Exhibit 4.7





 





	

                                              

                                              

                                              

                                              

	
        US$1,705,000,000 Revolving Credit Facility Agreement

         

	Dated 23 March 2015
	
         

         

        For

         

        ICL Finance B.V. 

        (as
        Borrower)

         

        and

         


         

        Israel Chemicals
        Limited 

        (as
        Parent)

         

        with

         

        Banco Bilbao Vizcaya
        Argentaria, S.A.

        The Bank of Tokyo-Mitsubishi UFJ, Ltd.

        Barclays Bank PLC

        BNP Paribas Fortis SA/NV

        Citibank, N.A.

        Commerzbank Aktiengesellschaft, Filiale Luxemburg

        Coöperatieve Centrale Raiffeissen-Boerenleenbank B.A. (trading as Rabobank)

        Crédit Agricole Corporate and Investment Bank

        HSBC Bank Plc

        Sumitomo Mitsui Banking Corporation Europe Limited

        UniCredit Bank Austria AG

        

        (as Mandated Lead Arrangers)

         

        Sumitomo Mitsui Banking
        Corporation Europe Limited

        

        (acting
as Agent)





 


 





Dentons UKMEA LLP


One Fleet Place 


London EC4M 7WS





United Kingdom 


DX 242


 








     


     


    




Contents


 


 









	1   Definitions and Interpretation	1
	2   The Facility	17
	3   Purpose	17
	4   Conditions of Utilisation	17
	5   Utilisation	18
	6   Currency of Loans	19
	7   Repayment and Extension Option	19
	8   Prepayment and cancellation; illegality	21
	9   Interest	23
	10   Interest Periods	24
	11   Changes to the calculation of interest	24
	12   Fees	25
	13   Tax gross up and indemnities	26
	14   Changes in Circumstances	30
	15   Other indemnities	31
	16   Mitigation by the Lenders	32
	17   Costs and expenses	32
	18   Guarantee and indemnity	33
	19   Representations	35
	20   Information undertakings	39
	21   Financial covenants	41
	22   General undertakings	46
	23   Events of Default	49
	24   Changes to the Lenders	52
	25   Changes to the Obligors	57



 






     


     


    




 


	26   Role of the Agent	58
	27   Conduct of business by the Finance Parties	63
	28   Sharing among the Finance Parties	63
	29   Payment mechanics	64
	30   Set-off	66
	31   Notices	67
	32   Calculations and certificates	68
	33   Partial invalidity	69
	34   Remedies and waivers	69
	35   Amendments and waivers	69
	36   Finance Party default	70
	37   Confidentiality of Funding Rates and Reference Bank Quotations	72
	38   Counterparts	73
	39   Governing law	73
	40   Enforcement	74




 


 


 







	Schedule 1 - The Original Lenders	75
	Schedule 2 - Conditions precedent	76
	Schedule 3 - Utilisation Request	79
	Schedule 4 - Form of Transfer Certificate	80
	Schedule 5 - Form of Compliance Certificate	82
	Schedule 6 - Existing Security	83
	Schedule 7 - Timetables	84
	Schedule 8 - Form of Accession Letter	85
	Schedule 9 - Form of Resignation Letter	86




 






     


     


    




US$1,705,000,000 Revolving Credit Facility Agreement


 


Dated    March 2015


 


Between


 


		(1)	ICL Finance B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid)
incorporated under the laws of The Netherlands, with corporate seat (statutaire zetel) in Amsterdam, The Netherlands and
registered with the trade register of chamber of commerce (kamer van koophandel) under number 34217578 (the Borrower);



 


		(2)	Israel Chemicals Limited, a public limited liability company incorporated under Israeli law, having its official seat
in Tel Aviv, its office address at 23 Aranha Street, Millenium Tower, Tel Aviv, Israel and registered in the registrar of companies
under nr. 52.002783-0 (the Parent);



 


		(3)	ICL Finance Inc., a corporation formed under the laws of the State of Delaware and having its registered office at 1105
North Market Street, Suite 1300, Wilmington, DE 1980, United States of America (ICL Finance);



 


		(4)	Banco Bilbao Vizcaya Argentaria, S.A., The Bank of Tokyo-Mitsubishi UFJ, Ltd., Barclays Bank PLC, BNP Paribas Fortis SA/NV,
Citibank, N.A., Commerzbank Aktiengesellschaft, Filiale Luxemburg, Coöperatieve Centrale Raiffeissen-Boerenleenbank B.A. (trading
as Rabobank), Crédit Agricole Corporate and Investment Bank, HSBC Bank Plc, Sumitomo Mitsui Banking Corporation Europe Limited
and UniCredit Bank Austria AG as mandated lead arrangers (together, the Mandated Lead Arrangers and each a Mandated Lead
Arranger);



 


		(5)	The financial institutions listed in ‎Schedule 1
(The Original Lenders) as lenders (the Original Lenders); and



 


		(6)	Sumitomo Mitsui Banking Corporation Europe Limited as agent of the other Finance Parties (the Agent).



 


It is agreed as follows:


 


		1	Definitions and Interpretation



 


		1.1	Definitions



 


In this Agreement:


 


Acceptable Bank means a bank or financial
institution which has a rating for its long-term unsecured and non credit-enhanced debt obligations of BBB+ or higher by Standard
& Poor's Rating Services or Fitch Ratings Ltd or Baa1 or higher by Moody's Investor Services Limited or a comparable rating
from an internationally recognised credit rating agency.


 


Accession Letter means a document substantially
in the form set out in ‎Schedule 8 (Form of Accession
Letter).


 


Additional Guarantor means a company which
becomes an Additional Guarantor in accordance with Clause ‎25
(Changes to the Obligors).


 


Affiliate means, in relation to any person,
a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding Company, including in the
case of Coöperatieve Centrale Raiffeisen Boerenleenbank B.A. any related bank (aangesloten bank) and any Subsidiary
or Holding Company of Coöperatieve Centrale Raiffeisen Boerenleenbank B.A.


 




    Page 1


     


    

AFS means the Dutch act on financial supervision
(Wet op het financieel toezicht) as amended, restated or replaced from time to time.


 


Agent's Spot Rate of Exchange means the Agent's
spot rate of exchange for the purchase of the relevant currency with US Dollars (as appropriate) in the London foreign exchange
market at or about 11:00 a.m. on a particular day.


 


Authorisation means an authorisation, consent,
approval, resolution, licence, exemption, filing, notarisation or registration.


 


Availability Period means the period from
and including the date of this Agreement to and including the date falling 1 month before the Termination Date.


 


Available Commitment means a Lender's Commitment
minus:


 


		(a)	the Dollar Amount of its participation in any outstanding Loans; and



 


		(b)	in relation to any proposed Utilisation, the Dollar Amount of its participation in any Loans that are due to be made on or
before the proposed Utilisation Date,



 


other than that Lender's participation in any Loans
that are due to be repaid or prepaid on or before the proposed Utilisation Date.


 


Available Facility means the aggregate for
the time being of each Lender's Available Commitment.


 


Basel III means:


 


		(a)	the agreements on capital requirements, a leverage ratio and liquidity standards contained in "Basel III: A global regulatory
framework for more resilient banks and banking systems", "Basel III: International framework for liquidity, risk measurement,
standards and monitoring" and "Guidance for national authorities operating the countercyclical capital buffer" published
by the Basel Committee on Banking Supervision in December 2010, each as amended, supplemented or restated;



 


		(b)	the rules for global systemically important banks contained in "Global systemically important banks: assessment, methodology
and the additional loss absorbency requirement – Rules text" published by the Basel Committee on Banking Supervision
in November 2011, as amended, supplemented or restated; and



 


		(c)	any further guidance or standards published by the Basel Committee on Banking Supervision relating to "Basel III".



 


Break Costs means the amount (if any) by which:


 


		(a)	the interest which a Lender should have received for the period from the date of receipt of all or any part of its participation
in a Loan or Unpaid Sum to the last day of the current Interest Period in respect of that Loan or Unpaid Sum, had the principal
amount or Unpaid Sum received been paid on the last day of that Interest Period;



 


exceeds:


 


		(b)	the amount which that Lender would be able to obtain by placing an amount equal to the principal amount or Unpaid Sum received
by it on deposit with a leading bank in the Relevant Interbank Market for a period starting on the Business Day following receipt
or recovery and ending on the last day of the current Interest Period.



 




    Page 2


     


    

Business Day means a day (other than a Saturday
or Sunday) on which banks are open for general business in London, Amsterdam and Tel Aviv and:


 


		(a)	(in relation to any date for payment or purchase of US Dollars), New York; or



 


		(b)	(in relation to any date for payment or purchase of Euro) any TARGET Day.



 


Code means the US Internal Revenue Code of
1986.


 


Commitment means:


 


		(a)	in relation to an Original Lender, the amount in US Dollars set opposite its name under the heading "Commitment"
in ‎Schedule 1 (The Original Lenders) and the amount
of any other Commitment transferred to it under this Agreement; and



 


		(b)	in relation to any other Lender, the amount in US Dollars of any Commitment transferred to it under this Agreement



 


to the extent not cancelled, reduced or transferred
by it under this Agreement.


 


Compliance Certificate means a certificate
substantially in the form set out in ‎Schedule 5 (Form
of Compliance Certificate).


 


Confidential Information
means all information relating to the Borrower, any Obligor, the Group, the Finance Documents or the Facility of which a Finance
Party becomes aware in its capacity as, or for the purpose of becoming, a Finance Party or which is received by a Finance Party
in relation to, or for the purpose of becoming a Finance Party under, the Finance Documents or the Facility from either:


 


		(a)	any member of the Group or any of its advisers; or



 


		(b)	another Finance Party, if the information was obtained by that Finance Party directly or indirectly from any member of the
Group or any of its advisers,



 


in whatever form, and includes
information given orally and any document, electronic file or any other way of representing or recording information which contains
or is derived or copied from such information but excludes information that:


 


		(i)	is or becomes public information other than as a direct or indirect result of any breach by that Finance Party of Clause ‎24.6
(Confidential Information); or



 


		(ii)	is identified in writing at the time of delivery as non-confidential by any member of the Group or any of its advisers; or



 


		(iii)	is known by that Finance Party before the date the information is disclosed to it in accordance with paragraphs (a) or (b)
above or is lawfully obtained by that Finance Party after that date, from a source which is, as far as that Finance Party is aware,
unconnected with the Group and which, in either case, as far as that Finance Party is aware, has not been obtained in breach of,
and is not otherwise subject to, any obligation of confidentiality.



 


Confidentiality Undertaking
means a confidentiality undertaking substantially in a recommended form of the LMA or in any other form agreed between the Borrower
and the Agent.


 


CRDIV means:


 


		(a)	Regulation (EU) No 575/2013 of the European Parliament and of the Council dated 26 June 2013 on prudential requirements for
credit institutions and investment firms and amending Regulation (EU) No 648/2012 as amended from time to time; and



 




    Page 3


     


    

		(b)	Directive 2013/36/EU of the European Parliament and of the Council dated 26 June 2013 on access to the activity of credit institutions
and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives
2006/48/EC and 2006/49/EC, as amended from time to time.



 


Default means an Event of Default or any event
or circumstance specified in Clause ‎23 (Events of Default)
which would (with the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents
or any combination of any of the foregoing) be an Event of Default.


 


Defaulting Lender means
any Lender:


 


		(a)	which has failed to make its participation in the Loan available or has notified the Agent that it will not make its participation
in the Loan available by the Utilisation Date in accordance with Clause ‎5.4
(Lenders' participation);



 


		(b)	which has otherwise rescinded or repudiated a Finance Document; or



 


		(c)	with respect to which an Insolvency Event has occurred and is continuing,



 


unless, in the case of paragraph (a) above:


 


		(i)	its failure to pay is caused by:



 


		(aa)	administrative or technical error; or



 


		(bb)	a Disruption Event; and,



 


payment is made within 5 Business
Days of its due date; or


 


		(ii)	the Lender is disputing in good faith whether it is contractually obliged to make the payment in question



 


Disruption Event means either or both of:


 


		(a)	a material disruption to those payment or communications systems or to those financial markets which are, in each case, required
to operate in order for payments to be made in connection with the Facility (or otherwise in order for the transactions contemplated
by the Finance Documents to be carried out) which disruption is not caused by, and is beyond the control of, any of the Parties;
or



 


		(b)	the occurrence of any other event which results in a disruption (of a technical or systems-related nature) to the treasury
or payments operations of a Party preventing that, or any other Party:



 


		(i)	from performing its payment obligations under the Finance Documents; or



 


		(ii)	from communicating with other Parties in accordance with the terms of the Finance Documents,



 


(and which (in either such case)) is not caused by,
and is beyond the control of, the Party whose operations are disrupted.


 


Dollar Amount means, in relation to a Loan,
the amount specified in the Utilisation Request delivered by the Borrower for that Loan (or, if the amount requested is not denominated
in US Dollars, that amount converted into US Dollars at the Agent's Spot Rate of Exchange on the date which is three Business Days
before the Utilisation Date or, if later, on the date the Agent receives the Utilisation Request) adjusted to reflect any repayment
or prepayment of the Loan.


 




    Page 4


     


    

Dutch GAAP means generally accepted accounting
principles in The Netherlands, including IFRS as implemented in The Netherlands.


 


EURIBOR means, in relation to any Loan in Euro:


 


		(a)	the applicable Screen Rate as of the Specified Time for Euro and for a period equal in length to the Interest Period of that
Loan; or



 


		(b)	as otherwise determined pursuant to Clause ‎11.1 (Unavailability of Screen
Rate),



 


and if, in either case, that rate is less than zero,
EURIBOR shall be deemed to be zero.


 


Euro and € means the single currency
of the Participating Member States.


 


Event of Default means any event or circumstance
specified as such in Clause ‎23 (Events of Default).


 


Extension Fee means an amount
in US$ equal to 0.075 per cent. of the aggregate Commitment of each Lender which has accepted the relevant Extension Request for
each year it has agreed to extend the Termination Date applicable to that Lender.


 


Extension Option means the
option to extend the relevant Termination Date set out in Clause ‎7.2
(Extension Option).


 


Extension Request has the
meaning given to that term in Clause ‎7.2.3 (Extension Option).


 


Facility means the revolving credit facility
made available under this Agreement as described in Clause ‎2
(The Facility).


 


Facility Office means the office or offices
notified by a Lender to the Agent in writing on or before the date it becomes a Lender (or, following that date, by not less than
five Business Days' written notice) as the office or offices through which it will perform its obligations under this Agreement.


 


FATCA means:


 


		(a)	sections 1471 to 1474 of the Code or any associated regulations;



 


		(b)	any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the US and any
other jurisdiction, which (in either case) facilitates the implementation of any law or regulation referred to in paragraph ‎(a)
above; or



 


		(c)	any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs ‎(a)
or ‎(b) above with the US Internal Revenue Service, the US government or any governmental
or taxation authority in any other jurisdiction.



 


FATCA Application Date means:


 


		(a)	in relation to a "withholdable payment" described in section 1473(1)(A)(i) of the Code (which relates to payments
of interest and certain other payments from sources within the US), 1 July 2014;



 


		(b)	in relation to a "withholdable payment" described in section 1473(1)(A)(ii) of the Code (which relates to "gross
proceeds" from the disposition of property of a type that can produce interest from sources within the US), 1 January 2017;
or



 




    Page 5


     


    

		(c)	in relation to a "passthru payment" described in section 1471(d)(7) of the Code not falling within paragraphs ‎(a)
or ‎(b) above, 1 January 2017,



 


or, in each case, such other date from which such payment
may become subject to a deduction or withholding required by FATCA as a result of any change in FATCA after the date of this Agreement.


 


FATCA Deduction means a deduction or withholding
from a payment under a Finance Document required by FATCA.


 


FATCA Exempt Party means a Party that is entitled
to receive payments free from any FATCA Deduction.


 


Fee Letter means any letter or letters dated
on or before the date of this Agreement between the Agent and/or the Original Lenders and the Borrower setting out any of the fees
referred to in Clause ‎12 (Fees).


 


Finance Document means this Agreement, any
Fee Letter, each Accession Letter, any Extension Request and any other document designated as such by the Agent and the Borrower.


 


Finance Party means the Agent or a Lender.


 


Financial Indebtedness shall
be construed so as to mean any indebtedness:


 


		(a)	in respect of monies borrowed (including interest and other charges on or in respect thereof); and/or



 


		(b)	under acceptance credits or like transactions involving the discounting of bills with banks or other financial institutions;
and/or



 


		(c)	in respect of any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock
or similar instrument; and/or



 


		(d)	under guarantees and indemnities against financial loss issued in respect of any indebtedness or another which would come within
this definition; and/or



 


		(e)	any liability in respect of purchase price for assets or services (excluding assets or services purchased in the ordinary course
of business) the payment of which is deferred for periods in excess of 180 days; and/or



 


		(f)	any currency swap or interest swap, cap or collar arrangements or any other derivative instrument.



 


First Maturity Date means
the date falling 60 Months after the date of this Agreement.


 


Funding Rate means any individual
rate notified by a Lender to the Agent pursuant to paragraph ‎(b)
of Clause ‎11.4.1 (Cost of funds).


 


Group means the Borrower
and its Subsidiaries for the time being.


 


Guarantor means the Parent, ICL Finance and
any Additional Guarantor unless it has ceased to be a Guarantor in accordance with Clause ‎25
(Changes to the Obligors).


 


Holding Company means, in relation to a company
or corporation, any other company or corporation in respect of which it is a Subsidiary.


 


ICL Group means the Parent and its Subsidiaries.


 




    Page 6


     


    

IFRS means International Financial Reporting
Standards issued by the International Accounting Standards Board.


 


Impaired Agent means the
Agent at any time when:


 


		(a)	it has failed to make (or has notified a Party that it will not make) a payment required to be made by it under the Finance
Documents by the due date for payment;



 


		(b)	the Agent otherwise rescinds or repudiates a Finance Document;



 


		(c)	(if the Agent is also a Lender) it is a Defaulting Lender under paragraph (a) or (b) of the definition of "Defaulting
Lender"; or



 


		(d)	an Insolvency Event has occurred and is continuing with respect to the Agent;



 


unless, in the case of paragraph (a) above:


 


		(i)	its failure to pay is caused by:



 


		(aa)	administrative or technical error; or



 


		(bb)	a Disruption Event; and



 


payment is made within 5 Business Days of its due
date; or


 


		(ii)	the Agent is disputing in good faith whether it is contractually obliged to make the payment in question.



 


Initial Extension Request has
the meaning given to that term in Clause ‎7.2.1 (Extension
Option).


 


Insolvency Event in relation
to a Finance Party means that the Finance Party:


 


		(a)	is dissolved (other than pursuant to a consolidation, amalgamation or merger);



 


		(b)	becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they
become due;



 


		(c)	makes a general assignment, arrangement or composition with or for the benefit of its creditors;



 


		(d)	institutes or has instituted against it, by a regulator, supervisor or any similar official with primary insolvency, rehabilitative
or regulatory jurisdiction over it in the jurisdiction of its incorporation or organisation or the jurisdiction of its head or
home office, a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency
law or other similar law affecting creditors' rights, or a petition is presented for its winding-up or liquidation by it or such
regulator, supervisor or similar official;



 


		(e)	has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy
or insolvency law or other similar law affecting creditors' rights, or a petition is presented for its winding-up or liquidation,
and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition is instituted
or presented by a person or entity not described in paragraph (d) above and:



 


		(i)	results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up
or liquidation; or



 




    Page 7


     


    

		(iii)	is not dismissed, discharged, stayed or restrained in each case within 30 days of the institution or presentation thereof;



 


		(f)	has exercised in respect of it one or more of the stabilisation powers pursuant to Part 1 of the Banking Act 2009 and/or has
instituted against it a bank insolvency proceeding pursuant to Part 2 of the Banking Act 2009 or a bank administration proceeding
pursuant to Part 3 of the Banking Act 2009;



 


		(g)	has a resolution passed for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation
or merger);



 


		(h)	seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian
or other similar official for it or for all or substantially all its assets;



 


		(i)	has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration
or other legal process levied, enforced or sued on or against all or substantially all its assets and such secured party maintains
possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 30 days thereafter;



 


		(j)	causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an analogous
effect to any of the events specified in paragraphs (a) to (i) above; or



 


		(k)	takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts.



 


Interest Period means, in relation to each
Loan, the period determined in accordance with Clause ‎10
(Interest Periods) and, in relation to an Unpaid Sum, each period determined in accordance with Clause ‎9.3
(Default interest).


 


Interpolated Screen Rate means, in relation
to any Loan, the rate (rounded to the same number of decimal places as the two relevant Screen Rates) which results from interpolating
on a linear basis between:


 


		(a)	the applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less than the Interest
Period of that Loan; and



 


		(b)	the applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds the Interest Period
of that Loan,



 


each as of the Specified Time for the currency of that
Loan.


 


Israeli GAAP means generally accepted accounting
principles in Israel, including IFRS as implemented in the State of Israel.


 


Lender means:


 


		(a)	any Original Lender; and



 


		(b)	any bank, financial institution, trust, fund or other entity which has become a Party in accordance with Clause ‎24
(Changes to the Lenders),



 


which in each case has not ceased to be a Party in
accordance with the terms of this Agreement.


 


LIBOR means, in relation to any Loan:


 




    Page 8


     


    

		(a)	the applicable Screen Rate as of the Specified Time for the currency of that Loan and for a period equal in length to the Interest
Period of that Loan; or



 


		(b)	as otherwise determined pursuant to Clause ‎11.1 (Unavailability of Screen
Rate),



 


and if, in either case, that rate is less than zero,
LIBOR shall be deemed to be zero.


 


Loan means a loan made or to be made under
the Facility or the principal amount outstanding for the time being of that loan.


 


Majority Lenders means a Lender or Lenders
whose Commitments aggregate more than 662/3% of the Total Commitments (or, if the Total Commitments have
been reduced to zero, aggregated more than 662/3% of the Total Commitments immediately prior to the reduction).


 


Margin means 0.60 per cent per annum.


 


Material Adverse Effect means a material adverse
effect on the ability of any Obligor to perform its obligations under this Agreement.


 


Material Subsidiary means at any time any
Subsidiary of the Parent:


 


		(a)	whose gross revenues before tax and interest, as shown by the last audited profit and loss account of such subsidiary represent
15 per cent or more of the consolidated gross revenues before tax and interest of the ICL Group as shown by the last audited consolidated
profit and loss account of the ICL Group; or



 


		(b)	whose gross assets as shown by the last audited balance sheet of such subsidiary represent 15 per cent or more of the consolidated
gross assets (less reserves for depreciation, amortisation and doubtful receivables) of the ICL Group as shown by the last audited
consolidated balance sheet of the ICL Group; and



 


		(c)	which is not a Holding Company which carries on no other activities and has no liabilities to third parties,



 


(being at the date hereof, Dead Sea Works Limited,
Dead Sea Bromine Company Limited and Rotem Amfert Negev Ltd.) (for the purpose of this definition, a report by the Chief Accounting
Officer for the time being of the Parent (who shall be entitled to make such adjustments as he considers fair and appropriate in
preparing such report) that in his opinion such subsidiary is or is not or was or was not a Material Subsidiary shall, subject
to the provisions of Clause ‎20 (Information Undertakings),
be prima facie evidence thereof).


