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;Cov-Lite Loan</B>&rdquo; means
        a Loan (a) which is a Non-Markit Loan and (b) with respect to which the Underlying Instrument does not include any financial covenants
        with which compliance is determined on an ongoing maintenance basis.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Daily Report</B>&rdquo; has the
        meaning given to such term in the Indenture.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Defaulted Obligation</B>&rdquo;
        has the meaning given to such term in the Indenture.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;Delayed-Draw Loan&rdquo;</B>
        has the meaning given to such term in the Indenture.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>EBITDA</B>&rdquo; means with
        respect to any Portfolio Asset and any period, (a) the meaning of the term &ldquo;Adjusted EBITDA&rdquo;, the term &ldquo;EBITDA&rdquo;
        or any comparable definition in the related Underlying Instrument for such period and Portfolio Asset Obligor, as reported for
        such period pursuant to the related Underlying Instrument, and (b) in any case that the term &ldquo;Adjusted EBITDA&rdquo;, the
        term &ldquo;EBITDA&rdquo; or such comparable definition is not defined in such Underlying Instrument, the sum of (i) the consolidated
        net income for such period of the relevant Portfolio Asset Obligor on such Portfolio Asset, plus (ii) to the extent deducted in
        calculating such consolidated net income, the sum for such period of all income tax expense, interest expense, depreciation and
        amortization expense and all other non-cash charges, in the case of each of the foregoing clauses, as reported for such period
        pursuant to (and in accordance with the relevant definitions contained in) the related Underlying Instrument; provided that (x)
        the relevant Portfolio Asset Obligor referred to above in this definition shall be the Portfolio Asset Obligor for which consolidated
        financial statements are required to be delivered under the related Underlying Instrument (and, if there is more than one such
        Portfolio Asset Obligor, for the Portfolio Asset Obligor with the greatest consolidated aggregate indebtedness for borrowed money
        as of the last day of such period) and (y) if the Calculation Agent determines on a commercially reasonable basis that &ldquo;Adjusted
        EBITDA&rdquo; or &ldquo;EBITDA&rdquo; as reported for such period pursuant to the related Underlying Instrument is not computed
        in accordance with generally accepted financial practice for similar transactions, then &ldquo;EBITDA&rdquo; shall mean &ldquo;Consolidated
        EBITDA&rdquo; (determined on a consolidated basis based upon the Calculation Agent&rsquo;s selection in good faith of a definition
        of &ldquo;Consolidated EBITDA&rdquo; that accords with generally accepted financial practice) in relation to the relevant Portfolio
        Asset Obligor and its consolidated subsidiaries for such period.</P></TD></TR>
</TABLE>
<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-left: 22.1pt; text-align: left; color: #00000A; text-indent: -22.1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 65%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Eligible Investments</B>&rdquo;
        has the meaning given to such term in the Indenture.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Equity Contribution Agreement</B>&rdquo;
        has the meaning given to such term in the Indenture.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Expense Account</B>&rdquo; has
        the meaning given to such term in the Indenture.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;Fallback Valuation Company&rdquo;</B>
        means any of Houlihan Lokey, Inc., Duff &amp; Phelps Corporation or Valuation Research Corporation.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Governmental Authority</B>&rdquo;
        means the government of the United States of America or any other nation, or of any political subdivision thereof, whether state
        or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive,
        legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national
        bodies such as the European Union or the European Central Bank).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;Illiquid Loan&rdquo;</B> means
        a Loan which is not a Liquid Loan.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;Inclusion&rdquo;</B> means a
        substitution or contribution of Portfolio Assets to the Issuer pursuant to the Equity Contribution Agreement or any other acquisition
        of Portfolio Assets by the Issuer.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;Inclusion Date&rdquo;</B> means
        (a) in the case of a substitution or contribution of Portfolio Assets to the Issuer pursuant to the Equity Contribution Agreement,
        the settlement date of substitution or contribution or (b) in the case of any other acquisition thereof by the Issuer, the Portfolio
        Asset Trade Date for the acquisition thereof by the Issuer.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Indebtedness</B>&rdquo; has the
        meaning given to such term in the Indenture.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Indenture</B>&rdquo; means the
        Indenture dated as of March 22, 2017, between Murray Hill Funding II, LLC and U.S. Bank National Association, as trustee, as amended,
        supplemented or otherwise modified from time to time.</P></TD></TR>
</TABLE>
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<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-left: 22.1pt; text-align: left; color: #00000A; text-indent: -22.1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 65%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;Indenture Event of Default&rdquo;</B>
        means an &ldquo;Event of Default&rdquo; (as defined in the Indenture) occurs with respect to the Issuer under the Indenture.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;Initial Market Value&rdquo; </B>has
        the meaning given to such term in the Indenture.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;Initial Valuation Company&rdquo;</B>
        means Lincoln.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Lien</B>&rdquo; has the meaning
        given to such term in the Indenture.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Liquid Loan</B>&rdquo; means
        any Loan which is the subject of at least two bid quotations as reported on Markit (or any successor nationally recognized loan
        pricing service designated by the Buyer).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Liquidation Agent</B>&rdquo;
        has the meaning given to such term in the Indenture.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Loan</B>&rdquo; has the meaning
        given to such term in the Indenture.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;Markit&rdquo;</B> means Markit
        Ltd. and any of its subsidiaries, or any successor thereto.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;Middle Market Illiquid Loan&rdquo;</B>
        means any obligation which (a) is an Illiquid Loan and (b) with respect to which the relevant Obligor's EBITDA for the most recent
        four fiscal quarters (or last twelve months if available) for which financial reports are available is less than $40,000,000.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Moody&rsquo;s</B>&rdquo; has
        the meaning given to such term in the Indenture.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Non-Markit Loan</B>&rdquo; means
        any Loan for which prices are not reported on Markit (or any successor nationally recognized loan pricing service designated by
        the Buyer).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Portfolio Asset</B>&rdquo; has
        the meaning given to such term in the Indenture, provided that when the relevant asset is held by the Issuer, this definition shall
        be subject to &ldquo;Determination of When Assets are Held&rdquo; above.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Portfolio Asset Obligor</B>&rdquo;
        has the meaning given to such term in the Indenture.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;Portfolio Asset Trade Date&rdquo;</B>
        means the date on which the Issuer enters into an agreement to purchase or sell a Portfolio Asset pursuant to an Issuer Order,
        as such term is defined in the Indenture, given by the Collateral Manager.</P></TD></TR>
</TABLE>
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<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-left: 22.1pt; text-align: left; color: #00000A; text-indent: -22.1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 65%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Principal Balance</B>&rdquo;
        has the meaning given to such term in the Indenture.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2pt; text-align: justify"><B>&ldquo;Priority Loan Leverage
        Ratio&rdquo;</B> means of any date of determination with respect to any Portfolio Asset Obligor and a particular Portfolio Asset
        of such Portfolio Asset Obligor which is a Senior Secured Last Out Loan, the ratio of:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2pt; text-align: justify; text-indent: -1.2pt">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
        outstanding principal amount of the Senior Secured First Out Loan relating to such Senior Secured Last Out Loan, to</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2pt; text-align: justify; text-indent: -1.2pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA
        for the four fiscal quarters (or last twelve months if available) for which financial reports are available for such Portfolio
        Asset Obligor</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;Revolver Loan&rdquo;</B> has
        the meaning given to such term in the Indenture.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;Priority Revolving Loan</B>&rdquo;<B><I>
        </I></B>means, as of any date of determination with respect to any Portfolio Asset Obligor and a particular Portfolio Asset of
        such Portfolio Asset Obligor, the Indebtedness of such Portfolio Asset Obligor and its Subsidiaries in the form of a Revolver Loan
        that when it is drawn (x) ranks senior to such Portfolio Asset and (y) is secured by a senior ranking lien or security interest
        in a portion of the same collateral as of such date of calculation that would be stated on a consolidated balance sheet.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;Priority Revolving Loan Leverage
        Ratio</B>&rdquo;<B> </B>means, as of any date of determination with respect to any Portfolio Asset Obligor and a particular Portfolio
        Asset of such Portfolio Asset Obligor, the ratio of:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
        outstanding principal amount of the Priority Revolving Loan(s) relating to such Portfolio Asset determined on the assumption that
        the maximum aggregate amount that can be borrowed under such Priority Revolving Loan(s) has already been fully advanced such that
        any undrawn amount thereunder shall constitute outstanding principal amount for purposes of this definition; to</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA
        of such Portfolio Asset Obligor for the four fiscal quarters (or last twelve months if available) for which financial reports are
        available for such Portfolio Asset Obligor.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>RPC Par Value</B>&rdquo; means
        (a) prior to the Second Purchase Date, the Aggregate Portfolio Par Value <U>plus</U> the Second Purchase Date Required Additional
        Amount and (b) thereafter, the Aggregate Portfolio Par Value.</P></TD></TR>
</TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-left: 22.1pt; text-align: left; color: #00000A; text-indent: -22.1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 65%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>S&amp;P</B>&rdquo; has the meaning
        given to such term in the Indenture.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: justify"><B>&ldquo;Second Lien Loan&rdquo;
        </B>means any Loan that:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;would
        be a Senior Secured Loan but for the fact that it is subordinated (in right of payment, liens or otherwise) to a Senior Secured
        Loan of the Portfolio Asset Obligor(s) other than a Priority Revolving Loan; (ii) is secured by a valid second-priority perfected
        security interest in or Lien on (second only to a security interest or Lien securing a Senior Secured Loan) collateral consisting
        of all or substantially all the assets of the Portfolio Asset Obligor(s) (and in any event substantially all its assets securing
        any other Indebtedness); and (iii) is not secured solely or primarily by common stock or other equity interests; provided that
        the limitation set forth in this clause (iii) shall not apply with respect to a Loan made to a parent entity that is secured solely
        or primarily by the stock of one or more of the subsidiaries of such parent entity to the extent that (x) the granting by any such
        subsidiary of a Lien on its own property would violate law or regulations applicable to such subsidiary (whether the obligation
        secured is such Loan or any other similar type of Indebtedness owing to third parties) and (y) its own property is not subject
        to a Lien securing any Indebtedness(any Second Lien Loan described in this clause (a), a <B>&ldquo;Traditional Second Lien Loan&rdquo;</B>);
        or</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;is
        a Senior Secured Last Out (Type II) Loan.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;Seller&rsquo;s Investment Manager&rdquo;</B>
        means any of (i) C&#298;ON Investment Management, LLC or its successors or Affiliates; (ii) Apollo Investment Management, L.P.
