clearing mandate, with FX being the biggest unknown. ¢ Going forward, firms are tackling U.S. vs Europe collateral harmonization/transfer (DTCC and Euroclear are working on a collateral transfer initiative that is expected to launch in 1Q17), collateral management through firms including BNY Mellon, and Cl

icated in Annex I hereto; (e) "Business Day" - (i) in relation to the settlement of any Transaction which is to be settled through 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 Repurch

indicated in Annex I hereto; (e) "Business Day" - in relation to the settlement of any Transaction which is to be settled through 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 Repurch

in Annex I hereto: (e) "Business Day- - (iv) (i) in relation to the settlement of any Transaction which is to be settled through Clearsueam or Euroclear. a day on which Clearstream or, as the case may he, Eurnclear is open to settle business in the currency in which the Purchase Price and the Repurch

earer form, or in uncertificated form; and to use a central depository, clearing agency or book-entry system, such as The Depository Trust Company, Euroclear or the Federal Reserve Bank; (7) To manage any trust in a consolidated manner with any other trust created hereunder or with any other trust crea

cated in Annex I hereto; (e) `Business Day" - (I) in relation to the settlement of any Transaction which is to be settled through 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 Repurch

indicated in Annex I hereto; (e) `Business Day" - in relation to the settlement of any Transaction which is to be settled through 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 Repurch

icated in Annex I hereto; (e) "Business Day" - (i) in relation to the settlement of any Transaction which is to be settled through 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 Repurch

d 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 Clearstrcam, or (iii) shall be transferred through any other agreed securities clearance system or (iv) shall be transferred by any other method

Clearstream Banking. societe anonpne ("Clearstream") and Euroclear Bank S.AJ M., as operator of the Euroclear System ("Euroclear"). Clearstream and Euroclear will hold interests on behalf of their participants through customers' securities accounts in Clearstream and Euroclear's names on the books of the

Euroclear" ), if they are participants in those systems. or indirectly through organizations that are participants in those systems. Clearstream and Euroclear will hold interests on behalf of their participants through customers' securities accounts in Clearstream' s and Euroclear' s names on the books of

to a Person taking delivery in the form of an interest in a Regulation S Global Note in accordance with the applicable procedures of Clearstream or Euroclear (in addition to the requirements set forth in the Indenture); provided that any remaining principal amount of the transferor's interest in the Regul

estors may hold their interests in a Regulation S Global Note directly through Clearstream or Euroclear, if they arc participants in Clearstream or Euroclear, or indirectly through organizations that are participants in Clearstream or Euroclear. Clearstrcam and Euroclear will hold interests in the Regulat

system, or otherwise take actions in respect of its interest. may be affected by the lack of a physical security. Transfers between participants in Euroclear and Clearstream will be effected in the ordinary way in accordance with their respective rules and operating procedures. Subject to compliance with

companies that clear through or maintain a custodial relationship with a participant, either directly or indirectly. Although DTC. Clearstream and Euroclear have agreed to the foregoing procedures in order to facilitate transfers of interests in the Global Notes among participants of DTC. Clearstream and

ended. "ERISA Limited Security": The Subordinated Notes. "Euroclear": Euroclear Bank S.A./N.V., or any successor as operator and depository of the Euroclear system. "Event of Default": The meaning specified in Section 5.1. "Event of Default Par Ratio": As of any Determination Date, the ratio (expressed

ments set forth in the following sentence. Upon receipt by the Indenture Registrar of: (A) instructions given in accordance with the procedures of Euroclear, Clearstream or the Depository, as the case may be, that contain information regarding the participant account to be credited with such increase; a

with respect to the Notes for each Interest Period and the relevant Distribution Date to be provided to the Co-Issuers. the Investment Manager. DTC, Euroclear. Clearstream. and the paying agents as soon as possible after each LIBOR Determination Date but in no event later than the first day of the Interest

rs' securities accounts in their respective names on the books of their respective depositaries. which are Euroclear Bank. S.A./N.V.. as operator of Euroclear. and Citibank. N.A.. as operator of Clearstream. The depositaries, in turn, will hold interests in the Securities in customers' securities accounts

ay conclusively rely on and will be protected in relying on instructions from DTC or its nominee for all purposes. Except for trades involving only Euroclear and Clearstream participants, interests in the Global Securities are expected to be eligible to trade in DTC's Same-Day Funds Settlement System and