 


Non-Public Lender means any entity which does
not belong to the "public" within the meaning of CRD IV.


 


Non-Recourse Project means any standalone
project financing entered into by any Project Subsidiary solely for the purposes of the relevant project, where the recourse of
the provider of that project financing is limited to the assets comprised in the project of the Project Subsidiary.


 


Obligor means the Borrower or a Guarantor.


 


Original Financial Statements means:


 


		(a)	in relation to the Borrower, the audited financial statements of the Borrower for its financial year ending 31 December 2013;



 


		(b)	in relation to the Parent, the audited consolidated financial statements of the Parent for its financial year ending 31 December
2013; and



 




    Page 9


     


    

		(c)	in relation to ICL Finance, the audited financial statements of ICL Finance for its financial year ending 31 December 2013.



 


Participating Member State means any member
state of the European Union that has the euro as its lawful currency in accordance with legislation of the European Union relating
to Economic and Monetary Union.


 


Party means a party to this Agreement.


 


Permitted Encumbrance means:


 


		(a)	any Security listed in ‎Schedule 6 (Existing Security)
together with (and not exceeding) the principal amount secured thereunder;



 


		(b)	any encumbrance granted by any Obligor over (a) documents of title under letters of credit or letters of credit refinancing
facilities or (b) bills of exchange drawn under letters of credit, securing short term credit facilities of a tenor of not
more than one year;



 


		(c)	any encumbrance granted by any Obligor in favour of any bank or financial institution over the assets or the issued share capital
of any company acquired by such Obligor for the purposes of securing indebtedness owed to such bank or financial institution by
any member of the Group or the ICL Group and borrowed for the purposes of acquiring such assets or the issued share capital of
any company acquired by such Obligor;



 


		(d)	any netting, set-off or other pooling arrangement entered into by any member of the Group in the ordinary course of its banking
arrangements for the purpose of netting debit and credit balances;



 


		(e)	any lien arising by operation of law and in the ordinary course of trading;



 


		(f)	any Security over or affecting any asset acquired by a member of the Group after the date of this Agreement if:



 


		(i)	the Security was not created in contemplation of the acquisition of that asset by a member of the Group; and



 


		(ii)	the principal amount secured has not been increased in contemplation of, or since the acquisition of that asset by a member
of the Group.



 


		(g)	any Security over or affecting any asset of any company which becomes a member of the Group after the date of this Agreement,
where the Security is created prior to the date on which that company becomes a member of the Group, if:



 


		(i)	the Security was not created in contemplation of the acquisition of that company; and



 


		(ii)	the principal amount secured has not increased in contemplation of or since the acquisition of that company.



 


		(h)	any Security entered into pursuant to any Finance Document;



 


		(i)	any encumbrance granted by the Parent to any bank or financial institution over the proceeds of any contract payable to the
Parent or granted over inventory or goods connected with the performance of such contract provided that the aggregate amount of
such proceeds when aggregated with the amount of other proceeds so encumbered, shall not exceed US$100,000,000 (or its equivalent
in other currencies as determined by the Agent);



 




    Page 10


     


    

		(j)	any encumbrance granted by the Parent to the State of Israel, any agency or sub-division thereof or to any bank incorporated
in the State of Israel acting on its behalf securing the obligations of the Parent in respect of its failure to comply with the
terms on which an investment grant may have been made by the State of Israel or such agency or sub-division to it, provided that
(i) the aggregate outstanding principal amount secured by such an encumbrance does not exceed US$300,000,000 (or its equivalent
in other currencies as determined by the Agent) and (ii) such an encumbrance is over the assets in respect of which such an investment
grant has been granted;



 


		(k)	any nominal encumbrance granted by the Parent over its assets to the extent necessary in order to comply with the formal requirement
of Israeli companies laws applicable to companies generally in respect of the issue of debentures by the Parent;



 


		(l)	any fixed or floating charge in existence at the date hereof (a) which appeared on the charges register of the Parent
and on the charges register maintained by the Registrar of Companies in Israel on the date hereof or which has been disclosed to
the Agent in writing on or before the date hereof, (b) which is restricted by its terms to a charge over those assets or (in
the case of a floating charge) classes of assets over which it is granted at the date hereof, and (c) which secures only indebtedness
owed by the Parent to banks incorporated in Israel or to the State of Israel (or any agency or sub-division thereof); and



 


		(m)	any Security granted by a Project Subsidiary to any bank or financial institution in respect of a Non-Recourse Project, provided
that such Security is limited to the assets of that Project Subsidiary and the Financial Indebtedness secured by that Security
is incurred solely for the purposes of that Non-Recourse Project.



 


Project Subsidiary means any member
of the Group which has been incorporated for the sole purpose of a Non-Recourse Project.


 


Quotation Business Day means a day (other
than a Saturday or Sunday) on which banks are open for general business in London and New York.


 


Quotation Day means, in relation to any period
for which an interest rate is to be determined:


 


		(a)	(if the currency is Euro) two TARGET Days before the first day of that period; or



 


		(b)	(for US Dollars) two Quotation Business Days before the first day of that period,



 


unless market practice differs in the Relevant Interbank
Market for a currency, in which case the Quotation Day for that currency will be determined by the Agent in accordance with market
practice in the Relevant Interbank Market (and if quotations would normally be given by leading banks in the Relevant Interbank
Market on more than one day, the Quotation Day will be the last of those days).


 


Reference Banks means, in relation to EURIBOR
or LIBOR (if applicable) the principal London offices of the Agent, or such other banks as may be appointed by the Agent in consultation
with the Borrower, provided each such bank confirms its willingness to act as a Reference Bank.


 


Reference Bank Quotation means any quotation
supplied to the Agent by a Reference Bank.


 


Related Fund in relation
to a fund (the first fund), means a fund which is managed or advised by the same investment manager or investment adviser
as the first fund or, if it is managed by a different investment manager or investment adviser, a fund whose investment manager
or investment adviser is an Affiliate of the investment manager or investment adviser of the first fund.


 




    Page 11


     


    

Relevant Interbank Market means in relation
to Euro, the European interbank market and, in relation to US Dollars, the London interbank market.


 


Relevant GAAP means generally accepted accounting
principles as in effect from time to time in the relevant jurisdiction.


 


Repeating Representations means each of the
representations set out in Clause ‎19 (Representations)
save for those representations referred to in Clauses ‎19.7,
‎19.8, ‎19.10.2
and ‎19.11.3.


 


Representative means any
delegate, agent, manager, administrator, nominee, attorney, trustee or custodian.


 


Reservations means the reservations or qualifications
of law contained in the legal opinions referred to in ‎Schedule 2
(Conditions Precedent) delivered to the Agent pursuant to the terms of this Agreement.


 


Resignation Letter means a letter substantially
in the form set out in ‎Schedule 9 (Form of Resignation
Letter).


 


Restricted Party means a person that is:


 


		(a)	listed on, or owned or controlled by a person listed on, any Sanctions List;



 


		(b)	located in, incorporated under the laws of, or owned or (directly or indirectly) controlled by a person located in or organized
under the laws of a country or territory that is the target of country-wide or territory-wide Sanctions; or



 


		(c)	otherwise a target of Sanctions.



 


Sanctions means any trade,
financial or other economic sanctions laws, regulations, embargoes or restrictive measures administered, enacted or enforced by:


 


		(a)	the United States government;



 


		(b)	the State of Israel



 


		(c)	Japan and the Ministry of Foreign Affairs of Japan;



 


		(d)	the European Union;



 


		(e)	the United Kingdom; or



 


		(f)	the respective governmental institutions and agencies of any of the foregoing, including without limitation, the Office of
Foreign Assets Control of the United States Department of the Treasury, the United States Department of State and Her Majesty’s
Treasury (together, the Sanctions Authorities).



 


Sanctions List means the "Specially Designated
Nationals and Blocked Persons List" and the "Sectoral Sanctions Identifications List" each maintained by the Office
of Foreign Assets Control of the United States Department of the Treasury, the "Financial Sanctions: Consolidated List of
Targets List" and the "Investments Ban List" maintained by Her Majesty’s Treasury, or any similar lists maintained
by, or public announcement of Sanctions designation made by, any of the Sanctions Authorities, in each case as amended, supplemented
or substituted from time to time.


 


Screen Rate means:


 




    Page 12


     


    

		(a)	in relation to LIBOR, the London interbank offered rate administered by ICE Benchmark Administration Limited (or any other
person which takes over the administration of that rate) for the relevant currency and period displayed (before any correction,
recalculation or republication by the administrator) on pages LIBOR01 or LIBOR02 of the Thomson Reuters screen (or any replacement
Thomson Reuters page which displays that rate); and



 


		(b)	in relation to EURIBOR, the euro interbank offered rate administered by the European Money Markets Institute (or any other
person which takes over the administration of that rate) for the relevant period displayed (before any correction, recalculation
or republication by the administrator) on page EURIBOR01 of the Thomson Reuters screen (or any replacement Thomson Reuters page
which displays that rate),



 


or, in each case, on the appropriate
page of such other information service which publishes that rate from time to time in place of Thomson Reuters. If such page or
service ceases to be available, the Agent may specify another page or service displaying the relevant rate after consultation with
the Borrower.


 


Second Maturity Date means the date which
falls 12 Months from the First Maturity Date.


 


Security means a mortgage, charge, pledge,
lien or other security interest securing any obligation of any person or any other agreement or arrangement having a similar effect.


 


Specified Time means a time determined in
accordance with ‎Schedule 7 (Timetables).


 


Subsidiary means in relation to a company
or corporation, a company or corporation:


 


		(a)	which is controlled, directly or indirectly, by the first-mentioned company or corporation;



 


		(b)	half or more of the issued share capital of which is beneficially owned, directly or indirectly, by the first-mentioned company
or corporation; or



 


		(c)	which is a Subsidiary of another Subsidiary of the first-mentioned company or corporation



 


and, for these purposes, a company or corporation
shall be treated as being controlled by another if that company or corporation is able to direct its affairs and/or to control
the composition of its board of directors or equivalent body.


 


TARGET2 means Trans-European Automated Real-time
Gross Settlement Express Transfer payment system which utilises a single shared platform and which was launched on 19 November
2007.


 


TARGET Day means any day on which TARGET2
is open for the settlement of payments in Euro.


 


Tax means any tax, levy, impost, duty or other
charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any
delay in paying any of the same).


 


Termination Date means, subject
to Clause ‎29.7 (Business Days):


 


		(a)	if no Extension Request is delivered, the First Maturity Date for all Lenders;



 


		(b)	in relation to any Initial Extension Request:



 




    Page 13


     


    

		(i)	for each Lender which accepts the Initial Extension Request, the Second Maturity Date; and



 


		(ii)	for each other Lender, the First Maturity Date; or



 


		(c)	in relation to any Ultimate Extension Request:



 


		(i)	for any Lender which has previously accepted the Initial Extension Request and accepts the Ultimate Extension Request, the
Third Maturity Date.



 


		(ii)	for any Lender which has not accepted the Initial Extension Request but accepts the Ultimate Extension Request, the Second
Maturity Date (if that Lender has agreed to extend for one year) or the Third Maturity Date (if that Lender has agreed to extend
for two years); and



 


		(iii)	for any other Lender, the First Maturity Date.



 


Third Maturity Date means
the date which falls 12 Months from the Second Maturity Date.


 


Total Commitments means the aggregate of the
Commitments being US$1,705,000,000 at the date of this Agreement.


 


Transfer Certificate means a certificate substantially
the form set out in ‎Schedule 4 (Form of Transfer Certificate)
or any other form agreed between the Agent and the Borrower.


 


Transfer Date means, in relation to a transfer,
the later of:


 


		(a)	the proposed Transfer Date specified in the Transfer Certificate; and



 


		(b)	the date on which the Agent executes the Transfer Certificate.



 


Ultimate Extension Request has
the meaning given to that term in Clause ‎7.2.2 (Extension
Option).


 


Unpaid Sum means any sum due and payable but
unpaid by an Obligor under the Finance Documents.


 


US means the United States of America.


 


US Dollars and US$ mean the lawful
currency of the United States of America.


 


US Tax Obligor means:


 


		(a)	a Borrower which is resident for tax purposes in the US; or



 


		(b)	an Obligor some or all of whose payments under the Finance Documents are from sources within the US for US federal income tax
purposes.



 


Utilisation means a utilisation of the Facility.


 


Utilisation Date means the date of a Utilisation,
being the date on which a Loan is to be made.


 


Utilisation Request means a notice substantially
in the form set out in ‎Schedule 3 (Requests).


 


VAT means value added tax as provided for
in the Value Added Tax Act 1994 and any other tax of a similar nature.


 




    Page 14


     


    

		1.2	Construction



 


		1.2.1	Unless a contrary indication appears, any reference in this Agreement to:



 


		(a)	the Agent, any Finance Party, any Lender, any Obligor or any Party shall be construed so
as to include its successors in title, permitted assigns and permitted transferees;



 


		(b)	assets includes present and future properties, revenues and rights of every description;



 


		(c)	the European interbank market means the interbank market for Euro operating in Participating Member States;



 


		(d)	a Finance Document or any other agreement or instrument is a reference to that Finance Document or other agreement or
instrument as amended, novated, supplemented, extended or restated;



 


		(e)	indebtedness includes any obligation (whether incurred as principal or as surety) for the payment or repayment of money,
whether present or future, actual or contingent;



 


		(f)	a month means a period starting on one day in a calendar month and ending on the numerically corresponding day in the
next calendar month, except that:



 


		(i)	if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that calendar
month in which that period is to end if there is one, or if there is not, on the immediately preceding Business Day;



 


		(ii)	if there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on
the last Business Day in that calendar month.



 


The above rules will only
apply to the last month of any period.


 


		(g)	a person includes any person, firm, company, corporation, government, state or agency of a state or any association,
trust or partnership (whether or not having separate legal personality) or two or more of the foregoing;



 


		(h)	a regulation includes any regulation, rule, official directive, request or guideline (whether or not having the force
of law) of any governmental, intergovernmental or supranational body, agency, department or regulatory, self-regulatory (other
than internal self-regulatory procedures not applicable to companies generally) or other authority or organisation;



 


		(i)	a provision of law is a reference to that provision as amended or re-enacted; and



 


		(j)	a time of day is a reference to London time.



 


		1.2.2	Section, Clause and Schedule headings are for ease of reference only.



 


		1.2.3	Unless a contrary indication appears, a term used in any other Finance Document or in any notice given under or in connection
with any Finance Document has the same meaning in that Finance Document or notice as in this Agreement.



 


		1.2.4	A Default (other than an Event of Default) is continuing if it has not been remedied or waived and an Event of Default
is continuing if it has not been remedied or waived.



 




    Page 15


     


    

		1.3	Dutch Terms



 


		1.3.1	In this Agreement, where it relates to a Dutch entity, a reference to:



 


		(a)	a suspension of payments or a moratorium of any indebtedness includes (voorlopige) surseance van betaling
and a moratorium is declared in respect of any indebtedness includes surseance verleend;



 


		(b)	a necessary action to authorise where applicable, includes without limitation:



 


		(i)	any action required to comply with the Works Councils Act of the Netherlands (Wet op de ondernemingsraden) or the European
Works Councils Act (Wet op de Europese Ondernemingsraden); and



 


		(ii)	obtaining an unconditional positive advice (advies) from the competent works council(s);



 


		(c)	gross negligence means grove schuld;



 


		(d)	an encumbrance or a security includes any mortgage (hypotheek), pledge (pandrecht), retention of
title arrangement (eigendomsvoorbehoud), privilege (voorrecht), right of retention (recht van retentie), right
to reclaim goods (recht van reclame), and, in general, any right in rem (beperkte recht) created for the purpose
of granting security (goederenrechtelijk zekerheidsrecht);



 


		(e)	wilful misconduct means opzet;



 


		(f)	a winding-up, administration or dissolution (and any of those terms) includes a Dutch entity being declared
bankrupt (failliet verklaard) or dissolved (ontbonden) or subjected to emergency regulations (noodregeling) on the
basis of the Dutch Act on Financial Supervision (Wet op het Financieel Toezicht);



 


		(g)	any legal procedure or other procedure or step taken in relation to the suspension of payments, a moratorium of any
indebtedness, winding-up, liquidation, dissolution or administration includes an entity having filed (i) for surseance van betaling
or voorlopige surséance van betaling or (ii) any notice under section 36 of the Tax Collection Act of the Netherlands
(Invorderingswet 1990) ("TCA") or section 60 paragraphs 2 and/or 3 of the Social Insurance Financing Act
of the Netherlands (Wet Financiering Sociale Verzekeringen) in conjunction with section 36 of the TCA;



 


		(h)	a moratorium includes surseance van betaling;



 


		(i)	an administrative receiver or liquidator includes a curator;



 


		(j)	an administrator includes a bewindvoerder; and



 


		(k)	an attachment includes a beslag.



 


		1.4	Third Party Rights



 


Unless expressly provided to the contrary in a Finance
Document a person who is not a Party has no right under the Contracts (Rights of Third Parties) Act 1999 (the Third Parties
Act) to enforce or to enjoy the benefit of any term of this Agreement.


 




    Page 16


     


    

		2	The Facility



 


		2.1	The Facility



 


Subject to the terms of this Agreement, the Lenders
make available to the Borrower a dual currency revolving credit facility in an aggregate amount equal to the Total Commitments.


 


		2.2	Finance Parties' rights and obligations



 


		2.2.1	The obligations of each Finance Party under the Finance Documents are several. Failure by a Finance Party to perform its obligations
under the Finance Documents does not affect the obligations of any other Party under the Finance Documents. No Finance Party is
responsible for the obligations of any other Finance Party under the Finance Documents.



 


		2.2.2	The rights of each Finance Party under or in connection with the Finance Documents are separate and independent rights and
any debt arising under the Finance Documents to a Finance Party from an Obligor shall be a separate and independent debt.



 


		2.2.3	A Finance Party may, except as otherwise stated in the Finance Documents, separately enforce its rights under the Finance Documents.



 


		3	Purpose



 


		3.1	Purpose



 


The Borrower shall apply all amounts borrowed by
it under the Facility towards its general corporate purposes including the financing of investments and acquisitions and the refinancing
of the indebtedness of the Borrower as it matures.


 


		3.2	Monitoring



 


No Finance Party is bound to monitor or verify the
application of any amount borrowed pursuant to this Agreement.


 


		4	Conditions of Utilisation



 


		4.1	Initial conditions precedent



 


The Borrower may not deliver a
Utilisation Request unless the Agent has received or waived all of the documents and other evidence listed in Part 1 of ‎Schedule 2
(Conditions precedent) in form and substance satisfactory to the Agent. The Agent shall notify the Borrower and the Lenders
promptly upon being so satisfied.


 


		4.2	Further conditions precedent



 


The Lenders will only be obliged to comply with Clause ‎5.4
(Lenders' participation) if on the date of the Utilisation Request and on the proposed Utilisation Date:


 


		(a)	no Event of Default is continuing or would result from the proposed Loan; and



 


		(b)	the Repeating Representations to be made by each Obligor are true in all material respects.



 


		4.3	Maximum number of Loans



 


The Borrower may not deliver a Utilisation Request
if as a result of the proposed Utilisation more than five Loans would be outstanding at any one time.


 




    Page 17


     


    

		5	Utilisation



 


		5.1	Delivery of a Utilisation Request



 


The Borrower may utilise the Facility
by delivery to the Agent of a duly completed Utilisation Request not later than the Specified Time.


 


		5.2	Completion of a Utilisation Request



 


		5.2.1	Each Utilisation Request is irrevocable and will not be regarded as having been duly completed unless:



 


		(a)	the proposed Utilisation Date is a Business Day within the Availability Period;



 


		(b)	the currency and amount of the Utilisation comply with Clause ‎5.3
(Currency and amount); and



 


		(c)	the proposed Interest Period complies with Clause ‎10
(Interest Periods).



 


		5.2.2	Only one Loan may be requested in each Utilisation Request.



 


		5.3	Currency and amount



 


		5.3.1	The currency specified in a Utilisation Request must be Euro or US Dollars.



 


		5.3.2	The amount of the proposed Loan must be:



 


		(a)	if the currency selected is Euro, a minimum of €20,000,000 and multiples of €10,000,000 or, if less, the Available
Facility; or



 


		(b)	if the currency selected is US Dollars, a minimum of US$20,000,000 and multiples of US$10,000,000 or if less, the Available
Facility; and



 


		(c)	in any event such that its Dollar Amount is less than or equal to the Available Facility.



 


		5.4	Lenders' participation



 


		5.4.1	If the conditions set out in this Agreement have been met, each Lender shall make its participation in each Loan available
by the Utilisation Date through its Facility Office.



 


		5.4.2	The amount of each Lender's participation in each Loan will be equal to the proportion borne by its Available Commitment to
the Available Facility immediately prior to making the Loan.



 


		5.4.3	The Agent shall determine the Dollar Amount of each Loan which is to be made in Euro and shall notify each Lender of the amount,
currency and the Dollar Amount of each Loan and the amount of its participation in that Loan, in each case by the Specified Time,
provided further that if the amount of a Loan so calculated by the Agent should cause the Total Commitments to be exceeded the
amount of such Loan shall be reduced to an amount which will not cause such excess.



 


		5.4.4	No Lender is obliged to participate in a Loan to the extent that such Loan would exceed the Total Commitments and/or its Commitment.



 


		5.4.5	Each Loan to the Borrower shall at all times be provided by a Non-Public Lender.



 




    Page 18


     


    

		6	Currency of Loans



 


		6.1	Unavailability of Euro



 


If before the Specified Time on any Quotation Day:


 


		(a)	a Lender notifies the Agent that Euro are not readily available to it in the amount required; or



 


		(b)	a Lender notifies the Agent that compliance with its obligation to participate in a Loan in Euro would contravene a law or
regulation applicable to it,



 


the Agent will give notice to the Borrower to that
effect by the Specified Time on that day. In this event, any Lender that gives notice pursuant to this Clause ‎6.1
will be required to participate in the Loan in US Dollars (in an amount equal to that Lender's proportion of the Dollar Amount)
and its participation will be treated as a separate Loan denominated in US Dollars during that Interest Period.


 


		6.2	Agent's calculations



 


		6.2.1	All calculations made by the Agent pursuant to this Clause ‎6
will take into account any repayment, prepayment or consolidation of Loans to be made on the last day of the relevant Interest
Period.



 


		6.2.2	Each Lender's participation in a Loan will, subject to Clause ‎6.2.1
above, be determined in accordance with Clause ‎5.4.2 (Lenders'
participation).