        or its successors or Affiliates or (iii) another investment manager selected by Seller and reasonably acceptable to Buyer.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;Senior Secured First Out Loan&rdquo;</B>
        has the meaning assigned to such term in the definition of &ldquo;Senior Secured Last Out Loan&rdquo; herein.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;Senior Secured Last Out Loan&rdquo;</B>
        means any Loan that would be a Senior Secured Loan but for the fact that its terms provide that the payment of principal thereon,
        either prior to or after any default, event of default, financial covenant test failure or other event, is to occur after the payment
        of principal of any other term loan(s) (each such other term loan, a <B>&ldquo;Senior Secured First Out Loan&rdquo;)</B> under
        the same credit facility.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;Senior Secured Last Out (Type
        I) Loan&rdquo;</B> means any Senior Secured Last Out Loan for which (a) the Priority Loan Leverage Ratio with respect to such Senior
        Secured Last Out Loan and the related Portfolio Obligor(s) is less than 1.25x and (b) the Consolidated Leverage Ratio with respect
        to such Senior Secured Last Out Loan and the related Portfolio Obligor(s) is less than 4.5x.</P></TD></TR>
</TABLE>
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<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 34%; padding-left: 22.1pt; text-align: left; color: #00000A; text-indent: -22.1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 65%; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Senior Secured Last Out (Type II) Loan&rdquo;</B> means any Senior Secured Last Out Loan that is not a Senior Secured Last Out (Type I) Loan.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 22.1pt; text-align: left; color: #00000A; text-indent: -22.1pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 22.1pt; text-align: left; color: #00000A; text-indent: -22.1pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;Senior Secured Loan&rdquo;</B>
        means any Loan that (i) is not (and by its terms is not permitted to become) subordinated in right of payment, liens or otherwise
        to any other obligation of the Portfolio Asset Obligor(s) of such Loan, including any other obligation under the same credit facility,
        other than any Priority Revolving Loan, and (ii) is secured by a valid first priority perfected security interest in or Lien on
        collateral consisting of all or substantially all the assets of the Portfolio Asset Obligor(s), other than those assets securing
        any Priority Revolving Loan, as to which it is secured by a valid second priority perfected security interest in or Lien on collateral
        consisting of all the assets securing such Priority Revolving Loan.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;Senior Secured (Type I) Loan&rdquo;</B>
        means any Senior Secured Loan that (a) has an applicable margin or other stated coupon less than (or equal to) 9.0%, including
        for such purposes any non-cash portion thereof but excluding for such purposes any portion thereof derived from the London interbank
        offered rate, base rate or other applicable fixed or floating reference rate, (b) has Portfolio Asset Obligor(s) with EBITDA for
        the most recent four fiscal quarters (or last twelve months if available) for which financial reports are available greater than
        or equal to $25,000,000, (c) has a Consolidated Leverage Ratio with respect to such Senior Secured Loan and the related Portfolio
        Obligor(s) which is less than or equal to 5.2x, and (d) if there is a Priority Revolving Loan with respect to such Senior Secured
        Loan, has a Priority Revolving Loan Leverage Ratio with respect to such Senior Secured Loan and the related Portfolio Asset Obligor(s)
        which is less than or equal to 1.75x.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;Senior Secured (Type I Cov-Lite)
        Loan&rdquo;</B> means any Senior Secured (Type I) Loan (a) which is a Cov-Lite Loan and (b) has a Consolidated Leverage Ratio with
        respect to such Senior Secured Loan and the related Portfolio Obligor(s) which is greater than or equal to 3.5x.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;Senior Secured (Type II) Loan&rdquo;</B>
        means any Senior Secured Loan that (a) has an applicable margin or other stated coupon less than (or equal to) 9.0%, including
        for such purposes any non-cash portion thereof but excluding for such purposes any portion thereof derived from the London interbank
        offered rate, base rate or other applicable fixed or floating reference rate portion thereof, (b) has Portfolio Asset Obligor(s)
        with EBITDA for the most recent four fiscal quarters (or last twelve months if available) for which financial reports are available
        less than $25,000,000 and equal to or greater than $10,000,000, (c) has a Consolidated Leverage Ratio with respect to such Senior
        Secured Loan and the related Portfolio Obligor(s) which is less than or equal to 5.2x, (d) if there is a Priority Revolving Loan
        with respect to such Senior Secured Loan, has a Priority Revolving Loan Leverage Ratio with respect to such Senior Secured Loan
        and the related Portfolio Asset Obligor(s) which is less than or equal to 1.75x and (e) is not a Cov-Lite Loan.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
</TABLE>
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<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-left: 22.1pt; text-align: left; color: #00000A; text-indent: -22.1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 65%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;Senior Secured (Type III) Loan&rdquo;</B>
        means any Senior Secured Loan that has Portfolio Asset Obligor(s) with EBITDA for the most recent four fiscal quarters (or last
        twelve months if available) for which financial reports are available of less than $10,000,000.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;Senior Secured (Type IV) Loan&rdquo;</B>
        means (i) any Senior Secured Loan that would otherwise be a Senior Secured (Type I) Loan or Senior Secured (Type II) Loan but for
        the fact that such Loan does not meet the requirements set forth in clause (a), (c), (d) or, solely in the case of a Senior Secured
        Loan which would otherwise be a Senior Secured (Type II) Loan, (e) of the applicable definition or (ii) any Senior Secured Loan
        that would otherwise be a Senior Secured (Type I Cov-Lite) Loan but for the fact that such Loan does not meet the requirements
        set forth in clause (b) of the definition of Senior Secured (Type I Cov-Lite) Loan.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Subsidiary</B>&rdquo; has the
        meaning given to such term in the Indenture.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Transaction Documents</B>&rdquo;
        has the meaning given to such term in the Indenture.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;Traditional Second Lien Loan&rdquo;</B>
        has the meaning assigned to such term in the definition of &ldquo;Second Lien Loan&rdquo; herein.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Underlying Instrument</B>&rdquo;
        has the meaning given to such term in the Indenture.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 22.1pt; text-align: left; color: #00000A; text-indent: -22.1pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A; text-indent: 0.85pt"><FONT STYLE="font-size: 10pt">Determination of Status of Certain Portfolio Assets:</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP> </SUP></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For purposes hereof, whether any Portfolio
        Asset meets the criteria of any of the following definitions shall be determined by the Buyer as of the latest of (a) the Inclusion
        Date for such Portfolio Asset and (b) the most recent Amendment Date for such Portfolio Asset (such latest date, the <B>&ldquo;Inclusion/Amendment
        Date&rdquo;</B>):</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) ABL Loan;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) Cov-Lite Loan;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) Illiquid Loan;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(4) Liquid Loan;</P></TD></TR>
</TABLE>
<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 65%; text-align: justify"><FONT STYLE="font-size: 10pt">(5) Middle Market Illiquid Loan;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(6) Second Lien Loan;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(7) Senior Secured First Out Loan;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(8) Senior Secured Last Out Loan;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(9) Senior Secured Last Out (Type I) Loan;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(10) Senior Secured Last Out (Type II) Loan;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(11) Senior Secured Loan;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(12) Senior Secured (Type I) Loan;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(13) Senior Secured (Type I Cov-Lite) Loan</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(14) Senior Secured (Type II) Loan;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(15) Senior Secured (Type III) Loan;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(16) Senior Secured (Type IV) Loan; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(17) Traditional Second Lien Loan.</FONT></TD></TR>
</TABLE>
<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>signatures follow on
the next page</I>]</P>

<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>


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<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;</P>

<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By executing this Confirmation
and returning it to us, Seller confirms that the foregoing correctly sets out the terms of the agreement of the Parties.</P>

<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; color: #00000A"><FONT STYLE="font-size: 10pt">Yours faithfully</FONT></TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; color: #00000A; width: 7%">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A; width: 35%">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A; width: 58%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; color: #00000A"><FONT STYLE="font-size: 10pt"><B>UBS AG, London Branch,</B></FONT></TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify; color: #00000A"><FONT STYLE="font-size: 10pt"><B>In its individual capacity and as Calculation Agent</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; color: #00000A"><I>/s/ Trevor Spencer</I></TD>
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A"><FONT STYLE="color: black">Name</FONT>:</TD>
    <TD STYLE="text-align: left; color: #00000A">&nbsp;Trevor Spencer</TD>
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">Title:</TD>
    <TD STYLE="text-align: left; color: #00000A">Authorized Signatory</TD>
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; color: #00000A">&nbsp;<I>/s/ Ben Stewart</I></TD>
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A"><FONT STYLE="color: black">Name</FONT>:</TD>
    <TD STYLE="text-align: left; color: #00000A">&nbsp;Ben Stewart</TD>
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">Title:</TD>
    <TD STYLE="text-align: left; color: #00000A">Authorized Signatory</TD>
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left; color: #00000A"><FONT STYLE="font-size: 10pt">Confirmed as of the date first above written:</FONT></TD>
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; color: #00000A"><B>MURRAY HILL FUNDING, LLC</B></TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; color: #00000A">&nbsp;<I>/s/ Michael A. Reisner</I></TD>
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A"><FONT STYLE="color: black">Name</FONT>:</TD>
    <TD STYLE="text-align: left; color: #00000A">Michael A. Reisner</TD>
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; color: #00000A">Title:</TD>
    <TD STYLE="text-align: left; color: #00000A">Co-CEO</TD>
    <TD STYLE="text-align: left; color: #00000A">&nbsp;</TD></TR>
</TABLE>
<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>


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<P STYLE="color: #00000A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in"><B>S&amp;P
INDUSTRY CLASSIFICATION GROUPS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>


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<DOCUMENT>
<TYPE>EX-10.6
<SEQUENCE>7
<FILENAME>v467817_ex10-6.htm
<DESCRIPTION>EXHIBIT 10.6
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Exhibit 10.6</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">COLLATERAL MANAGEMENT AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This Collateral Management
Agreement (this &ldquo;<U>Agreement</U>&rdquo;) is made as of May 19, 2017, by and between MURRAY HILL FUNDING II, LLC, a Delaware
limited liability company (the &ldquo;<U>Issuer</U>&rdquo;), and C&#298;ON INVESTMENT MANAGEMENT, LLC, a limited liability company
formed under the laws of the State of Delaware(together with its successors and assigns in such capacity, the &ldquo;<U>Collateral
Manager</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">RECITALS:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Issuer intends to issue
certain Class A Notes (the &ldquo;<U>Class A Notes</U>&rdquo;) pursuant to an Indenture, dated as of the date hereof (as amended,
supplemented or otherwise modified from time to time, the &ldquo;<U>Indenture</U>&rdquo;), between the Issuer and U.S. Bank National
Association, a limited purpose national banking association with trust powers organized under the laws of the United States, as
trustee (together with its permitted successor and assigns in the trusts thereunder, the &ldquo;<U>Trustee</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Pursuant to the Indenture,
the Issuer has pledged the Collateral to the Trustee as security for the Class A Notes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Issuer wishes to enter
into this Agreement, pursuant to which the Collateral Manager agrees to perform, on behalf of the Issuer, certain duties with respect
to the Collateral securing the Class A Notes in the manner and on the terms set forth herein and to provide such additional services
as are consistent with the terms of this Agreement, the Collateral Administration Agreement and the Indenture; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Collateral Manager
has the capacity to provide the services required hereby and is prepared to perform such services upon the terms and conditions
set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in consideration
of the mutual covenants contained herein, and other good and valuable consideration the receipt of which is hereby acknowledged,
the parties hereto agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitions</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Capitalized terms used
but not defined herein (including in the recitals) shall have the respective meanings given to such terms in the Indenture. In
the event of any conflict or inconsistency between any term defined herein and any term defined in the Indenture, the defined term
as set forth herein shall govern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Accepted Servicing
Practices</U>&rdquo;: The meaning specified in Section 7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Advance Restructuring
Notice</U>&rdquo;: The meaning specified in Section 2(o).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Advisers Act</U>&rdquo;:
The meaning specified in Section 6(e).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Collateral Manager
Advances</U>&rdquo;: All Collateral Manager Expenses paid by the Collateral Manager from its own funds in connection with its obligations
under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Collateral Manager Expenses</U>&rdquo;: Any and all (i) customary and reasonable out-of-pocket expenses
paid or incurred by the Collateral Manager in connection with, and as permitted by, its collateral management activities and obligations
under this Agreement, including (x) the reasonable out-of-pocket expenses and costs of legal advisors, accountants, consultants
and other third party professionals retained by the Issuer or by the Collateral Manager on behalf of the Issuer in connection with
the services provided by the Collateral Manager pursuant to Section 2 hereof and (y) the reasonable out-of-pocket expenses incurred
by the Collateral Manager in connection with the acquisition or disposition, or proposed acquisition or disposition of any Portfolio
Asset, or the default or restructuring thereof, including news and quotation subscription expenses, brokerage commissions, research
expenses, accountant fees, insurance premiums, rating agency fees, computer software and services costs and travel costs (airfare,
meals, lodging and other transportation), <I>provided</I>, that, to the extent such expenses are incurred for the benefit of the
Issuer and other entities Affiliated with or advised by the Collateral Manager, the Issuer shall be responsible for only a pro
rata portion of such expenses of the Collateral Manager, based on a good faith allocation by the Collateral Manager of such expenses
among all such entities and the Issuer; and (ii) indemnities payable to Indemnified Person pursuant to Section 9(a) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Full Payment
Date</U>&rdquo;: The day next following the payment in full or redemption in whole of the Notes in accordance with the terms of
the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Indemnified Person</U>&rdquo;:
The meaning specified in Section 8(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Insolvency Laws</U>&rdquo;:
(a) the United States Bankruptcy Reform Act of 1978 (11 U.S.C. &sect; 101, et seq.), as amended from time to time, and (b) all
other applicable liquidation, conservatorship, examinership, bankruptcy, moratorium, rearrangement, receivership, insolvency, reorganization,
or similar debtor relief laws of any applicable jurisdiction from time to time in effect affecting the rights of creditors generally.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Managed Assets</U>&rdquo;:
The meaning specified in Section 2(f).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Other Investment
Vehicles</U>&rdquo;: The meaning specified in Section 6(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Post-Restructuring
Notice</U>&rdquo;: The meaning specified in Section 2(o).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Responsible Officer</U>&rdquo;:
Any officer, or director or employee of the Issuer or the Collateral Manager, as the case may be, involved in or responsible for
the administration, supervision or management of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Seller</U>&rdquo;:
Murray Hill Funding, LLC, a limited liability company organized under the laws of the State of Delaware, acting in its capacity
as seller of Class A Notes under the Global Master Repurchase Agreement, together with its successors in such capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>General
Duties of the Collateral Manager</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Subject to and in accordance
with the terms of the Indenture and this Agreement, the Collateral Manager shall provide those services pertaining to the Portfolio
Assets and the other Collateral that, applying Accepted Servicing Practices, are required to be performed by the Collateral Manager,
which services include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Collateral Manager agrees to supervise and direct the investment and reinvestment of the Collateral, and shall perform on behalf
of the Issuer the duties that have been expressly delegated to the Collateral Manager in this Agreement and in the Indenture (and
the Collateral Manager shall have no obligation to perform any other duties under the Indenture or otherwise) and, to the extent
necessary or appropriate to perform such duties, the Collateral Manager shall have the power to execute and deliver all necessary
and appropriate documents and instruments on behalf of the Issuer with respect thereto. In addition, in performing its obligations
under this Agreement, the Collateral Manager shall, except as otherwise provided in and subject to the terms of this Agreement,
have full power and authority to (i) take any and all actions in connection with its collateral management obligations hereunder
that it deems necessary or appropriate (in each case, subject to Accepted Servicing Practices), and (ii) execute and deliver all
necessary and appropriate documents and instruments on behalf of the Issuer with respect thereto. In furtherance of the foregoing,
the Issuer hereby makes, constitutes and appoints the Collateral Manager, with full power of substitution, as its true and lawful
agent and attorney-in-fact, with full power and authority in its name, place and stead, to sign, execute, certify, swear to, acknowledge,
deliver, file, receive and record any and all documents which the Collateral Manager reasonably deems appropriate or necessary
in connection with its duties under this Agreement. The foregoing power shall survive and not be affected by the subsequent dissolution,
bankruptcy or termination of the Issuer; provided, however, that the foregoing power of attorney will expire, and the Collateral
Manager will cease to have any power to act as the Issuer&rsquo;s attorney-in-fact, upon termination of this Agreement (upon the
effectiveness of any resignation or removal of the Collateral Manager or otherwise) in accordance with the terms hereof. The Issuer
hereby agrees to cooperate with the Collateral Manager by either executing and delivering to the Collateral Manager from time to
time (x) other powers of attorney evidencing the Collateral Manager&rsquo;s authority and power under this Agreement, or (y) such
other documents or instruments deemed necessary or appropriate by the Collateral Manager to enable the Collateral Manager to carry
