Account Control Agreement dated December 18, 2008



 Exhibit 10.27.8 
 Dated 18 December 2008 
  

	(1)	PARIS RE 

  

	(2)	BNY MELLON ASSET SERVICING B.V., 


	    	LONDON BRANCH 

  

	(3)	NATIXIS 

  
  
 ACCOUNT CONTROL
AGREEMENT 
  
  








			
	 Clause
	  	Page
	 1       Interpretation
	  	1
		
	 2       Supplementary Agreement to the Custody Agreement
	  	3
		
	 3       The Charged Account and the Pre-Payment Fund
	  	3
		
	 4       Notice and acknowledgement of charge
	  	4
		
	 5       Priority of Lien
	  	4
		
	 6       Control of the Charged Account
	  	4
		
	 7       Statements, Confirmations and Notices of Adverse Claims
	  	5
		
	 8       Limited Responsibility of the Custodian
	  	5
		
	 9       Representation and Warranty of the Client
	  	6
		
	 10     Undertaking of the Client
	  	6
		
	 11     Undertakings of the Custodian
	  	7
		
	 12     Indemnification of the Custodian
	  	7
		
	 13     The Custody Agreement
	  	7
		
	 14     Termination
	  	8
		
	 15     Amendments
	  	9
		
	 16     Severability
	  	9
		
	 17     Successors and Assignment
	  	9
		
	 18     Notices
	  	10
		
	 19     Counterparts
	  	10
		
	 20     Third Party Rights
	  	10
		
	 21     Law and Jurisdiction
	  	10








 THIS ACCOUNT CONTROL AGREEMENT (the “Agreement”) is made on 18 December 2008
 
 BETWEEN: 
  

	1.	PARIS RE, a company incorporated in France whose registered address is at 39, rue du Colisée, 75008 Paris (the “Client”);


  

	2.	BNY MELLON ASSET SERVICING B.V., LONDON BRANCH a company incorporated under the laws of the Netherlands, whose registered address is at 160 Queen Victoria
Street, London EC4V 4LA, United Kingdom (the “Custodian”); and 

  

	3.	NATIXIS a company incorporated in France whose registered address is at 30, avenue Pierre Mendés-France, 75013 Paris (the “Security
Holder”). 

 RECITALS: 
  

	(A)	The Client and the Security Holder are parties to the Charge over Custody Accounts. 

  

	(B)	The Custodian and the Client are parties to the Custody Agreement. 

  

	(C)	Under the terms of the Charge over Custody Accounts, the Client has charged in favour of the Security Holder, as continuing security for its obligations under the
Charge over Custody Accounts, the Committed Standby Letter of Credit Facility and this Agreement, all of its right, title, interest and benefit, existing now or in the future, in and to the Charged Accounts and any cash and assets which stand to the
credit thereof from time to time. 

  

	(D)	The Client, the Custodian and the Security Holder are entering into this Agreement to provide for the control of the Charged Accounts and the Client and the Security
Holder are entering into this Agreement to perfect the security interest of the Security Holder therein. 

  

	(E)	The Client and the Custodian are entering into this Agreement to provide that the Charged Accounts are to be subject to the Custody Agreement as varied and supplemented
by the terms of this Agreement. 

 Therefore, in consideration of the premises and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the parties hereby agree as follows: 
  

	1	Interpretation 

  

	1.1	Unless the context otherwise requires or unless otherwise defined in this Agreement, words and expressions used in this Agreement or in the recitals shall have the
meaning given in the Custody Agreement and the Charge over Custody Accounts and the following terms have the meaning given in this Clause 1.1. 

  

 1 








 “Assets Manager” means Natixis Asset Management, as agent of the Client, or
any other person which would be substituted with the prior written notice to the Security Holder and to the Custodian. 
 “Charge over Custody Accounts” means the security agreement dated 18 December 2008 between the Security Holder and the Client under which the Client grants security in favour of the Security Holder. 
 “Custody Agreement” means the Global Custody Agreement in rider form between the Client and the Custodian and the Global
Custody Agreement between Paris Re Holdings Limited and the Custodian, both dated 12 July 2007. 
  