 


		7	Repayment and Extension Option



 


		7.1	Repayment of Loans



 


		7.1.1	The Borrower shall repay each Loan which it has drawn on the last day of its Interest Period.



 


		7.1.2	Without prejudice to the Borrower's obligation under Clause ‎7.1.1
above, if one or more Loans are to be made available to the Borrower:



 


		(a)	on the same day that a maturing Loan is due to be repaid by the Borrower;



 


		(b)	in the same currency as the maturing Loan (unless it arose as a result of the operation of Clause ‎6.1
(Unavailability of Euro)); and



 


		(c)	in whole or in part for the purpose of refinancing the maturing Loan;



 


the aggregate amount of the new Loans shall be treated
as if applied in or towards repayment of the maturing Loan so that:


 


		(i)	if the amount of the maturing Loan exceeds the aggregate amount of the new Loans:



 


		(aa)	the Borrower will only be required to pay an amount in cash in the relevant currency equal to that excess; and



 


		(bb)	each Lender's participation (if any) in the new Loans shall be treated as having been made available and applied by the Borrower
in or towards repayment of that Lender's participation (if any) in the maturing Loan and that Lender will not be required to make
its participation in the new Loans available in cash; and



 




    Page 19


     


    

		(ii)	if the amount of the maturing Loan is equal to or less than the aggregate amount of the new Loans:



 


		(iii)	the Borrower will not be required to make any payment in cash; and



 


		(iv)	each Lender will be required to make its participation in the new Loans available in cash only to the extent that its participation
(if any) in the new Loans exceeds that Lender's participation (if any) in the maturing Loan and the remainder of that Lender's
participation in the new Loans shall be treated as having been made available and applied by the Borrower in or towards repayment
of that Lender's participation in the maturing Loan.



 


		7.2	Extension Option



 


		7.2.1	The Borrower may by notice to the Agent (the Initial Extension Request) not more than 60 days and not less than 35 days
before the first anniversary of the date of this Agreement, request that the First Maturity Date be extended for a further period
of one year to the Second Maturity Date.



 


		7.2.2	The Borrower may by notice to the Agent (the Ultimate Extension Request) no more than 60 days and not less than 35 days
before the second anniversary of the date of this Agreement, request that the Termination Date:



 


		(a)	with respect to Lenders who have agreed to the Initial Extension Request, be extended for a further period of one year; and/or



 


		(b)	if no Initial Extension Request has been made, or with respect to Lenders who refused the Initial Extension Request:



 


		(i)	be extended for a period of one year to the Second Maturity Date; or



 


		(ii)	be extended for a period of two years to the Third Maturity Date,



 


as selected by the Borrower in the
notice to the Agent.


 


		7.2.3	The Agent must promptly notify the Lenders of any Initial Extension Request or Ultimate Extension Request (an Extension
Request).



 


		7.2.4	Each Lender may, in its absolute discretion, decide whether or not to accept the Extension Request. Each Lender that agrees
to an Extension Request by the date falling 15 days before the relevant anniversary of the date of this Agreement, will extend
its Commitment for a further period of one year or two years, as applicable, from the then current Termination Date and the applicable
Termination Date with respect to the Commitment of that Lender will be extended accordingly.



 


		7.2.5	If any Lender fails to reply to an Extension Request on or before the date falling 15 days before the relevant anniversary
of the date of this Facility Agreement, it will be deemed to have refused that Extension Request and its Commitments will not be
extended.



 


		7.2.6	If one or more (but not all) of the Lenders agree to an Extension Request, then the Agent must notify the Borrower and the
Lenders which have agreed to the extension, identifying in that notification which Lenders have not agreed to the Extension Request.



 


		7.2.7	Subject to Clause ‎7.2.8 below, each Extension Request is
irrevocable.



 


		7.2.8	The Borrower may, on the basis that one or more of the Lenders has or have not agreed to the Extension Request and no later
than the date falling 5 days before the relevant anniversary of the date of this Agreement, withdraw the request by notice to the
Agent which will promptly notify the Lenders.



 




    Page 20


     


    

		7.2.9	The Borrower shall pay the Extension Fee on or prior to the date falling 10 days before the relevant anniversary of the date
of this Agreement to the Agent for the account of each Lender that has accepted the relevant Extension Request.



 


		8	Prepayment and cancellation; illegality



 


		8.1	Illegality



 


		8.1.1	If:



 


		(a)	it is or becomes unlawful in any jurisdiction for a Lender to give effect to any of its obligations as contemplated by the
Finance Documents or to fund or maintain its participation in any Loan (or it becomes unlawful for any Affiliate of a Lender incorporated
or operating in any member state of the European Union, the United States of America or Japan for the Lender to do so); or



 


		(b)	(notwithstanding paragraph ‎(a) above) it is or becomes
a breach of Sanctions for a Lender or any Affiliate of a Lender for that Lender to:



 


		(i)	receive payments (regardless of whether such payments could be received into a blocked or frozen account) as contemplated by
the Finance Documents;



 


		(ii)	perform any of its obligations as contemplated by the Finance Documents or to fund (regardless of whether such funds could
be received into a blocked or frozen account); or



 


		(iii)	to maintain its participation in a Loan; or



 


		(c)	a representation made by the Borrower under Clauses ‎19.16
(Application of the Loans) or ‎19.18 (Sanctions)
proves to have been incorrect or misleading in any material respect at the time it was made or repeated or, but for this Clause
‎8.1 (Illegality), a Default would have occurred under
Clause ‎22.11 (Application of the Loans),



 


then:


 


		(i)	a Lender shall not be obliged to fund any Utilisation;



 


		(ii)	a Lender may notify the Agent in writing of that event and that it requires prepayment pursuant to this Clause ‎8.1
(Illegality). The Agent shall promptly pass that notice to the Borrower;



 


		(iii)	the Borrower shall repay (but only after receipt of the notice referred to in (ii) above) that Lender's participation in the
Loans made to the Borrower on the last day of the then current Interest Period (together with all other amounts payable by it to
that Lender under the Finance Documents) or on the date specified by the Lender in the notice delivered to the Agent under (ii)
above (such date being no earlier than the last day of any applicable grace period permitted by law) and any repayment so made
shall satisfy the Borrower's obligations under Clause ‎7.1 (Repayment
of Loans); and



 


		(iv)	upon the Agent notifying the Borrower, the Commitment of that Lender will be immediately cancelled.



 


		8.1.2	In relation to a Finance Party incorporated in Germany (a German Finance Party), Clauses ‎8.1.1(b),
‎8.1.1(c), ‎19.16(c)(i),
‎19.18 and ‎22.11(b)(ii)(aa)
(Sanctions) shall only apply for the benefit of such German Finance Party to the extent that the above provisions would
not result in:



 




    Page 21


     


    

		(a)	any violation of, conflict with or liability under the EU Regulation 2271/96; or



 


		(b)	a violation or conflict with section 7 foreign trade rules (AWV) (Außenwirtschaftsverordnung) (in connection with
section 4 paragraph 1 a no. 3 foreign trade law (AWG) (Außenwirtschaftsgesetz)) or a similar anti-boycott statute.



 


		8.2	Voluntary prepayment of Loans



 


The Borrower may, if it gives the
Agent not less than 30 days' (or such shorter period as the Majority Lenders may agree) prior written notice, prepay the whole
or any part of a Loan (but, if in part, being an amount that reduces the Dollar Amount of the Loan by a minimum amount of US$10,000,000).


 


		8.3	Voluntary cancellation



 


The Borrower may, if it gives the
Agent not less than 30 days' (or such shorter period as the Majority Lenders may agree) prior notice, cancel the whole or any part
of the Available Commitment (but, if in part, being a minimum Dollar Amount, and an integral multiple, of US$10,000,000). Any cancellation
under this Clause ‎8.3 shall reduce the Commitments of the Lenders
rateably.


 


		8.4	Right of repayment and cancellation in relation to a single Lender



 


		8.4.1	If:



 


		(a)	any sum payable to any Lender by an Obligor is required to be increased under Clause ‎13.2
(Tax Gross-up); or



 


		(b)	any Lender claims indemnification from the Borrower under Clause ‎13.3
(Tax Indemnity) or Clause ‎14.1 (Increased Costs),



 


the Borrower may, whilst (in the case of paragraphs ‎(a)
and ‎(b) above) the circumstance giving rise to the requirement
for that increase or indemnification continues, give the Agent notice of cancellation of the Commitment of that Lender and its
intention to procure the repayment of that Lender's participation in the Loans.


 


		8.4.2	On receipt of a notice referred to in Clause ‎8.4.1
above, the Commitment of that Lender shall immediately be reduced to zero.



 


		8.4.3	On the last day of each Interest Period which ends after the Borrower has given notice under Clause ‎8.4.1
above (or, if earlier, the date specified by the Borrower in that notice), the Borrower shall repay that Lender's participation
in that Loan.



 


		8.5	Restrictions



 


		8.5.1	Any notice of cancellation or prepayment given by any Party under this Clause ‎8
shall be irrevocable and, unless a contrary indication appears in this Agreement, shall specify the date or dates upon which the
relevant cancellation or prepayment is to be made and the amount of that cancellation or prepayment.



 


		8.5.2	Any prepayment under this Agreement shall be made together with accrued interest on the amount prepaid and, subject to any
applicable Break Costs, without premium or penalty.



 


		8.5.3	Unless a contrary indication appears in this Agreement, any part of the Facility which is prepaid or repaid may be re-borrowed
in accordance with the terms of this Agreement.



 


		8.5.4	The Borrower shall not repay or prepay all or any part of the Loans or cancel all or any part of the Commitments except at
the times and in the manner expressly provided for in this Agreement.



 




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		8.5.5	No amount of the Total Commitments cancelled under this Agreement may be subsequently reinstated.



 


		8.5.6	If the Agent receives a notice under this Clause ‎8
it shall promptly forward a copy of that notice to either the Borrower or the affected Lender, as appropriate.



 


		8.5.7	If all or part of a Loan is repaid or prepaid and is not available for redrawing (other than by operation of Clause ‎4.2
(Further conditions precedent)), an amount of the Commitments (equal to the Dollar Amount of the amount of the Loan which
is repaid or prepaid) will be deemed to be cancelled on the date of repayment or prepayment. Any cancellation under this Clause
‎8.5.7 shall reduce the Commitments of the Lenders rateably.



 


		9	Interest



 


		9.1	Calculation of interest



 


The rate of interest on each Loan for each Interest
Period is the percentage rate per annum which is the aggregate of the applicable:


 


		(a)	Margin; and



 


		(b)	LIBOR or, in relation to any Loan in Euro, EURIBOR.



 


		9.2	Payment of interest



 


The Borrower shall pay accrued interest on each Loan
which has been made to it on the last day of each Interest Period (and, if the Interest Period is longer than six months, on the
dates falling at six-monthly intervals after the first day of the Interest Period and on the last day of such Interest Period).


 


		9.3	Default interest



 


		9.3.1	If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the
overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to
Clause ‎9.3.2 below, is 1 per cent higher than the rate
which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of
the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest
accruing under this Clause ‎9.3 shall be immediately payable
by that Obligor on demand by the Agent .



 


		9.3.2	If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest
Period relating to that Loan:



 


		(a)	the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest
Period relating to that Loan; and



 


		(b)	the rate of interest applying to the overdue amount during that first Interest Period shall be 1 per cent. higher than the
rate which would have applied if the overdue amount had not become due.



 


		9.3.3	Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest
Period applicable to that overdue amount but will remain immediately due and payable.



 


		9.4	Notification of rates of interest



 


The Agent shall promptly notify the Lenders and the
Borrower of the determination of a rate of interest under this Agreement.


 




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		10	Interest Periods



 


		10.1	Selection of Interest Periods



 


		10.1.1	The Borrower may select an Interest Period for a Loan in the Utilisation Request for that Loan.



 


		10.1.2	If the Borrower fails to specify the Interest Period in a Utilisation Request to the Agent in accordance with Clause ‎10.1.1
above, the relevant Interest Period will be 3 months.



 


		10.1.3	Subject to this Clause ‎10, the Borrower may select
an Interest Period of 1, 3 or 6 months or any other period agreed between the Borrower and the Agent (acting on the instructions
of all the Lenders).



 


		10.1.4	An Interest Period for a Loan shall not extend beyond the First Maturity Date, and if the Facility is extended in accordance
with the Extension Option, an Interest Period for a Loan shall not extend beyond the relevant Termination Date.



 


		10.1.5	An Interest Period for a Loan shall start on the Utilisation Date.



 


		10.1.6	A Loan shall have one Interest Period only.



 


		10.2	Non-Business Days



 


If an Interest Period would otherwise end on a day
which is not a Business Day, that Interest Period will instead end on the next Business Day in that month (if there is one) or
the preceding Business Day (if there is not).


 


		11	Changes to the calculation of interest



 


		11.1	Unavailability of Screen Rate



 


		11.1.1	Interpolated Screen Rate: If no Screen Rate is available for LIBOR or, if applicable, EURIBOR for the Interest Period
of a Loan, the applicable LIBOR or EURIBOR shall be the Interpolated Screen Rate for a period equal in length to the Interest Period
of that Loan.



 


		11.1.2	Reference Bank Rate: If no Screen Rate is available for LIBOR or, if applicable, EURIBOR for:



 


		(a)	the currency of a Loan; or



 


		(b)	the Interest Period of a Loan and it is not possible to calculate the Interpolated Screen Rate,



 


the applicable LIBOR or EURIBOR shall be the Reference
Bank Rate as of the Specified Time for the currency of that Loan and for a period equal in length to the Interest Period of that
Loan.


 


		11.1.3	Cost of funds: If Clause ‎11.1.2 applies but
no Reference Bank Rate is available for the relevant currency or Interest Period there shall be no LIBOR or EURIBOR for that Loan
and Clause ‎11.4 (Cost of funds) shall apply to
that Loan for that Interest Period.



 


		11.2	Calculation of Reference Bank Rate



 


		11.2.1	Subject to Clause ‎11.2.2, if LIBOR or EURIBOR is to
be determined on the basis of a Reference Bank Rate but a Reference Bank does not supply a quotation by the Specified Time, the
Reference Bank Rate shall be calculated on the basis of the quotations of the remaining Reference Banks.



 


		11.2.2	If at or about noon on the Quotation Day none or only one of the Reference Banks supplies a quotation, there shall be no Reference
Bank Rate for the relevant Interest Period.



 




    Page 24


     


    

		11.3	Market disruption



 


If before close of business in London on the Quotation
Day for the relevant Interest Period the Agent receives notifications from a Lender or Lenders (whose participations in a Loan
exceed 35 per cent. of that Loan) that the cost to it of funding its participation in that Loan for the relevant Interest Period
from the wholesale market for the relevant currency would be in excess of LIBOR or, if applicable, EURIBOR then Clause ‎11.4
(Cost of funds) shall apply to that Loan for the relevant Interest Period.


 


		11.4	Cost of funds



 


		11.4.1	If this Clause ‎11.4 applies, the rate of interest
on each Lender's share of the relevant Loan for the relevant Interest Period shall be the percentage rate per annum which is the
sum of:



 


		(a)	the Margin; and



 


		(b)	the rate notified to the Agent by that Lender as soon as practicable and in any event before interest is due to be paid in
respect of that Interest Period, to be that which expresses as a percentage rate per annum the cost to the relevant Lender of funding
its participation in that Loan from whatever source it may reasonably select.



 


		11.4.2	If this Clause ‎11.4 applies and the Agent or the Borrower
so requires, the Agent and the Borrower shall enter into negotiations (for a period of not more than thirty days) with a view to
agreeing a substitute basis for determining the rate of interest.



 


		11.4.3	Any alternative basis agreed pursuant to Clause ‎11.4.2
shall, with the prior consent of all the Lenders and the Borrower, be binding on all Parties.



 


		11.5	Break Costs



 


		11.5.1	The Borrower shall, within three Business Days of demand by a Finance Party, pay to that Finance Party its Break Costs attributable
to all or any part of a Loan or Unpaid Sum being paid by the Borrower on a day other than the last day of an Interest Period for
that Loan or Unpaid Sum.



 


		11.5.2	Each Lender shall, as soon as reasonably practicable after a demand by the Agent, provide a certificate confirming the amount
of its Break Costs for any Interest Period in which they accrue.



 


		12	Fees



 


		12.1	Commitment fee



 


		12.1.1	The Borrower shall pay to the Agent (for the account of each Lender) a fee in US Dollars calculated daily at the rate of 0.35
per cent per annum on that Lender's Available Commitment for the Availability Period.



 


		12.1.2	The accrued commitment fee is payable on the last day of each successive period of three months during the Availability Period,
on the last day of the Availability Period and on the cancelled amount of the relevant Lender's Commitment at the time the cancellation
is effective.



 


		12.2	Up front fees



 


The Borrower shall pay to the Agent for the Lenders
up front fees, each up front fee shall be payable in the amount and at the times agreed in a Fee Letter.


 




    Page 25


     


    

		12.3	Agency fee



 


The Borrower shall pay to the Agent (for its own
account) an agency fee in the amount and at the times agreed in a Fee Letter.


 


		12.4	Utilisation Fee



 


		12.4.1	The Borrower shall pay to the Agent (for the account of each Lender) a utilisation fee in US Dollars calculated daily at the
rate of:



 


		(a)	0.10 per cent per annum on that Lender's participation in any outstanding Loans if the total outstanding principal amount of
the Loans is less than 33 per cent of the Total Commitments; or



 


		(b)	0.20 per cent per annum on that Lender's participation in any outstanding Loans if the total outstanding principal amount of
the Loans is equal to or more than 33 per cent of the Total Commitments but less than 66 per cent of the Total Commitments; or



 


		(c)	0.35 per cent per annum on that Lender’s participation in any outstanding Loans if the total outstanding principal amount
of the Loans is equal to or more than 66 per cent of the Total Commitments.



 


		12.4.2	The accrued utilisation fee is payable on the last day of each successive period of three months commencing on the date of
this Agreement, on the Termination Date and at the time of any prepayment under this Agreement of any Lender’s participation
in any Loan or cancellation of any Lender’s Commitment hereunder.



 


		13	Tax gross up and indemnities



 


		13.1	Definitions



 


		13.1.1	In this Agreement:



 


Protected Party means a Finance Party which
is or will be subject to any liability, or required to make any payment, for or on account of Tax in relation to a sum received
or receivable (or any sum deemed for the purposes of Tax to be received or receivable) under a Finance Document.


 


Tax Deduction means a deduction or withholding
for or on account of Tax from a payment under a Finance Document, other than a FATCA Deduction.


 


		13.2	Tax gross-up



 


		13.2.1	Each Obligor shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction is required by law.



 


		13.2.2	The Borrower shall promptly upon becoming aware that an Obligor must make a Tax Deduction (or that there is any change in the
rate or the basis of a Tax Deduction) notify the Agent accordingly. Similarly, a Lender shall notify the Agent on becoming so aware
in respect of a payment payable to that Lender. If the Agent receives such notification from a Lender it shall notify the Borrower
and that Obligor.



 


		13.2.3	If a Tax Deduction is required by law to be made by an Obligor, the amount of the payment due from that Obligor shall be increased
to an amount which (after making any Tax Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction
had been required.



 




    Page 26


     


    

		13.2.4	If an Obligor is required to make a Tax Deduction, that Obligor shall make that Tax Deduction and any payment required in connection
with that Tax Deduction within the time allowed and in the minimum amount required by law.



 


		13.2.5	Within thirty days of making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Obligor
making that Tax Deduction shall deliver to the Agent for the Finance Party entitled to the payment evidence reasonably satisfactory
to that Finance Party that the Tax Deduction has been made or (as applicable) any appropriate payment paid to the relevant taxing
authority.



 


		13.3	Tax indemnity



 


		13.3.1	The Borrower shall (within three Business Days of demand by the Agent) pay to a Protected Party an amount equal to the loss,
liability or cost which that Protected Party determines will be or has been (directly or indirectly) suffered for or on account
of Tax by that Protected Party in respect of a Finance Document.



 


		13.3.2	Clause ‎13.3.1 shall not apply:



 


		(a)	with respect to any Tax assessed on a Finance Party:



 


		(iv)	under the law of the jurisdiction in which that Finance Party is incorporated or, if different, the jurisdiction (or jurisdictions)
in which that Finance Party is treated as resident for tax purposes; or



 


		(v)	under the law of the jurisdiction in which that Finance Party's Facility Office is located in respect of amounts received or
receivable in that jurisdiction,



 


if that Tax is imposed on or calculated by reference
to the net income received or receivable (but not any sum deemed to be received or receivable) by that Finance Party; or


 


		(b)	to the extent a loss, liability or cost:



 


		(i)	is compensated for by an increased payment under Clause ‎13(Tax gross-up);
or



 


		(ii)	relates to a FATCA Deduction required to be made by a Party.



 


		13.3.3	A Protected Party making, or intending to make a claim under Clause ‎13.3.1
shall promptly notify the Agent of the event which will give, or has given, rise to the claim, following which the Agent shall
notify the Borrower.



 


		13.3.4	A Protected Party shall, on receiving a payment from an Obligor under this Clause ‎13.3,
notify the Agent.



 


		13.4	Claims by Lenders



 


A Lender intending to make a claim pursuant to Clause
‎13.3 (Tax Indemnity) shall notify the Agent of the event by
reason of which it is entitled to do so, whereupon the Agent shall notify the Borrower thereof in reasonable detail provided that
nothing herein shall require such Lender to disclose any confidential information relating to the organisation of its affairs.


 


		13.5	Notification of Requirement to Deduct Tax



 


If, at any time, an Obligor is required by law to
make any deduction or withholding from any sum payable by it hereunder (or if thereafter there is any change in the rates at which
or the manner in which such deductions or withholdings are calculated), that Obligor shall, within three days of becoming aware
of the requirement to deduct or withhold, notify the Agent.


 




    Page 27


     


    

		13.6	Evidence of Payment of Tax



 


If an Obligor makes any payment hereunder in respect
of which it is required to make any deduction or withholding, it shall pay the full amount required to be deducted or withheld
to the relevant taxation or other authority within the time allowed for such payment under applicable law and shall deliver to
the Agent for each Lender, within 30 days after it has made such payment to the applicable authority, evidence satisfactory to
such Lender(s) (including all relevant tax receipts) that such deduction or withholding has been duly remitted to the appropriate
authority.


 


		13.7	Tax Credit



 


In the event that, following the imposition of any
taxes upon any payment by an Obligor as aforesaid, any Lender shall actually receive or be granted a credit against or remission
for any income or corporation tax payable by it, such Lender shall (subject to the relevant Obligor having paid any additional
amount payable in accordance with this Clause ‎13.7) to
the extent that it can do so without prejudice to the retention of the full amount of such credit or remission, reimburse to that
Obligor such amount of such credit or remission as such Lender shall in its sole opinion have concluded to be allocable to the
imposition of such taxes. Nothing herein contained shall affect the right of each Lender to arrange its tax affairs as it thinks
fit and, in particular, no Lender shall be under any obligation to claim relief from any Tax on its corporate profits or similar
Tax liability in respect of the imposition of such Tax and, if any Lender does claim any such relief, it shall be under no obligation
to claim the same in priority to any other claims, reliefs, credits or deductions available to it.


 


		13.8	FATCA information



 


		13.8.1	Subject to Clause ‎13.8.3, each Party shall, within
ten Business Days of a reasonable request by another Party:



 


		(a)	confirm to that other Party whether it is:



 


		(iii)	a FATCA Exempt Party; or



 


		(iv)	not a FATCA Exempt Party;



 


		(b)	supply to that other Party such forms, documentation and other information relating to its status under FATCA as that other
Party reasonably requests for the purposes of that other Party's compliance with FATCA; and



 


		(c)	supply to that other Party such forms, documentation and other information relating to its status as that other Party reasonably
requests for the purposes of that other Party's compliance with any other law, regulation, or exchange of information regime.



