# EDGAR Filing Document

**Accession Number:** 0001633917
**File Stem:** 0001193125-25-284822
**Filing Date:** 2025-11
**Character Count:** 526802
**Document Hash:** 14cdf56c3c63c31e610d2a42a07baf44
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-284822.hdr.sgml**: 20251117

**ACCESSION NUMBER**: 0001193125-25-284822

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20251111

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251117

**DATE AS OF CHANGE**: 20251117

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PayPal Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001633917
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-BUSINESS SERVICES, NEC [7389]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 472989869
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36859
- **FILM NUMBER:** 251492026

**BUSINESS ADDRESS:**
- **STREET 1:** 2211 NORTH FIRST STREET
- **CITY:** SAN JOSE
- **STATE:** CA
- **ZIP:** 95131
- **BUSINESS PHONE:** (408) 967-1000

**MAIL ADDRESS:**
- **STREET 1:** 2211 NORTH FIRST STREET
- **CITY:** SAN JOSE
- **STATE:** CA
- **ZIP:** 95131

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 8-K

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): November 11, 2025

## PayPal Holdings, Inc.

#### (Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-36859** | **47-2989869** |
| **(State or other jurisdiction<br>of incorporation)** | **(Commission<br>File Number)** | **(I.R.S. Employer<br>Identification No.)** |

---

#### 2211 North First Street

#### San Jose, CA 95131

#### (Address of principal executive offices)
(408) 967-7000

#### (Registrant's telephone number, including area code)

#### Not Applicable

#### (Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol(s)** | **Name of each exchange<br>on which registered** |
| Common stock, $0.0001 par value per share | PYPL | NASDAQ Global Select Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

---

| | |
|:---|:---|
| **Item 1.01.** | **Entry into a Material Definitive Agreement**  |

---

*Receivables Purchase Agreement* 

On November 11, 2025, PayPal (Europe) S.à r.l. et Cie, SCA (as Seller and a Receivables Manager) and PayPal UK Ltd (as a Receivables Manager and collectively with PayPal (Europe) S.à r.l. et Cie, SCA, the Receivables Managers) entered into a Receivables Purchase Agreement with Alps 2.0 Partners S.à r.l. (as Purchaser), BNY Mellon Corporate Trustee Services limited (as Security Agent), Avega S.à r.l. (as Back-Up Receivables Manager Facilitator) and Alps 2.0 Partners (Holding) S.à r.l. (as Class C Lender) to sell up to €65 billion of UK and European buy now, pay later (BNPL) loan receivables originated by the Seller. The Receivables Purchase Agreement consists of a forward-flow arrangement for the sale of future originations of eligible loans over a 28-month commitment period (subject to extension if agreed by the parties) (the "<u>Transaction</u>"). Subject to certain conditions being satisfied, the Transaction is expected to close in the fourth quarter of 2025.

Each of the Seller and Purchaser has made certain representations, warranties and covenants. These representations, warranties and covenants: (i) have been made only for purposes of the Receivables Purchase Agreement; (ii) have been qualified by confidential disclosures made to the other parties in a disclosure letter which the Purchaser agreed to and acknowledged pursuant to the Receivables Purchase Agreement; (iii) are subject to materiality qualifications contained in the Receivables Purchase Agreement, which may differ from what may be viewed as material by investors; (iv) were made only as of the date of the Receivables Purchase Agreement and will be made on such other date(s) as specified therein; and (v) have been included in the Receivables Purchase Agreement for the purpose of allocating risk between the contracting parties rather than establishing matters as fact.

Closing of the Transaction is subject to certain conditions, including, without limitation: (i) evidence that all documents relating to any financing required by the Purchaser have been executed and the conditions precedent to such documents have been satisfied and (ii) the receipt of certain customary legal opinions and certificates. The purchase of the receivables by the Purchaser under the Receivables Purchase Agreement during the commitment period is subject to agreed eligibility criteria and concentration limits being met at the relevant times as well as the Purchaser having available funds for the payment of the purchase price when due. The Receivables Purchase Agreement provides for the repurchase by the Seller of certain receivables upon the occurrence of certain events, including but not limited to, breaches of loan warranties above a specified threshold, failure of a bank-funded initial instalment, borrower fraud and compliance with regulatory requirements. The Seller also has the right to elect to indemnify the Purchaser in respect of purchased receivables in such circumstances instead of repurchasing them.