	1.2	In this Agreement, save where the context otherwise requires:- 

  

	 	(a)	any reference to a “party” is to a party hereto; 

  

	 	(b)	clause and schedule headings are inserted for convenience only and shall not be taken into account in its interpretation; 

  

	 	(c)	the singular includes the plural where the context so requires and vice versa; 

  

	 	(d)	a natural person includes legal persons and vice versa; 

  

	 	(e)	words importing the masculine gender shall include the feminine gender and vice versa; 

  

	 	(f)	any reference to a “Clause” or “Schedule”, unless the context otherwise requires, is a reference to a clause of or schedule to this Agreement;


  

	 	(g)	any reference to this Agreement or any other agreement or document shall be construed as a reference to this Agreement or, as the case may be, such other agreement or
document as the same may have been, or may from time to time be, amended, varied, novated or supplemented; and 

  

	 	(h)	any reference to a statute or statutory instrument shall be construed as a reference to such statute or statutory instrument as the same may have been, or may from time
to time be, amended or, in the case of a statute, re-enacted or replaced. 

  

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	2	Supplementary Agreement to the Custody Agreement 

  

	2.1	The account details of which appear in Schedule 1 (Charged Accounts) shall, with effect from the date hereof, constitute the Charged Accounts for the purposes of
the Charge over Custody Accounts and this Agreement. 

  

	2.2	The accounts which constitute the Charged Accounts may from time to time be changed, and details of them amended, on written notice from the Client but subject to the
written agreement of the Custodian and the Security Holder. The Client may from time to time, without need for consent of the Security Holder, by agreement with the Custodian, designate further accounts held with the Custodian under the Custody
Agreement as Charged Accounts. 

  

	2.3	Notwithstanding Clause 2.1 or any other provision of this Agreement, no representation or warranty is made or given by the Custodian in respect of the validity or
effectiveness of any charge or other security granted by the Client in favour of the Security Holder. 

  

	2.4	The Client shall, and shall procure that its portfolio managers and other agents will, only issue instructions to the Custodian in relation to the Charged Accounts that
lead to settlement and safekeeping of securities as permitted in accordance with the Custody Agreement. 

  

	2.5	Neither the Client nor the Security Holder shall at any time give, or purport to give, instructions to any sub-custodian appointed by the Custodian in accordance with
the Custody Agreement. 

  

	2.6	If the Custodian receives a Notice of Exclusive Control with respect to the Charged Accounts which is signed by an officer, or person purporting to be an officer, of
the Security Holder then the Custodian shall be protected to like extent as provided in clause 4 (Instructions) of the Custody Agreement at all times in following instructions given by the Security Holder with respect to the Charged Accounts.
All such instructions shall be deemed to be Authorised Instructions, as defined in the Custody Agreement, given on behalf of the Client. 

  

	2.7	Except as varied herein as between the parties hereto, the Custody Agreement is hereby ratified and confirmed and remains in full force and effect.


  

	3	The Charged Accounts 

 The
Custodian hereby confirms that (a) the Charged Accounts have been duly established pursuant to the Custody Agreement in the name of the Client and (b) to the best of the Custodian’s knowledge, except for the claims, rights and
interest of the Security Holder and the Client in the Charged Accounts and any claim, right, title or interest of any sub-custodian that may exist or arise in relation thereto, the Custodian does not know of any claim of any person to or right or
interest of any person in, or in relation to, the Charged Accounts. 
  

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	4	Notice and acknowledgement of charge 

  

	4.1	Subject to Clause 2.3, the Custodian hereby acknowledges the charges created in favour of the Security Holder under clause 3 (Charge and Assignment) of the
Charge over Custody Accounts, including the charges over each of the Charged Accounts and over cash and assets which may from time to time stand to the credit thereof, and acknowledges and consents to the assignment by way of charge under clauses 3
(Charge and Assignment) of the Charge over Custody Accounts of all right, title, interest and benefit of the Client in, to, under or in respect of the Charged Accounts. 

  

	4.2	Subject to Clause 2.3, the Custodian hereby acknowledges that this Agreement constitutes notice of those charges under the terms of the Charge over Custody Accounts.


  

	5	Priority of Lien 

  

	5.1	The Custodian agrees and acknowledges that, notwithstanding any other provision of this Agreement or the Custody Agreement, all such rights as it may from time to time
have in respect of the Charged Accounts or any cash or asset held therein or any credit balance thereon pursuant to the Custody Agreement are subject to all such liens, encumbrances, claims and rights of set off that the Security Holder may have
with respect thereto under the Charge over Custody Accounts and this Agreement. 

  

	5.2	To the extent that the Client owes the Custodian any amounts incurred by the Custodian in connection with the custody of the Charged Accounts, the Client and the
Custodian acknowledge that the Custodian may not debit those amounts from the Charged Accounts. 

  

	6	Control of the Charged Accounts 

  

	6.1	Notwithstanding the provisions of the Custody Agreement, the Custodian shall not comply with any instruction from the Client to transfer or otherwise release any cash
or asset out of the Charged-Accounts without the consent of the Security Holder except as provided in this Clause 6. 