 


		13.8.2	If a Party confirms to another Party pursuant to paragraph ‎(a)
of Clause ‎13.8.1 that it is a FATCA Exempt Party and it subsequently
becomes aware that it is not or has ceased to be a FATCA Exempt Party, that Party shall notify that other Party reasonably promptly.



 


		13.8.3	Clause ‎13.8.1 above shall not oblige any Finance Party
to do anything, and paragraph ‎(c) of Clause ‎13.8.1
shall not oblige any other Party to do anything, which would or might in its reasonable opinion constitute a breach of:



 


		(a)	any law or regulation;



 


		(b)	any fiduciary duty; or



 


		(c)	any duty of confidentiality.



 




    Page 28


     


    

		13.8.4	If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation or other information
requested in accordance with paragraphs ‎(a) or ‎(b)
of Clause ‎13.8.1 (including, for the avoidance of doubt,
where Clause ‎13.8.3 applies), then such Party shall be
treated for the purposes of the Finance Documents (and payments under them) as if it is not a FATCA Exempt Party until such time
as the Party in question provides the requested confirmation, forms, documentation or other information.



 


		13.8.5	If a Borrower is a US Tax Obligor or the Agent reasonably believes that its obligations under FATCA or any other applicable
law or regulation require it, each Lender shall, within ten Business Days of:



 


		(a)	where an Original Borrower is a US Tax Obligor and the relevant Lender is an Original Lender, the date of this Agreement;



 


		(b)	where a Borrower is a US Tax Obligor on a Transfer Date and the relevant Lender is a New Lender, the relevant Transfer Date;



 


		(c)	the date a new US Tax Obligor accedes as a Borrower; or



 


		(d)	where a Borrower is not a US Tax Obligor, the date of a request from the Agent,



 


supply to the Agent:


 


		(i)	a withholding certificate on Form W-8, Form W-9 or any other relevant form; or



 


		(ii)	any withholding statement or other document, authorisation or waiver as the Agent may require to certify or establish the status
of such Lender under FATCA or that other law or regulation.



 


		13.8.6	The Agent shall provide any withholding certificate, withholding statement, document, authorisation or waiver it receives from
a Lender pursuant to Clause ‎13.8.5 to the Borrower.



 


		13.8.7	If any withholding certificate, withholding statement, document, authorisation or waiver provided to the Agent by a Lender
pursuant to Clause ‎13.8.5 is or becomes materially inaccurate
or incomplete, that Lender shall promptly update it and provide such updated withholding certificate, withholding statement, document,
authorisation or waiver to the Agent unless it is unlawful for the Lender to do so (in which case the Lender shall promptly notify
the Agent). The Agent shall provide any such updated withholding certificate, withholding statement, document, authorisation or
waiver to the Borrower.



 


		13.8.8	The Agent may rely on any withholding certificate, withholding statement, document, authorisation or waiver it receives from
a Lender pursuant to Clause ‎13.8.5 or ‎13.8.7
without further verification. The Agent shall not be liable for any action taken by it under or in connection with Clauses ‎13.8.5,
‎13.8.6 or ‎13.8.7.



 


		13.9	FATCA Deduction



 


		13.9.1	Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment required in connection with that FATCA
Deduction, and no Party shall be required to increase any payment in respect of which it makes such a FATCA Deduction or otherwise
compensate the recipient of the payment for that FATCA Deduction.



 


		13.9.2	Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any change in the rate
or the basis of such FATCA Deduction), notify the Party to whom it is making the payment and, in addition, shall notify the Borrower
and the Agent and the Agent shall notify the other Finance Parties.



 




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		14	Changes in Circumstances



 


		14.1	Increased Costs



 


		14.1.1	If, by reason of (A) the introduction of or any change in (or in the interpretation, administration or application of) any
law or regulation and/or (B) compliance with any law or regulation or any request or requirement being a request or requirement
with which Lenders customarily comply relating to the maintenance of reserves, insurance, capital or any other request from or
requirement of any central bank or other fiscal, monetary or other authority (in each case whether made or implemented before or
after the date of this Agreement and including, without limitation, CRDIV and Basel III):



 


		(a)	any amount payable to or the effective return of a Lender or any Holding Company of such Lender under this Agreement or in
respect of its Commitment is reduced;



 


		(b)	a Lender or any Holding Company of such Lender incurs an increased cost or an additional cost as a result of such Lender's
maintaining a commitment or performing its obligations (including its obligations to participate in the making of any Loan) under
this Agreement;



 


		(c)	there is any increase in the cost or an additional cost to a Lender or any Holding Company of such Lender of funding or maintaining
its share of a Loan; or



 


		(d)	a Lender becomes liable to make any payment on account of Tax or otherwise (not being a Tax imposed on and calculated by reference
to the net income paid to and received by such Lender's Facility Office by the jurisdiction in which it is incorporated or in which
its Facility Office is located) on or calculated by reference to the amount of such Lender's share of the Loan and/or to any sum
received or receivable by it hereunder,



 


then the Borrower shall, from time
to time on demand of the Agent, within 5 Business Days pay to the Agent for the account of that Lender amounts sufficient to hold
harmless and indemnify that Lender or such Lender's Holding Company from and against, as the case may be, (1) such reduction in
the rate of return of capital or amount due and payable under this Agreement, (2) such increased cost or additional cost, (3) such
increased cost or additional cost (or such proportion of such increased cost or additional cost as is, in the reasonable opinion
of that Lender, attributable to its share of the Loan) or (4) such liability arising under Clause ‎14.1.1‎(d).
In each case that Lender shall promptly forward to the Borrower through the Agent written evidence in reasonable detail certified
by such Lender as to such occurrence.


 


		14.1.2	In calculating the Borrower's liability under this Clause ‎14.1,
no account shall be taken of any such cost, reduction, payment or foregone interest or other return to the extent that they have
already been taken into account in calculating the Borrower's liability under Clause ‎13
(Tax Gross up and indemnities), including any FATCA Deduction required to be made by a Party.



 


		14.2	Increased Costs Claims



 


A Lender intending to make a claim
pursuant to Clause ‎14.1 (Increased Costs) shall notify
the Agent of the event by reason of which it is entitled to do so, whereupon the Agent shall notify the Borrower provided that
nothing herein shall require such Lender to disclose any confidential information relating to the organisation of its affairs.


 


		14.3	Stamp taxes



 


The Borrower shall pay and, within three Business
Days of demand, indemnify each Finance Party against any cost, loss or liability that Finance Party incurs in relation to all stamp
duty, registration and other similar Taxes payable in respect of any Finance Document.


 




    Page 30


     


    

		14.4	Value added tax



 


		14.4.1	All consideration expressed to be payable under a Finance Document by any Party to a Finance Party shall be deemed to be exclusive
of any VAT. If VAT is chargeable on any supply made by any Finance Party to any Party in connection with a Finance Document, that
Party shall pay to the Finance Party (in addition to and at the same time as paying the consideration) an amount equal to the amount
of the VAT.



 


		14.4.2	If VAT is chargeable on any supply made by any Finance Party (the Supplier) to any other Finance Party (the Recipient)
under a Finance Document, and any Party (the Relevant Party) is required by the terms of any Finance Document to pay an
amount equal to the consideration for such supply to the Supplier (rather than being required to reimburse the Recipient in respect
of that consideration), such Party shall also pay to the Supplier (in addition to and at the same time as paying such amount) an
amount equal to the amount of such VAT. The Recipient will promptly pay to the Relevant Party an amount equal to any credit or
repayment obtained by the Recipient from the relevant tax authority which it reasonably determines relates to the VAT chargeable
on that supply.



 


		14.4.3	Where a Finance Document requires any Party to reimburse or indemnify a Finance Party for any costs or expenses, that Party
shall also at the same time reimburse and indemnify the Finance Party against all VAT incurred by the Finance Party in respect
of the costs or expenses to the extent that the Finance Party reasonably determines that it is not entitled to credit or repayment
of the VAT.



 


		15	Other indemnities



 


		15.1	Currency indemnity



 


		15.1.1	If any sum due from an Obligor under the Finance Documents (a Sum), or any order, judgment or award given or made in
relation to a Sum, has to be converted from the currency (the First Currency) in which that Sum is payable into another
currency (the Second Currency) for the purpose of:



 


		(a)	making or filing a claim or proof against that Obligor;



 


		(b)	obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings,



 


that Obligor shall as an independent obligation,
within five Business Days of demand, indemnify each Finance Party to whom that Sum is due against any cost, loss or liability arising
out of or reasonably incurred as a result of the conversion including any discrepancy between (A) the rate of exchange used to
convert that Sum from the First Currency into the Second Currency and (B) the rate or rates of exchange available to that person
at the time of its receipt of that Sum.


 


		15.1.2	Each Obligor waives any right it may have in any jurisdiction to pay any amount under the Finance Documents in a currency or
currency unit other than that in which it is expressed to be payable.



 


		15.2	Other indemnities



 


The Borrower shall (or shall procure that the Parent
will), within five Business Days of demand, indemnify each Finance Party against any cost, loss or liability incurred by that Finance
Party as a result of:


 


		(a)	the occurrence of any Event of Default;



 




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		(b)	a failure by an Obligor to pay any amount due under a Finance Document on its due date, including without limitation, any cost,
loss or liability arising as a result of Clause ‎28 (Sharing
among the Finance Parties);



 


		(c)	funding, or making arrangements to fund, its participation in a Loan requested by the Borrower in a Utilisation Request but
not made by reason of the operation of any one or more of the provisions of this Agreement (other than by reason of default or
negligence by that Lender alone); or



 


		(d)	a Loan (or part of a Loan) not being prepaid in accordance with a notice of prepayment given by the Borrower.



 


		15.3	Indemnity to the Agent



 


The Borrower shall promptly indemnify the Agent against
any cost, loss or liability incurred by the Agent (acting reasonably) as a result of:


 


		(a)	(following consultation with the Borrower) investigating any event which it reasonably believes is a Default; or



 


		(b)	acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately
authorised.



 


		16	Mitigation by the Lenders



 


		16.1	Mitigation



 


		16.1.1	Each Finance Party shall, in consultation with the Borrower (for a period not exceeding 30 days), take all reasonable steps
(as the Borrower may agree) to mitigate any circumstances which arise and which would result in any amount becoming payable under
or pursuant to, or cancelled pursuant to, any of Clauses ‎8.1
(Illegality), ‎13 (Tax gross-up and indemnities)
or 14.1 (Increased Costs) including (but not limited to) transferring its rights and obligations under the Finance Documents
to another Affiliate or Facility Office.



 


		16.1.2	Clause ‎16.1.1 above does not in any way limit the
obligations of any Obligor under the Finance Documents.



 


		16.2	Limitation of liability



 


		16.2.1	The Borrower shall indemnify each Finance Party for all costs and expenses reasonably incurred by that Finance Party as a result
of steps taken by it under Clause ‎16.1 (Mitigation).



 


		16.2.2	A Finance Party is not obliged to take any steps under Clause ‎16.1
(Mitigation) if, in the opinion of that Finance Party (acting reasonably), to do so would or might have an adverse effect
upon its business, operations or financial condition.



 


		17	Costs and expenses



 


		17.1	Transaction expenses



 


The Borrower shall promptly on demand pay the Agent
the amount of all costs and expenses (including external legal fees to the extent separately agreed) reasonably incurred by it
in connection with the negotiation, preparation, printing, execution and syndication of:


 


		(a)	this Agreement and any other documents referred to in this Agreement; and



 


		(b)	any other Finance Documents executed after the date of this Agreement.



 




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		17.2	Amendment costs



 


If (a) an Obligor requests an amendment, waiver or
consent or (b) an amendment is required pursuant to Clause ‎29.9
(Change of currency), the Borrower shall, within five Business Days of demand, reimburse the Agent for the amount of all
costs and expenses (including legal fees) reasonably incurred by the Agent in responding to, evaluating, negotiating or complying
with that request or requirement.


 


		17.3	Enforcement costs



 


The Borrower shall, within five Business Days of
demand, pay to each Finance Party the amount of all costs and expenses (including legal fees) incurred by that Finance Party in
connection with the enforcement of, or the preservation of any rights under, any Finance Document.


 


		18	Guarantee and indemnity



 


		18.1	Guarantee and indemnity



 


Each Guarantor irrevocably and unconditionally jointly
and severally:


 


		(a)	guarantees to each Finance Party punctual performance by the Borrower of all the Borrower's obligations under the Finance Documents;



 


		(b)	undertakes with each Finance Party that whenever the Borrower does not pay any amount when due under or in connection with
any Finance Document, the Guarantor shall immediately on demand pay that amount as if it was the principal obligor; and



 


		(c)	agrees with each Finance Party that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal, it
will, as an independent and primary obligation, indemnify that Finance Party immediately on demand against any cost, loss or liability
it incurs as a result of a Borrower not paying any amount which would, but for such unenforceability, invalidity or illegality,
have been payable by it under any Finance Document on the date when it would have been due. The amount payable by a Guarantor under
this indemnity will not exceed the amount it would have had to pay under this Clause ‎18
if the amount claimed had been recoverable on the basis of a guarantee.



 


		18.2	Continuing guarantee



 


This guarantee is a continuing guarantee and will
extend to the ultimate balance of sums payable by any Obligor under the Finance Documents, regardless of any intermediate payment
or discharge in whole or in part.


 


		18.3	Reinstatement



 


If any discharge, release or arrangement (whether
in respect of the obligations of any Obligor or any security for those obligations or otherwise) is made by a Finance Party in
whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency,
liquidation, administration or otherwise, without limitation, then the liability of each Guarantor under this Clause ‎18
will continue or be reinstated as if the discharge, release or arrangement had not occurred.


 


		18.4	Waiver of defences



 


The obligations of each Guarantor under this Clause ‎18
will not be affected by an act, omission, matter or thing which, but for this Clause ‎18.4,
would reduce, release or prejudice any of its obligations under this Clause ‎18
(without limitation and whether or not known to it or any Finance Party) including:


 




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		(a)	any time, waiver or consent granted to, or composition with, any Obligor or other person;



 


		(b)	the release of any other Obligor or any other person under the terms of any composition or arrangement with any creditor of
any member of the Group;



 


		(c)	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any
rights against, or security over assets of, any Obligor or other person or any non-presentation or non-observance of any formality
or other requirement in respect of any instrument or any failure to realise the full value of any security;



 


		(d)	any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of an
Obligor or any other person;



 


		(e)	any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more onerous) or replacement
of a Finance Document or any other document or security including without limitation any change in the purpose of, any extension
of or any increase in any facility or the addition of any new facility under any Finance Document or other document or security;



 


		(f)	any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or any other document
or security; or



 


		(g)	any insolvency or similar proceedings.



 


		18.5	Immediate recourse



 


Each Guarantor waives any right it may have of first
requiring any Finance Party (or any trustee or agent on its behalf) to proceed against or enforce any other rights or security
or claim payment from any person before claiming from that Guarantor under this Clause ‎18.
This waiver applies irrespective of any law or any provision of a Finance Document to the contrary.


 


		18.6	Appropriations



 


Until all amounts which may be or become payable
by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full, each Finance Party (or any
trustee or agent on its behalf) may:


 


		(a)	refrain from applying or enforcing any other moneys, security or rights held or received by that Finance Party (or any trustee
or agent on its behalf) in respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether
against those amounts or otherwise) and no Guarantor shall be entitled to the benefit of the same; and



 


		(b)	hold in an interest-bearing suspense account any moneys received from any Guarantor or on account of any Guarantor's liability
under this Clause ‎18.



 


		18.7	Deferral of Guarantor's rights



 


Until all amounts which may be or become payable
by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full and unless the Agent otherwise
directs, no Guarantor will exercise any rights which it may have by reason of performance by it of its obligations under the Finance
Documents or by reason of any amount being payable, or liability arising, under this Clause ‎18:


 


		(a)	to be indemnified by an Obligor;



 




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		(b)	to claim any contribution from any other guarantor of an Obligor's obligations under the Finance Documents;



 


		(c)	to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Finance Parties
under the Finance Documents or of any other guarantee or security taken pursuant to, or in connection with, the Finance Documents
by any Finance Party;



 


		(d)	to bring legal or other proceedings for an order requiring any Obligor to make any payment, or perform any obligation, in respect
of which any Guarantor has given a guarantee, undertaking or indemnity under Clause ‎18.1(Guarantee
and Indemnity);



 


		(e)	to exercise any right of set-off against any Obligor; and/or



 


		(f)	to claim or prove as a creditor of any Obligor in competition with any Finance Party.



 


If a Guarantor receives any benefit, payment or distribution
in relation to such rights it shall hold that benefit, payment or distribution to the extent necessary to enable all amounts which
may be or become payable to the Finance Parties by the Obligors under or in connection with the Finance Documents to be repaid
in full on trust for the Finance Parties and shall promptly pay or transfer the same to the Agent or as the Agent may direct for
application in accordance with Clause ‎29 (Payment mechanics).


 


		18.8	Release of Guarantors' right of contribution



 


If any Guarantor (a Retiring Guarantor) ceases
to be a Guarantor in accordance with the terms of the Finance Documents for the purpose of any sale or other disposal of that Retiring
Guarantor then on the date such Retiring Guarantor ceases to be a Guarantor:


 


		(a)	that Retiring Guarantor is released by each other Guarantor from any liability (whether past, present or future and whether
actual or contingent) to make a contribution to any other Guarantor arising by reason of the performance by any other Guarantor
of its obligations under the Finance Documents; and



 


		(b)	each other Guarantor waives any rights it may have by reason of the performance of its obligations under the Finance Documents
to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Finance Parties under
any Finance Document or of any other security taken pursuant to, or in connection with, any Finance Document where such rights
or security are granted by or in relation to the assets of the Retiring Guarantor.



 


		18.9	Additional security



 


This guarantee is in addition to and is not in any
way prejudiced by any other guarantee or security now or subsequently held by any Finance Party.


 


		19	Representations



 


Each Obligor makes the representations and warranties
set out in this Clause ‎19 (other than the representation
contained in Clause ‎19.11.3 which shall be given by the Borrower
and the Parent only) to each Finance Party on the date of this Agreement.


 


		19.1	Status



 


		19.1.1	It is a corporation, duly incorporated and validly existing under the law of its jurisdiction of incorporation.



 


		19.1.2	It has the power to own its assets and carry on its business as it is being conducted.



 




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		19.1.3	The Borrower is a wholly-owned Subsidiary of the Parent.



 


		19.2	Binding obligations



 


The obligations expressed to be assumed by it in
each Finance Document are, subject to any general principles of law limiting its obligations which are specifically referred to
in any legal opinion delivered pursuant to Clauses ‎4 (Conditions
of Utilisation) or ‎25 (Changes to the Obligors),
legal, valid, binding and enforceable obligations.


 


		19.3	Non-conflict with other obligations



 


The entry into and performance by it of, and the
transactions contemplated by, the Finance Documents do not and will not conflict with:


 


		(a)	any law or regulation applicable to it;



 


		(b)	it or any of the Material Subsidiaries' constitutional documents; or



 


		(c)	any agreement (other than this Agreement) or instrument binding upon it or any of the Material Subsidiaries or any of its or
any of the Material Subsidiaries’ assets.



 


		19.4	Power and authority



 


It has the power to enter into, perform and deliver,
and has taken all necessary action to authorise its entry into, performance and delivery of, the Finance Documents to which it
is a party and the transactions contemplated by those Finance Documents.


 


		19.5	Validity and admissibility in evidence



 


All Authorisations required:


 


		(a)	to enable it lawfully (in its jurisdiction of incorporation) to enter into, exercise its rights and comply with its obligations
in the Finance Documents to which it is a party; and



 


		(b)	to make the Finance Documents to which it is a party admissible in evidence in its jurisdiction of incorporation,



 


have been obtained or effected and are in full force
and effect.


 


		19.6	Governing law and enforcement



 


		19.6.1	Subject to the Reservations, the choice of English law as the governing law of the Finance Documents will be recognised and
enforced in its jurisdiction of incorporation.



 


		19.6.2	Subject to the Reservations, any judgment obtained in England in relation to a Finance Document will be recognised and enforced
in its jurisdiction of incorporation.



 


		19.7	Deduction of Tax



 


Subject to the Reservations, it is not required as
at the date hereof under the law of its jurisdiction of incorporation to make any deduction for or on account of Tax from any payment
it may make under any Finance Document.


 


		19.8	No filing or stamp taxes



 


Under the law of its jurisdiction of incorporation
as at the date hereof it is not necessary that the Finance Documents be filed, recorded or enrolled with any court or other authority
in that jurisdiction or that any stamp, registration or similar tax be paid on or in relation to the Finance Documents or the transactions
contemplated by the Finance Documents.


 




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		19.9	No default



 


		19.9.1	No Event of Default is continuing or might reasonably be expected to result from the making of any Utilisation.



 


		19.9.2	To the best of its knowledge and belief and after having made due investigation, no other event or circumstance is outstanding
which constitutes a default under any other agreement or instrument which is binding on it or any Material Subsidiary or to which
its and, in the case of the Parent, its Material Subsidiaries' assets are subject which might have a Material Adverse Effect.



 


		19.10	No misleading information



 


		19.10.1	Any factual information provided prior to the date hereof by any member of the Group and the ICL Group to the Lenders in connection
with this Agreement was true, complete and accurate in all material respects as at the date it was provided.



 


		19.10.2	To the best of its knowledge or belief and after making due enquiries, nothing material has occurred or been omitted from the
information referred to above and no information has been given or withheld that results in such information being untrue or misleading
in any material respect.



 


		19.11	Financial statements



 


		19.11.1	Its Original Financial Statements were prepared in accordance with, in the case of the Borrower, Dutch GAAP, and in the case
of the Parent, Israeli GAAP and in all other cases, the Relevant GAAP applicable to the relevant Obligor, consistently applied.



 


		19.11.2	Its Original Financial Statements fairly represent its financial condition and operations (consolidated in the case of the
Borrower and the Parent) during the relevant financial period to which it relates.



 


		19.11.3	There has been no material adverse change in its business or condition (financial or otherwise) prospects or operations (and
the Parent confirms that there has been no material adverse change in the business or consolidated condition (financial or otherwise)
prospects or operations of the ICL Group as a whole) since the date on which the Original Financial Statements were prepared.



 


		19.12	Pari passu ranking



 


Under the laws of its jurisdiction as at the date
of this Agreement, its payment obligations under the Finance Documents rank at least pari passu with the claims of all its other
unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally.


 


		19.13	No proceedings pending or threatened



 


Save as referred to in Note 24 of the Original Financial
Statements of the Parent and in the financial statements provided pursuant to Clause ‎20.1
(Financial Statements), to the best of its knowledge and belief and after having made due investigation, no litigation,
arbitration or administrative proceedings of or before any court, arbitral body or agency (including, but not limited to, investigative
proceedings) which, if adversely determined, might reasonably be expected to have a material adverse effect on the business or
financial condition of any Obligor or any Material Subsidiary have (to the best of its knowledge and belief) been started or threatened
against any Obligor or any of its Material Subsidiaries.


 


		19.14	Security



 


No Security prohibited under Clause ‎22.3
(Negative pledge) exists over all or any of its present or future revenues or assets.


 




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		19.15	Immunity



 


It will not be entitled to claim immunity from suit,
execution, attachment or the legal process in any proceedings taken in the jurisdiction of its incorporation.