The Receivables Purchase Agreement contains a number of termination events (subject to certain cure provisions) that may be exercised by the Seller or Purchaser, including: changes in the accounting treatment of the sale of receivables; failure by the parties to pay on the due date any amount payable; failure to comply with material provisions of the Receivables Purchase Agreement; inaccuracy of representations; an insolvency event occurring with respect to either party or if it becomes unlawful for either party to continue to perform its obligations under the Receivables Purchase Agreement; the delivery of a receivables manager termination notice; and the occurrence of a material funding failure event.

*Receivables Management Agreement* 

In addition, on November 11, 2025, PayPal (Europe) S.à r.l. et Cie, SCA (as Seller and EU Receivables Manager) and PayPal UK Ltd (as UK Receivables Manager) entered into a Receivables Management Agreement with Alps 2.0 Partners S.à r.l. (as Purchaser), Avega S.à r.l. (as Back-Up Receivables Manager Facilitator) and Alps 2.0 Partners (Holding) S.à r.l. (as Class C Lender) pursuant to which the UK Receivables Manager and EU Receivables Manager, respectively, are obligated to service the UK and European BNPL receivables portfolio purchased by the Purchaser under the Receivables Purchase Agreement consistent with certain policies and procedures.

Under the terms of the Receivables Management Agreement, the UK Receivables Manager and the EU Receivables Manager may sub-contract the performance of its duties, subject to certain conditions. In addition, each of the UK Receivables Manager and the EU Receivables Manager undertakes that it will not, and will procure that its sub-contractors will not, agree to any material modification to the terms of the purchased receivables, other than specified permitted modifications, without the consent of the Purchaser.

------

The Receivables Management Agreement contains a number of termination events (subject to certain cure provisions), including: upon notification to any borrower of the sale of any purchased receivables following the occurrence of a notification event (including, without limitation, a Seller insolvency event or a material default by the Seller in performing its obligations under the transaction documents or if notification is required by law or regulation); failure by the EU Receivables Manager to transfer amounts due; failure to observe material covenants; an insolvency event occurring with respect to either the UK Receivables Manager or the EU Receivables Manager; inaccurate or misleading misrepresentations; either the UK Receivables Manager or the EU Receivables Manager being prevented or severely hindered from complying with its obligations as a result of a force majeure event or if it otherwise becomes unlawful for either the UK Receivables Manager or the EU Receivables Manager to perform its material obligations under the Receivables Management Agreement; or if any member of the Seller group ceases to control either the UK Receivables Manager or the EU Receivables Manager.

In addition, PayPal Holdings, Inc. (the Company) has agreed to guarantee the payment obligations of the Seller under the Receivables Purchase Agreement, the UK Receivables Manager and the EU Receivables Manager under the Receivables Management Agreement and certain other members of the Seller group under related transaction documents under the terms of a separate Guaranty Agreement.

The foregoing description of the Receivables Purchase Agreement and the Receivables Management Agreement and the transactions contemplated thereby does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Receivables Purchase Agreement and the Receivables Management Agreement, which are attached hereto as Exhibits 10.1 and 10.2, respectively, and are incorporated by reference into this Current Report on Form 8-K.

---

| | |
|:---|:---|
| **Item 2.03.** | **Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant**  |

---

The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

---

| | |
|:---|:---|
| **Item 8.01.** | **Other Events**  |

---

On November 17, 2025 the Company issued a Newsroom post regarding the Transaction, a copy of which is attached as Exhibit 99.1 hereto and incorporated herein by reference.