  

	6.2	Until such time as the Security Holder delivers a written notice to the Custodian that the Security Holder is thereby exercising exclusive control over the Charged
Accounts (the “Notice of Exclusive Control”), the Custodian shall in relation to the Charged Accounts, to the extent that the same are permitted under this Clause 6, follow instructions which are given by an officer, or
person purporting to be an officer, of the Client, or the Assets Manager, which shall be deemed to be Authorised Instructions, as defined in the Custody Agreement, given on behalf of the Client. 

  

	6.3	Prior to receipt by the Custodian of a Notice of Exclusive Control, the Custodian shall not, in relation to the Charged Accounts, follow instructions given by any
person which do not purport to be Authorised Instructions given by or on behalf of the Client as provided for in clause 4 (Instructions) of the Custody Agreement. 

  

 4 









	6.4	After the Custodian receives a Notice of Exclusive Control, in relation to the Charged Accounts:- 

  

	 	(a)	the Custodian shall, without need for consent of the Client, comply with instructions of the Security Holder; 

  

	 	(b)	the Client shall not at any time purport to give any instruction; 

  

	 	(c)	the Custodian shall not at any time comply with instructions of the Client or of any other person (other than the Security Holder) unless the Security Holder has
consented to them; 

  

	 	(d)	all instructions given by an officer, or person purporting to be an officer, of the Security Holder shall be deemed to be Authorised Instructions, as defined in the
Custody Agreement, given on behalf of the Client; 

  

	 	(e)	the Custodian shall at all times be protected as provided in clause 4 (Instructions) of the Custody Agreement in following instructions given by an officer, or
person purporting to be an officer, of the Security Holder. 

  

	7	Statements, Confirmations and Notices of Adverse Claims 

  

	7.1	The Custodian shall send copies of all statements and confirmations concerning the Charged Accounts to the Client at the address set forth in the heading of this
Agreement. 

  

	7.2	Upon the request of the Security Holder, the Custodian shall send to the Security Holder, at the address set forth in the heading of this Agreement, copies of all
monthly statements and all other regular periodic reports delivered by the Custodian to the Client with respect to the Charged Accounts. 

  

	7.3	No disclosure of any information by the Custodian to the Security Holder in connection with the Charged Accounts shall at any time constitute a breach of clause 19
(Confidentiality) of the Custody Agreement. 

  

	7.4	Upon receipt of written notice of any lien, encumbrance or adverse claim against the Charged Accounts or in any cash or asset held therein outside the ordinary course
of operation of the Custody Agreement, the Custodian shall notify the Client and the Security Holder thereof. 

  

	8	Limited Responsibility of the Custodian 

  

	8.1	The Custodian shall have no responsibility or liability:- 

  

	 	(a)	to the Security Holder for settling transactions in assets held in the Charged Accounts on the instructions of the Client, in accordance with clause 4 (Instructions)
of the Custody Agreement, which are received by the Custodian before the Custodian receives a Notice of Exclusive Control; or 

  

 5 









	 	(b)	to the Client for complying with a Notice of Exclusive Control or complying with instructions given by an officer, or a person purporting to be an officer, of the
Security Holder in accordance with Clause 2.6 or Clause 6.4; or 

  

	 	(c)	to the Security Holder with respect to the value of the Charged Accounts or any asset held therein. 

  

	8.2	This Agreement does not create any obligation or duty of the Custodian other than those expressly set forth herein. 

  

	9	Representation and Warranty of the Client 

 The Client represents and warrants to the Custodian and the Security Holder that the Charged Accounts, and any interest therein, are beneficially owned by the Client, free from any Encumbrance, other than
any Encumbrance created by the Charge over Custody Accounts and any Encumbrance permitted under Clause 5 (Priority of Lien). 
  

	10	Undertakings of the Client 

  

	10.1	The Client undertakes that it will not, during the subsistence of the Security Agreement, give an instruction to the Custodian which causes the Custodian to create,
grant or permit to exist any Encumbrance over the Charged Accounts other than the Encumbrances created by the Charge over Custody Accounts. 

  

	10.2	The Client undertakes that it will ensure that any amounts owing by it under clause 16 (Remuneration) of the Custody Agreement (other than amounts outstanding on
settlement) are promptly paid to the Custodian, within the 40 days allowed by the said clause 16, otherwise than by application or debiting of the Charged Accounts or any cash or asset held therein or any credit balance thereon.