 


		19.16	Application of the Loans



 


Following the Utilisation Date:


 


		(a)	the Borrower has applied each Loan only in accordance with the purpose set out in Clause ‎3.1
(Purpose);



 


		(b)	the Borrower has made sufficient enquiries into the businesses of its investment or acquisition
targets to ensure that each Loan shall be applied by its investment or acquisition targets only towards legitimate and lawful transactions;
and



 


		(c)	the Borrower has not permitted or authorised any person to, directly or indirectly, use, lend, make payments of, contribute
or otherwise make available, all or any part of the proceeds of any Loan or other transaction(s) contemplated by this Agreement
to benefit or to fund any trade, business or other activities with:



 


		(i)	a Restricted Party, if such business, trade or activity is illegal under Sanctions applicable to the Borrower or a Finance
Party; and/or



 


		(ii)	to finance the purchase of firearms or the trade in illegal goods, including drugs and services.



 


		19.17	Anti-corruption law



 


		19.17.1	Each member of the Group has conducted and is conducting its businesses in compliance with applicable anti-corruption laws
and has instituted and maintained and will institute and maintain policies and procedures designed to promote and achieve compliance
with such laws.



 


		19.17.2	To the extent the laws referred to in Clause ‎19.17.1 conflict,
there shall be no breach of Clause ‎19.17.1 provided the Borrower
has used reasonable endeavours to comply with Clause ‎19.17.1.



 


		19.18	Sanctions



 


		19.18.1	Neither the Borrower nor (to the best of the Borrower's knowledge after due enquiry):



 


		(a)	any other member of the Group; nor



 


		(b)	any of the Borrower’s joint ventures; nor



 


		(c)	the Parent's or any Material Subsidiary's respective
directors and officers,



 


is a Restricted Party or has received notice of,
or is aware of, any claim, action, suit, proceeding or investigation against it with respect to Sanctions by any Sanctions Authority
which, if adversely determined, might reasonably be expected to have a material adverse effect on the business or financial condition
of the Parent, any Obligor or any Material Subsidiary.


 


		19.18.2	The Borrower and each other member of the Group has instituted and maintains policies and procedures designed to promote and
achieve compliance with all laws and regulations relating to Sanctions that are applicable to the Borrower or any member of the
Group.



 




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		19.19	Repetition



 


The Repeating Representations are deemed to be made
by each Obligor by reference to the facts and circumstances then existing on:


 


		(a)	the date of each Utilisation Request, the date of any Extension Request and the first day of each Interest Period; and



 


		(b)	in the case of an Obligor, the day on which the company becomes an Obligor.



 


		20	Information undertakings



 


The undertakings in this Clause ‎20
remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents or any Commitment
is in force.


 


		20.1	Financial statements



 


		20.1.1	The Borrower and the Parent shall supply to the Agent in sufficient copies for all the Lenders as soon as the same become available,
but in any event, in respect of the Borrower, within 150 days after the end of each of its financial years and, in respect of the
Parent, within 90 days after the end of each of its financial years:



 


		(a)	its audited consolidated financial statements for that financial year; and



 


		(b)	the audited financial statements of each Obligor for that financial year; and



 


		20.1.2	The Parent shall supply to the Agent in sufficient copies for all the Lenders as soon as the same become available, but in
any event within 60 days after the end of each of the first three quarters in each of its financial years its unaudited consolidated
financial statements for that period.



 


		20.2	Compliance Certificate



 


		20.2.1	The Borrower shall supply to the Agent, with each set of financial statements delivered pursuant to Clause ‎20.1.1(a)
or Clause ‎20.1.2 (Financial statements), a Compliance
Certificate setting out (in reasonable detail) computations as to compliance with Clause ‎21
(Financial covenants) as at the date as at which those financial statements were drawn up.



 


		20.2.2	Each Compliance Certificate shall be signed by (i) the Vice President of Finance or the Chief Financial Officer of the Parent
and (ii) another authorised signatory of the Parent and in relation to the financial statements delivered pursuant to Clause ‎20.1.1(a)
of Clause ‎20.1 (Financial statements) to the extent
that the Agent shall have reasonable concerns as to the accuracy of the Compliance Certificate, shall be reported on by the Parent's
auditors.



 


		20.3	Requirements as to financial statements



 


		20.3.1	Each set of financial statements delivered by the Borrower and the Parent pursuant to Clause ‎20.1
(Financial statements) shall be certified by the Financial Officer of the relevant company as fairly representing its financial
condition as at the date as at which those financial statements were drawn up.



 


		20.3.2	The Borrower and the Parent shall procure that each set of financial statements delivered pursuant to Clause ‎20.1
(Financial statements) is prepared using, in the case of the Borrower, Dutch GAAP, in the case of the Parent, Israeli GAAP
or, in the case of any other Obligor, the Relevant GAAP applicable to that Obligor's jurisdiction, unless, in relation to any set
of financial statements, it notifies the Agent that there has been a change in the Relevant GAAP (other than the introduction of
IFRS by the State of Israel and the adoption by the Borrower of IFRS in 2008), the accounting practices or reference periods and
its auditors deliver to the Agent:



 




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		(a)	a description of any change necessary for those financial statements to reflect the Dutch GAAP, Israeli GAAP or other Relevant
GAAP accounting practices and reference periods upon which that Obligor's Original Financial Statements were prepared;



 


		(b)	if the Parent notifies the Agent that a change in the Relevant GAAP is required pursuant to this Clause ‎20.3.2,
the Parent shall, in respect of that financial year only, calculate the financial covenants contained in Clause 21 (Financial
covenants) in accordance with the Relevant GAAP applicable to the Parent immediately before the change in the Relevant GAAP;
and



 


		(c)	the Agent (acting on the instructions of the Majority Lenders) and the Parent shall negotiate in good faith for a period not
exceeding 30 days with a view to agreeing such amendments to Clause ‎21
(Financial covenants) as are necessary to give the Lenders comparable protection to that contemplated at the date of this
Agreement. If amendments satisfactory to the Majority Lenders are agreed by the Parent within such 30 day period, those amendments
shall take effect in accordance with the terms agreed; and



 


		(d)	if such amendments are not agreed, the Parent shall deliver to the Agent sufficient information, in form and substance as may
be reasonably required by the Agent, to enable the Lenders to determine whether Clause ‎21
(Financial covenants) has been complied with and make an accurate comparison between the financial position indicated in
those financial statements and that Obligor's Original Financial Statements.



 


Any reference in this Agreement to those financial
statements shall be construed as a reference to those financial statements as adjusted to reflect the basis upon which the Original
Financial Statements were prepared.


 


		20.3.3	Each set of financial statements delivered by an Obligor pursuant to Clause ‎20.1.1
shall be audited by auditors of recognised public standards in the Netherlands, in the case of the Borrower, in Israel, in the
case of the Parent, and in the relevant Obligor's jurisdiction, in the case of any other Obligor, in each case acceptable to the
Agent.



 


		20.4	Information: miscellaneous



 


		20.4.1	The Borrower, the Parent and ICL Finance shall supply to the Agent (in sufficient copies for all the Lenders, if the Agent
so requests):



 


		(a)	all documents dispatched to the Tel Aviv Stock Exchange and all other publicly available documents dispatched by the Borrower,
the Parent and ICL Finance to their respective shareholders (or any class of them) at the same time as they are dispatched;



 


		(b)	promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings which are current,
threatened or pending against any member of the Group, and which might, if adversely determined, have a material adverse effect
on the business or financial condition of any Obligor;



 


		(c)	promptly, such further information regarding the financial condition, business and operations of any member of the Group as
any Finance Party (through the Agent) may reasonably require; and



 


		(d)	in the case of the Parent, forthwith on the request of any Lender (through the Agent) and in any event within 90 days
of such request being made, provide at the cost of the Parent a report by the independent auditors from time to time of any Subsidiary
of the Parent specified in such request (who shall be entitled to make such adjustments as they consider fair and appropriate in
preparing such report) as to whether or not such subsidiary is or is not or was or was not a Material Subsidiary provided that
no Lender



 




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may make such a request unless
the Chief Accounting Officer of the Parent has first prepared and delivered a report with respect thereto as contemplated in the
definition of "Material Subsidiary". A report by such auditors shall, in the absence of manifest error, be conclusive
and binding on all parties and shall replace for all purposes any report of the Chief Accounting Officer of the Parent referred
to above.


 


		20.5	Notification of default



 


		20.5.1	Each Obligor shall notify the Agent of any Default (and the steps, if any, being taken to remedy it) promptly upon becoming
aware of its occurrence (unless that Obligor is aware that a notification has already been provided by another Obligor).



 


		20.5.2	Promptly upon a request by the Agent, the Borrower shall supply to the Agent a certificate signed by two of its directors or
senior officers on its behalf certifying that no Event of Default is continuing (or if an Event of Default is continuing, specifying
the Event of Default and the steps, if any, being taken to remedy it).



 


		21	Financial covenants



 


		21.1	Definitions



 


When used in this Clause ‎21,
the following terms shall have the meanings ascribed to them:


 


Acquired Subsidiary Total Debt
means all Total Debt of any person which becomes a Subsidiary of the Parent after the date of this Agreement and which:


 


		(a)	is outstanding on the date such person becomes a Subsidiary (or such person is at such time contractually bound, in writing,
to incur such Total Debt);



 


		(b)	has not been (and is not being) incurred, extended or renewed in contemplation of such person becoming a Subsidiary; and



 


		(c)	remains outstanding for a period of not more than 180 days from the date such person becomes a Subsidiary.



 


Capital Lease means at any
time, a lease with respect to which the lessee is required concurrently to recognize the acquisition of an asset and the incurrence
of a liability in accordance with Israeli GAAP.


 


Cash and Cash Equivalents
means:


 


		(a)	cash in hand or on deposit with any acceptable bank;



 


		(b)	certificates of deposit, maturing within one year after the relevant date of calculation, issued by an acceptable bank;



 


		(c)	any investment in marketable obligations:



 


		(i)	issued or guaranteed by the government of the United States of America, Israel, the United Kingdom, The Netherlands, France,
Germany or any investment in marketable obligations issued or guaranteed by any agency or department of any of those governments
which has an equivalent credit rating;



 


		(ii)	issued or guaranteed by a government other than as set out in (c)(i) where those marketable obligations are rated AAA by Standard
& Poor's or FitchIBCA or Aaa by Moody's Investor Services or any investment in marketable obligations issued or guaranteed
by any agency or department of any of those governments which has an equivalent credit rating;



 




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		(d)	open market commercial paper:



 


		(i)	for which a recognised trading market exists;



 


		(ii)	which is issued in the United States of America, the United Kingdom, The Netherlands, France or Germany;



 


		(iii)	which matures within one year after the relevant date of calculation; and



 


		(iv)	which has a credit rating of either A-1 from Standard & Poor's or FitchIBCA or P-1 by Moody's Investor Services, or, if
no rating is available in respect of the commercial paper, the issuer of which has, in respect of its long-term debt obligations,
an equivalent rating; or



 


		(e)	any other instrument, security or investment approved by the Majority Lenders,



 


in each case, to which any member of the ICL Group
is beneficially entitled at that time and which, or the proceeds of which, is capable of being applied against Senior Debt. In
this definition, an acceptable bank is (i) Bank Leumi and Bank Hapoalim and their respective subsidiaries, (ii) a commercial
bank, financial institution or trust company which has a rating of A or higher by Standard & Poor's or FitchIBCA or A2 or higher
by Moody's Investor Services or a comparable rating from a nationally recognised credit rating agency for its long-term debt obligations
or has been approved by the Majority Lenders.


 


Consolidated Assets means, at any time, the
total assets of the ICL Group which would be shown as assets on a consolidated balance sheet of the ICL Group as of such time prepared
in accordance with Israeli GAAP, after eliminating all amounts properly attributable to minority interests, if any, in the stock
and shares of Subsidiaries of the relevant Group Company.


 


Consolidated EBITDA means Consolidated Net
Income for a measurement period, adjusted by:


 


		(a)	adding back Consolidated Net Financing Expense for such period;



 


		(b)	excluding any exceptional or extraordinary item;



 


		(c)	deducting any amount attributable to minority interests; and



 


		(d)	adding back taxes, depreciation and amortisation.



 


Consolidated Net Debt means at any time (without
double counting) the aggregate amount of all obligations of the ICL Group for or in respect of Debt but:


 


		(a)	including, in the case of finance leases, only the capitalised value therefor;



 


		(b)	deducting the aggregate amount of Cash and Cash Equivalents held by any member of the ICL Group at such time; and



 


		(c)	deducting up to US$350,000,000 outstanding under the Trade Receivables Securitisation Programme that may from time to time
be classified as Debt.



 


Consolidated Net Financing Expense means net
financing expense for the ICL Group on a consolidated basis, calculated in accordance with Israeli GAAP.


 


Consolidated Net Income means, in relation
to any period, the net income (or loss) of the ICL Group for such period (taken as a cumulative whole), as determined in accordance
with Israeli GAAP, after eliminating all offsetting debits and credits between the ICL Group and all other items required to be
eliminated in the course of the preparation of consolidated financial statements of the ICL Group in accordance with Israeli GAAP.


 




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Consolidated Net Interest Expense means, in
relation to any period, the sum (without double counting but in each case, eliminating all offsetting debits and credits between
the ICL Group and all other items required to be eliminated in the course of the preparation of consolidated financial statements
of the ICL Group in accordance with Israeli GAAP) of:


 


		(a)	all interest in respect of Debt of the ICL Group (including imputed interest on Capital Lease obligations) deducted in determining
Consolidated Net Income for such period, together with all interest capitalised or deferred during such period and not deducted
in determining Consolidated Net Income for such period; and



 


		(b)	all debt discount and expense amortised or required to be amortised in the determination of Consolidated Net Income for such
period,



 


less interest income of the ICL Group.


 


Consolidated Shareholders' Equity means, at
any time the sum of:


 


		(a)	the par value (or value stated on the books of the corporation) of the shares of the ICL Group (excluding shares which are
subscribed for but unissued); and



 


		(b)	the amount of the paid-in capital and retained earnings of the ICL Group,



 


(in each case as such amounts would be shown on a
consolidated balance sheet of the ICL Group as of such time prepared in accordance with Relevant GAAP) less (to the extent included
above), all amounts properly attributable to minority interests (if any) in the shares of the ICL Group.


 


Debt means, with respect to any person, without
duplication,


 


		(a)	its liabilities for borrowed money;



 


		(b)	its liabilities for the deferred purchase price of property acquired by such person (excluding accounts payable arising in
the ordinary course of business but including, without limitation, all liabilities created or arising under any conditional sale
or other title retention agreement with respect to any such property);



 


		(c)	its Capital Lease obligations;



 


		(d)	all liabilities for borrowed money secured by any Security with respect to any property owned by such person (whether or not
it has assumed or otherwise become liable for such liabilities); and



 


		(e)	any guarantee or indemnity against financial loss of such person with respect to liabilities of a type described in any of
paragraphs (a) to (d) above.



 


In this definition, Debt of any person shall
include all obligations of such person of the character described in paragraphs (a) to (e) above to the extent such person remains
legally liable in respect thereof notwithstanding that any such obligation is deemed to be extinguished under Israeli GAAP.


 


EBITDA for any person, shall
mean the net income of such person for a measurement period, adjusted by:


 


		(a)	adding back Net Financing Expense for such period;



 


		(b)	excluding any exceptional or extraordinary item;



 


		(c)	deducting any amount attributable to minority interests; and



 


		(d)	adding back taxes, depreciation and amortisation.



 




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Finance Subsidiary Total Debt means Total
Debt of a Subsidiary that is not guaranteed by a member of the ICL Group (other than the Borrower or the Parent) which:


 


		(a)	has been formed for the purpose of, and whose primary activities are, the issuance of debt obligations to persons other than
Affiliates (which debt obligations are non-recourse to the assets of such Subsidiary except for its assets constituting loans to
the Borrower or the Parent) and the lending of net proceeds of such debt obligations to the Borrower or the Parent and activities
related thereto; and



 


		(b)	has no significant assets other than promissory notes evidencing such loans to the Borrower or the Parent.



 


Net Financing Expense, in relation to any
person, means net financing expense for that person, calculated in accordance with Relevant GAAP.


 


Priority Debt means, without double counting,
the sum of:


 


		(a)	the aggregate Total Debt of each member of the ICL Group secured by any Security; and



 


		(b)	Total Debt of Subsidiaries of the Parent (other than the Borrower),



 


excluding:


 


		(i)	any Total Debt of any member of the ICL Group owed to the Parent, ICL Finance, the Borrower and/or any wholly-owned Subsidiary;



 


		(ii)	up to US$350,000,000 outstanding under the Trade Receivables Securitisation Programme that may from time to time be classified
as Total Debt;



 


		(iii)	Finance Subsidiary Total Debt;



 


		(iv)	Acquired Subsidiary Total Debt;



 


		(v)	Total Debt of any Guarantor which is an Additional Guarantor under Clause ‎25.2
(Additional Guarantors) provided that the claims of the Finance Parties rank at least pari passu with the claims
of all unsecured creditors of that Total Debt; and



 


		(vi)	the Total Debt of all Project Subsidiaries.



 


Quarter Date means the last day of each quarter
in a financial year of the Parent.


 


Senior Debt means any Debt of any member of
the ICL Group other than any Debt that is fully subordinated to the Facility.


 


Total Debt in relation to any person, means,
without double counting, the aggregate of that part of Financial Indebtedness of that person relating to:


 


		(a)	its liabilities for borrowed money and its redemption obligations in respect of mandatorily redeemable preferred shares;



 


		(b)	its liabilities for the deferred purchase price of property acquired by such person (excluding accounts payable arising in
the ordinary course of business but including all liabilities created or arising under any conditional sale or other title retention
agreement with respect to any such property);



 


		(c)	all liabilities appearing on its balance sheet in accordance with Relevant GAAP in respect of Capital Leases;



 




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		(d)	all liabilities for borrowed money secured by any Security
with respect to any property owned by such person (whether or not it has assumed or otherwise become liable for such liabilities);



 


		(e)	all its liabilities in respect of letters of credit or instruments serving a similar function issued or accepted for its account
by banks and other financial institutions (whether or not representing obligations for borrowed money);



 


		(f)	the net amount payable by that person under any hedging agreement of any kind; and



 


		(g)	any guarantee or indemnity for financial loss of such person with respect to liabilities of a type described in any of paragraphs
(a) to (f) above,



 


and Total Debt shall include all obligations
of such person of the character described in paragraphs (a) to (g) above to the extent such person remains legally liable in respect
thereof notwithstanding that any such obligation is deemed to be extinguished under Relevant GAAP.


 


Trade Receivables Securitisation Programme
means the trade receivables securitisation programme entered into by certain members of the ICL Group on 2 July 2010 including
any renewal thereto.


 


		21.2	Financial covenants



 


The Parent shall ensure at all times for so long
as any amount is outstanding under the Finance Documents or any commitment is in force:


 


		21.2.1	Equity



 


Consolidated Shareholders’ Equity will not
be less than US$2,000,000,000.


 


		21.2.2	Interest cover 



 


The ratio of Consolidated EBITDA to Consolidated
Net Interest Expense, calculated as of each Quarter Date in respect of the four immediately preceding financial quarters of the
Parent ending on that Quarter Date, will not be less than 3.5:1.


 


		21.2.3	Debt cover 



 


The ratio of Consolidated Net Debt to Consolidated
EBITDA, calculated as of each Quarter Date in respect of the four immediately preceding financial quarters of the Parent ending
on that Quarter Date, will not exceed 3.5:1.


 


		21.2.4	Subsidiary indebtedness



 


The total amount of Priority Debt
will not at any time exceed ten per cent of Consolidated Assets calculated as at the Quarter Date most recently falling before
such time.


 


		21.3	Amendments



 


		21.3.1	If as a result of any change in the Relevant GAAP pursuant to Clause ‎20.3
(Requirements as to financial statements) or any event which, in the reasonable opinion of the Parent or the Agent (acting
on the instructions of the Majority Lenders), will have a material effect on the financial covenants above, the Parent or, as the
case may be, the Agent believes that the financial undertakings set out in this Clause ‎21
need to be amended as a result of any such change, determination or requirement, the Parent shall negotiate with the Agent in good
faith to amend the existing financial undertakings so as to provide the Lenders with substantially the same protections as the
financial undertakings set out in this Clause ‎21 (but
which are not materially more onerous).



 




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		21.3.2	If the Parent and the Agent cannot agree such amended financial undertakings within 30 days of that notice, the Parent
and the Agent shall jointly nominate a firm of chartered accountants to settle the amended financial undertakings, or in default
of such nomination the Agent shall request the Chairman for the time being of the Institute of Chartered Accountants in England
to nominate a firm of chartered accountants for that purpose. Such accountants shall act as experts and not arbitrators and their
decision shall be final and binding on the parties. The costs of such accountants shall be paid by the Parent, an estimate of such
costs having been presented to and approved by the Parent prior to the engagement of such accountants.



 


		21.4	Determinations



 


The calculation of ratios and other amounts under
this Clause ‎21 shall be made by the Parent by reference
to the latest financial information of the Parent, or other period in relation to which the calculation falls to be made (which,
in the case of EBITDA and the financial covenants contained in this Clause ‎21,
shall be calculated four times per year as at 31 March, 30 June, 30 September and 31 December (in each case in respect of the immediately
preceding period of 12 months).


 


		22	General undertakings



 


The undertakings in this Clause ‎22
remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents or any Commitment
is in force.


 


		22.1	Authorisations



 


Each Obligor shall promptly:


 


		(a)	obtain, comply with and do all that is necessary to maintain in full force and effect; and



 


		(b)	supply certified copies to the Agent of,



 


any Authorisation required under any law or regulation
of its jurisdiction of incorporation to enable it to perform its obligations under the Finance Documents and to ensure the legality,
validity, enforceability or admissibility in evidence in its jurisdiction of incorporation of any Finance Document.


 


		22.2	Compliance with laws



 


Each Obligor shall comply in all respects with all
laws to which it may be subject, if failure so to comply would materially impair its ability to perform its obligations under the
Finance Documents.


 


		22.3	Negative pledge



 


		22.3.1	No Obligor shall (without the prior written consent of the Majority Lenders) create or permit to subsist any Security over
any of its assets other than a Permitted Encumbrance applicable to it.



 


		22.3.2	The Parent shall not without the prior written consent of the Majority Lenders:



 


		(a)	make any loans or guarantees, other than to or in respect of:



 


		(i)	Subsidiaries which are beneficially owned by it as to at least 50 per cent of the issued voting share capital thereof; and



 


		(ii)	companies (not being Subsidiaries) which are beneficially
owned by it as to at least 25 per cent of the issued voting share capital thereof provided that the aggregate principal amount
of such loans shall not exceed at any time US$75,000,000;



 




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		(b)	grant any credit (save in the ordinary course of business); or



 


		(c)	give any other guarantee or indemnity except for:



 


		(i)	any indemnity issued in favour of any officer or member
of the board of directors of the Parent and certain Subsidiaries in respect of such person's performance of its duties as an officer
or member of the board of directors of the Parent and certain Subsidiaries, as the case may be, provided that when calculating
the amount of such indemnities, the amount of all insurance covers taken with prime insurance companies by the Parent and corresponding
to such indemnities shall be deducted from the amount of such indemnities; and



 


		(ii)	guarantees or indemnities in an amount which, when aggregated with all other guarantees and indemnities given by the Parent
(including without limitation under Clause ‎22.3.2(c)(i)), does
not (without duplication) exceed at any time, US$550,000,000 (or its equivalent in other currencies as determined by the Agent)
provided that it shall not be a breach hereof if such limitation is exceeded by reason of any variation in the equivalent other
than at the time of the issue of any other guarantee or indemnity.