---

| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.**  |

---

(d) Exhibits

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description of Exhibit** |
| 10.1 | [Receivables Purchase Agreement, dated as of November 11, 2025 by and between PayPal (Europe) S.à r.l. et Cie, SCA (as Seller and a Receivables Manager), PayPal UK Ltd (as a Receivables Manager and collectively with PayPal (Europe) S.à r.l. et Cie, SCA, the Receivables Managers), Alps 2.0 Partners S.à r.l. (as Purchaser), BNY Mellon Corporate Trustee Services limited (as Security Agent), Avega S.à r.l. (as Back-Up Receivables Manager Facilitator) and Alps 2.0 Partners (Holding) as Class C Lender)\*](d93754dex101.htm) |
| 10.2 | [Receivables Management Agreement, dated as of November 11, 2025 by and between PayPal (Europe) S.à r.l. et Cie, SCA (as Seller and EU Receivables Manager), PayPal UK Ltd (as UK Receivables Manager), Alps 2.0 Partners S.à r.l. (as Purchaser), Avega S.à r.l. (as Back-Up Receivables Manager Facilitator) and Alps 2.0 Partners (Holding) S.à r.l. as Class C Lender)\*](d93754dex102.htm) |
| 99.1 | [Newsroom post by PayPal Holdings, Inc. dated November 17, 2025](d93754dex991.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

\* The Company agrees to furnish supplementally a copy of any omitted exhibit or schedule to the Securities and Exchange Commission upon request.

------

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **PayPal Holdings, Inc.** | **PayPal Holdings, Inc.** |
| | (Registrant) | (Registrant) |
| Date: November 17, 2025 | /s/ Brian Y. Yamasaki | /s/ Brian Y. Yamasaki |
|  | Name: | Brian Y. Yamasaki |
|  | Title: | Vice President, Corporate Legal and Secretary |

---

## Exhibit 10.1

**Exhibit 10.1** 

[\*\*\*] Receivables Purchase Agreement

Execution Version

**11 November 2025** 

**PAYPAL (EUROPE) S.À R.L. ET CIE, S.C.A.** 

***as Seller***

**ALPS 2.0 PARTNERS S.À R.L.** 

**as *Purchaser*** 

**BNY MELLON CORPORATE TRUSTEE SERVICES LIMITED** 

***as Security Agent***

**PAYPAL (EUROPE) S.À R.L. ET CIE, S.C.A.** 

***as Receivables Manager***

**PAYPAL UK LTD** 

***as Receivables Manager***

***AVEGA* S.À R.L.** 

***as Back-Up Receivables Manager Facilitator***

**ALPS 2.0 PARTNERS (HOLDING) S.À R.L.** 

***as Class C Lender***

**RECEIVABLES PURCHASE AGREEMENT**![LOGO](g93754snap1.jpg)

------

**CONTENTS** 

---

| | | |
|:---|:---|:---|
| **CLAUSE** | **CLAUSE** | **PAGE** |
| 1. | Definitions and Interpretation | 3 |
| 2. | Agreement for Sale and Purchase of the Receivables | 5 |
| 3. | Conditions Precedent | 11 |
| 4. | Consideration | 12 |
| 5. | Asset Model | 13 |
| 6. | Completion | 14 |
| 7. | Notification of Sales | 16 |
| 8. | Representations, Loan Warranties, Repurchase and Anti-dilution Obligations | 19 |
| 9. | Information Undertakings | 28 |
| 10. | General Undertakings | 29 |
| 11. | Termination Events | 33 |
| 12. | Costs and Expenses | 36 |
| 13. | Reimbursements | 37 |
| 14. | Merger | 37 |
| 15. | No Agency or Partnership | 37 |
| 16. | Payments | 37 |
| 17. | VAT | 38 |
| 18. | Taxes | 38 |
| 19. | Withholdings and Set-off | 39 |
| 20. | Assignment and Secondary Sale of Receivables | 40 |
| 21. | Security Agent Provisions | 40 |
| 22. | Confidentiality | 41 |
| 23. | Data Protection | 43 |
| 24. | Entire Agreement | 44 |
| 25. | Amendments and Waivers | 45 |
| 26. | Further assurance | 46 |
| 27. | Notices | 46 |
| 28. | Bail-In | 47 |
| 29. | Third Party Rights | 49 |
| 30. | Severability | 49 |
| 31. | Counterparts and Spanish notarisation | 49 |
| 32. | Limited Recourse and Non-petition | 49 |
| 33. | Luxembourg Securitisation Act | 50 |
| 34. | Governing Law and Jurisdiction | 51 |