out its collateral management obligations under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Collateral Manager shall (i) select all Portfolio Assets which shall be acquired or sold by the Issuer and pledged to the Trustee
pursuant to the Indenture and (ii) facilitate the acquisition, disposition and settlement of Portfolio Assets by the Issuer in
accordance with the Indenture, including the delivery of Collateral in accordance with the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Collateral Manager shall monitor the Collateral, on behalf of the Issuer, on an ongoing basis and shall use commercially reasonable
efforts to provide to the Issuer all reports, schedules and other data which the Issuer is required to prepare, deliver or furnish
under the Indenture or the Collateral Administration Agreement (in each case, except to the extent that the Collateral Administrator
is required pursuant to the Collateral Administration Agreement to provide to the Issuer any such reports, schedules and other
data, in which event the Collateral Manager shall have no obligation with respect thereto), in the form and containing all information
required thereby and on or before the date required under the Indenture and to deliver them to the parties entitled thereto under
the Indenture. The Collateral Manager shall, on behalf of the Issuer, use commercially reasonable efforts to determine whether
a Portfolio Asset has become a Defaulted Obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Collateral Manager shall use commercially reasonable efforts to furnish Issuer Orders, Issuer Requests and officer&rsquo;s certificates
as may be required under the Indenture, including providing any certifications, and the Collateral Manager shall have the power
to execute and deliver all necessary and appropriate documents and instruments on behalf of the Issuer with respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Collateral Manager may, in its sole discretion, subject to and in accordance with the provisions of the Indenture and this Agreement
including, but not limited to, Section 2(o), take on behalf of the Issuer or, if applicable, direct the Trustee in writing to take
the following actions with respect to any Portfolio Asset, Defaulted Obligation, and any other assets and property included in
the Collateral (collectively, the &ldquo;<U>Managed Assets</U>&rdquo;), as applicable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>retain
such Managed Asset;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>sell
or otherwise dispose of such Managed Asset in the open market or otherwise (including to itself or to an Affiliate of the Collateral
Manager on arm&rsquo;s length terms);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>acquire,
as security for the Class A Notes in substitution for or in addition to any one or more Managed Assets included in the Collateral,
one or more additional assets;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>if
applicable, tender such Managed Asset pursuant to an Offer;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>if
applicable, consent to any proposed amendment, modification, extension or waiver pursuant to an Offer;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>retain
or dispose of any securities or other property (other than Cash) received pursuant to an Offer;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>waive
any default with respect to any Defaulted Obligation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>vote
to accelerate the maturity of any Defaulted Obligation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>amend,
waive, consent, modify, extend or vote with respect to any Managed Asset;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>exercise
any other rights or remedies with respect to any Managed Asset and as provided in the related Underlying Instrument including without
limitation the negotiation of any workout or restructuring and the acceptance of any security or other consideration issued in
a plan of reorganization, bankruptcy or other proceeding involving any thereof, or take any other action consistent with the terms
of the Indenture which, in accordance with Accepted Servicing Practices, the Collateral Manager reasonably believes to be in the
best interests of the Holders; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>exercise
any other rights or remedies with respect to such Managed Asset.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as expressly otherwise permitted in Section 6, the Collateral Manager shall cause any purchase or sale of any Managed Asset to
be effected for Cash and otherwise on arm&rsquo;s length terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with taking or omitting any action under the Indenture or this Agreement, the Collateral Manager may, in accordance
with Accepted Servicing Practices, consult with counsel and may rely in good faith on the advice of such counsel or any opinion
of counsel selected in good faith with reasonable care.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From
and after the occurrence and continuance of an Event of Default, the Collateral Manager shall continue to perform and be bound
by the provisions of this Agreement. The Trustee shall be entitled to rely and be protected in relying upon all actions and omissions
to act of the Collateral Manager thereafter as fully as if no Event of Default had occurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary contained herein, the standard of care applicable to the Collateral Manager&rsquo;s performance of its
services under this Agreement shall be the servicing standards applicable pursuant to Accepted Servicing Practices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Collateral Manager may enter into subservicing agreements for the servicing and administration of all or a part of the Portfolio
Assets and the other Collateral; provided that entering into such a subservicing agreement shall not constitute an assignment of
rights or delegation of performance obligations of the Collateral Manager, which obligations shall remain the primary obligations
of the Collateral Manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
performing its duties hereunder, the Collateral Manager shall not take any action which is prohibited pursuant to the terms of
the Indenture or any of the other Transaction Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
any other term of this Agreement, in no event shall the Collateral Manager have any obligation to cause the Issuer to comply with
any monetary obligation set forth in any Transaction Document (including, without limitation, the payment of principal, interest,
fees, expenses, indemnity obligations or other amounts).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
Notwithstanding any other term of this Agreement, the Collateral Manager shall deliver written notice to UBS (in its capacity as
Liquidation Agent) in the event that the Collateral Manager receives a written or formal request to take, agree, vote on or consent
to any amendment or any action with respect to any Portfolio Asset within 5 Business Days following receipt of such request and
at least 4 Business Days prior to the date of the proposed amendment or action (or, if such request is received within the 4 Business
Day period, the next Business Day), as applicable (such notice, an &quot;Advance Restructuring Notice&quot;). In addition, the
Collateral Manager shall deliver written notice to UBS providing evidence of any such amendment or action within 2 Business Days
after the amendment or action (such notice, a &quot;Post-Restructuring Notice&quot;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(ii) Notwithstanding any
other terms of this Agreement, so long as either (x) an &ldquo;Event of Default&rdquo; shall have occurred and is continuing under
the Global Master Repurchase Agreement or (y) an Event of Default shall have occurred and is continuing under the Indenture, the
Collateral Manager shall exercise any right of the Issuer described in an Advance Restructuring Notice to take, agree, vote on
or consent to any amendment or action with respect to any Portfolio Asset only in accordance with the written direction of UBS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Liquidation Agent shall
be an express third party beneficiary of the provisions set forth in this Section 2(o) to the extent that it is entitled to receive
notifications or exercise consent, voting or similar rights under this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Immediately
upon becoming aware that any Portfolio Asset, at any time after the acquisition thereof by the Issuer, has become a Defaulted Obligation,
the Collateral Manager shall deliver a notice of such event to (i) the Issuer and (ii) UBS (in its capacity as Liquidation Agent)
(which shall constitute a third party beneficiary of this Agreement for purposes of such obligation).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Joint Venture</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Nothing in this Agreement
shall be deemed to create a joint venture or partnership between the parties with respect to the arrangements set forth in this
Agreement. For all purposes herein, the Collateral Manager shall be deemed to be an independent contractor and, unless otherwise
provided herein or specifically authorized by the Issuer, from time to time, shall have no authority to act for or represent the
Issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Brokerage</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Collateral Manager
shall use all commercially reasonable efforts to obtain the best execution for all orders placed with respect to the Managed Assets,
considering all reasonable circumstances (it being understood that the Collateral Manager has no obligation to obtain the lowest
or best prices available). Subject to the objective of obtaining best execution, the Collateral Manager may take into consideration
all factors that the Collateral Manager reasonably determines to be relevant, including, without limitation, timing, general relevant
trends and research and other brokerage services furnished to the Collateral Manager or its Affiliates by brokers and dealers.
Such services may be used by the Collateral Manager or its Affiliates in connection with its other advisory activities or investment
operations. To the extent consistent with the Collateral Manager&rsquo;s objective to obtain the best execution for all orders
placed with respect to the Managed Assets and any other provision of this Agreement, the Collateral Manager may aggregate sales
and purchase orders of securities placed with respect to the Managed Assets with similar orders being made simultaneously for other
accounts managed by the Collateral Manager or with similar orders being made simultaneously for accounts of its Affiliates. When
any aggregate sales or purchase orders occur, the Collateral Manager (and any of its Affiliates involved in such transactions)
shall allocate the executions among the accounts in an equitable manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Collateral
Manager&rsquo;s Expenses</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Collateral Manager
shall have no obligation to advance its own funds for the payment of any Collateral Manager Expenses if the Collateral Manager
determines that any such Collateral Manager Advances are or will be, or that any outstanding Collateral Manager Advances are, non-recoverable.
In any case, the Collateral Manager may, at its option, make Collateral Manager Advances from its own funds with respect to the
payment of Collateral Manager Expenses, in which event the Collateral Manager shall be reimbursed for such advances on each Payment
Date without interest. The making of a Collateral Manager Advance by the Collateral Manager under any particular set of circumstances
will not obligate the Collateral Manager to make any additional or other Collateral Manager Advance under equivalent, similar or
any other circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Services
to Other Companies or Accounts; Conflicts of Interest</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Issuer acknowledges, understands and agrees that the Collateral Manager and its Affiliates, partners and associates are in no way
prohibited from, and intend to, spend substantial business time in connection with other businesses or activities, including, but
not limited to, managing investments, advising or managing entities other than the Issuer, whose investment objectives are the
same as or overlap with those of the Issuer, participating in actual or potential investments of the Issuer, providing consulting,
merger and acquisition, structuring or financial advisory services, including with respect to actual, contemplated or potential
investments of the Issuer, or acting as a director, officer or creditors&rsquo; committee member of, adviser to, or participant
in, any corporation, partnership, trust or other business entity. The Collateral Manager or such Affiliates, partners or associates
may, and expect to, receive fees or other compensation from third parties for any of these activities, which fees will be for the
benefit of their own account and not the account of the Issuer. These fees can relate to actual, contemplated or potential investments
of the Issuer and may be payable by entities in which the Issuer directly or indirectly, has invested or contemplates investing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the Issuer acknowledges, understands and agrees that the Collateral Manager or its Affiliates, partners and associates
may manage Affiliates of the Issuer (including, but not limited to, other funds, investment vehicles, accounts or advisory clients
of the Collateral Manager or any of its Affiliates, collectively the &ldquo;<U>Other Investment Vehicles</U>&rdquo;). The investment
policies, fee arrangements and circumstances of the Issuer may differ from such Other Investment Vehicles. For example, the Collateral
Manager may decide on behalf of the Issuer to retain an asset at the same time that one or more Other Investment Vehicles sells
it. Similarly, the Other Investment Vehicles which are in a liquidation phase may take priority as to sales of investments in which
the Issuer is also an investor. These procedures could in certain circumstances affect adversely the price paid or received by
the Issuer or the size of the position purchased or sold by the Issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Issuer acknowledges, understands and agrees that the Collateral Manager and any Other Investment Vehicle may have economic interests
in, relationships with, or render services or engage in transactions with obligors in whose obligations the issuer may invest.
As a result, officers and employees of the Collateral Manager and Other Investment Vehicles may possess (and will have no obligation
to share) information relating to obligors that is not known to the individuals responsible for monitoring the Collateral or performing
obligations under the Collateral Management Agreement. In particular, the Collateral Manager, its Affiliates and/or Other Investment
Vehicles may invest in and/or hold obligations of an obligor that may be <I>pari passu, </I>senior or junior in ranking to another
obligation of such obligor that is included in the Collateral, and/or officers, directors and/or employees of the Collateral Manager,
its Affiliates and/or Other Investment Vehicles may serve on boards of directors (or in a similar role) of or otherwise have ongoing
relationships with such obligor. The purchase, holding and sale of such obligations by the Issuer may enhance the profitability
of the investments in such obligors held by the Collateral Manager, its Affiliates and/or Other Investment Vehicles. Each of such
ownership and other relationships may affect the ability of the Collateral Manager to advise the Issuer with respect to such obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although
the Issuer intends to operate so that the Portfolio Assets are not &ldquo;plan assets&rdquo; under ERISA, some of the Other Investment
Vehicles may hold or will hold &ldquo;plan assets&rdquo; subject to ERISA. For those plan assets, certain partners, Affiliates
and/or associates of the Collateral Manager are classified as &ldquo;fiduciaries&rdquo; under ERISA. ERISA imposes certain general
and specific responsibilities and restrictions on fiduciaries with respect to plan assets. As a result, the Collateral Manager
may adopt certain procedures to address other conflicts in order to satisfy ERISA requirements, if applicable. The foregoing procedures
could in certain circumstances affect adversely the price paid or received by the Issuer or the size of the position purchased
or sold by the Issuer (including prohibiting the Issuer from purchasing a position) or may limit the rights that the Issuer may
exercise with respect to an investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Members,
Affiliates and associates of the Collateral Manager may have the ability, under certain circumstances, to take certain actions
that would be inconsistent with the objectives of the Issuer. In such circumstances, the Collateral Manager and its partners and
associates will act in good faith and in a manner believed by them to be equitable; <I>provided</I> that, the Collateral Manager
and its partners, Affiliates and associates may adopt certain procedures to address certain conflicts of interest. The foregoing
procedures could in certain circumstances affect adversely the price paid or received by the Issuer or the size of the position
purchased or sold by the Issuer (including prohibiting the Issuer from purchasing a position) or may limit the rights that the
Issuer may exercise with respect to an investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Collateral Manager shall not direct the Trustee to purchase any Portfolio Asset for inclusion in the Collateral directly from the
Collateral Manager or any of its Affiliates as principal or any account or portfolio for which Collateral Manager or any of its
Affiliates serve as investment advisor, or direct the Trustee to sell directly any Portfolio Asset to the Collateral Manager or
any of its Affiliates as principal or any account or portfolio for which the Collateral Manager or any of its Affiliates serve
as investment advisor, unless the Collateral Manager shall have certified to the Issuer and the Trustee (a copy of which shall
be provided by the Trustee to the Liquidation Agent) with respect to each such transaction that (i) such transaction will be consummated
on terms prevailing in the market, (ii) the terms of such transaction are substantially as advantageous to the Issuer as the terms
the Issuer would obtain in a comparable arm&rsquo;s length transaction with a non-Affiliate, and (iii) such transaction complies
with the Investment Advisers Act of 1940, as amended (the &ldquo;<U>Advisers Act</U>&rdquo;), to the extent applicable. In accordance
with the foregoing, the Collateral Manager may, in one or more transactions, effect client cross-transactions where the Collateral
Manager causes a transaction to be effected between the Issuer and another collateralized debt obligation vehicle, collateralized
loan obligation vehicle, fund or another investment vehicle or account managed or advised by it or one or more of its Affiliates,
but neither it nor the Affiliate will receive any commission or similar fee in connection with such cross-transaction. If consent
of the Issuer to any such transaction is required under the Advisers Act, the Collateral Manager will obtain the prior written,
informed consent of the Issuer&rsquo;s Sole Member. In addition, with the prior authorization of the Issuer, which may be revoked
at any time, the Collateral Manager may enter into agency cross-transactions where it or any of its Affiliates acts as broker for
the Issuer and for the other party to the transaction, to the extent permitted under applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Collateral Manager shall not direct the Trustee to purchase any Portfolio Asset that is an Affiliated Loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Standard
of Care</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Collateral Manager
shall comply with all the terms and conditions of the Indenture specifically made applicable to the Collateral Manager as specified
therein affecting the duties and functions that have been delegated to it thereunder and hereunder and, subject to Section 8 of
this Agreement, shall perform its collateral management services under this Agreement with reasonable care, using a degree of skill
and attention no less than that which the Collateral Manager exercises with respect to comparable assets that it manages for itself
and others having similar investment objectives and restrictions. The servicing standards described in this Section 7 are herein
referred to as &ldquo;<U>Accepted Servicing Practices</U>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitation
of Liability</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
prejudice to the obligations of the Sole Member under the Equity Contribution Agreement, the Subscription Agreement, the Liquidation
Agent Appointment Letter and the Global Master Repurchase Agreement, none of the Collateral Manager (solely in its capacity as
Collateral Manager hereunder), its Affiliates (excluding the Issuer), any officer, director, manager, partner, member, employee,
stockholder or agent of any of such Persons or any other Person that serves or provides advisory services and resources at the
request of the Collateral Manager on behalf of the Issuer as an officer, director, manager partner, member, employee or agent of
any other entity (each, an &ldquo;<U>Indemnified Person</U>&rdquo;) shall be liable to the Trustee, any Holder, UBS or the Issuer,
or any Affiliate of the foregoing, for damages or expenses, or for any decrease in the value of the Managed Assets, arising from
any action taken or omitted to be taken by such Indemnified Person or for damages or expenses, or for any decrease in the value
of the Managed Assets, arising from any action taken or omitted to be taken by the Trustee, any Holder, UBS or any other Person