 


		22.4	Disposals



 


		22.4.1	Neither the Borrower, the Parent, ICL Finance nor any Material Subsidiary shall (without the prior written consent of the Agent
(acting on the instructions of the Majority Lenders)) enter into a single transaction or a series of transactions (whether related
or not) and whether voluntary or involuntary to sell, lease, transfer or otherwise dispose of:



 


		(a)	the whole or any part (the aggregate value of which is 20 per cent or more of the value of the whole) of its revenues
or its assets; or



 


		(b)	any asset which is essential to the continued conduct of the business of the Borrower, the Parent ICL Finance or any Material
Subsidiary.



 


		22.4.2	Clause ‎22.4.1 above does not apply to any sale, lease,
transfer or other disposal:



 


		(a)	made in the ordinary course of trading of the disposing entity; or



 


		(b)	of assets in exchange for other assets comparable or superior as to type, value and quality.



 


		22.4.3	Without the prior written consent of the Agent (acting on the instruction of the Majority Lenders) the Parent shall not cease
to own beneficially (directly or indirectly) at least 67 per cent of either the voting stock or the non-voting stock of any
company which qualifies as a Material Subsidiary immediately prior to the date on which it ceased to be so owned by the Parent.



 


		22.5	Merger



 


The Parent shall not (without the prior written consent
of the Majority Lenders) enter into any amalgamation, demerger, merger or corporate reconstruction except those concluded with
another member of the Group or the ICL Group where the surviving legal entity is the Parent.


 


		22.6	Change of business



 


The Parent shall procure that no substantial change
is made to the general nature of the business of the Obligors or any Material Subsidiary from that carried on at the date of this
Agreement.


 




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		22.7	Israel Chemical Limited's Shareholders



 


The Parent shall inform the Agent of the identity
of any shareholder of the Parent holding more than 10 per cent of either the voting stock or the non-voting stock of the Parent
promptly upon becoming aware of such holding.


 


		22.8	Acquisitions



 


The Borrower shall notify the Agent of any single
acquisition of shares, assets or securities by it or any member of the Group where the aggregate consideration payable in connection
with that acquisition (including any deferred element) is greater than or equal to US$50,000,000 as soon as practicable after that
acquisition.


 


		22.9	"Know Your Customer" Checks



 


		(a)	If:



 


		(i)	the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation made
after the date of this Agreement;



 


		(ii)	any change in the status of an Obligor after the date of this Agreement; or



 


		(iii)	a proposed assignment or transfer by a Lender of any of its rights and obligations under this Agreement to a party that is
not a Lender prior to such assignment or transfer,



 


obliges the Agent or any Lender (or, in the case of
paragraph (iii) above, any prospective new Lender) to comply with "know your customer" or similar identification procedures
in circumstances where the necessary information is not already available to it, each Obligor shall promptly upon the request of
the Agent or any Lender supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the
Agent (for itself or on behalf of any Lender) or any Lender (for itself or, in the case of the event described in paragraph (iii)
above, on behalf of any prospective new Lender) in order for the Agent, such Lender or, in the case of the event described in paragraph
(iii) above, any prospective new Lender to carry out and be satisfied it has complied with all necessary "know your customer"
or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents.


 


		(b)	Each Lender shall promptly upon the request of the Agent supply, or procure the supply of, such documentation and other evidence
as is reasonably requested by the Agent (for itself) in order for the Agent to carry out and be satisfied it has complied with
all necessary "know your customer" or other similar checks under all applicable laws and regulations pursuant to the
transactions contemplated in the Finance Documents.



 


		(c)	The Parent shall, by not less than ten Business Days' prior written notice to the Agent, notify the Agent (which shall promptly
notify the Lenders) of its intention to request that one of the Subsidiaries becomes an Additional Guarantor pursuant to Clause
‎25 (Changes to the Obligors).



 


		(d)	Following the giving of any notice pursuant to paragraph (c) above, if the accession of such Additional Guarantor obliges the
Agent or any Lender to comply with "know your customer" or similar identification procedures in circumstances where the
necessary information is not already available to it, the Parent shall promptly upon the request of the Agent or any Lender supply,
or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf
of any Lender) or any Lender (for itself or on behalf of any prospective new Lender) in order for the Agent or such Lender or any
prospective new Lender to carry out and be satisfied it has complied with the results of all necessary "know your customer"
or



 




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other similar checks under all
applicable laws and regulations pursuant to the accession of such Subsidiary to this Agreement as an Additional Guarantor.


 


		22.10	Banking Act



 


The Borrower shall comply in all respects with the
AFS.


 


22.11Application of the Loans


 


Following each Utilisation Date:


 


		(a)	the Borrower shall apply each Loan under this Agreement only in accordance with the purpose set out in Clause ‎3.1
(Purpose); and



 


		(b)	the Borrower:



 


		(i)	shall make sufficient enquiries into the businesses of its investment or acquisition targets to ensure that each Loan shall
be applied by its investment or acquisition targets only towards legitimate and lawful transactions; and



 


		(ii)	shall not permit or authorise any person to, directly or indirectly, use, lend, make payments of, contribute or otherwise make
available, all or any part of the proceeds of any Loan or other transaction(s) contemplated by this Agreement to benefit or to
fund any trade, business or other activities with:



 


		(aa)	a Restricted Party, if such business, trade or activity is illegal under Sanctions applicable to the Borrower or a Finance
Party; and/or



 


		(bb)	to finance the purchase of firearms or the trade in illegal goods, including drugs and services.



 


		22.12	Anti-corruption law



 


The Borrower shall ensure that
it and each member of the Group at all times conducts its businesses in compliance with applicable anti-corruption laws and has
instituted and maintained policies and procedures designed to promote and achieve compliance with such laws.


 


		23	Events of Default



 


Each of the events or circumstances set out in Clause ‎23
(save for Clause ‎23.15 (Acceleration)) is an Event of
Default.


 


		23.1	Non-payment



 


An Obligor does not pay on the due date any amount
payable pursuant to a Finance Document at the place and in the currency in which it is expressed to be payable unless:


 


		(a)	its failure to pay is caused by administrative or technical error; and



 


		(b)	payment is made within 3 Business Days of its due date.



 


		23.2	Financial covenants



 


Any requirement of Clause ‎21
(Financial covenants) is not satisfied.


 




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		23.3	Other obligations



 


		23.3.1	An Obligor does not comply with any provision of the Finance Documents (other than those referred to in Clause ‎23.1
(Non-payment)).



 


		23.3.2	No Event of Default under Clause ‎23.3.1 or Clause
‎23.2 (Financial covenants) will occur if:



 


		(a)	the failure to comply is capable of remedy and is remedied within 20 Business Days of the Agent giving notice to the Obligor
or the Obligor becoming aware of the failure to comply; or



 


		(b)	the failure to comply occurs under Clause ‎22.11 (Application
of the Loans).



 


		23.4	Misrepresentation



 


		23.4.1	Any representation or statement made or deemed to be made by an Obligor in the Finance Documents or any other document delivered
by or on behalf of any Obligor under or in connection with any Finance Document is or proves to have been incorrect or misleading
in any material respect when made.



 


		23.4.2	No Event of Default under Clause ‎23.4.1
will occur if the misrepresentation relates to Clauses ‎19.16
(Application of the Loans) or ‎19.18 (Sanctions).



 


		23.5	Cross default



 


		23.5.1	Any Financial Indebtedness of any Obligor or any Material Subsidiary is not paid when due nor within any originally applicable
grace period.



 


		23.5.2	Any Financial Indebtedness of any Obligor or any Material Subsidiary is declared to be or otherwise becomes due and payable
prior to its specified maturity as a result of an event of default (however described).



 


		23.5.3	Any commitment for any Financial Indebtedness of any Obligor or any Material Subsidiary is cancelled or suspended by a creditor
of any Obligor or any Material Subsidiary as a result of an event of default (however described).



 


		23.5.4	Any creditor of any Obligor or any Material Subsidiary becomes entitled to declare any Financial Indebtedness of any Obligor
or any Material Subsidiary due and payable prior to its specified maturity as a result of an event of default (however described).



 


		23.5.5	No Event of Default will occur under this Clause ‎23.5
if the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness falling within Clauses ‎23.5.1
to ‎23.5.4 above is being contested in good faith by any Obligor
or any Material Subsidiary and which with other such Financial Indebtedness being so calculated is less than US$10,000,000 (or
its equivalent in any other currency or currencies as determined by the Agent).



 


		23.6	Insolvency



 


		23.6.1	Any Obligor or any Material Subsidiary is unable or admits inability to pay its debts as they fall due, suspends making payments
on any of its debts or, by reason of financial difficulties, commences negotiations with one or more of its creditors with a view
to rescheduling any of its indebtedness.



 


		23.6.2	The value of the assets of any Obligor is less than its liabilities (taking into account contingent and prospective liabilities).



 


		23.7	Insolvency proceedings



 


Any corporate action, legal proceedings or other
procedure or step is taken in relation to:


 




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		(a)	the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration or reorganisation (by
way of voluntary arrangement, scheme of arrangement or otherwise) of any Obligor or any Material Subsidiary other than a solvent
liquidation or reorganisation;



 


		(b)	a composition, assignment or arrangement with any creditor of any Obligor or any Material Subsidiary;



 


		(c)	the appointment of a liquidator (other than in respect of a solvent liquidation of any Obligor or any Material Subsidiary),
receiver, administrator, administrative receiver, compulsory manager or other similar officer in respect of any Obligor or any
Material Subsidiary or any of its assets;



 


		(d)	enforcement of any Security over any material assets of any Obligor or any Material Subsidiary, or



 


		(e)	or any analogous procedure or step is taken in any jurisdiction



 


provided that no Event of Default shall occur under
this Clause ‎23.7 to the extent that:


 


		(i)	the relevant proceedings are dismissed within 30 days after their commencement;



 


		(ii)	any re-organisation is on terms previously approved by the Agent acting on the instructions of the Majority Lenders; or



 


		(iii)	on any winding-up, dissolution or re-organisation of any Obligor or any Material Subsidiary, the assets are distributed to
any other Obligor or Material Subsidiary to the extent of the interest therein of the relevant member of the Group immediately
prior to such winding-up, dissolution or re-organisation.



 


		23.8	Creditors' process



 


Any court or other judicial or
administrative tribunal issue any warrant, process or order of expropriation, attachment, guarantee, sequestration, distress, warrants,
execution affects any asset or assets of the Borrower, the Parent, ICL Finance or any Material Subsidiary having an aggregate value
of US$10,000,000 (or its equivalent in any other currency as determined by the Agent) and is not discharged within sixty days or
where the Borrower, the Parent, ICL Finance or any Material Subsidiary is contesting the proceedings of such judicial or administrative
tribunal in good faith and due diligence and has, if required by the Agent (acting on the instructions of the Majority Lenders),
provided that the Agent is reasonably satisfied that the Borrower, the Parent, ICL Finance or any Material Subsidiary as appropriate
has sufficient funds available to it to meet any related liability.


 


		23.9	Curtailment



 


The Government of Israel ceases beneficially
to own the Special State Shares; and for the purpose of this Clause ‎23.9,
the Special State Shares means the Special State Shares in the Parent and in each of Dead Sea Works Ltd., Rotem Amfert Negev
Ltd., Dead Sea Bromine Company Ltd., Bromine Compounds Limited and IMI with such rights and terms attached to it as more particularly
described in the Articles of Association of the Parent.


 


		23.10	Ownership of the Borrower



 


The Borrower ceases to be a Subsidiary of the Parent.


 


		23.11	Unlawfulness



 


It is or becomes unlawful for an Obligor to perform
any of its obligations under the Finance Documents.


 




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		23.12	Repudiation



 


An Obligor repudiates a Finance Document or evidences
an intention to repudiate a Finance Document.


 


		23.13	Failure to Pay Final Judgment



 


Any Obligor or Material Subsidiary fails to comply
with or pay any sum due in excess of US$10,000,000 (or its equivalent in other currencies as determined by the Agent) in aggregate
from it under any final judgment or final order made or given by any court of competent jurisdiction.


 


		23.14	Material adverse change



 


There shall occur any material adverse change in
the business, assets or condition of any Obligor or ICL Group taken as a whole from that at the date hereof, which would be likely
to imperil, delay or prevent fulfilment by any Obligor of its obligations hereunder or contemplated hereby.


 


		23.15	Acceleration



 


		23.15.1	Subject to Clause ‎23.15.2 below, on and at any time after
the occurrence of an Event of Default which is continuing the Agent may, and shall if so directed by the Majority Lenders, by two
Business Days' notice to the Borrower:



 


		(a)	cancel the Total Commitments whereupon they shall immediately be cancelled;



 


		(b)	declare that all or part of the Loans, together with accrued interest, and all other amounts accrued or outstanding under the
Finance Documents be immediately due and payable, whereupon they shall become immediately due and payable; and/or



 


		(c)	declare that all or part of the Loans be payable on demand, whereupon they shall immediately become payable on demand by the
Agent on the instructions of the Majority Lenders.



 


		23.15.2	There shall not be an Event of Default if:



 


		(a)	any Event of Default referred to in Clause ‎23.15.1 occurs
in respect of a Guarantor (other than the Parent and ICL Finance) (a Defaulting Guarantor); and



 


		(b)	the Parent notifies the Agent within five Business Days of the occurrence of such Event of Default indicating that it is able
to cure the Event of Default within 30 days of the occurrence of such Event of Default by the resignation of the Defaulting Guarantor
and, provided the Agent (acting on the instructions of the Majority Lenders) approves, the accession of an Additional Guarantor
from the Group or ICL Group pursuant to Clause ‎25.2 (Additional
Guarantors). The Parent shall procure that the Defaulting Guarantor submits a Resignation Letter and the Additional Guarantor,
as approved by the Agent, submits an Accession Letter within the 30 day period referred to above.



 


		24	Changes to the Lenders



 


		24.1	Assignments and transfers by the Lenders



 


Subject to this Clause ‎24,
a Lender (the Existing Lender) may:


 


		(a)	assign any of its rights; or



 


		(b)	transfer by novation any of its rights and obligations,



 




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to another bank or financial institution or to a
trust, fund or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in
loans, securities or other financial assets and which is located in a country with which Israel has diplomatic relations (the New
Lender).


 


		24.2	Conditions of assignment or transfer



 


		24.2.1	A Lender can and may only assign or transfer any of its rights or obligations to a New Lender if such New Lender is a Non-Public
Lender.



 


		24.2.2	The consent of the Borrower is required for an assignment or transfer by a Lender, unless the assignment or transfer is to
another Lender or an Affiliate of a Lender or if an Event of Default has occurred and is continuing.



 


		24.2.3	Unless the Borrower and the Agent otherwise agree, a transfer of part of its Commitments or the rights and obligations under
this Agreement by the Existing Lender must be in a minimum aggregate amount of US$5,000,000 (or, if less, its outstanding Commitment).



 


		24.2.4	The consent of the Borrower to an assignment or transfer must not be unreasonably withheld or delayed. The Borrower will be
deemed to have given its consent ten Business Days after the Lender has requested it.



 


		24.2.5	An assignment will only be effective on:



 


		(a)	receipt by the Agent of written confirmation from the New Lender (in form and substance satisfactory to the Agent) that the
New Lender will assume the same obligations to the other Finance Parties as it would have been under if it was an Original Lender;
and



 


		(b)	performance by the Agent of all "know your customer" or other checks relating to any person that it is required to
carry out in relation to such assignment to a New Lender, the completion of which the Agent shall promptly notify to the Existing
Lender and the New Lender.



 


		24.2.6	A transfer will only be effective if the procedure set out in Clause ‎24.5
(Procedure for transfer) is complied with.



 


		24.2.7	If:



 


		(a)	a Lender assigns or transfers any of its rights or obligations under the Finance Documents or changes its Facility Office;
and



 


		(b)	as a result of circumstances existing at the date the assignment, transfer or change occurs, an Obligor would be obliged to
make a payment to the New Lender or Lender acting through its new Facility Office under Clause ‎13
(Tax gross-up and indemnities) or Clause ‎14.1 (Increased
Costs),



 


then the New Lender or Lender acting through its
new Facility Office is only entitled to receive payment under those Clauses to the same extent as the Existing Lender or Lender
acting through its previous Facility Office would have been if the assignment, transfer or change had not occurred.


 


		24.3	Assignment or transfer fee



 


The New Lender shall, on the date upon which an assignment
or transfer takes effect, pay to the Agent (for its own account) a fee of US$2,500.


 




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		24.4	Limitation of responsibility of Existing Lenders



 


		24.4.1	Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility
to a New Lender for:



 


		(a)	the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other documents;



 


		(b)	the financial condition of any Obligor;



 


		(c)	the performance and observance by any Obligor of its obligations under the Finance Documents or any other documents; or



 


		(d)	the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document,



 


and any representations or warranties implied by
law are excluded.


 


		24.4.2	Each New Lender confirms to the Existing Lender and the other Finance Parties that it:



 


		(a)	has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs
of each Obligor and its related entities in connection with its participation in this Agreement and has not relied exclusively
on any information provided to it by the Existing Lender in connection with any Finance Document; and



 


		(b)	will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities whilst
any amount is or may be outstanding under the Finance Documents or any Commitment is in force.



 


		24.4.3	Nothing in any Finance Document obliges an Existing Lender to:



 


		(a)	accept a re-transfer from a New Lender of any of the rights and obligations assigned or transferred under this Clause ‎24;
or



 


		(b)	support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Obligor of its
obligations under the Finance Documents or otherwise.



 


		24.5	Procedure for transfer



 


		24.5.1	Subject to the conditions set out in Clause ‎24.2 (Conditions
of assignment or transfer) a transfer is effected in accordance with Clause ‎24.5.3
below when the Agent executes an otherwise duly completed Transfer Certificate delivered to it by the Existing Lender and the New
Lender. The Agent shall, subject to Clause ‎24.5.2 below, as
soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate appearing on its face to comply with
the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Transfer Certificate.



 


		24.5.2	The Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing Lender and the New Lender
once it is satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable
laws and regulations in relation to the transfer to such New Lender.



 


		24.5.3	On the Transfer Date:



 


		(a)	to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and obligations
under the Finance Documents each of the Obligors and the Existing Lender shall be released from further obligations towards one
another under the Finance Documents and their respective rights against one another under



 




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the Finance Documents shall be
cancelled (being the Discharged Rights and Obligations);


 


		(b)	each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights against one another
which differ from the Discharged Rights and Obligations only insofar as that Obligor and the New Lender have assumed and/or acquired
the same in place of that Obligor and the Existing Lender;



 


		(c)	the Agent, the New Lender and other Lenders shall acquire the same rights and assume the same obligations between themselves
as they would have acquired and assumed had the New Lender been an Original Lender with the rights and/or obligations acquired
or assumed by it as a result of the transfer and to that extent the Agent and the Existing Lender shall each be released from further
obligations to each other under the Finance Documents; and



 


		(d)	the New Lender shall become a Party as a "Lender".



 


		24.6	Confidential Information



 


Each Finance Party agrees to keep all Confidential
Information confidential and not to disclose it to anyone, save to the extent permitted by Clause ‎24.7
(Disclosure of Confidential Information), and to ensure that all Confidential Information is protected with security measures
and a degree of care that would apply to its own confidential information.


 


		24.7	Disclosure of Confidential Information



 


Any Finance Party may disclose:


 


		(a)	to any of its Affiliates and Related Funds and any of its or their officers, directors, employees, professional advisers, auditors,
partners and Representatives such Confidential Information as that Finance Party shall consider appropriate if any person to whom
the Confidential Information is to be given pursuant to this paragraph ‎(a)
is informed in writing of its confidential nature and that some or all of such Confidential Information may be price-sensitive
information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations
to maintain the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to the
Confidential Information;



 


		(b)	to any person:



 


		(i)	to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its rights and/or obligations
under one or more Finance Documents and to any of that person's Affiliates, Related Funds, Representatives and professional advisers;



 


		(ii)	with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub-participation
in relation to, or any other transaction under which payments are to be made or may be made by reference to, one or more Finance
Documents and/or one or more Obligors and to any of that person's Affiliates, Related Funds, Representatives and professional advisers;



 


		(iii)	appointed by any Finance Party or by a person to whom paragraph ‎(b)‎(i)
or ‎(ii) above applies to receive communications, notices, information
or documents delivered pursuant to the Finance Documents on its behalf (including, without limitation, any person appointed under
Clause ‎26.12 (Relationship with the Lenders));



 




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		(iv)	who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or indirectly, any transaction
referred to in paragraph ‎(b)‎(i)
or ‎(b)‎(ii)
above;



 


		(v)	to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking,
taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable
law or regulation;



 


		(vi)	to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security (or may do so) pursuant to Clause
‎24.8 (Security over Lenders' rights);



 


		(vii)	to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative
or other investigations, proceedings or disputes;



 


		(viii)	who is a Party; or



 


		(ix)	with the consent of the Borrower;



 


in each case, such Confidential Information as that
Finance Party shall consider appropriate if:


 


		(aa)	in relation to paragraphs ‎(b)‎(i),
‎(b)‎(ii)
and ‎(b)‎(iii)
above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking except that
there shall be no requirement for a Confidentiality Undertaking if the recipient is a professional adviser and is subject to professional
obligations to maintain the confidentiality of the Confidential Information;



 


		(bb)	in relation to paragraph ‎(b)‎(iv)
above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking or is otherwise
bound by requirements of confidentiality in relation to the Confidential Information they receive and is informed that some or
all of such Confidential Information may be price-sensitive information;



 


		(cc)	in relation to paragraphs ‎(b)‎(v),
‎(b)‎(vi)
and ‎(b)‎(vii)
above, the person to whom the Confidential Information is to be given is informed of its confidential nature and that some or all
of such Confidential Information may be price-sensitive information except that there shall be no requirement to so inform if,
in the opinion of that Finance Party, it is not practicable so to do in the circumstances;



 


		(c)	to any person appointed by that Finance Party or by a person to whom paragraph ‎(b)(i)
or ‎(b)(ii) above applies to provide administration or settlement
services in respect of one or more of the Finance Documents including without limitation, in relation to the trading of participations
in respect of the Finance Documents, such Confidential Information as may be required to be disclosed to enable such service provider
to provide any of the services referred to in this paragraph (c) if the service provider to whom the Confidential Information is
to be given has entered into a confidentiality agreement substantially in the form of the LMA Master Confidentiality Undertaking
for Use With Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Borrower
and the relevant Finance Party;



 


		(d)	to any rating agency (including its professional advisers) such Confidential Information as may be required to be disclosed
to enable such rating agency to carry out its normal rating activities in relation to the Finance Documents and/or the Obligors
if the



 




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rating agency to whom the Confidential
Information is to be given is informed of its confidential nature and that some or all of such Confidential Information may be
price-sensitive information.