---

-i-

------

---

| | |
|:---|:---|
|  Schedule 1 Initial Conditions Precedent | 53.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Part A Seller Initial Conditions Precedent | 53.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Part B Purchaser Initial Conditions Precedent | 55.0 |
|  Schedule 2 Representations and Warranties | 57.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Part A Loan Warranties | 57.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Part B Seller Representations | 60.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Part C Purchaser Representations | 63.0 |
|  Schedule 3 Standard Documentation | 66.0 |
|  Schedule 4 Underwriting Policies | 67.0 |
|  Schedule 5 Provisions relating to Sale of UK Receivables | 68.0 |
|  Schedule 6 Provisions relating to Sale of German Receivables | 72.0 |
|  Schedule 7 Provisions relating to Sale of French Receivables | 73.0 |
|  Schedule 8 Provisions relating to Spanish Law | 75.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Part A Provisions relating to Sale of Spanish Receivables | 75.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Part B Form of Purchaser Power of Attorney in respect of security (Spanish Law) | 77.0 |
|  Schedule 9 Provisions relating to Sale of Italian Receivables | 83.0 |
|  Schedule 10 Form of Notices | 85.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Part A Form of Sale Notice | 85.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Part B Form of Confirmation Notice | 88.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Part C Form of Further Disbursement Confirmation Notice | 91.0 |
|  Schedule 11 Form of Seller Solvency Certificate | 94.0 |
|  Schedule 12 Form of Purchaser Solvency Certificate | 95.0 |
|  Schedule 13 Eligibility Criteria | 96.0 |
|  Schedule 14 List of Eligible Products | 99.0 |
|  Schedule 15 Concentration Limits | 100.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [\*\*\*] |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [\*\*\*] |  |
|  Schedule 16 Ineligible Transferees | 101.0 |
|  Schedule 17 Form of Repurchase Notice | 102.0 |
|  Schedule 18 Form of Borrower Notice | 105.0 |
|  Schedule 19 Definitions | 113.0 |

---

-ii-

------

**THIS RECEIVABLES PURCHASE AGREEMENT** (this ***Agreement***) is made on 11 November 2025

**BETWEEN**:

(1) **PAYPAL (EUROPE) S.À R.L. ET CIE, S.C.A.**, a corporate partnership limited by shares
(*société en commandite par actions*) incorporated under the laws of the Grand Duchy of Luxembourg ( ***Luxembourg***), having its registered office at 22-24 Boulevard Royal, L-2449 Luxembourg, Luxembourg and registered with the Luxembourg trade and companies register under number B118.349, acting through and represented by its unlimited shareholder PayPal (Europe) S.à r.l., a
private limited liability company (*société à responsabilité limitée*) incorporated under the laws of Luxembourg, having its registered office at 22-24 Boulevard Royal, L-2449 Luxembourg, Luxembourg and registered with the Luxembourg trade and companies register under number B127.485 (the  ***Seller***);

(2) **ALPS 2.0 PARTNERS S.À R.L.**, a private limited liability company (*société à responsabilité limitée*) incorporated under the laws of Luxembourg, with its **  registered office at 2, rue Edward Steichen, L- 2540 Luxembourg, Luxembourg and
registered with the Luxembourg trade and companies register (*Registre de commerce et des sociétés, Luxembourg*) under number B301375, and subject, as **  an unregulated securitisation undertaking (*organisme de titrisation non réglementé*), to the Luxembourg act dated 22 March 2004 on securitisation, as **  amended (the  ***Securitisation Act 2004***) (the  ***Purchaser***);

(3) **BNY MELLON CORPORATE TRUSTEE SERVICES LIMITED**, acting through its office at 160 Queen Victoria
Street, London EC4V 4LA, United Kingdom (in its capacity as security agent for the Secured Creditors, the  ***Security Agent*** which expression shall include such company and all other persons or companies for the time being acting as the
security agent or security agents under the Security Documents);

(4) **PAYPAL (EUROPE) S.À R.L. ET CIE, S.C.A.**, a corporate partnership limited by shares
(*société en commandite par actions*) incorporated under the laws of Luxembourg, having its registered office at 22-24 Boulevard Royal, L-2449 Luxembourg, Luxembourg and registered with the Luxembourg trade and companies register under number B118.349, acting through and represented by its unlimited shareholder PayPal (Europe) S.à r.l., a private limited liability company
(*société à responsabilité limitée*) incorporated under the laws of Luxembourg, having its registered office at 22-24 Boulevard Royal, L-2449 Luxembourg and registered with the Luxembourg trade and companies register under number B127.485 (a  ***Receivables Manager***);