  

	10.3	For the purposes of payment of amounts owing by it under clause 16 (Remuneration) of the Custody Agreement (other than amounts outstanding on settlement),
including amounts owing by it in respect of the custody of the Charged Accounts, the Client shall procure that there shall be held by the Custodian one or more accounts, other than the Charged Accounts which the Custodian shall be entitled to apply
or debit in payment of such amounts that are not paid within the 40 days allowed by the said clause 16, and the Client shall procure that such account or accounts are at all times kept funded in excess of such amounts. 

  

 6 









	11	Undertakings of the Custodian 

 Without the prior written consent of the Security Holder, the Custodian shall not give, and the Client shall not seek from the Custodian, any express acknowledgment of the existence or of the creation or grant of any Encumbrance over the
Charged Accounts other than in the ordinary course of operation of the Custody Agreement or other than in respect of the Encumbrance created by the Charge over Custody Accounts. 
  

	12	Indemnification of the Custodian 

 The Client hereby agrees to indemnify and hold harmless the Custodian, its directors, officers, agents and employees against any and all claims, causes of action, liabilities, lawsuits, demands and damages, including, without limitation,
any and all court costs and reasonably attorney’s fees, in any way related to or arising out of or in connection with this Agreement or any action taken or not taken pursuant hereof, except to the extent that the same result from the
Custodian’s negligence or wilful misconduct, or fraud. 
  

	13	The Custody Agreement 

  

	13.1	In the event of a conflict between this Agreement and any other agreement between the Custodian and the Client, the terms of this Agreement shall prevail.


  

	13.2	The Custody Agreement shall be treated as a bilateral agreement between the Custodian and the Client, so that, as between the Custodian and the Client:-


  

	 	(a)	any reference therein to “the parties” or to “either party” shall be treated as a reference to the Custodian and the Client only, or to the
Custodian or the Client only, in each case excluding any other person who may be a third party to the Custody Agreement; 

  

	 	(b)	any reference therein to “the Client” shall be treated as a reference to the Client only, excluding any other person who may be a “Client” under the
Custody Agreement (as therein defined); and 

  

	 	(c)	no action taken by any person other than the Client who may be a “Client” under the Custody Agreement shall be recognised by the Custodian as affecting in any
way the rights or obligations of the Client or the identity or authority of any person authorised to give instructions on its behalf. 

  

	13.3	Clause 9(Tax) of the Custody Agreement shall be read and construed for all purposes as though the words “and taxes deducted” appeared after the words
“with respect to withheld taxes” in paragraph (a) thereof. 

  

 7 









	13.4	Notwithstanding clause 11 (Receipt, Delivery & Payment) of the Custody Agreement, the Custodian shall not, otherwise than upon the receipt of and in
accordance with Authorised Instructions (as defined therein) and in accordance with this Agreement, authorise a release or delivery of any cash or asset held in any Charged Accounts and shall not authorise such a release or delivery by reason only
that it is related to an internal account transfer between accounts held for the Client. 

  

	14	Termination 

  

	14.1	Until such time as no further obligations of the Client are outstanding under or pursuant to the terms of the Charge over Custody Accounts notwithstanding anything to
the contrary in clause 20 (Termination & Survival) of the Custody Agreement, this Agreement may not be terminated without the prior written consent of the Security Holder except in circumstances where the Custody Agreement is also
terminated. 

  

	14.2	The obligations of the Custodian under Clauses 5 (Priority of Lien), 6 (Control of the Charged Accounts), 7 (Statements, Confirmations and Notices of
Adverse Claims) and this Clause 14 shall continue in effect until the earlier of (i) the date on which the Security Holder confirms to the Custodian in writing that the Client has made suitable arrangements for another custodian to hold the
cash and assets held in the Charged Accounts and gives its written consent to the Custodian to transfer such cash and assets to the new custodian, (ii) the date on which the Security Holder gives notice to the Custodian in writing that this
Agreement is to be terminated or, if later, such date of termination as may be specified by the Security Holder in such notice or (iii) the date on which the Security Holder confirms to the Custodian in writing that no further obligations of
the Client remain outstanding under or pursuant to the terms of the Charge over Custody Accounts. 

  

	14.3	For the avoidance of doubt, but without prejudice to the Custodian’s right to resign as permitted by Clause 18 (Assignment and Amendment):-


  

	 	(i)	the Custodian shall not, otherwise than with the prior written consent of the Security Holder, give effect to any instruction by the Client to transfer to a new
custodian any of the cash and assets held in the Charged Accounts unless (a) the Client shall have given the Custodian notice in writing of its intention to effect the transfer not less than 60 days prior to the date on which such transfer is
to have effect and (b) the Custodian shall not have received any Notice of Exclusive Control prior to that date; and 

  

	 	(ii)	nothing in this Agreement shall prevent the Client from giving such an instruction (and, for the avoidance of doubt, it is not necessary for this Agreement to be
terminated beforehand) provided that it gives notice to the Custodian and to the Security Holder not less than 60 days prior to that date on which such transfer is to have effect. 