 


		24.8	Security over Lenders' rights



 


In addition to the other rights provided to Lenders
under this Clause ‎24.8, each Lender may without consulting
with or obtaining consent from any Obligor, at any time charge, assign or otherwise create Security in or over (whether by way
of collateral or otherwise) all or any of its rights under any Finance Document to secure obligations of that Lender including,
without limitation:


 


		(a)	any charge, assignment or other Security to secure obligations to a federal reserve or central bank; and



 


		(b)	in the case of any Lender which is a fund, any charge, assignment or other Security granted to any holders (or trustee or representatives
of holders) of obligations owed, or securities issued, by that Lender as security for those obligations or securities,



 


except that no such charge, assignment or Security
shall:


 


		(i)	release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the relevant charge,
assignment or Security for the Lender as a party to any of the Finance Documents; or



 


		(ii)	require any payments to be made by an Obligor other than or in excess of, or grant to any person any more extensive rights
than, those required to be made or granted to the relevant Lender under the Finance Documents.



 


		24.9	Register



 


The Agent shall maintain a register of Lenders and
the amount of their Commitments and shall update such register on each occasion that there is a change in the Lenders or the amount
of any Lender's Commitment. The Agent shall make such register available at all reasonable times to the other parties hereto.


 


		25	Changes to the Obligors



 


		25.1	Assignments and transfer by Obligors



 


No Obligor may assign any of its rights or transfer
any of its rights or obligations under the Finance Documents.


 


		25.2	Additional Guarantors



 


		25.2.1	Subject to compliance with the provisions of Clauses ‎22.9(c)
and ‎22.9(d) ("Know your customer" checks),
the Parent may request that any of its wholly owned Subsidiaries become an Additional Guarantor. That Subsidiary shall become an
Additional Guarantor if:



 


		(a)	the Parent delivers to the Agent a duly completed and executed Accession Letter; and



 


		(b)	the Agent has received all of the documents and other evidence listed in Part 2 of ‎Schedule 2
(Conditions precedent – Additional Guarantor) in relation to that Additional Guarantor, each in form and substance
satisfactory to the Agent.



 


		25.2.2	The Agent shall notify the Parent and the Lenders promptly upon being satisfied that it has received (in form and substance
satisfactory to it) all the documents and other evidence listed in Part 2 of ‎Schedule 2
(Conditions precedent – Additional Guarantor).



 




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		25.3	Repetition of Representations



 


Delivery of an Accession Letter constitutes confirmation
by the relevant Subsidiary that the Repeating Representations are true and correct in relation to it as at the date of delivery
as if made by reference to the facts and circumstances then existing.


 


		25.4	Resignation of a Guarantor



 


		25.4.1	The Parent may request that a Guarantor (other than the Parent, ICL Finance or any member of the Group or the ICL Group which
has acceded as an Additional Guarantor under Clause ‎23.15.2
(Acceleration)) ceases to be a Guarantor by delivering to the Agent a Resignation Letter.



 


		25.4.2	The Agent shall accept a Resignation Letter and notify the Parent and the Lenders of its acceptance if no Default is continuing
or would result from the acceptance of the Resignation Letter (and the Parent has provided evidence satisfactory to the Agent (acting
on the instructions of the Majority Lenders) that this is the case).



 


		26	Role of the Agent



 


		26.1	Appointment of the Agent



 


		26.1.1	Each other Finance Party appoints the Agent to act as its agent under and in connection with the Finance Documents.



 


		26.1.2	Each other Finance Party authorises the Agent to exercise the rights, powers, authorities and discretions specifically given
to the Agent under or in connection with the Finance Documents together with any other incidental rights, powers, authorities and
discretions.



 


		26.2	Duties of the Agent



 


		26.2.1	The Agent shall promptly forward to a Party the original or a copy of any document which is delivered to the Agent for that
Party by any other Party.



 


		26.2.2	Except where a Finance Document specifically provides otherwise, the Agent is not obliged to review or check the adequacy,
accuracy or completeness of any document it forwards to another Party.



 


		26.2.3	If the Agent receives notice from a Party referring to this Agreement, describing a Default and stating that the circumstance
described is a Default, it shall promptly notify the Finance Parties.



 


		26.2.4	If the Agent is aware of the non-payment of any principal, interest, commitment fee or other fee payable to a Finance Party
(other than the Agent) under this Agreement it shall promptly notify the other Finance Parties.



 


		26.2.5	The Agent's duties under the Finance Documents are solely mechanical and administrative in nature.



 


		26.3	No fiduciary duties



 


		26.3.1	Nothing in this Agreement constitutes the Agent a trustee or fiduciary of any other person.



 


		26.3.2	The Agent shall not be bound to account to any Lender for any sum or the profit element of any sum received by it for its own
account.



 






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		26.4	Business with the Group



 


The Agent may accept deposits from, lend money to
and generally engage in any kind of banking or other business with any member of the Group.


 


		26.5	Rights and discretions of the Agent



 


		26.5.1	The Agent may rely on:



 


		(a)	any representation, notice or document believed by it to be genuine, correct and appropriately authorised; and



 


		(b)	any statement made by a director, authorised signatory or employee of any person regarding any matters which may reasonably
be assumed to be within his knowledge or within his power to verify.



 


		26.5.2	The Agent may assume (unless it has received notice to the contrary in its capacity as agent for the Lenders) that:



 


		(a)	no Default has occurred (unless it has actual knowledge of a Default arising under Clause ‎23.1
(Non-payment));



 


		(b)	any right, power, authority or discretion vested in any Party or the Majority Lenders has not been exercised; and



 


		(c)	any notice or request made by the Borrower (other than a Utilisation Request) is made on behalf of and with the consent and
knowledge of all the Obligors.



 


		26.5.3	The Agent may engage, pay for and rely on the advice or services of any lawyers, accountants, surveyors or other experts.



 


		26.5.4	The Agent may act in relation to the Finance Documents through its personnel and agents.



 


		26.5.5	The Agent may disclose to any other Party any information it reasonably believes it has received as agent under this Agreement.



 


		26.5.6	Notwithstanding any other provision of any Finance Document to the contrary, the Agent is not obliged to do or omit to do anything
if it would or might in its reasonable opinion constitute a breach of any law or a breach of a fiduciary duty or duty of confidentiality.



 


		26.6	Majority Lenders' instructions



 


		26.6.1	Unless a contrary indication appears in a Finance Document, the Agent shall (i) exercise any right, power, authority or discretion
vested in it as Agent in accordance with any instructions given to it by the Majority Lenders (or, if so instructed by the Majority
Lenders, refrain from exercising any right, power, authority or discretion vested in it as Agent) and ii) not be liable for any
act (or omission) if it acts (or refrains from taking any action) in accordance with an instruction of the Majority Lenders.



 


		26.6.2	Unless a contrary indication appears in a Finance Document, any instructions given by the Majority Lenders will be binding
on all the Finance Parties.



 


		26.6.3	The Agent may refrain from acting in accordance with the instructions of the Majority Lenders (or, if appropriate, the Lenders)
until it has received such security as it may require for any cost, loss or liability (together with any associated VAT) which
it may incur in complying with the instructions.



 


		26.6.4	In the absence of instructions from the Majority Lenders, (or, if appropriate, the Lenders) the Agent may act (or refrain from
taking action) as it considers to be in the best interest of the Lenders.



 




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		26.6.5	The Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender's consent) in any legal or arbitration
proceedings relating to any Finance Document.



 


		26.7	Responsibility for documentation



 


The Agent is not responsible for:


 


		(a)	the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied by the Agent, an Obligor or
any other person given in or in connection with any Finance Document; or



 


		(b)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document or any other agreement, arrangement
or document entered into, made or executed in anticipation of or in connection with any Finance Document.



 


		26.8	Exclusion of liability



 


		26.8.1	Without limiting Clause ‎26.8.2 below, the Agent will
not be liable for any action taken by it under or in connection with any Finance Document, unless directly caused by its negligence
or wilful misconduct.



 


		26.8.2	No Party (other than the Agent) may take any proceedings against any officer, employee or agent of the Agent in respect of
any claim it might have against the Agent or in respect of any act or omission of any kind by that officer, employee or agent in
relation to any Finance Document and any officer, employee or agent of the Agent may rely on this Clause ‎26.8.



 


		26.8.3	The Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount required under
the Finance Documents to be paid by the Agent if the Agent has taken all necessary steps as soon as reasonably practicable to comply
with the regulations or operating procedures of any recognised clearing or settlement system used by the Agent for that purpose.



 


		26.8.4	Nothing in this Agreement shall oblige the Agent to carry out any "know your customer" or other checks in relation
to any person on behalf of any Lender and each Lender confirms to the Agent that it is solely responsible for any such checks that
it is required to carry out and that it may not rely on any statement in relation to such checks made by the Agent.



 


		26.9	Lenders' indemnity to the Agent



 


Each Lender shall (in proportion to its share of
the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately prior to their
reduction to zero) indemnify the Agent, within three Business Days of demand, against any cost, loss or liability incurred by the
Agent (otherwise than by reason of the Agent's gross negligence or wilful misconduct) in acting as Agent under the Finance Documents
(unless the Agent has been reimbursed by an Obligor pursuant to a Finance Document).


 


		26.10	Resignation of the Agent



 


		26.10.1	The Agent may resign and appoint one of its Affiliates as successor by giving notice to the other Finance Parties and the Borrower.



 


		26.10.2	Alternatively the Agent may resign by giving 30 days’ notice to the other Finance Parties and the Borrower, in which
case the Majority Lenders (after consultation with the Borrower) may appoint a successor Agent.



 


		26.10.3	If the Majority Lenders have not appointed a successor Agent in accordance with Clause ‎26.10.2
above within 20 days after notice of resignation was given, the Agent (after consultation with the Borrower) may appoint a successor
Agent provided such successor Agent is a bank or financial institution.



 




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		26.10.4	If the Agent wishes to resign because (acting reasonably) it has concluded that it is no longer appropriate for it to remain
as agent and the Agent is entitled to appoint a successor Agent under Clause ‎26.10.3,
the Agent may (if it concludes (acting reasonably) that it is necessary to do so in order to persuade the proposed successor Agent
to become a party to this Agreement as Agent) agree with the proposed successor Agent amendments to this Clause ‎26
and any other term of this Agreement dealing with the rights or obligations of the Agent consistent with then current market practice
for the appointment and protection of corporate trustees together with any reasonable amendments to the agency fee payable under
this Agreement as agreed with the Borrower and which are consistent with the successor Agent's normal fee rates and those amendments
will bind the Parties.



 


		26.10.5	The retiring Agent shall, at its own cost, make available to the successor Agent such documents and records and provide such
assistance as the successor Agent may reasonably request for the purposes of performing its functions as Agent under the Finance
Documents. The Borrower shall, within three Business Days of demand, reimburse the retiring Agent for the amount of all costs and
expenses (including legal fees) properly incurred by it in making available such documents and records and providing such assistance.



 


		26.10.6	The Agent's resignation notice shall only take effect upon the appointment of a successor.



 


		26.10.7	Upon the appointment of a successor, the retiring Agent shall be discharged from any further obligation in respect of the Finance
Documents but shall remain entitled to the benefit of this Clause ‎26.
Its successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had
if such successor had been an original Party.



 


		26.10.8	After consultation with the Borrower, the Majority Lenders may, by notice to the Agent, require it to resign in accordance
with Clause ‎26.10.2 above. In this event, the Agent shall
resign in accordance with Clause ‎26.10.2 above.



 


		26.10.9	The Agent shall resign in accordance with Clause ‎26.10.2
(and, to the extent applicable, shall use reasonable endeavours to appoint a successor Agent pursuant to Clause ‎26.10.3
if on or after the date which is three months before the earliest FATCA Application Date relating to any payment to the Agent under
the Finance Documents, either:



 


		(a)	the Agent fails to respond to a request under Clause ‎13.8
(FATCA information) and the Borrower or a Lender reasonably believes that the Agent will not be (or will have ceased to
be) a FATCA Exempt Party on or after that FATCA Application Date;



 


		(b)	the information supplied by the Agent pursuant to Clause ‎13.8
(FATCA information) indicates that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that
FATCA Application Date; or



 


		(c)	the Agent notifies the Borrower and the Lenders that the Agent will not be (or will have ceased to be) a FATCA Exempt Party
on or after that FATCA Application Date,



 


and (in each case) the Borrower or a Lender reasonably
believes that a Party will be required to make a FATCA Deduction that would not be required if the Agent were a FATCA Exempt Party,
and the Borrower or that Lender, by notice to the Agent, requires it to resign.


 


		26.11	Confidentiality



 


		26.11.1	In acting as agent for the Finance Parties, the Agent shall be regarded as acting through its agency division which shall be
treated as a separate entity from any other of its divisions or departments.



 


		26.11.2	If information is received by another division or department of the Agent, it may be treated as confidential to that division
or department and the Agent shall not be deemed to have notice of it.



 




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		26.12	Relationship with the Lenders



 


The Agent may treat each Lender
as a Lender, entitled to payments under this Agreement and acting through its Facility Office unless it has received not less than
five Business Days prior notice from that Lender to the contrary in accordance with the terms of this Agreement.


 


		26.13	Credit appraisal by the Lenders



 


Without affecting the responsibility of any Obligor
for information supplied by it or on its behalf in connection with any Finance Document, each Lender confirms to the Agent that
it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks
arising under or in connection with any Finance Document including but not limited to:


 


		(a)	the financial condition, status and nature of each member of the Group;



 


		(b)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document and any other agreement, arrangement
or document entered into, made or executed in anticipation of, under or in connection with any Finance Document;



 


		(c)	whether that Lender has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets
under or in connection with any Finance Document, the transactions contemplated by the Finance Documents or any other agreement,
arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; and



 


		(d)	the adequacy, accuracy and/or completeness of the information provided by the Agent, any Party or by any other person under
or in connection with any Finance Document, the transactions contemplated by the Finance Documents or any other agreement, arrangement
or document entered into, made or executed in anticipation of, under or in connection with any Finance Document.



 


		26.14	Role of Reference Banks



 


		26.14.1	No Reference Bank is under any obligation to provide
a quotation or any other information to the Agent.



 


		26.14.1	No Reference Bank will be liable for any action taken by it under or in connection with any Finance Document, or for any Reference
Bank Quotation, unless directly caused by its gross negligence or wilful misconduct.



 


		26.14.2	No Party (other than the relevant Reference Bank) may take any proceedings against any officer, employee or agent of any Reference
Bank in respect of any claim it might have against that Reference Bank or in respect of any act or omission of any kind by that
officer, employee or agent in relation to any Finance Document, or to any Reference Bank Quotation, and any officer, employee or
agent of each Reference Bank may rely on this Clause ‎26.14
subject to Clause ‎1.4 (Third party Rights) and the provisions
of the Third Parties Act.



 


		26.15	Third party Reference Banks



 


A Reference Bank which is not a Party
may rely on Clause ‎26.14 (Role of Reference Banks),
Clause ‎35.3 (Other exceptions) and Clause ‎37
(Confidentiality of Funding Rates and Reference Bank Quotations) subject to Clause ‎1.4
(Third party Rights) and the provisions of the Third Parties Act.


 


		26.16	Deduction from amounts payable by the Agent



 


If any Party owes an amount to the Agent under the
Finance Documents the Agent may, after giving notice to that Party, deduct an amount not exceeding that amount from any payment
to that Party which the Agent would otherwise be obliged to make under the Finance Documents


 




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and apply the amount deducted in or towards satisfaction
of the amount owed. For the purposes of the Finance Documents that Party shall be regarded as having received any amount so deducted.


 


		26.17	Waiver of Consequential Damages



 


No Finance Party shall be liable on any theory of
liability for any indirect, consequential or punitive damages and each Obligor hereby waives, releases and agrees (for itself and
on behalf of its Subsidiaries (if any)) not to sue upon any such claim for any such damages, whether or not accrued and whether
or not known or suspected to exist in its favour.


 


		27	Conduct of business by the Finance Parties



 


No provision of this Agreement will:


 


		(a)	interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it thinks fit;



 


		(b)	oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it or the extent,
order and manner of any claim; or



 


		(c)	oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any computations in respect
of Tax.



 


		28	Sharing among the Finance Parties



 


		28.1	Payments to Finance Parties



 


If a Finance Party (a Recovering Finance Party)
receives or recovers any amount from an Obligor other than in accordance with Clause ‎29
(Payment mechanics) and applies that amount to a payment due under the Finance Documents then:


 


		(a)	the Recovering Finance Party shall, within three Business Days, notify details of the receipt or recovery, to the Agent;



 


		(b)	the Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance Party would have
been paid had the receipt or recovery been received or made by the Agent and distributed in accordance with Clause ‎29
(Payment mechanics), without taking account of any Tax which would be imposed on the Agent in relation to the receipt, recovery
or distribution; and



 


		(c)	the Recovering Finance Party shall, within three Business Days of demand by the Agent, pay to the Agent an amount (the Sharing
Payment) equal to such receipt or recovery less any amount which the Agent determines may be retained by the Recovering Finance
Party as its share of any payment to be made, in accordance with Clause ‎29.5
(Partial payments).



 


		28.2	Redistribution of payments



 


The Agent shall treat the Sharing Payment as if it
had been paid by the relevant Obligor and distribute it between the Finance Parties (other than the Recovering Finance Party) in
accordance with Clause ‎29.5 (Partial payments).


 


		28.3	Recovering Finance Party's rights



 


		28.3.1	On a distribution by the Agent under Clause ‎28.2 (Redistribution
of payments), the Recovering Finance Party will be subrogated to the rights of the Finance Parties which have shared in the
redistribution.



 




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		28.3.2	If and to the extent that the Recovering Finance Party is not able to rely on its rights under Clause ‎28.3.1
above, the relevant Obligor shall be liable to the Recovering Finance Party for a debt equal to the Sharing Payment which is immediately
due and payable.



 


		28.4	Reversal of redistribution



 


If any part of the Sharing Payment received or recovered
by a Recovering Finance Party becomes repayable and is repaid by that Recovering Finance Party, then:


 


		(a)	each Finance Party which has received a share of the relevant Sharing Payment pursuant to Clause ‎28.2
(Redistribution of payments) shall, upon request of the Agent, pay to the Agent for account of that Recovering Finance Party
an amount equal to the appropriate part of its share of the Sharing Payment (together with an amount as is necessary to reimburse
that Recovering Finance Party for its proportion of any interest on the Sharing Payment which that Recovering Finance Party is
required to pay); and



 


		(b)	that Recovering Finance Party's rights of subrogation in respect of any reimbursement shall be cancelled and the relevant Obligor
will be liable to the reimbursing Finance Party for the amount so reimbursed.



 


		28.5	Exceptions



 


		28.5.1	This Clause ‎28 shall not apply to the extent that
the Recovering Finance Party would not, after making any payment pursuant to this Clause, have a valid and enforceable claim against
the relevant Obligor.



 


		28.5.2	A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the Recovering Finance Party
has received or recovered as a result of taking legal or arbitration proceedings, if:



 


		(a)	it notified that other Finance Party of the legal or arbitration proceedings; and



 


		(b)	that other Finance Party had an opportunity to participate in those legal or arbitration proceedings but did not do so as soon
as reasonably practicable having received notice and did not take separate legal or arbitration proceedings.



 


		29	Payment mechanics



 


		29.1	Payments to the Agent



 


		29.1.1	On each date on which an Obligor or a Lender is required to make a payment under a Finance Document, that Obligor or Lender
shall make the same available to the Agent (unless a contrary indication appears in a Finance Document) for value on the due date
at the time and in such funds specified by the Agent as being customary at the time for settlement of transactions: (i) in the
case of Loans denomination US Dollars, in New York; and (ii) in the case of Loans denomination Euro, in Participating Member States
or London.



 


		29.1.2	Payment shall be made to such account in the principal financial centre of the country of that currency (or, in relation to
Euro, in a principal financial centre in a Participating Member State or London) with such bank as the Agent specifies.



 


		29.1.3	Alternative arrangements



 


If, at any time, it shall become impractical (by
reason of any action of any governmental authority or any change in law, exchange control regulations or any similar event) for
the Borrower to make any payments hereunder in the manner specified in this Clause then the Borrower may agree with each or any
of the Lenders alternative arrangements for the payment direct to such Lender of amount due to such Lender hereunder. Provided
that, in the absence of any such agreement with any Lender, the Borrower shall be obliged to make all


 




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payments due to such Lender in the manner specified
herein. Upon reaching such agreement, the Borrower and such Lender shall immediately notify the Agent thereof and shall thereafter
promptly notify the Agent of all payments made direct to such Lender.


 


		29.2	Distributions by the Agent



 


Each payment received by the Agent under the Finance
Documents for another Party shall, subject to Clauses ‎29.3
(Distributions to an Obligor) and ‎29.4 (Clawback)
be made available by the Agent as soon as practicable after receipt to the Party entitled to receive payment in accordance with
this Agreement (in the case of a Lender, for the account of its Facility Office), to such account as that Party may notify to the
Agent by not less than five Business Days' notice with a bank in the principal financial centre of the country of that currency
(or, in relation to Euro, in the principal financial centre of a Participating Member State or London).


 


		29.3	Distributions to an Obligor



 


The Agent may (with the consent of the Obligor or
in accordance with Clause ‎30 (Set-off)) apply any
amount received by it for that Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount
due from that Obligor under the Finance Documents or in or towards purchase of any amount of any currency to be so applied.


 


		29.4	Clawback



 


		29.4.1	Where a sum is to be paid to the Agent under the Finance Documents for another Party, the Agent is not obliged to pay that
sum to that other Party (or to enter into or perform any related exchange contract) until it has been able to establish to its
satisfaction that it has actually received that sum.



 


		29.4.2	If the Agent pays an amount to another Party and it proves to be the case that the Agent had not actually received that amount,
then the Party to whom that amount (or the proceeds of any related exchange contract) was paid by the Agent shall on demand refund
the same to the Agent together with interest on that amount from the date of payment to the date of receipt by the Agent, calculated
by the Agent to reflect its cost of funds.



 


		29.5	Partial payments



 


		29.5.1	If the Agent receives a payment that is insufficient to discharge all the amounts then due and payable by an Obligor under
the Finance Documents, the Agent shall apply that payment towards the obligations of that Obligor under the Finance Documents in
the following order:



 


		(a)	first, in or towards payment pro rata of any unpaid fees, costs and expenses of the Agent under the Finance Documents;



 


		(b)	second, in or towards payment pro rata of any accrued interest, fee or commission due but unpaid under this Agreement;



 


		(c)	third, in or towards payment pro rata of any principal due but unpaid under this Agreement; and



 


		(d)	fourth, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents.



 


		29.5.2	The Agent shall, if so directed by the Majority Lenders, vary the order set out in Clauses ‎29.5.1(b)
to ‎29.5.1(d) above.



 


		29.5.3	Clauses ‎29.5.1 and ‎29.5.2
above will override any appropriation made by an Obligor.



 




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		29.6	No set-off by Obligors



 


All payments to be made by an Obligor under the Finance
Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim.


 


		29.7	Business Days



 


		29.7.1	Any payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same
month (if there is one) or the preceding Business Day (if there is not).



 


		29.7.2	During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest is payable on
the principal or Unpaid Sum at the rate payable on the original due date.