(5) **PAYPAL UK LTD**, a private limited company incorporated under the laws of England and Wales
(registered number 14741686), having its registered office at 5 Fleet Place, London, United Kingdom, EC4M 7RD (a  ***Receivables Manager)*** ;

------

(6) **AVEGA S.À R.L.**, a private limited liability company (*société à responsabilité limitée*) incorporated under the laws of Luxembourg, Luxembourg having its **  registered office at 2, rue Edward Steichen, L-2540 Luxembourg and registered
with the Luxembourg trade and companies register under number B123099 (the  ***Back-Up Receivables Manager Facilitator***); and

(7) **ALPS 2.0 PARTNERS (HOLDING) S.À R.L.,** a private limited liability company (*société à responsabilité limitée*) incorporated under the laws of Luxembourg, with its registered office at 2, rue Edward Steichen, L- 2540 Luxembourg, Luxembourg
and registered with the Luxembourg trade and companies register (*Registre de commerce et des sociétés, Luxembourg*) under number B301236 (the **   ***Class C Lender***),  **** ** 

each a ***Party*** and together the ***Parties***.

**WHEREAS**: The Seller has agreed to offer to sell and the Purchaser has agreed to accept the Seller's offer in respect of the Seller's whole right, title, interest and benefit in and to the Receivables and any Related Rights (without notice of such sale and purchase being given to Borrowers prior to the occurrence of a Notification Event) for the consideration and upon the terms and subject to the conditions of this Agreement.

2\|159

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**IT IS HEREBY AGREED** as follows:

**1.** **Definitions and Interpretation** 

1.1 Capitalised terms used but not otherwise defined in this Agreement shall have the meanings given in Schedule
19 (*Definitions*), except so far as the context requires otherwise.

1.2 In this Agreement unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) references to a person include any individual, firm, body corporate (wherever incorporated), government,
state or agency of a state or any joint venture, association, partnership, works council or employee representative body (whether or not having separate legal personality);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) references to a paragraph, Clause or Schedule shall refer to those of this Agreement unless stated
otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) headings do not affect the interpretation of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the singular shall include the plural and vice versa; and references to one gender include all genders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any reference in this Agreement to a time and/or day shall be to the then applicable time and/or day in
(i) Luxembourg in respect of the EU Receivables and (ii) London in respect of the UK Receivables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) subject to Clause 1.3, references to any English law legal term or concept shall, in respect of any
jurisdiction other than England and Wales, be construed as references to the term or concept which most nearly corresponds to it in that jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any phrase introduced by the terms including, include, in particular or any similar expression shall be
construed as illustrative and shall not limit the sense of the words preceding those terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) [\*\*\*]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any indemnity or covenant to pay (for the purposes of this paragraph (i), a  ***Payment Obligation***) being given on an  **** ** "after-Tax basis"  **** ** means that the  **** ** amount payable pursuant to such Payment Obligation (for the purposes of this
paragraph (i), the  ***Payment***) shall be calculated in such a manner as will ensure that, after taking into account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Tax required to be deducted or withheld from the Payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the amount and timing of any additional Tax which becomes payable by the recipient of the Payment as a
result of the Payment being subject to Tax in the hands of the recipient; and

3\|159

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the amount and timing of any Tax benefit or Relief from Tax which is or will be obtained by the recipient of
the Payment to the extent that such Tax benefit or Relief is attributable to the matter giving rise to the Payment Obligation or to any Tax taken into account in sub-paragraphs (i) and (ii) above,

the recipient of the Payment is in the same Tax position as that in which it would have been if the matter giving rise to the Payment Obligation had not occurred.