with respect to the Issuer, unless such damages are the result of acts or omissions constituting bad faith, gross negligence, willful
misconduct or fraud by any Indemnified Person. Each Indemnified Person may rely conclusively in good faith on any document of any
kind that, prima facie, is properly executed and submitted by any appropriate Person respecting any matters arising under this
Agreement. The Collateral Manager shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice,
request, certificate, consent, statement, instrument, document or other writing delivered to the Collateral Manager under or in
connection with this Agreement and believed by it to be genuine and to have been signed or sent by the proper Person. The Collateral
Manager may consult with legal counsel, Independent accountants and other experts selected by it, and shall not be liable for any
action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
claim may be made by any party hereto against any other party hereto or any officer, agent, stockholder, partner, manager, member,
director or employee of any such party for any special, indirect, consequential or punitive damages (including lost profits) in
respect of any claim for breach of contract or any other theory of liability arising out of or relating to this Agreement or the
transactions contemplated hereby or any act, omission or event occurring in connection therewith, and to the fullest extent permitted
by applicable law, each party hereto hereby waives, releases and agrees not to sue upon any claim for any such damages, whether
or not accrued and whether or not known or suspected to exist in such party&rsquo;s favor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the fullest extent permitted by law, the Issuer shall indemnify, defend and hold harmless each Indemnified Person, against all
losses, claims, damages or liabilities, whether or not matured or unmatured or whether or not asserted or brought due to contractual
or other restrictions (including reasonable legal or other expenses actually and reasonably incurred in investigating or defending
against any such loss, claim, damage or liability), joint or several (collectively, &ldquo;<U>Losses</U>&rdquo;), to which an Indemnified
Person may become subject by reason of any acts or omissions or any alleged acts or omissions arising out of such Indemnified Person&rsquo;s
or any other Indemnified Person&rsquo;s activities in connection with the conduct of the business or affairs of the Issuer and/or
a Portfolio Asset (including in connection with or relating to this Agreement), or caused by or arising out of or relating to or
in connection with this Agreement, any of the Transaction Documents or any of the transactions contemplated thereby (including,
without limitation, the issuance of the Class A Notes), unless such Loss results from (i)&nbsp;the gross negligence, willful misconduct
or fraud of such Person, or (ii) a breach of the representation and warranty of the Collateral Manager in Section 12 hereof. Notwithstanding
the exception set forth in the preceding sentence, if the Collateral Manager sustains any loss, liability or expense by reason
of such exception and which results from any overcharges to a Portfolio Asset Obligor under a Portfolio Asset, then the Issuer
shall, to the extent that such overcharges were collected by the Collateral Manager and remitted to the Issuer, promptly remit
such overcharge to such Portfolio Asset Obligor after the applicable Issuer&rsquo;s receipt of written notice from the Collateral
Manager regarding such overcharge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Notwithstanding anything
contained herein to the contrary, the obligations of the Issuer under this Section 9(a) are limited recourse obligations of the
Issuer payable as Collateral Manager Expenses solely to the extent of available funds in accordance with Sections 10.3(c) and 11.1
of the Indenture. Any indemnification rights provided for in this Section 9(a) shall be retained by any resigned or replaced Collateral
Manager and by all former Indemnified Persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses
incurred by an Indemnified Person in defense or settlement of any claim that shall be subject to a right of indemnification hereunder
may be advanced by the Issuer prior to the final disposition thereof upon receipt of a written undertaking by or on behalf of the
Indemnified Person to repay such amount to the extent that it shall be determined ultimately that such Indemnified Person is not
entitled to be indemnified hereunder. The right of any Indemnified Person to the indemnification provided herein shall be cumulative
of, and in addition to, any and all rights to which such Indemnified Person may otherwise be entitled by contract or as a matter
of law or equity and shall extend to such Indemnified Person&rsquo;s successors, assigns and legal representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
indemnification rights provided for in this Section 9 shall survive the termination of this Agreement. Notwithstanding anything
else herein, nothing contained in this Section or elsewhere in this Agreement shall be construed as relieving any person for any
liability (including liability under applicable U.S. federal securities laws which, under certain circumstances, impose liability
even on persons that act in good faith), to the extent that such liability may not be waived under, or such indemnification would
be in violation of, applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Term
of Agreement; Definition of &ldquo;cause&rdquo;; Survival of Certain Terms</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement shall become effective on the date hereof. This Agreement shall continue in force until the first of the following occurs
(i) the payment in full or redemption in whole of the Notes and the termination of the Indenture in accordance with its terms;
(ii) the liquidation of the Portfolio Assets and the final distribution of proceeds of such liquidation to the Holders; or (iii)
termination of this Agreement in accordance with subsection (c) of this Section 10. Sections 8, 9, 11, 16 and 18 shall survive
any termination of this Agreement. Any such termination shall also be without prejudice to any rights of the Collateral Manager
relating to the reimbursement of its Collateral Manager Expenses and Collateral Manager Advances through and including the date
of such termination. Upon any such termination, any Collateral Manager Expenses and Collateral Manager Advances that remain unpaid
or unreimbursed shall be remitted by the Issuer to the Collateral Manager on the next Payment Date after the Issuer&rsquo;s receipt
of an itemized invoice therefor (provided such invoice is received no less than 5 Business Days prior to such Payment Date).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For purposes of determining &ldquo;cause&rdquo; with respect to this Agreement and the Global Master Repurchase Agreement, such
term shall mean the occurrence of any one of the following events:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any
failure by the Collateral Manager to comply with its obligations set forth in Section 2 hereof, and such failure results in the
occurrence of an Event of Default (as defined in the Indenture, but after giving effect to any related notice requirement or cure
period) that is directly attributable to the actions or inactions of Collateral Manager constituting such breach of Section 2 hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
Collateral Manager breaches any provision of this Agreement, the Indenture or any other Transaction Document to which it is a party
(other than as covered in Section 10(b)(i)) which violation or breach (1) has a material adverse effect on the Holders of any Class
A Notes and (2) if capable of being cured, is not cured within 20 days after the date on which written notice of such breach has
been given to the Collateral Manager by the Issuer, the Trustee, the Majority Holders or the Liquidation Agent, or, if such violation
or breach is not capable of being cured within 20 days but is capable of being cured in a longer period, the Collateral Manager
fails to cure such violation or breach within the period in which a reasonably diligent person could cure such violation or breach,
but in no event greater than 45 days;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any
representation, warranty or certification made by the Collateral Manager in this Agreement or in any certificate delivered pursuant
to this Agreement shall prove to have been untrue or incorrect when made, and such breach has a material adverse effect on the
Holders of any Class A Notes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
filing of a decree or order for relief by a court having jurisdiction over the Collateral Manager or any substantial part of its
property in an involuntary case under any applicable Insolvency Law now or hereafter in effect, or appointing a receiver, liquidator,
assignee, custodian, trustee, sequestrator or similar official for the Collateral Manager or for any substantial part of its property,
or ordering the winding up or liquidation of the Collateral Manager&rsquo;s affairs, and such decree or order shall remain unstayed
and in effect for a period of thirty (30) consecutive days;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
commencement by the Collateral Manager of a voluntary case under any applicable Insolvency Law now or hereafter in effect, or the
consent by the Collateral Manager to the entry of an order for relief in an involuntary case under any such law;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
consent by the Collateral Manager to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee,
sequestrator or similar official for the Collateral Manager or for any substantial part of its property, or the making by the Collateral
Manager of any general assignment for the benefit of creditors;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
failure by the Collateral Manager generally to pay its debts as such debts become due, or the taking of action by the Collateral
Manager in furtherance of the actions described in the immediately preceding clauses (iv), (v) or (vi);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
occurrence and continuance of any Event of Default under the Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
Collateral Manager or any officer of the Collateral Manager who has direct responsibility for the investment activities of the
Issuer is indicted for any act constituting fraud or criminal negligence in respect of investment activity;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
an &ldquo;Event of Default&rdquo; has occurred under the Global Master Repurchase Agreement with respect to which the Seller is
the &ldquo;Defaulting Party&rdquo; (as each such term is defined therein) and the &ldquo;Repurchase Date&rdquo; (as defined in
the Global Master Repurchase Agreement) has been accelerated as a result thereof; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
Collateral Manager has delivered a written notice of resignation to the Issuer (with a copy to the Trustee).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If any of the events specified
in this sub-clause (b) of this Section 10 shall occur, the Collateral Manager shall give prompt written notice thereof to the Issuer,
UBS and the Trustee (who shall forward to the Holders) upon a Responsible Officer of the Collateral Manager becoming aware of the
occurrence of such event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement may also be terminated by the Collateral Manager on the thirtieth day after the date on which the Collateral Manager
delivers written notice, setting forth the cause of such termination, to the Issuer (with a copy to the Trustee). For purposes
of determining &ldquo;cause&rdquo; with respect to termination of this Agreement pursuant to this Section 10(c), such term shall
mean the occurrence of any one of the following events:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any
failure by the Trustee to disburse any amount due to the Collateral Manager hereunder (including, without limitation, the Collateral
Management Expenses and Collateral Manager Advances) when funds are available therefor pursuant to Section 11.1(a) of the Indenture,
which failure, continues unremedied for a period of 5 Business Days after the date on which written notice of such failure shall
have been given to the Issuer by the Collateral Manager; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
Issuer breaches any provision of this Agreement (other than as covered in Section 10(c)(i)) which violation or breach (1) has a
material adverse effect on the Collateral Manager and (2) if capable of being cured, is not cured within 30 days after the date
on which written notice of such breach has been given to the Issuer, or, if such violation or breach is not capable of being cured
within 30 days but is capable of being cured in a longer period, the Issuer fails to cure such violation or breach within the period
in which a reasonably diligent person could cure such violation or breach, but in no event greater than 60 days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement may also be terminated immediately by the Collateral Manager, upon written notice setting forth the cause of such termination,
to the Issuer (with a copy to the Trustee) setting forth the cause of such resignation, if a material change in applicable law
or regulations renders the performance by the Collateral Manager of its duties under this Agreement or the Indenture to be a violation
of such law or regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Action
Upon Termination</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
any termination of this Agreement, the Collateral Manager shall as soon as reasonably practicable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>deliver
to the Issuer, or to the successor collateral manager if so directed by the Issuer, all property and documents of the Trustee or
the Issuer or otherwise relating to the Portfolio Assets then in the custody of the Collateral Manager; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>deliver
to the Trustee an accounting with respect to the books and records delivered to the Trustee or the successor collateral manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Notwithstanding such termination,
(x) the Collateral Manager shall remain liable to the extent set forth herein (but subject to Section 8 hereof) for its acts or
omissions hereunder arising prior to termination, and for any expenses, losses, damages, liabilities, demands, charges and claims
(including reasonable attorneys&rsquo; fees) in respect of or arising out of a material breach of the representations and warranties
made by the Collateral Manager in Section 12 hereof or from any material failure of the Collateral Manager to comply with the provisions
of this Section 11, and (y) the Issuer shall remain liable to the extent set forth herein for the reimbursement of the Collateral
Manager&rsquo;s Collateral Manager Expenses and Collateral Manager Advances through and including the date of such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Collateral Manager agrees that, notwithstanding any termination, it shall reasonably cooperate in any Proceeding arising in connection
with this Agreement, the Indenture, or any of the Portfolio Assets (excluding any such Proceeding in which claims are asserted
against the Collateral Manager or any Affiliate of the Collateral Manager) upon receipt of appropriate indemnification and expense
reimbursement satisfactory to the Collateral Manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Collateral Manager
hereby represents and warrants to the Issuer as follows as of the date hereof:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Collateral Manager is a Delaware limited liability company formed under the laws of the State of Delaware and has full power and
authority to own its assets and to transact the business in which it is currently engaged and is duly qualified and in good standing
under the laws of each jurisdiction where its ownership or lease of property or the conduct of its business requires, or the performance
of this Agreement would require such qualification, except for those jurisdictions in which the failure to be so qualified, authorized
or licensed would not have a material adverse effect on the business, operations, assets or financial condition of the Collateral
Manager or on the ability of the Collateral Manager to perform its obligations under, or on the validity or enforceability of,
this Agreement and the provisions of the Indenture applicable to the Collateral Manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Collateral Manager has full power and authority to execute, deliver and perform this Agreement and all obligations required hereunder
and under the provisions of the Indenture applicable to the Collateral Manager, and has taken all necessary action to authorize
this Agreement on the terms and conditions hereof and the execution, delivery and performance of this Agreement and all obligations
required hereunder and under the terms of the Indenture applicable to the Collateral Manager. No consent of any other Person, including,
without limitation, any partners or creditors of the Collateral Manager, and no license, permit, approval or authorization of,
exemption by, notice or report to, or registration, filing or declaration with, any governmental authority is required by the Collateral
Manager in connection with this Agreement or the Collateral Administration Agreement, or the execution, delivery, performance,
validity or enforceability of this Agreement, the Collateral Administration Agreement or the obligations required hereunder, under
the Collateral Administration Agreement or under the terms of the Indenture applicable to the Collateral Manager. This Agreement
has been, and each instrument and document required hereunder or under the terms of the Indenture shall be, executed and delivered
by a duly authorized officer of the Collateral Manager, and this Agreement constitutes, and each instrument and document required
hereunder or under the terms of the Indenture when executed and delivered by the Collateral Manager hereunder or under the terms
of the Indenture shall constitute, the valid and legally binding obligations of the Collateral Manager enforceable against the
Collateral Manager in accordance with their terms, subject to (A) the effect of bankruptcy, insolvency or similar laws affecting
generally the enforcement of creditors&rsquo; rights and (B) general equitable principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
execution, delivery and performance of this Agreement and the performance by the Collateral Manager of the terms of the Indenture
applicable to it will not violate any provision of any existing law or regulation binding the Collateral Manager, or any order,
judgment, award or decree of any court, arbitrator or governmental authority binding on the Collateral Manager, or the organizational
documents of, or any securities issued by, the Collateral Manager or constitute, with or without giving notice or lapse of time
or both, a default under or result in a breach of any of the terms or provisions of any mortgage, indenture, lease, contract or
other agreement, instrument or undertaking to which the Collateral Manager is a party or by which the Collateral Manager or any
of its assets may be bound, the violation of which would have a material adverse effect on the ability of the Collateral Manager
to perform its obligations under or the validity or enforceability of this Agreement or provisions of the Indenture and Collateral
Administration Agreement applicable to the Collateral Manager, and will not result in or require the creation or imposition of
any lien on any of its property, assets or revenues pursuant to the provisions of any such mortgage, indenture, lease, contract
or other agreement, instrument or undertaking.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
is no charge, investigation, action, suit or proceeding before or by any court pending or, to the knowledge of the Collateral Manager,
threatened that, if determined adversely to the Collateral Manager, would have a material adverse effect upon the performance by
the Collateral Manager of its duties under, or on the validity or enforceability of, this Agreement and the provisions of the Indenture
applicable to the Collateral Manager hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Collateral Manager is not in violation of its Constitutive Documents or in breach or violation of or in default under any contract
or agreement to which it is a party or by which it or any of its property may be bound, or any applicable statute or any rule,
regulation or order of any court, government agency or body having jurisdiction over the Collateral Manager or its properties,
the breach or violation of which or default under which would have a material adverse effect on the validity or enforceability
of this Agreement or the provisions of the Indenture applicable to the Collateral Manager, or the performance by the Collateral
Manager of its duties hereunder or thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Collateral Manager&rsquo;s
representations and warranties in Sections 12(c) are given on the assumptions that there shall be no misrepresentations or breach
of covenants by transferees or purchasers of the Notes and do not address the consequences of such misrepresentations or breach,
and that none of the assets of the Issuer are or will be (or are or will be deemed for purposes of ERISA or Section 4975 of the
Code, or any substantially similar applicable federal, state, local or non-US law, to be) &ldquo;plan assets&rdquo; subject to
ERISA or Section 4975 of the Code (or any substantially similar law).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement may not be modified or amended without the prior written consent of the Trustee (at the direction of the Majority Holders)
and in writing executed by the parties hereto; <I>provided</I> that any modification or amendment that may adversely affect the
rights of the Liquidation Agent under Section 10 or Section 11 shall require the prior written consent of the Liquidation Agent.