  

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	15	Amendments and assignment 

  

	15.1	Notwithstanding anything to the contrary in clause 20 (Termination & Survival) of the Custody Agreement, no purported amendment, modification or
termination of this Agreement other than in accordance with Clause 14 {Termination) or, to the extent that it would affect the application or effect of any provision hereof, of the Custody Agreement shall be binding on any party hereto unless
it is in writing and is signed by each of the parties hereto, and any attempt so to amend, modify or terminate otherwise than in writing signed by each of the parties hereto shall be null and void. 

  

	15.2	No purported assignment of any rights and no purported transfer of any obligations hereunder shall be binding on any party hereto unless it is in writing and is signed
by each of the parties hereto, and any attempt to effect any such assignment or transfer other than in writing signed by each of the parties hereto shall be null and void, save where, in accordance with clause 18 (Assignment and Amendment) of
the Custody Agreement, the Custodian assigns its rights and transfers its obligations under the Custody Agreement and assigns its rights and transfers its obligations under this Agreement to the same assignee or transferee, 


 

	15.3	No waiver of any rights hereunder shall be binding on any party hereto unless such waiver is in writing and signed by the party by whom enforcement of such rights is
otherwise sought. 

  

	15.4	No waiver by the Client of any rights under the Custody Agreement in relation to the Charged Accounts which would affect the rights of the Security Holder hereunder
shall be valid or binding or recognised or given effect or relied upon or followed by the Custodian, save with the prior written consent of the Security Holder. 

  

	16	Severability 

 If any term
or provision set forth in this Agreement shall be invalid or unenforceable, the remainder of this Agreement, or the application of such terms or provisions to persons or circumstances other than those two which it is held invalid or unenforceable,
shall be construed in ail respects as if such invalid or unenforceable term or provision were omitted. 
  

	17	Successors and Assignment 

  

	17.1	The Custodian may resign as custodian under the Custody Agreement and under this Agreement upon written notice to that effect delivered to the Client and the Security
Holder, but such resignation may not take effect, until the earlier of 60 days following such notice or the date on which a successor custodian is appointed, accepts custody of the Charged Accounts and executes an account control agreement
satisfactory to the Security Holder. The terms of this Agreement shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective successors and permitted assigns. 

  

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	17.2	Subject to Clause 15-2, none of the parties shall assign or transfer any of its rights under this Agreement in whole or in part without the express written consent of
the other parties. 

  

	18	Notices 

 Any notice,
request or other communication required or permitted to be given under this Agreement shall be in writing and deemed to have been properly given when delivered in person, or when sent by telecopy or other electronic means and electronic confirmation
of error free receipt is received or upon receipt of notice sent by certified or registered mail, return receipt requested, postage prepaid, addressed to the party at the address set forth next to such party’s name at the heading of this
Agreement. Any party may change its address for notices in the manner set forth above. 
  

	19	Counterparts 

 This
Agreement may be executed in any number of counterparts, all of which shall constitute one and the same instrument, and any party hereto may execute this Agreement by signing and delivering one or more counterparts. 
  

	20	Third Party Rights 

 A
person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Agreement. 
  

	21	Law and Jurisdiction 

 This Agreement shall be governed by and construed in accordance with English law and the English courts shall have non-exclusive jurisdiction to settle any dispute which may arise from or in connection with it. 
  

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	EXECUTION:	  		  	
			
	 SIGNED by
 duly authorised for and on behalf of PARIS
 RE
	  	 )
 )
 )
	  	/s/
			
		  	 )
 )
 )
	  	
			
	 SIGNED by Mr Patrick BOUCHAYER
 duly authorised for and on behalf of
 NATIXIS
	  	 )
 )
 )
	  	/s/ Patrick Bouchayer
			
	 SIGNED by Mr Jean TERREN
 duly authorised for and on behalf of
 NATIXIS
	  	 )
 )
 )
	  	/s/ Jean Terren
			
	 SIGNED by
 duly authorised for and on behalf of BNY
 MELLON ASSET SERVICING B.V.,
 LONDON BRANCH
	  	 )
 )
 )
 )
	  	/s/
			
	 SIGNED by
 duly authorised for and on behalf of BNY
 MELLON ASSET SERVICING B.V.,
 LONDON BRANCH
	  	 )
 )
 )
 )
	  	/s/








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