1.3 Except as otherwise expressly provided in this Agreement, any express reference to an enactment (which
includes any legislation in any jurisdiction) includes references to (i) that enactment as amended, consolidated or re-enacted by or under any other enactment before or after the date of this Agreement;
(ii) any enactment which that enactment re-enacts (with or without modification); and (iii) any subordinate legislation (including regulations) made (before or after the date of this Agreement) under
that enactment, as amended, consolidated or re-enacted as described at (i) or (ii) above, except to the extent that any of the matters referred to in (i) to (iii) occurs after the date of this
Agreement and increases or alters the liability of the Seller or the Purchaser under this Agreement.

1.4 The Schedules comprise schedules to this Agreement and form part of this Agreement.

1.5 Where there is any inconsistency between the definitions set out in Schedule 19 (*Definitions*) and the
definitions set out in any Clause or any other Schedule, then, for the purposes of construing such Clause or Schedule, the definitions set out in such Clause or Schedule shall prevail.

1.6 Luxembourg terms

In this Agreement, where it relates to a person incorporated or having its "centre of main interests" (as that term issued in Article 3(1) of the Insolvency Regulation) in Luxembourg, a reference to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a winding-up, liquidation, administration or dissolution includes,
without limitation, bankruptcy (*faillite*), insolvency, court-ordered liquidation/dissolution (*liquidation/dissolution judiciaire*), administrative dissolution without liquidation (*dissolution administrative sans liquidation*),
appointment of a provisional administrator (*administrateur provisoire*) or a recipient (*séquestre*), reprieve from payment (*sursis de paiement*), general settlement with creditors, reorganisation or similar laws affecting
the rights of creditors generally (including without limitation any "insolvency proceedings" within the meaning of the Regulation (EU) No. 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency
proceedings (recast), as amended);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) constitutional documents includes the up to date articles of association (*statuts*) or the articles of
incorporation of that person, as appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an agent includes, without limitation, a "*mandataire* ";

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a liquidator, trustee in bankruptcy, judicial custodian, compulsory manager, receiver, administrator
receiver, administrator or similar officer includes any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *juge-commissaire* or insolvency receiver (*curateur*) appointed under **  the Luxembourg
Commercial Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *liquidateur* appointed under Articles 1100-1 to 1100-15 (inclusive) **  of the Luxembourg Companies Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *juge-commissaire* or *liquidateur* appointed under Article 1200-1 of **  the Luxembourg Companies Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *conciliateur d'entreprise, mandataire de justice, juge délégué or administrateur provisoire* appointed under the Luxembourg act dated **  7 August 2023 on business continuity and the modernisation of bankruptcy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a manager or director includes a *gérant* or an *administrateur*; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a reorganisation includes, without limitation, judicial reorganisation (*réorganisation judiciaire*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a person being unable to pay its debts or admitting to pay its debts includes that person being in a state
of cessation of payments (*cessation de paiements*) and having lost its commercial creditworthiness (*ébranlement de crédit*). **  

**2.** **Agreement for Sale and Purchase of the Receivables** 

2.1 On the terms and subject to the conditions of this Agreement and provided that the requirements of Clause
3.1 have been satisfied by each of the Seller and the Purchaser, the Seller may offer to sell and assign to the Purchaser all of the right, title and interest (present or future) in, and to, Receivables (and their Related Rights) owned by it from
time to time by delivering a Sale Notice to the Purchaser from time to time, and the Purchaser shall be obliged to accept each such offer, and to purchase and accept the assignment of all such right, title and interest, provided that the Purchase
Conditions are satisfied as at the applicable Sale Notice Date or waived by the Purchaser. No notice of any such sale and purchase shall be given to Borrowers save in the circumstances set out in Clause 7 (*Notification of Sales*).

2.2 The Seller shall on each Sale Notice Date deliver to the Purchaser and the Class C Lender at or before
the delivery of each Sale Notice (i) the daily report referred to in Clause 7.1A.(a) of the Receivables Management Agreement due on such date and (ii) the weekly report referred to in Clause 7.1A.(c) of the Receivables Management Agreement
setting out Portfolio data as at close of business as recorded in the System on the last Business Day of the prior calendar week.