Failure on the part of either party to insist upon strict compliance by the other with any of the terms, covenants or conditions
hereof shall not be deemed a waiver of such term, covenant or condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Issuer agrees that it will not permit to become effective any supplement or modification to the Transaction Document which would
(i) increase the duties or liabilities of, reduce or eliminate any right or privilege of (including as a result of an effect on
the amount or priority of any fees or other amounts payable to the Collateral Manager), or adversely change the economic consequences
to, the Collateral Manager, (ii) modify the restrictions on the Sales of Portfolio Assets or (iii) expand or restrict the Collateral
Manager&rsquo;s discretion, and the Collateral Manager shall not be bound thereby, in each case unless the Collateral Manager shall
have consented in advance thereto in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Assignment</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective successors. Any assignment of the Collateral Manager&rsquo;s
obligations under this Agreement (other than to an Affiliate of the Collateral Manager including, without limitation, the Collateral
Manager and any direct or indirect subsidiary of the Collateral Manager) shall require the consent of the Issuer and, until the
Full Payment Date, the Trustee (at the direction of the Majority Holders) and the Majority Holders. Any assignment of the Issuer&rsquo;s
rights, remedies, and obligations under this Agreement shall require the consent of the Collateral Manager. Any assignment consented
to pursuant to this Section 14 shall bind the assignee hereunder in the same manner as the assignor is bound. Upon the execution
and delivery of such a counterpart by the assignee, the assignor shall be released from further obligations pursuant to this Agreement,
except with respect to its obligations arising under Sections 8, 9, 11, 16 and 18 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Collateral Manager
hereby acknowledges that, pursuant to Article 15 of the Indenture, the Issuer is assigning all of its right, title and interest
in, to and under this Agreement to the Trustee as representative of the Holders and the Collateral Manager agrees that all of the
representations, covenants and agreements made by the Collateral Manager in this Agreement are also for the benefit of the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire
Agreement; Severability; Headings; Counterparts</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement contains the entire agreement between the parties relating to the subject matter hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any term, provision, covenant or condition of this Agreement, or the application thereof to any party hereto or any circumstance,
is held to be unenforceable, invalid or illegal (in whole or in part) for any reason (in any relevant jurisdiction), the remaining
terms, provisions, covenants and conditions of this Agreement, modified by the deletion of the unenforceable, invalid or illegal
portion (in any relevant jurisdiction), will continue in full force and effect, and such unenforceability, invalidity, or illegality
will not otherwise affect the enforceability, validity or legality of the remaining terms, provisions, covenants and conditions
of this Agreement, so long as this Agreement, as so modified continues to express, without material change, the original intentions
of the parties as to the subject matter hereof and the deletion of such portion of this Agreement will not substantially impair
the respective expectations or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise
be conferred upon the parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Descriptive
headings are for convenience only and shall not control or affect the meaning or construction of any provision of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement (and each amendment, modification and waiver in respect of this Agreement) may be executed and delivered in counterparts
(including by e-mail (PDF) or facsimile transmission), each of which will be deemed an original, and all of which together constitute
one and the same instrument. Delivery of an executed counterpart signature page of this Agreement by e-mail (PDF) or facsimile
transmission shall be effective as delivery of a manually executed counterpart of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Non-Petition;
Limited Recourse</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
any other provision of this Agreement, the Collateral Manager agrees not to cause the filing of a petition in bankruptcy or to
institute any reorganization, arrangement, insolvency, moratorium or liquidation proceedings against the Issuer for the nonpayment
of the fees or other amounts payable by the Issuer to the Collateral Manager under this Agreement until the payment in full of
all Notes issued under the Indenture (and any other debt obligations of the Issuer that have been rated upon issuance by any rating
agency at the request of the Issuer) and the expiration of a period equal to one year and a day or, if longer, the applicable preference
period then in effect and one day, following such payment in full. Nothing in this Section 16(a) shall preclude, or be deemed to
stop, the Collateral Manager from taking any action prior to the expiration of the aforementioned period in (A) any case or proceeding
voluntarily filed or commenced by the Issuer or (B) any involuntary insolvency proceeding filed or commenced by a Person other
than the Collateral Manager. This Section 16(a) shall survive the termination of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Collateral Manager agrees that the payment of all amounts to which it is entitled pursuant to this Agreement shall be subject to
the provisions of Sections 10.3(c) and 11.1 of the Indenture, and the Collateral Manager agrees to be bound by the provisions of
Sections 10.3(c) and 11.1 of the Indenture as if it were a party thereto. Notwithstanding any other provision of this Agreement,
all of the payment obligations of the Issuer under this Agreement are limited recourse obligations of the Issuer payable solely
as Collateral Manager Advances or Collateral Manager Expenses, as the case may be, pursuant to Sections 10.3(c) and 11.1 of the
Indenture. The Collateral Manager further agrees that, except as so contemplated by Section 10.3(c) and 11.1 of the Indenture,
it will not have any recourse against any other asset of the Issuer or against any Officer, director, employee, partner, member,
shareholder or incorporator of the Issuer or its Affiliates, successors or assigns for the payment of any amounts payable under
this Agreement. It is understood that this Section 16(b) shall not (i) prevent recourse to the Collateral for the sums due or to
become due under any security, instrument or agreement which is part of the Collateral; or (ii) constitute a waiver, release or
discharge of any indebtedness or obligation evidenced by the Notes or secured by the Indenture until such Collateral has been realized
and the proceeds thereof applied in accordance with the provisions of the Indenture, whereupon all obligations of and all claims
against the Issuer hereunder or arising in connection therewith shall be extinguished and shall not thereafter revive. It is further
understood that this Section 16(b) shall not limit the right of any Person to name the Issuer as a party defendant in any Proceeding
or in the exercise of any other remedy under the Notes or the Indenture, so long as no judgment in the nature of a deficiency judgment
or seeking personal liability shall be asked for or (if obtained) enforced against any such Person. The Collateral Manager consents
to the assignment of this Agreement as provided in the Grant of the Indenture. This Section 16(b) shall survive the termination
of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in">17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Any request, demand, authorization,
direction, instruction, order, notice, consent, waiver or other documents provided or permitted by this Agreement to be made upon,
given, delivered, e-mailed or furnished to, or filed with:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Issuer shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first
class postage prepaid, hand delivered, sent by overnight courier service or by facsimile or other means of electronic transmission
in legible form, to the Issuer addressed to it at Murray Hill Funding II, LLC, 3 Park Ave, 36th Floor, New York, NY 10016 Attention:
Keith Franz, telephone no. 212.418.4710, email: kfranz@cioninvestments.com, or at any other address previously furnished in writing
to the other parties hereto by the Issuer, as the case may be, with a copy to the Collateral Manager at its address below; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Collateral Manager shall be sufficient for every purpose hereunder if in writing and mailed, first class postage prepaid, hand
delivered, sent by overnight courier service or by facsimile or other means of electronic transmission in legible form, to the
Collateral Manager addressed to it at C&#298;ON Investment Management, LLC, 3 Park Ave, 36th Floor, New York, NY 10016 Attention:
Keith Franz, telephone no. 212.418.4710, email: kfranz@cioninvestments.com, or at any other address previously furnished in writing
to the parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">To the extent that any
demand, notice or communication hereunder is given to the Collateral Manager by a Responsible Officer of the Issuer, such Responsible
Officer shall be deemed to have the requisite power and authority to bind the Issuer with respect to such communication, and the
Collateral Manager may conclusively rely upon and shall be protected in acting or refraining from acting upon any such communication.
To the extent that any demand, notice or communication hereunder is given to the Issuer by a Responsible Officer of the Collateral
Manager, such Responsible Officer shall be deemed to have the requisite power and authority to bind the Collateral Manager with
respect to such communication, and the Issuer may conclusively rely upon and shall be protected in acting or refraining from acting
upon any such communication.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in">18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law; Jurisdiction; Waiver of Jury Trial</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement shall be construed in accordance with, and this Agreement and any matters arising out of or relating in any way whatsoever
to this Agreement (whether in contract, tort or otherwise), shall be governed by, the law of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to any suit, action or proceedings relating to this Agreement or any matter between the parties arising under or in connection
with this Agreement (&ldquo;<U>Proceedings</U>&rdquo;), each party irrevocably: (i) submits to the non-exclusive jurisdiction of
the Supreme Court of the State of New York sitting in the Borough of Manhattan and the United States District Court for the Southern
District of New York, and any appellate court from any thereof; and (ii) waives any objection which it may have at any time to
the laying of venue of any Proceedings brought in any such court, waives any claim that such Proceedings have been brought in an
inconvenient forum and further waives the right to object, with respect to such Proceedings, that such court does not have any
jurisdiction over such party. Nothing in this Agreement precludes any of the parties from bringing Proceedings in any other jurisdiction,
nor will the bringing of Proceedings in any one or more jurisdictions preclude the bringing of Proceedings in any other jurisdiction.
Each party irrevocably consents to the service of process in any Proceeding by the mailing or delivery of copies of such process
as set forth in Section 17 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>EACH
OF THE ISSUER AND THE COLLATERAL MANAGER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND
ALL RIGHT TO TRIAL BY JURY IN ANY PROCEEDINGS</B>. Each party hereby (i) certifies that no representative, agent or attorney of
the other has represented, expressly or otherwise, that the other would not, in the event of a Proceeding, seek to enforce the
foregoing waiver and (ii) acknowledges that it has been induced to enter into this Agreement by, among other things, the mutual
waivers and certifications in this paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in">19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Third
Party Beneficiaries</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Nothing in this Agreement,
expressed or implied, shall give to any Person, other than the parties hereto and their successors hereunder, any benefit or any
legal or equitable right, remedy or claim under this Agreement except, with respect to the Trustee and the Holders, as otherwise
expressly provided in this Agreement; <I>provided</I> that the Liquidation Agent shall be an express third party beneficiary of
Sections 2(o), 10(b), 13 and this Section 19.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in">20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Written
Disclosure Statement</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Issuer shall provide,
if reasonably available to it, and the Issuer shall use its reasonable efforts to cause each of the Holders (and holders of beneficial
interests in the Notes) and the Trustee to provide, to the Collateral Manager all information reasonably requested by the Collateral
Manager in connection with regulatory matters, including without limitation any information that is necessary or advisable in order
for the Collateral Manager (or its parent or Affiliates) to complete its Form ADV, Form PF, any other form required by the Securities
and Exchange Commission, or to comply with any regulations of the Commodity Futures Trading Commission or any requirement of the
Commodity Exchange Act or Dodd-Frank Wall Street Reform and Consumer Protection Act, in each case, as amended from time to time,
and any other laws or regulations applicable to the Collateral Manager from time to time. The Issuer acknowledges receipt of Part
II of the Collateral Manager&rsquo;s Form ADV more than 48 hours prior to the date of execution of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>IN WITNESS WHEREOF</B>,
the parties hereto have caused this Collateral Management Agreement to be executed effective as of the day and year first written
above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>murray hill funding ii, LLC</B></FONT>,</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD COLSPAN="2">as Issuer</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</td>
    <TD STYLE="width: 5%">&nbsp;</td>
    <TD STYLE="width: 45%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD COLSPAN="2">By: MURRAY HILL FUNDING, LLC,</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD COLSPAN="2">as Sole Member</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>By:</td>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;<i>/s/ Michael A. Reisner</i></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>Name: Michael A. Reisner</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>Title: Co-Chief Executive Officer</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.35in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD COLSPAN="2"><B>C&#298;ON INVESTMENT MANAGEMENT, LLC<FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"> </FONT></B>as Collateral Manager</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</td>
    <TD STYLE="width: 5%">&nbsp;</td>
    <TD STYLE="width: 45%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>By:&nbsp;&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid"><i>/s/ Michael A. Reisner</i></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>Name: Michael A. Reisner</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>Title: Co-Chief Executive Officer</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.7
<SEQUENCE>8
<FILENAME>v467817_ex10-7.htm
<DESCRIPTION>EXHIBIT 10.7
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Exhibit 10.7</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">COLLATERAL ADMINISTRATION AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This COLLATERAL ADMINISTRATION
AGREEMENT, dated as of May 19, 2017 (this &ldquo;<U>Agreement</U>&rdquo;) is entered into by and among MURRAY HILL FUNDING II,
LLC, a Delaware limited liability company, as Issuer (the &ldquo;<U>Issuer</U>&rdquo;), C&#298;ON INVESTMENT MANAGEMENT, LLC, a
Delaware limited liability company, as Collateral Manager (as that term is defined in the Indenture, referred to herein, together
with any successor Collateral Manager under the Indenture, the &ldquo;<U>Collateral Manager</U>&rdquo;), and U.S. Bank National
Association (&ldquo;<U>U.S. Bank</U>&rdquo;), a national banking association with trust powers organized under the laws of the
United States, as Collateral Administrator (in such capacity, and together with any successor Collateral Administrator hereunder,
the &ldquo;<U>Collateral Administrator</U>&rdquo;).</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">WITNESSETH:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Issuer intends
to issue certain Notes (the &ldquo;<U>Notes</U>&rdquo;) pursuant to the Indenture referred to below;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Collateral
Manager and the Issuer have entered into a Collateral Management Agreement, dated as of May 19, 2017 (as amended, supplemented
or otherwise modified from time to time, the &ldquo;<U>Collateral Management Agreement</U>&rdquo;), pursuant to which the Collateral
Manager provides certain services to the Issuer (including as contemplated by the Indenture);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">WHEREAS, pursuant to the
terms of the Indenture, dated as of May 19, 2017 (as amended, supplemented or otherwise modified from time to time, the &ldquo;<U>Indenture</U>&rdquo;),
between the Issuer and U.S. Bank National Association, a national banking association with trust powers organized under the laws
of the United States, as trustee (together with its permitted successor and assigns in the trusts thereunder, the &ldquo;<U>Trustee</U>&rdquo;),
the Issuer has Granted to the Trustee, for the benefit and security of the Secured Parties, all of the Issuer&rsquo;s right, title
and interest in, to and under, the Collateral;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Issuer wishes
to engage U.S. Bank to act as Collateral Administrator, and thereby to engage it to perform certain administrative duties of the
Issuer with respect to the Collateral pursuant to the terms of this Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">WHEREAS, U.S. Bank is prepared
to perform as Collateral Administrator certain specified obligations of the Issuer, or the Collateral Manager on its behalf, under
the Indenture as specified herein, upon and subject to the terms of this Agreement (but without assuming the obligations and liabilities
of the Issuer or the Collateral Manager under the Indenture or the Collateral Management Agreement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in consideration
of the mutual covenants contained herein, and other good and valuable consideration the receipt of which is hereby acknowledged,
the parties hereto agree as follows:</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext"><U>Definitions</U>.
