**
**Exhibit 4.8**

To: Global Blue Group Holding AG 

27 August2020 

Dear Sirs, 

We refer to the Commitment Letter dated13 July 2020 (the “Commitment Letter”) from SL Globetrotter, L.P. and Global Blue Holding L.P. to Global Blue Group Holding AG with respect to a $75 million term loan facility. Unless otherwise defined herein, capitalized termsused herein have the meanings given to them in the Agreed Form Loan Agreement (as defined in the Commitment Letter). Assuming the Loan Agreement (as defined in the Commitment Letter) is entered into pursuant to the Commitment Letter, the Lendersconfirm that “actual liquidity needs of the Group” under clause 5(a)(ii) of the Loan Agreement (included below for your reference) may include (to the extent the Company does not itself otherwise have access to the needed liquidity tosatisfy the indemnification obligations) indemnification obligations of the Company in favor of directors of the Company under the Company’s indemnification policies from time to time in effect in an aggregate amount up to $10 million, andthe Lenders will not object to a drawdown of the Loan for such purpose in such amount if the Company has such a liquidity need. 

We further confirm thatconditions 2.1(a) and 3.1(a) of the Commitment Letter and condition 4(a) of the Loan Agreement shall be deemed satisfied. 

For reference, Clause 5 of theLoan Agreement reads as follows: 

 
 5.
PURPOSE 

The Borrower may only utilise a Loan if: 

 
 (a)
the purpose of a Loan is to either: 

(i) cure or avoid an actual or imminent breach of the financial covenant set out in Clause 26.2 (*Financial condition*) of the FacilitiesAgreement; or (ii) finance in good faith the actual liquidity needs of the Group; 

 
 (b)
the chief executive officer and chief finance officer of the Company has proposed utilising a Loan for suchpurposes to the board of directors of the Company (the ***Board***) and certifies to the Board that a Loan is required for such purposes; and 

 
 (c)
a Loan is approved by the majority of the Board (excluding for such purpose any vote of any director of theBoard that is a representative of the Lenders) for such purposes (the ***Board Approval***). 

This letter shall terminateimmediately at such time as Global Blue Group Holding AG has first obtained a directors’ and officers’ liability insurance policy. By countersigning this letter, Global Blue Group Holding AG will use reasonable endeavours to obtaindirectors’ and officers’ liability insurance on commercially reasonable terms as soon as is reasonably practicable following the date of this letter. 

This letter is given for the benefit of each director of Global Blue Group Holding AG during the period a Loan may be drawn down for the purposes of theContracts (Rights of Third Parties) Act 1999. This letter is governed by English law. 
**

**GLOBAL BLUE HOLDING L.P.**By: **SL Globetrotter GP, Ltd.**, its general partnerBy: 
/s/ Joseph Osnoss     
Name: Joseph OsnossTitle: Managing Director**SL GLOBETROTTER, L.P.**By: **SL Globetrotter GP, Ltd.**, its general partnerBy: 
/s/ Joseph Osnoss
Name: Joseph OsnossTitle: Managing Director
**GLOBAL BLUE GROUP HOLDING AG**
/s/ Jacques Stern
Name: Jacques SternTitle: Chief Executive Officer