 


		29.8	Currency of account



 


		29.8.1	Subject to Clauses ‎29.8.2 to ‎29.8.5
below, US Dollars is the currency of account and payment for any sum due from an Obligor under any Finance Document.



 


		29.8.2	A repayment of a Loan or Unpaid Sum or a part of a Loan or Unpaid Sum shall be made in the currency in which that Loan or Unpaid
Sum is denominated on its due date.



 


		29.8.3	Each payment of interest shall be made in the currency in which the sum in respect of which the interest is payable was denominated
when that interest accrued.



 


		29.8.4	Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses or Taxes are
incurred.



 


		29.8.5	Any amount expressed to be payable in a currency other than Euro shall be paid in that other currency.



 


		29.9	Change of currency



 


		29.9.1	Unless otherwise prohibited by law, if more than one currency or currency unit are at the same time recognised by the central
bank of any country as the lawful currency of that country, then:



 


		(a)	any reference in the Finance Documents to, and any obligations arising under the Finance Documents in, the currency of that
country shall be translated into, or paid in, the currency or currency unit of that country designated by the Agent (after consultation
with the Borrower); and



 


		(b)	any translation from one currency or currency unit to another shall be at the official rate of exchange recognised by the central
bank for the conversion of that currency or currency unit into the other, rounded up or down by the Agent (acting reasonably).



 


		29.9.2	If a change in any currency of a country occurs, this Agreement will, to the extent the Agent (acting reasonably and after
consultation with the Borrower) specifies to be necessary, be amended to comply with any generally accepted conventions and market
practice in the Relevant Interbank Market and otherwise to reflect the change in currency.



 


		30	Set-off



 


A Finance Party may (but shall not be obliged to)
set off any obligation due from and payable by an Obligor (but unpaid) under the Finance Documents (to the extent beneficially
owned by that Finance Party) against any obligation owed by that Finance Party to that Obligor, regardless of the place of payment,
booking branch or currency of either obligation. If the obligations are in different currencies, the Finance Party may convert
either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off.


 




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		31	Notices



 


		31.1	Communications in writing



 


Any communication to be made under or in connection
with the Finance Documents shall be made in writing and, unless otherwise stated, may be made by fax, letter or SWIFT. Notices
sent by the Agent in the ordinary course of business will not be signed.


 


		31.2	Addresses



 


The address, fax number and SWIFT number (and the
department or officer, if any, for whose attention the communication is to be made) of each Party for any communication or document
to be made or delivered under or in connection with the Finance Documents is:


 


		(a)	in the case of the Borrower, that identified with its name in the signatories pages below;



 


		(b)	in the case of each Lender or any other Obligor, that notified in writing to the Agent on or prior to the date on which it
becomes a Party; and



 


		(c)	in the case of the Agent, that identified with its name in the signatories pages below,



 


or any substitute address, fax number or department
or officer as the Party may notify to the Agent (or the Agent may notify to the other Parties, if a change is made by the Agent)
by not less than five Business Days' notice.


 


		31.3	Delivery



 


		31.3.1	Any communication or document made or delivered by one person to another under or in connection with the Finance Documents
will only be effective:



 


		(a)	if by way of fax, when received in legible form; or



 


		(b)	if by way of letter, when it has been left at the relevant address or five Business Days after being deposited in the post
postage prepaid in an envelope addressed to it at that address; or



 


		(c)	if by way of SWIFT when received;



 


and, if a particular department or officer is specified
as part of its address details provided under Clause ‎31.2
(Addresses), if addressed to that department or officer.


 


		31.3.2	Any communication or document to be made or delivered to the Agent will be effective only when actually received by the Agent
and then only if it is expressly marked for the attention of the department or officer identified with the Agent's signature below
(or any substitute department or officer as the Agent shall specify for this purpose).



 


		31.3.3	All notices from or to an Obligor shall be sent through the Agent.



 


		31.3.4	Any communication or document made or delivered to the Borrower in accordance with this Clause ‎31
will be deemed to have been made or delivered to each of the Obligors.



 


		31.4	Notification of address, fax number and SWIFT number



 


Promptly upon receipt of notification of an address
and fax number or change of address, fax number or SWIFT number pursuant to Clause ‎31.2
(Addresses) or changing its own address, fax number or SWIFT number, the Agent shall notify the other Parties.


 




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		31.5	Electronic communication



 


		31.5.1	Any communication to be made between any two Parties under or in connection with the Finance Documents may be made by electronic
mail or other electronic means (including, without limitation, by way of posting to a secure website) if those two Parties:



 


		(a)	notify each other in writing of their electronic mail address and/or any other information required to enable the transmission
of information by that means; and



 


		(b)	notify each other of any change to their address or any other such information supplied by them by not less than five Business
Days' notice.



 


		31.5.2	Any such electronic communication as specified in Clause ‎31.5.1
to be made between an Obligor and a Finance Party may only be made in that way to the extent that those two Parties agree that,
unless and until notified to the contrary, this is to be an accepted form of communication.



 


		31.5.3	Any such electronic communication as specified in Clause ‎31.5.1
made between any two Parties will be effective only when actually received (or made available) in readable form and in the case
of any electronic communication made by a Party to the Agent only if it is addressed in such a manner as the Agent shall specify
for this purpose.



 


		31.5.4	Any electronic communication which becomes effective, in accordance with Clause ‎31.5.3,
after 5:00 p.m. in the place in which the Party to whom the relevant communication is sent or made available has its address for
the purpose of this Agreement shall be deemed only to become effective on the following day.



 


		31.6	English language



 


		31.6.1	Any notice given under or in connection with any Finance Document must be in English.



 


		31.6.2	All other documents provided under or in connection with any Finance Document must be:



 


		(a)	in English; or



 


		(b)	if not in English, and if so required by the Agent, accompanied by a certified English translation and, in this case, the English
translation will prevail unless the document is a constitutional, statutory or other official document.



 


		31.6.3	In the event of any translation into Hebrew of any of the foregoing being made and any conflict arising between the English
and Hebrew versions, the English version shall prevail. If, however, any competent court should nevertheless hold that any such
Hebrew translation shall prevail, the English version thereof shall be referred to in order to assist in interpretation.



 


		32	Calculations and certificates



 


		32.1	Accounts



 


In any litigation or arbitration proceedings arising
out of or in connection with a Finance Document, the entries made in the accounts maintained by a Finance Party are, in the absence
of manifest error, prima facie evidence of the matters to which they relate.


 


		32.2	Certificates and Determinations



 


Any certification or determination by a Finance Party
of a rate or amount under any Finance Document is, in the absence of manifest error, conclusive evidence of the matters to which
it relates.


 




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		32.3	Day count convention



 


Any interest, commission or fee accruing under a
Finance Document will accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year of
360 days or, in any case where the practice in the Relevant Interbank Market differs, in accordance with that market practice.


 


		33	Partial invalidity



 


If, at any time, any provision of the Finance Documents
is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity
or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of any
other jurisdiction will in any way be affected or impaired.


 


		34	Remedies and waivers



 


No failure to exercise, nor any delay in exercising,
on the part of any Finance Party, any right or remedy under the Finance Documents shall operate as a waiver, nor shall any single
or partial exercise of any right or remedy prevent any further or other exercise or the exercise of any other right or remedy.
The rights and remedies provided in this Agreement are cumulative and not exclusive of any rights or remedies provided by law.


 


		35	Amendments and waivers



 


		35.1	Required consents



 


		35.1.1	Subject to Clause ‎35.2 (All Lender matters)
and Clause ‎35.3 (Other exceptions) any term of
the Finance Documents may be amended or waived only with the consent of the Majority Lenders and the Obligors and any such amendment
or waiver will be binding on all Parties.



 


		35.1.2	The Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this Clause ‎35.



 


		35.2	All Lender matters



 


		35.2.1	Subject to Clause ‎35.4 (Replacement of Screen Rate)
an amendment or waiver of any term of any Finance Document that has the effect of changing or which relates to:



 


		(a)	the definition of Majority Lenders in Clause ‎1.1
(Definitions);



 


		(b)	an extension to the date of payment of any amount under the Finance Documents (other than pursuant to the Extension Option);



 


		(c)	a reduction in the Margin or a reduction in the amount of any payment of principal, interest, fees or commission payable;



 


		(d)	an increase in any Commitment, an extension of any Availability Period (other than pursuant to the Extension Option) or any
requirement that a cancellation of Commitments reduces the Commitments of the Lenders rateably under the relevant Facility;



 


		(e)	a change to the Borrowers or Guarantors other than in accordance with Clause ‎25
(Changes to the Obligors);



 


		(f)	any provision which expressly requires the consent of all the Lenders;



 




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		(g)	Clause ‎2.2 (Finance Parties' rights and obligations),
Clause ‎8.1 (Illegality), Clause ‎23.9
(Curtailment), Clause ‎23.10 (Ownership of the Borrower),
Clause ‎24 (Changes to the Lenders), Clause ‎28
(Sharing among the Finance Parties), this Clause ‎35,
Clause ‎39 (Governing law) or Clause ‎40
(Jurisdiction); or



 


		(h)	the nature or scope of the guarantee and indemnity granted under Clause ‎18
(Guarantee and indemnity),



 


shall
not be made without the prior consent of all the Lenders. 


 


		35.2.2	An amendment or waiver which relates to Clause ‎19.16(c)
(Application of the Loans), Clause ‎19.18 (Sanctions)
or Clause ‎22.11 (Application of the Loans) may not be
effected without the consent of each Lender.



 


		35.3	Other exceptions



 


An amendment or waiver which relates to the rights
or obligations of the Agent or the Mandated Lead Arrangers or a Reference Bank (each in their capacity as such) may not be effected
without the consent of the Agent, the Mandated Lead Arrangers or that Reference Bank, as the case may be.


 


		35.4	Replacement of Screen Rate



 


		35.4.1	Subject to Clause ‎35.3 (Other exceptions),
if any Screen Rate is not available for a currency which can be selected for a Loan, any amendment or waiver which relates to providing
for another benchmark rate to apply in relation to that currency in place of that Screen Rate (or which relates to aligning any
provision of a Finance Document to the use of that other benchmark rate) may be made with the consent of the Majority Lenders and
the Obligors.



 


		35.4.2	If any Lender fails to respond to a request for an amendment or waiver described in Clause ‎35.4.1
within 10 Business Days (unless the Borrower and the Agent agree to a longer time period in relation to any request) of that request
being made:



 


		(a)	its Commitment(s) shall not be included for the purpose of calculating the Total Commitments under the Facility when ascertaining
whether any relevant percentage of Total Commitments has been obtained to approve that request; and



 


		(b)	its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement of any specified group of
Lenders has been obtained to approve that request.



 


		36	Finance Party default



 


		36.1	Disenfranchisement of Defaulting Lenders



 


		36.1.1	For so long as a Defaulting Lender has any undrawn Commitment, in ascertaining the Majority Lenders or whether any given percentage
(including, for the avoidance of doubt, unanimity) of the Total Commitments has been obtained to approve any request for a consent,
waiver, amendment or other vote under the Finance Documents, that Defaulting Lender's Commitments will be reduced by the amount
of its undrawn Commitment.



 


		36.1.2	For the purposes of this Clause ‎36.1 the Agent may assume
that the following Lenders are Defaulting Lenders:



 


		(a)	any Lender which has notified the Agent that it has become a Defaulting Lender;



 


		(b)	any Lender in relation to which it is aware that any of the events or circumstances referred to in paragraphs (a), (b) or (c)
of the definition of "Defaulting Lender" has occurred,



 




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unless it has received notice to
the contrary from the Lender concerned (together with any supporting evidence reasonably requested by the Agent) or the Agent is
otherwise aware that the Lender has ceased to be a Defaulting Lender. Nothing in this Agreement shall oblige the Agent to investigate
whether or not a Lender is or is not a Defaulting Lender.


 


		36.2	Replacement of a Defaulting Lender



 


		36.2.1	The Borrower may, at any time a Lender has become and continues to be a Defaulting Lender, by giving 5 Business Days' prior
written notice to the Agent and such Lender, replace such Lender by requiring such Lender to (and to the extent permitted by law
such Lender shall) transfer pursuant to Clause ‎24 (Changes
to the Lenders) all (and not part only) of its rights and obligations under this Agreement to a Lender or other bank, financial
institution, trust, fund or other entity (a Replacement Lender) selected by the Borrower, and which (unless the Agent is
an Impaired Agent) is acceptable to the Agent (acting reasonably) and, which confirms its willingness to assume and does assume
all the obligations or all the relevant obligations of the transferring Lender (including the assumption of the transferring Lender's
participations or unfunded participations (as the case may be) on the same basis as the transferring Lender) for a purchase price
in cash payable at the time of transfer equal to the outstanding principal amount of such Lender's participation in the outstanding
Utilisation and all accrued interest, Break Costs and other amounts payable in relation thereto under the Finance Documents.



 


		36.2.2	Any transfer of rights and obligations of a Defaulting Lender pursuant to this Clause ‎36.2
shall be subject to the following conditions:



 


		(a)	the Borrower shall have no right to replace the Agent;



 


		(b)	neither the Agent nor the Defaulting Lender shall have any obligation to the Borrower to find a Replacement Lender;



 


		(c)	the transfer must take place no later than 5 days after the notice referred to in Clause ‎36.2.1
above; and



 


		(d)	in no event shall the Defaulting Lender be required to pay or surrender to the Replacement Lender any of the fees received
by the Defaulting Lender pursuant to the Finance Documents.



 


		36.3	Impaired Agent



 


		36.3.1	If, at any time, the Agent becomes an Impaired Agent, the Borrower or a Lender which is required to make a payment under the
Finance Documents to the Agent may instead either pay that amount direct to the required recipient or pay that amount to an interest-bearing
account held with an Acceptable Bank and in relation to which no Insolvency Event has occurred and is continuing, in the name of
the Borrower or the Lender making the payment and designated as a trust account for the benefit of the Party beneficially entitled
to that payment under the Finance Documents. In each case the payments must be made on the due date for payment under the Finance
Documents.



 


		36.3.2	All interest accrued on the amount standing to the credit of the trust account will be for the benefit of the beneficiaries
of that trust account pro rata to their respective entitlements.



 


		36.3.3	A Party which has made a payment in accordance with this Clause ‎36.3
will be discharged of the relevant payment obligation under the Finance Documents and will not take any credit risk with respect
to the amounts standing to the credit of the trust account.



 


		36.3.4	Promptly on the appointment of a successor Agent under this Agreement, each Party which has made a payment in accordance with
this Clause ‎36.3 must give all requisite instructions to the
bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for
distribution in accordance with the Finance Documents.



 




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		36.4	Replacement of Impaired Agent



 


		36.4.1	If the Agent is an Impaired Agent, after consultation with the Borrower, the Majority Lenders may, by giving thirty (30) days'
notice (or any shorter notice the Majority Lenders may agree) replace the Agent.



 


		36.4.2	The replacement of the Agent and appointment of a successor Agent under this Clause ‎36.4
will take effect on the date specified in that notice.



 


		36.4.3	Other than as set out in this Clause ‎36.4, the provisions
of Clause ‎26.10 (Resignation of the Agent) apply
to any replacement of the Agent under this Clause ‎36.4.



 


		36.5	Other agency matters



 


The Agent may disclose the identity of a Defaulting
Lender to the other Lenders and the Borrower and must disclose the same upon request by the Borrower or the Majority Lenders.


 


		36.6	Communication when Agent is Impaired Agent



 


If the Agent is an Impaired Agent
the Parties may, instead of communicating with each other through the Agent, communicate with each other directly and (while the
Agent is an Impaired Agent) all the provisions of the Finance Document which require communications to be made or notices to be
given to or by the Agent will be varied so that communications may be made and notices given to or by the relevant Parties directly.
This provision will not operate after a replacement Agent has been appointed.


 


		37	Confidentiality of Funding Rates and Reference Bank Quotations



 


		37.1	Confidentiality and disclosure



 


		37.1.1	The Agent and each Obligor agree to keep each Funding Rate (and, in the case of the Agent, each Reference Bank Quotation) confidential
and not to disclose it to anyone, save to the extent permitted by Clauses ‎37.1.2,
‎37.1.3 and ‎37.1.4.



 


		37.1.2	The Agent may disclose:



 


		(a)	any Funding Rate (but not, for the avoidance of doubt, any Reference Bank Quotation) to the Borrower pursuant to Clause ‎9.4
(Notification of rates of interest); and



 


		(b)	any Funding Rate or any Reference Bank Quotation to any person appointed by it to provide administration services in respect
of one or more of the Finance Documents to the extent necessary to enable such service provider to provide those services if the
service provider to whom that information is to be given has entered into a confidentiality agreement substantially in the form
of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form of confidentiality
undertaking agreed between the Agent and the relevant Lender or Reference Bank, as the case may be.



 


		37.1.3	The Agent may disclose any Funding Rate or any Reference Bank Quotation, and each Obligor may disclose any Funding Rate, to:



 


		(a)	any of its Affiliates and any of its or their officers, directors, employees, professional advisers, auditors, partners and
Representatives if any person to whom that Funding Rate or Reference Bank Quotation is to be given pursuant to this paragraph ‎(a)
is informed in writing of its confidential nature and that it may be price-sensitive information except that there shall be no
such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of that Funding
Rate or Reference Bank Quotation or is otherwise bound by requirements of confidentiality in relation to it;



 




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		(b)	any person to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental,
banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable
law or regulation if the person to whom that Funding Rate or Reference Bank Quotation is to be given is informed in writing of
its confidential nature and that it may be price-sensitive information except that there shall be no requirement to so inform if,
in the opinion of the Agent or the relevant Obligor, as the case may be, it is not practicable to do so in the circumstances;



 


		(c)	any person to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration,
administrative or other investigations, proceedings or disputes if the person to whom that Funding Rate or Reference Bank Quotation
is to be given is informed in writing of its confidential nature and that it may be price-sensitive information except that there
shall be no requirement to so inform if, in the opinion of the Agent or the relevant Obligor, as the case may be, it is not practicable
to do so in the circumstances; and



 


		(d)	any person with the consent of the relevant Lender or Reference Bank, as the case may be.



 


		37.1.4	The Agent's obligations in this Clause ‎37 relating to Reference
Bank Quotations are without prejudice to its obligations to make notifications under Clause ‎9.4
(Notification of rates of interest) provided that (other than pursuant to paragraph ‎(a)
of Clause ‎37.1.2) the Agent shall not include the details of
any individual Reference Bank Quotation as part of any such notification.



 


		37.2	Related obligations



 


		37.2.1	The Agent and each Obligor acknowledge that each Funding Rate (and, in the case of the Agent, each Reference Bank Quotation)
is or may be price-sensitive information and that its use may be regulated or prohibited by applicable legislation including securities
law relating to insider dealing and market abuse and the Agent and each Obligor undertake not to use any Funding Rate or, in the
case of the Agent, any Reference Bank Quotation for any unlawful purpose.



 


		37.2.2	The Agent and each Obligor agree (to the extent permitted by law and regulation) to inform the relevant Lender or Reference
Bank, as the case may be:



 


		(a)	of the circumstances of any disclosure made pursuant to paragraph ‎(b)
of Clause ‎37.1.3 (Confidentiality and disclosure) except
where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory
or regulatory function; and



 


		(b)	upon becoming aware that any information has been disclosed in breach of this Clause ‎37.



 


		38	Counterparts



 


Each Finance Document may be executed in any number
of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of the Finance Document.


 


		39	Governing law



 


This Agreement and any non-contractual obligations
arising out of or in connection with it are governed by, and construed in accordance with, English law.


 




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		40	Enforcement



 


		40.1	Jurisdiction of English courts



 


		40.1.1	The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement
(including a dispute regarding the existence, validity or termination of this Agreement) or any non-contractual obligations arising
out of or in connection with this Agreement (a Dispute).



 


		40.1.2	The Parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly
no Party will argue to the contrary.



 


		40.1.3	This Clause ‎40.1 is for the benefit of the Finance
Parties only. As a result, no Finance Party shall be prevented from taking proceedings relating to a Dispute in any other courts
with jurisdiction. To the extent allowed by law, the Finance Parties may take concurrent proceedings in any number of jurisdictions.



 


		40.2	Service of process



 


Without prejudice to any other mode of service allowed
under any relevant law, each Obligor (other than an Obligor incorporated in England and Wales):


 


		(a)	irrevocably appoints Cleveland Potash Limited of Boulby Mine, Loftus, Saltburn-by-the-Sea, Cleveland TS13 4UZ as its agent
for service of process in relation to any proceedings before the English courts in connection with any Finance Document; and



 


		(b)	agrees that failure by a process agent to notify the relevant Obligor of the process will not invalidate the proceedings concerned.



 


Each Obligor expressly agrees and consents to the
provisions of this Clause ‎40.


 


This Agreement has been entered into on the date stated at
the beginning of this Agreement.


 




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Signatories


 


The Borrower


 


ICL Finance B.V.


 


By:


 


/s/ R.J.N. Mulder        /s/ S.M. Degen





 


Name: R.J.N. Mulder       
    S.M. Degen


 


Title: Authorised signatory


 


 


PO Box 313 


1000 AH Amsterdam 


The Netherlands


 


Attention: Financial Manager 


Fax: 00 31 20 6868 328


 


The Parent


 


Israel Chemicals Limited


 


By:/s/ Michael Hazzan       /s/ Amir Benita


 


 


ICL Finance


 


ICL Finance Inc.


 


By:/s/ Heather Luther          /s/ Paul Schlessman


 


 


 


 




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The Mandated Lead Arrangers
and Lenders


 


Banco Bilbao Vizcaya Argentaria,
S.A.


 


By:/s/ Miguel Castillo Gutierrez    
/s/ Blanca Cabrera Atrian


 


 


 


The Bank of Tokyo-Mitsubishi
UFJ, Ltd.


 


By: /s/ Andrew
Trenouth


 


 


 


Barclays Bank PLC


 


By: /s/ Roger Crosby


 


 


 


BNP Paribas Fortis SA/NV


 


By: /s/ Theo Schrage       /s/
Edwin Herskovic


 


 


 


Citibank, N.A.


 


By:/s/ Yinon Abramowitz


 


 


 


Commerzbank Aktiengesellschaft,
Filiale Luxemburg


 


By: /s/ Bianca Bahn       /s/
Angeliki Meintani


 


 


 


Coöperatieve Centrale
Raiffeissen-Boerenleenbank B.A. (trading as Rabobank)


 


By:/s/ F.J. Elzinga       /s/ D.P. Koolstra


 


 


 




    Page 76


     


    

Crédit Agricole Corporate
and Investment Bank


 


By: /s/ Gregory Collette       /s/ Nicolas Lipovsky


 


 


 


HSBC Bank Plc


 


By:/s/ Illegible


 


 


 


Sumitomo Mitsui Banking Corporation
Europe Limited


 


By:/s/ Yoshihiro Ikeda       /s/ Nobuyaki Sato


 


 


 


UniCredit Bank Austria AG


 


By: /s/ Nikolaus Somogyi       /s/ Claudia Bergmann


 


 


 


The Agent


 


Sumitomo
Mitsui Banking Corporation Europe Limited


 


By:/s/ Simon Murrell


 





 


99 Queen Victoria Street





London





EC4V 4EH





 


	Tel:	+44 (0) 20 7786 1837
	Fax:	+44 (0) 20 7786 1656
	Attention:  	Loans Agency













 






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