Capitalized terms not otherwise defined in this Agreement shall have the meanings set forth in the Indenture.</FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext"><U>Powers
and Duties of Collateral Administrator</U>. </FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext">The
Issuer hereby appoints U.S. Bank, and U.S. Bank hereby accepts its appointment, as the Issuer&rsquo;s agent to act as Collateral
Administrator pursuant to the terms of this Agreement, until the earlier of U.S. Bank&rsquo;s resignation or removal as Collateral
Administrator pursuant to Section 7 hereof or until the termination of this Agreement pursuant to Section 6 hereof. In such capacity,
the Collateral Administrator shall assist the Issuer and the Collateral Manager in connection with monitoring the Collateral solely
by maintaining a database of certain characteristics of the Collateral on an ongoing basis, and in providing to the Issuer and
the Collateral Manager certain reports, schedules and calculations, all as more particularly described in Sections 2(b) through
2(e) below (in each case in such form and content, and in such detail, as may be mutually agreed upon by the parties hereto from
time to time and as may be required by the Indenture), based upon information and data received from the Issuer and/or the Collateral
Manager (in addition to certain information that may be received from the Trustee in respect of Eligible Investments and cash balances
in Accounts, as provided herein), which reports, schedules and calculations the Issuer or the Collateral Manager, on its behalf,
is required to prepare and deliver or perform (or which are necessary to be performed in order that certain reports, schedules
and calculations can be performed as required) under Section 10.5 of the Indenture. The Collateral Administrator&rsquo;s duties
and authority to act as Collateral Administrator hereunder are limited to the duties and authority specifically set forth in this
Agreement. By entering into, or performing its duties under, this Agreement, the Collateral Administrator shall not be deemed to
assume any obligations or liabilities of the Issuer under the Indenture, or of the Collateral Manager under the Collateral Management
Agreement or the Indenture, and nothing herein contained shall be deemed to release, terminate, discharge, limit, reduce, diminish,
modify, amend or otherwise alter in any respect the duties, obligations or liabilities of the Issuer or the Trustee under or pursuant
to the Indenture or of the Collateral Manager under or pursuant to the Indenture or the Collateral Management Agreement. </FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext">The
Collateral Administrator shall perform the following general functions from time to time: </FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext">Within
30 days after the Closing Date, create a collateral database with respect to the Portfolio Assets and Eligible Investments included
in the Collateral that is Granted to the Trustee, as provided in this Agreement (the &ldquo;<U>Collateral Database</U>&rdquo;)
and provide access to the information contained therein to the Collateral Manager and the Issuer; </FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext">Update
the Collateral Database on a daily basis for changes, including for <B> </B>Moody&rsquo;s and Standard &amp; Poor&rsquo;s<B> </B>ratings
changes, and to reflect the sale or other disposition of the Portfolio Assets included in the Collateral and the addition to the
Collateral of additional Portfolio Assets and Eligible Investments from time to time and any amendment or change to loan amounts
held as Collateral, in each case based upon, and to the extent of, information furnished to the Collateral Administrator by the
Issuer, Collateral Manager or the Liquidation Agent as may be reasonably required by the Collateral Administrator from time to
time, or that may be provided by the Trustee (based upon notices received by the Trustee from the issuer, trustee or agent bank
under an Underlying Instrument, or other similar source); </FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext">Track
the receipt and daily allocation to the Accounts of Interest Collections and Principal Collections and any withdrawals therefrom
and, on each Business Day, provide to the Collateral Manager daily reports reflecting such actions to the Accounts as of the close
of business on the preceding Business Day (which reports may be included in the Daily Report referenced below), and provide to
the Trustee such other information as may be needed by the Trustee with respect to the Priority of Payments and Payment Dates;
and</FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext">Prepare,
on behalf of the Issuer or the Collateral Manager on the Issuer&rsquo;s behalf, and arrange for delivery in accordance with the
Indenture within the time frames stated therein, (A) beginning in July, 2017, a draft of the Payment Date Reports pursuant to the
terms of Section 10.5(a) of the Indenture, on the basis of the information contained in the Collateral Database as of the applicable
Determination Date (and in that regard cooperate with the Collateral Manager, on behalf of the Issuer, in connection with the comparison
of information and discrepancies, if any, required under the penultimate paragraph of said Section 10.5(a) of the Indenture), and
(B) beginning on the day after the Closing Date as and to the extent mutually agreed, and thereafter on a fully operational basis
as promptly as the Collateral Administrator is able to do so with commercially reasonable efforts, each Daily Report required to
be delivered under Section 10.5(b) of the Indenture and any reports delivered on any Redemption Date pursuant to Section 10.5(d)
of the Indenture (the &ldquo;<U>Redemption Date Reports</U>&rdquo;), in each case on the basis of the information contained in
the Collateral Database or provided by the Trustee or the Collateral Manager as of the close of business on the preceding Business
Day.</FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Prepare,
on behalf of the Issuer or the Collateral Manager on the Issuer&rsquo;s behalf, and arrange for delivery in accordance with the
Indenture within the time frames stated therein, a report pursuant to Section 10.5(c) of the Indenture (the &ldquo;<U>Collateral
Change Event and Repayment Date Report</U>&rdquo;), in each case on the basis of information contained within the Collateral Change
Event Notice delivered to the Collateral Administrator and on the basis of the information contained in the Collateral Database
or otherwise provided by the Collateral Manager.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext">The
Collateral Manager shall cooperate with the Collateral Administrator in connection with the matters described herein, including
the preparation by the Collateral Administrator of the Payment Date Reports, Daily Reports, Collateral Change Event and Repayment
Date Reports and other statements and calculations required hereunder. Without limiting the generality of the foregoing, the Collateral
Manager shall supply in a timely fashion any information maintained by it that the Collateral Administrator may from time to time
request with respect to the Collateral and reasonably need in order to complete the reports, statements and calculations required
to be prepared by the Collateral Administrator hereunder or required to permit the Collateral Administrator to perform its obligations
hereunder, including without limitation, the market value and categorization of a Portfolio Asset, to the extent required by the
Indenture, and any other information that may be reasonably required under the Indenture with respect to a Defaulted Obligation
(including, without limitation, promptly notifying the Collateral Administrator upon any Portfolio Asset becoming a Defaulted Obligation
or Equity Security). Except with respect to the Daily Reports, the Collateral Manager shall review, verify and approve the contents
of the aforesaid reports, statements and calculations and shall approve for prompt distribution in accordance with the Indenture.
To the extent any of the information in such reports, statements and calculations conflicts with data or calculations in the records
of the Collateral Manager, the Collateral Manager shall notify the Collateral Administrator of such discrepancy and use reasonable
efforts to assist the Collateral Administrator in reconciling such discrepancy. The Collateral Manager shall cooperate with the
Collateral Administrator by answering questions posed by the Collateral Administrator that are reasonably related to such reports,
instructions, statements and certificates. The Collateral Administrator shall provide such items (other than the Daily Reports
and the Collateral Change Event and Repayment Date Reports required to be prepared and delivered on any Collateral Change Trade
Date or Repayment Date pursuant to Section 10.5(c)(ii)) to the Collateral Manager no later than three (3) Business Days prior to
the due date as set forth above to enable such review by the Collateral Manager. At the instruction of the Collateral Manager,
the Collateral Administrator shall attach to any reports such additional information that is timely provided by the Collateral
Manager and independently prepared by, or on behalf of the Collateral Manager. The Collateral Manager shall be solely responsible
for the content of any such additional information. </FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext">If,
in performing its duties under this Agreement, the Collateral Administrator is required to decide between alternative courses of
action, the Collateral Administrator may request written instructions from the Collateral Manager, acting on behalf of the Issuer,
as to the course of action desired by it. If for any reason the Collateral Administrator does not receive such instructions within
five (5) Business Days after it has requested them, the Collateral Administrator may, but shall be under no duty to, take or refrain
from taking any such courses of action. The Collateral Administrator shall act in accordance with instructions received after such
two-Business Day period except to the extent it has already taken, or committed itself to take action inconsistent with such instructions.
The Collateral Administrator shall be entitled to rely on the advice of legal counsel and independent accountants in performing
its duties hereunder and shall be deemed to have acted in good faith if it acts in accordance with such advice. </FONT>The Collateral
Administrator shall have no obligation to determine any market value or market price in connection with any actions or duties under
this Agreement.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext">Nothing
herein shall prevent the Collateral Administrator or any of its affiliates from engaging in other businesses or from rendering
services of any kind to any Person.</FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Without
limiting its reporting obligations under this Agreement, the Collateral Administrator shall have no obligation to determine (and
the Collateral Manager will timely advise the Collateral Administrator) (i) the type, classification or characterization of any
Portfolio Asset or whether any Portfolio Asset satisfies the criteria for the acquisition thereof as set forth in the Indenture
or the Equity Contribution Agreement, including without limitation and as applicable, as set forth in the definitions of &ldquo;Additional
Funding Asset&rdquo;, &ldquo;Affiliated Loan&rdquo;, &ldquo;Bond&rdquo;, &ldquo;Committed Proceeds Asset&rdquo;, &ldquo;Defaulted
Obligation&rdquo;, &ldquo;Delayed-Draw Loan&rdquo;, &ldquo;Equity Security&rdquo;, &ldquo;Government Security&rdquo;, &ldquo;Illiquid
Asset&rdquo;, &ldquo;Loan&rdquo;, &ldquo;Margin Stock&rdquo;, &ldquo;Participation Interest&rdquo;, &ldquo;Revolver Loan&rdquo;,
&ldquo;<FONT STYLE="color: windowtext">Senior Secured (Type I) Loan&rdquo;, &ldquo;Senior Secured (Type I Cov-Lite) Loan&rdquo;,
&ldquo;Senior Secured (Type II) Loan&rdquo;, &ldquo;Senior Secured (Type III) Loan&rdquo;, &ldquo;Senior Secured (Type IV) Loan&rdquo;,
&ldquo;Senior Secured Last Out (Type I) Loan&rdquo;, &ldquo; Senior Secured Last Out (Type II) Loan&rdquo;, &ldquo;Sold Participation
Interest Loan&rdquo;, &ldquo;Structured Finance Obligation&rsquo;, &ldquo;Synthetic Security&rdquo;, &ldquo;Traditional Second
Lien Loan&rdquo; </FONT>or &ldquo;Zero Value Portfolio Asset&rdquo;, (ii) the domicile or other classification or characterization
of an Obligor, (iii) whether the conditions specified in the definition of &ldquo;Delivered&rdquo; have been complied with or (iv)
the Initial Market Value or Advance Value of a Portfolio Asset.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext"><U>Compensation</U>.
The Issuer agrees to pay, and the Collateral Administrator shall be entitled to receive compensation for, and reimbursement for
reasonable expenses in connection with, the Collateral Administrator&rsquo;s performance of the duties called for herein as set
forth in a separate fee letter; <I>provided</I> that, such amounts will be payable solely as Administrative Expenses from the Expense
Account in accordance with and as contemplated by Section 10.3(c) of the Indenture and the Equity Contribution Agreement or according
to the Priority of Payments.</FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext"><U>Limitation
of Responsibility of the Collateral Administrator; Indemnification</U>. </FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext">The
Collateral Administrator will have no responsibility under this Agreement other than to render the services expressly called for
hereunder in good faith and without willful misconduct, or gross negligence in the performance of its duties hereunder. The Collateral
Administrator shall incur no liability to anyone in acting or relying upon any signature, instrument, statement, notice, resolution,
request, direction, consent, order, certificate, report, opinion, bond or other document or paper reasonably believed by it to
be genuine and reasonably believed by it to be signed by the proper party or parties. The Collateral Administrator may exercise
any of its rights or powers hereunder or perform any of its duties hereunder either directly or by or through agents or attorneys,
and the Collateral Administrator shall not be responsible for any misconduct or negligence on the part of any agent or attorney
appointed hereunder with due care by it. The Collateral Administrator shall not be liable for errors in judgment made by it in
good faith unless it was grossly negligent in ascertaining pertinent facts. Neither the Collateral Administrator nor any of its
affiliates, directors, officers, shareholders, agents or employees will be liable to the Collateral Manager, the Issuer, the Liquidation
Agent or any other Person, except by reason of acts or omissions by the Collateral Administrator constituting willful misconduct,
or gross negligence in the performance of the Collateral Administrator&rsquo;s duties hereunder. The Collateral Administrator shall
in no event have any liability for the actions or omissions of the Issuer, the Collateral Manager, the Liquidation Agent or any
other Person, and shall have no liability for any inaccuracy or error in any duty performed by it that results from or is caused
by inaccurate, untimely or incomplete information or data received by it from the Issuer, the Collateral Manager, the Liquidation
Agent or another Person (other than the Trustee, if the same Person shall be serving as Trustee and Collateral Administrator hereunder)
except to the extent that such inaccuracies or errors are caused by the Collateral Administrator&rsquo;s own willful misconduct,
or gross negligence in the performance of its duties hereunder. The Collateral Administrator shall not be liable for failing to
perform or delay in performing its specified duties hereunder which results from or is caused by (i) a failure or delay on the
part of the Issuer, the Collateral Manager, the Liquidation Agent or another Person (other than the Trustee, if the same Person
shall be serving as Trustee and Collateral Administrator hereunder) in furnishing necessary, timely and accurate information to
the Collateral Administrator except to the extent that failure or delay is caused by the Collateral Administrator&rsquo;s own willful
misconduct, or gross negligence in the performance of its duties hereunder; or by (ii) events or circumstances beyond its reasonable
control, including without limitation, acts of war or terrorism, governmental or quasi-governmental actions, including the suspension
of trading or the suspension of foreign exchange, interruptions of telecommunications or other utilities and other <I>force majeure</I>
events. The duties and obligations of the Collateral Administrator and its employees or agents shall be determined solely by the
express provisions of this Agreement and they shall not be under any obligation or duty except for the performance of such duties
and obligations as are specifically set forth herein, and no implied covenants shall be read into this Agreement against them.