2.3 The Parties agree that in respect of Receivables (other than Further Disbursements in respect of which
Clause 2.12 applies):

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) delivery of each Sale Notice from the Seller to the Purchaser constitutes confirmation by the Seller that
each Purchase Condition (other than the Purchase Condition set out in Clause 2.5(f)) is satisfied on the relevant Sale Notice Date in respect of the Receivables set out in such Sale Notice as such Receivables may be updated and amended by the
related Confirmation Notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Seller shall deliver a Confirmation Notice to the Purchaser no later than two Business Days following
the latest Cut-Off Time for such Receivables specified in the relevant Sale Notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) on the terms and subject to the conditions of this Agreement, the Seller hereby agrees to sell and the
Purchaser hereby agrees to purchase and accept the purchase of the Receivables specified in a Confirmation Notice on the applicable Payment Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all right, title and interest in and to each Receivable, together with all Related Rights in relation to
such Receivable, to be sold by the Seller to the Purchaser will be transferred to the Purchaser immediately upon receipt by the Seller of the applicable Purchase Price in full (provided that it is agreed that such transfer will only be required to
be reflected in the System as soon as is reasonably practicable after the receipt by the Seller of the applicable Purchase Price).

2.4 The Purchaser agrees that (i) the Seller will modify the list of Receivables specified in a Sale Notice
so as to amend the balance of the Receivables specified to reflect the balance in the System as at the applicable Cut-Off Time or to remove from a list those Receivables in relation to which one or more of the
Eligibility Criteria were no longer satisfied as at the Cut-Off Time in respect of the relevant Receivables, and (ii) the final list of Receivables transferred to the Purchaser on the Title Transfer Time
shall be evidenced by the Confirmation Notice delivered by the Seller no later than [\*\*\*] Business Days following the latest Cut-Off Time for the Receivables specified in the relevant Sale Notice. For the
avoidance of doubt, the Seller shall not be permitted to add new Receivables to the Confirmation Notice which were not previously included in the related Sale Notice.

2.5 In respect of a Receivable set out in a Sale Notice (save for any Further Disbursements (in relation to
which, Clause 2.12 shall apply)), the Purchaser's acceptance to purchase such Receivable is conditional on all of the following conditions (the  ***Purchase Conditions***) being satisfied or waived by the Purchaser in relation to such
Receivable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the relevant Sale Notice Date is within the Commitment Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Repeating Representations are true in all respects as at the Sale Notice Date and will be true in all
respects as at the Title Transfer Time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Seller is not in material breach of its obligations under this Agreement as at the Sale Notice Date and
will not be in material breach of its obligations under this Agreement as at the Title Transfer Time, in each case which (in the case only of a material breach caused by an error or omission of an administrative, personnel, system, technical or
operational nature) has not been remedied within ten Business Days;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in relation to Receivables to be added to the Portfolio which are specified in a Sale Notice, the
Concentration Limits in respect of the portfolio of those Receivables set out in such Sale Notice (each a  ***Sale Notice Portfolio***) and the Portfolio (taking into account the addition of the Sale Notice Portfolio) are satisfied as at the
relevant Sale Notice Date applicable to such Receivables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in relation to Receivables to be added to the Portfolio which are specified in a Sale Notice, the aggregate
of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in respect of Receivables arising from Loan Agreements which are fully disbursed as at the relevant Sale
Notice Date, the aggregate of the Euro Equivalent Principal Balance of such Receivables (calculated using the spot rate of exchange for the purchase of Euro in the London foreign exchange market as determined by the Seller as at 11:00am on the Spot
Rate Determination Date) on the date of the Sale Notice setting out such Receivables; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in respect of Receivables arising from Loan Agreements which are not fully disbursed as at the relevant Sale
Notice Date, the aggregate of the Euro Equivalent Original Commitment Amount (less the amount of any repayments which the Borrower has made in accordance with the Loan Agreement) of such Receivables (calculated using the spot rate of exchange for
the purchase of Euro in the London foreign exchange market as determined by the Seller as at 11:00am on the Spot Rate Determination Date) on the date of the Sale Notice setting out such Receivables,

is less than or equal to the Available Commitment as at the Sale Notice Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Purchaser having funds available to it for the payment of the Purchase Price in accordance with the
Transaction Documents on the Payment Date when payment of such Purchase Price is due.