The Collateral Administrator may consult with counsel and shall be protected in any action taken in good faith in accordance with
the advice of such counsel. </FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext">The
Collateral Administrator may rely conclusively on any notice, certificate or other document (including, without limitation, telecopier
or other electronically transmitted instructions, documents or information) furnished to it hereunder and reasonably believed by
it in good faith to be genuine. The Collateral Administrator shall not be liable for any action taken by it in good faith and reasonably
believed by it to be within the discretion or powers conferred upon it, or taken by it pursuant to any direction or instruction
by which it is governed hereunder, or omitted to be taken by it by reason of the lack of direction or instruction required hereby
for such action. The Collateral Administrator shall not be bound to make any investigation into the facts or matters stated in
any certificate, report or other document; <I>provided</I> that, if the form thereof is prescribed by this Agreement, the Collateral
Administrator shall examine the same to determine whether it conforms on its face to the requirements hereof. The Collateral Administrator
shall not be deemed to have knowledge or notice of any matter unless actually known to an Officer of the Collateral Administrator
</FONT>who is authorized to act for the Collateral Administrator in matters relating to, and binding upon, the Collateral Administrator
with respect to the subject matter of the request<FONT STYLE="color: windowtext">. Under no circumstances shall the Collateral
Administrator be liable for indirect, punitive, special or consequential damages (including but not limited to lost profits) under
or pursuant to this Agreement, its duties or obligations hereunder or arising out of or relating to the subject matter hereof,
</FONT>even if the Collateral Administrator has been advised of the likelihood of such damages and regardless of the form of such
action.<FONT STYLE="color: windowtext"> It is expressly acknowledged by the Issuer and the Collateral Manager that application
and performance by the Collateral Administrator of its various duties hereunder (including recalculations to be performed in respect
of the matters contemplated hereby) shall be based upon, and in reliance upon, data and information provided to it by the Collateral
Manager (and/or the Issuer) with respect to the Collateral, and the Collateral Administrator shall have no responsibility for the
accuracy of any such information or data provided to it by such persons. Nothing herein shall impose or imply any duty or obligation
on the part of the Collateral Administrator to verify, investigate or audit any such information or data (except to the extent
any such information provided is patently incorrect or inconsistent with any proximally received information or instruction, in
which case the Collateral Administrator shall investigate any such discrepancy), or to determine or monitor on an independent basis
whether any issuer of the Collateral is in default or in compliance with the underlying documents governing or securing such securities,
from time to time, the role of the Collateral Administrator hereunder being solely to perform certain mathematical computations
and data comparisons, and to render certain reports, all as provided herein. </FONT>For purposes of monitoring rating changes by
any rating agency, the Collateral Administrator shall be entitled to use and rely (in good faith) exclusively upon publicly available
information relating to ratings published by the Rating Agencies, and shall have no liability for any inaccuracies in such publicly
available information.<FONT STYLE="color: windowtext"> The rights, protections, benefits, immunities and indemnities afforded to
the Trustee under the Indenture shall also be afforded to the Collateral Administrator hereunder.</FONT></P>

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<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext">If
the same Person is not serving as both Collateral Administrator and Trustee, the Collateral Administrator shall not be bound to
follow any amendment, modification, supplement or waiver to the Indenture or other transaction document until it has received written
notice of such amendment, modification, supplement or waiver and a copy thereof from the Issuer or the Trustee; <I>provided</I>
that, the Collateral Administrator shall not be bound by any amendment, modification, supplement or waiver to the Indenture or
other Transaction Document that materially adversely affects the rights or obligations of the Collateral Administrator unless the
Collateral Administrator shall have consented thereto.</FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Issuer and Collateral Manager shall, and hereby agree to, jointly and severally reimburse, indemnify and hold harmless the Collateral
Administrator and its affiliates, directors, officers, shareholders, agents and employees for and from any and all losses, damages,
liabilities, demands, charges, costs, expenses (including the reasonable fees and expenses of counsel and other experts) and claims
of any nature in respect of, or arising from any acts or omissions performed or omitted by the Collateral Administrator, its affiliates,
directors, officers, shareholders, agents or employees pursuant to or in connection with the terms of this Agreement, or in the
performance or observance of its duties or obligations under this Agreement; <I>provided</I> that (i) the same are in good faith
and without willful misconduct and/or gross negligence in the performance of its duties hereunder on the part of the Collateral
Administrator or any such affiliate, director, officer, shareholder, agent or employee; and (ii) in the case of the Issuer, such
amounts will be payable as Administrative Expenses from the Expense Account in accordance with and as contemplated by Section 10.3(c)
of the Indenture and the Equity Contribution Agreement according to the Priority of Payments.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext">Without
limiting the generality of any terms of this Section 4, the Collateral Administrator shall have no liability for any failure, inability
or unwillingness on the part of the Collateral Manager, the Liquidation Agent or Issuer (or Trustee, if not the same Person as
the Collateral Administrator) to provide accurate and complete information on a timely basis to the Collateral Administrator, or
otherwise on the part of any such party to comply with the terms of this Agreement, the Indenture or Collateral Management Agreement,
and shall have no liability for any inaccuracy or error in the performance or observance on the Collateral Administrator&rsquo;s
part of any of its duties hereunder that is caused by or results from any such inaccurate, incomplete or untimely information received
by it, or other failure on the part of any such other party to comply with the terms hereof. </FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext">Nothing
herein shall obligate the Collateral Administrator to determine independently the characteristics or categorization of any Portfolio
Asset, or to evaluate or verify the Collateral Manager&rsquo;s categorization of any Portfolio Asset, it being understood that
any such determination shall be the responsibility of the Collateral Manager (and shall be included by the Collateral Administrator
in the Collateral Database based exclusively upon the information and any categorization it may receive from the Collateral Manager).
In no instance shall the Collateral Administration be under an obligation or duty to determine or investigate whether any item
of Collateral meets the definition of &ldquo;Portfolio Asset.&rdquo;</FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext"><U>No
Joint Venture</U>. Nothing contained in this Agreement (i) shall constitute the Issuer, the Collateral Administrator and the Collateral
Manager members of any partnership, joint venture, association, syndicate, unincorporated business or other separate entity, (ii)
shall be construed to impose any liability as such on any of them or (iii) shall be deemed to confer on any of them any express,
implied or apparent authority to incur any obligation or liability on behalf of the others. </FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext"><U>Term</U>.
This Agreement shall continue in effect so long as the Indenture remains in effect with respect to the Notes, unless this Agreement
has been previously terminated in accordance with Section 7 hereof; <I>provided</I>, that the Collateral Administrator shall be
released from its obligations hereunder upon its ceasing to act as Collateral Administrator. Notwithstanding the foregoing, the
indemnification obligations of all parties under Section 4 hereof shall survive the termination of this Agreement, the resignation
or removal of the Collateral Administrator or the release of any party hereto with respect to matters occurring prior to such termination,
resignation, removal or release.</FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext"><U>Termination</U>.
</FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext">This
Agreement may be terminated without cause by any party upon not less than 90 days&rsquo; prior written notice to the other parties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">If at any time prior to the
payment in full of the obligations under the Notes, the Collateral Administrator shall resign or be removed as Trustee under the
Indenture, such resignation or removal shall be deemed a resignation or removal of the Collateral Administrator hereunder (without
any requirement for separate notice).</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext">At
the option of the Issuer, this Agreement may be terminated upon ten days&rsquo; written notice of termination from the Issuer to
the Collateral Administrator if any of the following events shall occur: </FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext">if
the Collateral Administrator shall (i) willfully default in the performance of any of its duties under this Agreement or (ii) breach
any material provision of this Agreement and, if such default or breach is curable, shall not cure such default or breach within
thirty days of the Collateral Administrator being notified in writing of such default or breach (or, if such default or breach
cannot be cured in such time, the Collateral Administrator shall not have given within thirty days such assurance of cure as shall
be reasonably satisfactory to the Collateral Manager and the Issuer) or the default or breach is not cured within 60 days of such
notification; </FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext">if
a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Collateral Administrator
in any involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or appoint
a receiver, conservator, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of the Collateral Administrator
or for any substantial part of its property, or order the winding up or liquidation of its affairs; or </FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext">if
the Collateral Administrator shall commence a voluntary case under applicable bankruptcy, insolvency or other similar law now or
hereafter in effect, or shall consent to the entry of an order for relief in an involuntary case under any such law, or shall consent
to the appointment of or taking possession by a receiver, conservator, liquidator, assignee, trustee, custodian, sequestrator (or
similar official) of the Collateral Administrator or for any substantial part of its property, or shall make any general assignment
for the benefit of creditors; shall fail generally to pay its debts as they become due; or permits or suffers all or substantially
all of its properties or assets to be sequestered or attached by a court order and the order remains undismissed for 60 days; or</FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext">the
Collateral Administrator is dissolved (other than pursuant to a consolidation, amalgamation or merger) or has a resolution passed
for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger). </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If any of the events specified
in clauses (ii), (iii) or (iv) of this Section 7(b) shall occur, this Agreement shall terminate automatically and the Collateral
Administrator shall give prompt written notice thereof to the Issuer and the Collateral Manager after the happening of such event.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext">Except
when the Collateral Administrator shall be removed pursuant to subsection (b) of this Section 7 or shall resign pursuant to subsection
(d) of this Section 7, no removal or resignation of the Collateral Administrator shall be effective until the date as of which
a successor Collateral Administrator reasonably acceptable to the Issuer shall have agreed in writing to assume all of the Collateral
Administrator&rsquo;s duties and obligations pursuant to this Agreement and shall have executed and delivered an agreement in form
and content reasonably satisfactory to the Issuer and the Collateral Manager. Upon any resignation or removal of the Collateral
Administrator hereunder, the Issuer shall promptly, and in any case within ninety (90) days after the related notice of resignation
or removal, appoint a qualified successor to act as collateral administrator hereunder and cause such successor collateral administrator
to execute and deliver an agreement accepting such appointment as described in the preceding sentence. If the Issuer fails to appoint
such a qualified successor which duly accepts its appointment by properly executing and delivering such an agreement within such
time, the retiring Collateral Administrator shall be entitled to petition a court of competent jurisdiction for the appointment
of a successor to serve as collateral administrator hereunder and shall be indemnified pursuant to Section 4(c) hereof for the
reasonable costs and expenses thereof.</FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext">Notwithstanding
the foregoing, the Collateral Administrator may resign its duties hereunder without any requirement that a successor Collateral
Administrator be obligated hereunder and without any liability for further performance of any duties hereunder (A) upon the 5th
Business Day following the termination (whether by resignation or removal) of U.S. Bank as Trustee under the Indenture, (B) with
at least 90 days prior written notice to the Collateral Manager and the Issuer, upon any reasonable determination by U.S. Bank
that the taking of any action that it has been requested to perform as Collateral Administrator pursuant to the terms of this Agreement
would be in conflict with or in violation of its duties or obligations as Trustee under the Indenture and after notice of such
determination, the requesting party has not withdrawn or modified such request, or (C) upon at least 90 days&rsquo; prior written
notice of termination to the Collateral Manager and the Issuer upon the occurrence of any of the following events and the failure
to cure such event within such 90 day notice period: (i) failure of the Issuer or the Collateral Manager to pay any of the amounts
specified in Section 3 hereof within 90 days after such amount is due pursuant to Section 3 hereof or (ii) failure of the Issuer
to provide any indemnity payment to U.S. Bank pursuant to the terms of this Agreement, as the case may be, within 90 days of the
receipt by the Issuer of a written request for such payment or reimbursement. </FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext">Any
Person into which the Collateral Administrator may be merged or converted or with which it may be consolidated, or any Person resulting
from any merger, conversion or consolidation to which the Collateral Administrator shall be a party, or any Person succeeding to
all or substantially all of the corporate trust business of the Collateral Administrator, shall be the successor of the Collateral
Administrator hereunder without the execution or filing of any paper or any further act on the part of any of the parties hereto
and shall be bound automatically by the terms and provisions hereof. </FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext"><U>Representations
and Warranties</U>. </FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext">The
Collateral Manager hereby represents and warrants to the Issuer and the Collateral Administrator as follows: </FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext">The
Collateral Manager is a limited liability company formed under the laws of the State of Delaware and has full power and authority
to execute, deliver and perform this Agreement and all obligations required hereunder and has taken all necessary members action
to authorize this Agreement on the terms and conditions hereof, the execution, delivery and performance of this Agreement and the
performance of all obligations imposed upon it hereunder. No consent of any other person including, without limitation, members
and creditors of the Collateral Manager, and no license, permit, approval or authorization of, exemption by, notice or report to,
or registration, filing or declaration with, any governmental authority, except those that have been obtained, is required by the
Collateral Manager in connection with this Agreement or the execution, delivery, performance, validity or enforceability of this
Agreement and the obligations imposed upon it hereunder. This Agreement constitutes the legal, valid and binding obligations of
the Collateral Manager enforceable against the Collateral Manager in accordance with its terms subject, as to enforcement, (a)
to the effect of bankruptcy, insolvency or similar laws affecting generally the enforcement of creditors&rsquo; rights as such
laws would apply in the event of any bankruptcy, receivership, insolvency or similar event applicable to the Collateral Manager
and (b) to general equitable principles (whether enforceability of such principles is considered in a proceeding at law or in equity).
</FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext">The
execution, delivery and performance by the Collateral Manager of this Agreement and the documents and instruments required hereunder
will not violate any provision of any existing law or regulation binding on the Collateral Manager, or any order, judgment, award
or decree of any court, arbitrator or governmental authority binding on the Collateral Manager, or the governing instruments of,
or any securities, the Collateral Manager or of any mortgage, indenture, lease, contract or other agreement, instrument or undertaking
to which the Collateral Manager is a party or by which the Collateral Manager or any of its assets may be bound, the violation
of which would have a material adverse effect on the business, operations, assets or financial condition of the Collateral Manager
and will not result in, or require, the creation or imposition of any lien on any of its property, assets or revenues pursuant
to the provisions of any such mortgage, indenture, lease, contract or other agreement, instrument or undertaking. </FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext">The
Issuer hereby represents and warrants to the Collateral Administrator and the Collateral Manager as follows: </FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext">The
Issuer is a Delaware limited liability company and has the full power and authority to execute, deliver and perform this Agreement
and all obligations required hereunder and has taken all necessary action to authorize this Agreement on the terms and conditions
hereof, the execution, delivery and performance of this Agreement and the performance of all obligations imposed upon it hereunder.
No consent of any other person including, without limitation, stockholders and creditors of the Issuer, and no license, permit,
approval or authorization of, exemption by, notice or report to, or registration, filing or declaration with, any governmental
authority, except those that have been obtained, is required by the Issuer in connection with this Agreement or the execution,
delivery, performance, validity or enforceability of this Agreement and the obligations imposed upon it hereunder. This Agreement
constitutes the legal, valid and binding obligations of the Issuer enforceable against the Issuer in accordance with their terms
subject, as to enforcement, (a) to the effect of bankruptcy, insolvency or similar laws affecting generally the enforcement of
creditors&rsquo; rights as such laws would apply in the event of any bankruptcy, receivership, insolvency or similar event applicable
to the Issuer and (b) to general equitable principles (whether enforceability of such principles is considered in a proceeding
at law or in equity). </FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext">The
execution, delivery and performance by the Issuer of this Agreement and the documents and instruments required hereunder will not
violate any provision of any existing law or regulation binding on the Issuer, or any order, judgment, award or decree of any court,
arbitrator or governmental authority binding on the Issuer, or the constitutional documents of, or any securities issued by, the
Issuer or of any mortgage, indenture, lease, contract or other agreement, instrument or undertaking to which the Issuer is a party
or by which the Issuer or any of its assets may be bound, the violation of which would have a material adverse effect on the business,
operations, assets or financial condition of the Issuer and will not result in, or require, the creation or imposition of any lien
on any of its property, assets or revenues pursuant to the provisions of any such mortgage, indenture, lease, contract or other
agreement, instrument or undertaking.</FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext">The
Collateral Administrator hereby represents and warrants to the Collateral Manager and the Issuer as follows: </FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext">The
Collateral Administrator is a national banking association with trust powers duly organized and validly existing under the laws
of the United States of America and has full corporate power and authority to execute, deliver and perform this Agreement and all
obligations required hereunder and has taken all necessary corporate action to authorize this Agreement on the terms and conditions
hereof, the execution, delivery and performance of this Agreement and all obligations required hereunder. No consent of any other
person including, without limitation, stockholders and creditors of the Collateral Administrator, and no license, permit, approval
or authorization of, exemption by, notice or report to, or registration, filing or declaration with, any governmental authority,
except those that have been obtained, is required by the Collateral Administrator in connection with this Agreement or the execution,
delivery, performance, validity or enforceability of this Agreement and the obligations imposed upon it hereunder. This Agreement
constitutes the legal, valid and binding obligations of the Collateral Administrator enforceable against the Collateral Administrator
in accordance with their terms subject, as to enforcement, (a) to the effect of bankruptcy, insolvency or similar laws affecting
generally the enforcement of creditors&rsquo; rights as such laws would apply in the event of any bankruptcy, receivership, insolvency
or similar event applicable to the Collateral Administrator and (b) to general equitable principles (whether enforceability of
such principles is considered in a proceeding at law or in equity). </FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext">The
execution, delivery and performance of this Agreement and the documents and instruments required hereunder will not violate any
provision of any existing law or regulation binding on the Collateral Administrator, or any order, judgment, award or decree of
any court, arbitrator or governmental authority binding on the Collateral Administrator, or the certificate or articles of association
or incorporation or by-laws of the Collateral Administrator or of any mortgage, indenture, lease, contract or other agreement,
instrument or undertaking to which the Collateral Administrator is a party or by which the Collateral Administrator or any of its
assets may be bound, the violation of which would have a material adverse effect on the business, operations, assets or financial
condition of the Collateral Administrator and will not result in, or require, the creation or imposition of any lien on any of
its property, assets or revenues pursuant to the provisions of any such mortgage, indenture, lease, contract or other agreement,
instrument or undertaking.</FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext"><U>Confidential
Information</U>. Section 14.15 (Confidential Information) of the Indenture is hereby incorporated herein <I>mutatis mutandis</I>.</FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext"><U>Amendments</U>.
This Agreement may not be amended, changed, modified or terminated (except as otherwise expressly provided herein) except by the
Collateral Manager, the Issuer and the Collateral Administrator in writing. </FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext"><U>Governing
Law</U>. This Agreement shall be construed in accordance with, and this Agreement and any matters arising out of or relating in
any way whatsoever to this Agreement (whether in contract, tort or otherwise), shall be governed by, the law of the State of New
York. </FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext"><U>Notices</U>.
All notices, requests, directions and other communications permitted or required hereunder shall be in writing (including by electronic
mail) and shall be deemed to have been duly given when received and shall be given or made to a party at its address specified
in Section 14.3 of the Indenture. </FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext"><U>Successors
and Assigns</U>. This Agreement shall inure to the benefit of, and be binding upon, the successors and assigns of each of the Collateral
Manager, the Issuer and the Collateral Administrator; <I>provided</I> that:</FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext">the
Collateral Administrator may not transfer (by operation of law or otherwise) any of its rights and obligations hereunder without
the prior written consent of the Collateral Manager and the Issuer, except that the Collateral Administrator may perform duties
through attorneys and agents as provided in Section 4(a) hereof;</FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext">the
Issuer may not transfer (by operation of law or otherwise) any of its rights and obligations hereunder without the prior written
consent of the Collateral Manager and the Collateral Administrator, except that (x) each of the Collateral Manager and the Collateral
Administrator hereby acknowledges and consents to the Issuer&rsquo;s collateral assignment of this Agreement to the Trustee pursuant
to the Indenture and (y) the Issuer may make such a transfer of all of its rights and obligations under 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
Person (so long as the same is effected in accordance with the Indenture); and</FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext">the
Collateral Manager may not transfer any of its rights and obligations hereunder without the prior written consent of the Issuer
and the Collateral Administrator, <I>provided</I> that any party that succeeds to the Collateral Manager under the Collateral Management
Agreement shall automatically succeed to the ongoing Collateral Manager obligations hereunder.</FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext"><U>Counterparts</U>.
This Agreement (and each amendment, modification and waiver in respect of this Agreement) may be executed and delivered in counterparts
(including by e-mail (PDF) or facsimile transmission), each of which will be deemed an original, and all of which together constitute
one and the same instrument. Delivery of an executed counterpart signature page of this Agreement by e-mail (PDF) or facsimile
transmission shall be effective as delivery of a manually executed counterpart of this Agreement. </FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext"><U>Conflict
with the Indenture</U>. If this Agreement shall require that any action be taken with respect to any matter and the Indenture shall
require that a different action be taken with respect to such matter, and such actions shall be mutually exclusive, or if this
Agreement should otherwise conflict with the Indenture, the provisions of the Indenture in respect thereof shall control. </FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext"><U>Limited
Recourse</U>. Each of the Collateral Administrator and the Collateral Manager agrees that the payment of all amounts to which it
is entitled pursuant to this Agreement from the Issuer shall be subordinated to the extent set forth in the Indenture. Notwithstanding
any other provision of this Agreement, all of the obligations of the Issuer under this Agreement are limited recourse obligations
of the Issuer payable solely as Administrative Expenses from amounts credited to the Expense Account pursuant to Section 10.3(c)
of the Indenture and the Equity Contribution Agreement or according to the Priority of Payments, and following the reduction thereof
to zero and realization of all other Collateral and application of the proceeds thereof in accordance with the Indenture, all obligations
of and any claims against the Issuer hereunder or arising in connection herewith shall be extinguished and shall not thereafter
revive. Each of the Collateral Administrator and the Collateral Manager further agrees that, except as so contemplated by Section
10.3(c) of the Indenture and the Equity Contribution Agreement or according to the Priority of Payments, it will not have any recourse
against any other asset of the Issuer or against any Officer, director, employee, partner, member, shareholder or incorporator
of the Issuer or its Affiliates, successors or assigns for the payment of any amounts payable under this Agreement. It is understood
that this Section 16 shall not (i) prevent recourse to the Collateral for the sums due or to become due under any security, instrument
or agreement which is part of the Collateral; or (ii) constitute a waiver, release or discharge of any indebtedness or obligation
evidenced by the Notes or secured by the Indenture until such Collateral has been realized. It is further understood that this
Section 16 shall not limit the right of any Person to name the Issuer as a party defendant in any Proceeding or in the exercise
of any other remedy under the Notes or the Indenture, so long as no judgment in the nature of a deficiency judgment or seeking
personal liability shall be asked for or (if obtained) enforced against any such Person. Each of the Collateral Administrator and
the Collateral Manager consents to the assignment of this Agreement as provided in the Granting Clause of the Indenture. This Section
16 shall survive the termination of this Agreement.</FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext"><U>Survival</U>.
Notwithstanding any term herein to the contrary, all indemnifications set forth or provided for in this Agreement, together with
Sections 3, 9, 11, 16, 18, 20 and 21 of this Agreement, shall survive the termination of this Agreement and the resignation or
removal of the Collateral Administrator. </FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext"><U>No
Petition in Bankruptcy</U>. Notwithstanding any other provision of this Agreement, each of the Collateral Administrator and the
Collateral Manager agrees not to cause the filing of a petition in bankruptcy or to institute any reorganization, arrangement,
insolvency, moratorium or liquidation proceedings against the Issuer for the nonpayment of the fees or other amounts payable by
the Issuer to the Collateral Administrator or the Collateral Manager, as the case may be, under this Agreement until the payment
in full of all Notes issued under the Indenture (and any other debt obligations of the Issuer that have been rated upon issuance
by any rating agency at the request of the Issuer) and the expiration of a period equal to one year and a day or, if longer, the
applicable preference period then in effect and one day, following such payment in full. Nothing in this Section 18 shall preclude,
or be deemed to stop, the Collateral Administrator or the Collateral Manager from taking any action prior to the expiration of
the aforementioned period in (A) any case or proceeding voluntarily filed or commenced by the Issuer or (B) any involuntary insolvency
proceeding filed or commenced by a Person other than the Collateral Administrator or the Collateral Manager. This Section 18 shall
survive the termination of this Agreement.</FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext"><U>Severability</U>.
If any term, provision, covenant or condition of this Agreement, or the application thereof to any party hereto or any circumstance,
is held to be unenforceable, invalid or illegal (in whole or in part) for any reason (in any relevant jurisdiction), the remaining
terms, provisions, covenants and conditions of this Agreement, modified by the deletion of the unenforceable, invalid or illegal
portion (in any relevant jurisdiction), will continue in full force and effect, and such unenforceability, invalidity, or illegality
will not otherwise affect the enforceability, validity or legality of the remaining terms, provisions, covenants and conditions
of this Agreement, so long as this Agreement, as so modified continues to express, without material change, the original intentions
of the parties as to the subject matter hereof and the deletion of such portion of this Agreement, will not substantially impair
the respective expectations or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise
be conferred upon the parties.</FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext"><U>Waiver
of Jury Trial</U>. <B>EACH OF THE ISSUER, THE COLLATERAL ADMINISTRATOR AND THE COLLATERAL MANAGER HEREBY IRREVOCABLY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY PROCEEDINGS.</B> Each party hereby (a)
certifies that no representative, agent or attorney of the other has represented, expressly or otherwise, that the other would
not, in the event of a Proceeding, seek to enforce the foregoing waiver; and (b) acknowledges that it has been induced to enter
into this Agreement by, among other things, the mutual waivers and certifications in this paragraph.</FONT></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: windowtext"><U>Jurisdiction</U>.
With respect to any suit, action or proceedings relating to this Agreement or any matter between the parties arising under or in
connection with this Agreement (&ldquo;<U>Proceedings</U>&rdquo;), each party irrevocably: (a) submits to the non-exclusive jurisdiction
of the Supreme Court of the State of New York sitting in the Borough of Manhattan and the United States District Court for the
Southern District of New York, and any appellate court from any thereof; and (b) 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. Nothing in this Agreement precludes any of the parties from bringing Proceedings in any other
jurisdiction, nor will the bringing of Proceedings in any one or more jurisdictions preclude the bringing of Proceedings in any
other jurisdiction. Subject to applicable law, each party irrevocably consents to the service of process in any Proceeding by the
mailing or delivery of copies of such process as set forth in Section 12 hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>IN WITNESS WHEREOF</B>,
the parties hereto have caused this Collateral Administration Agreement to be executed effective as of the day first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in"><B>MURRAY HILL FUNDING II, LLC</B>,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; padding-left: 0.625in">as Issuer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 5%; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 45%; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><I>/s/ Michael A. Reisner</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Name: Michael A. Reisner</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Title: Co-Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">COLLATERAL ADMINISTRATION AGREEMENT</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>C&#298;ON INVESTMENT MANAGEMENT, LLC,</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">as Collateral Manager</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><I>/s/ Michael A. Reisner</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Name: Michael A. Reisner</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Title: Co-Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 17 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">COLLATERAL ADMINISTRATION AGREEMENT</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>U.S. BANK NATIONAL ASSOCIATION</B>,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">as Collateral Administrator</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><I>/s/ Ralph J. Creasia, Jr.</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Name: Ralph J. Creasia, Jr.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Title: Senior Vice President</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">COLLATERAL ADMINISTRATION AGREEMENT</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>MURRAY HILL FUNDING, LLC</B>,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">solely with respect to Section 4 hereof</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><I>/s/ Michael A. Reisner</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Name: Michael A. Reisner</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Title: Co-Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 19; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">COLLATERAL ADMINISTRATION AGREEMENT</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<DOCUMENT>
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<SEQUENCE>13
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