2.6 Subject to Clause 8.18, the Purchaser will obtain the right to receive all Collections in connection with
the Receivables set out in the applicable Sale Notice (as updated and amended by the Confirmation Notice) and transferred to the Purchaser pursuant to Clause 2.3(d) from the applicable Cut-Off Time save to the
extent and until such Receivable has been repurchased by the Seller or has been the subject of an indemnity payment by the Seller in each case in accordance with Clause 8. The Purchaser shall pay on the relevant Payment Date the Purchase Price for
any Receivables specified by the Seller in a Confirmation Notice in accordance with Clause 4.2.

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2.7 The Seller agrees that, save as otherwise agreed with the Class C Lender, from and after the first Sale
Notice Date during the Commitment Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any time when the Available Commitment is greater than Euro Equivalent [\*\*\*], it will on each Sale Notice
Date offer to sell all Eligible Receivables that are not [\*\*\*] or [\*\*\*] originated during the Commitment Period (and not previously sold to the Purchaser) to the Purchaser, in the amount necessary to enable the Available Commitment to be reduced to
zero after giving effect to their purchase, or until all such offered Eligible Receivables are purchased by the Purchaser, whichever is the limiting condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at any time during the Commitment Period, it will not, and it will procure that none of its Affiliates
shall, offer or agree to sell any Eligible Receivables that are not [\*\*\*] to any party other than the Purchaser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if paragraph (30) of the Eligibility Criteria is not satisfied, at any time during the Relevant
Notarisation Period, it will not, and it will procure that none of its Affiliates shall, offer or agree to sell any Spanish Receivables to any party other than the Purchaser,

provided that at any time, the Seller and/or any of its Affiliates shall be entitled to sell any Receivable to any other party where either: (i) such Receivable cannot be sold to the Purchaser at the relevant time under this Clause 2 because at that time such Receivable did not satisfy the Eligibility Criteria and any applicable Eligibility Criteria have not been agreed to be waived by both the Purchaser and the Seller (except that the Seller and the Purchaser agree that paragraphs (7) and (8) of the Eligibility Criteria cannot be waived or otherwise amended); (ii) the Seller is not permitted to sell such Receivable at such time to the Purchaser as a result of the Purchase Condition set out in Clause 2.5(d) and the Seller has requested a waiver of the applicable Concentration Limit(s) and such Concentration Limit(s) have not been waived within 15 Business Days of such request; or (iii) subject to Clause 2.8, the relevant Receivable cannot be sold to the Purchaser at such time as a result of the Purchase Condition set out in Clause 2.5(e) not being satisfied. For the avoidance of doubt, nothing in this Clause 2.7 shall require the Seller to sell, or make an offer to sell in respect of, any [\*\*\*] or restrict the Seller and/or any of its Affiliates from selling an [\*\*\*] to any person.

2.8 [\*\*\*]

2.9 [\*\*\*]

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2.10 It shall be a term of the sale of each of the Receivables and any Related Rights referred to in Clause 2.1
that the Seller shall sell and assign to the Purchaser all right, title, interest and benefit of the Seller (both present and future) in, to and under the relevant Receivables and any Related Rights (but without notice of such sale and purchase
being given to Borrowers prior to the occurrence of a Notification Event), including for the avoidance of doubt:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all sums of principal, interest or any other sum payable under such Receivables on or after or in respect of
any period on or after the relevant Cut-Off Time and the right to demand, sue for, recover, receive and give receipts for all such sums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the benefit of and the right to sue on all covenants and undertakings in favour of the Seller in each such
Receivable and any Related Rights and the right to exercise all powers of the Seller in relation to each such Receivable and any Related Rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all arrears payable under or in connection with the relevant Receivable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all net proceeds (after any applicable costs and expenses that are agreed may be deducted in accordance with
the terms of the Receivables Management Agreement) from the enforcement of the relevant Receivables and any Related Rights,

provided that (i) at no time prior to the provision of a Borrower Notice will identifiable Personal Data be transferred or otherwise made available to the Purchaser in respect of any Receivables or Borrowers thereunder; (ii) the benefit and/or the right to receive any interest accrued prior to the relevant Cut-Off Time shall not be transferred to the Purchaser in respect of any Receivables; and (iii) the benefit and/or the right to receive any NSF Fee applicable in respect of any Receivable shall not be transferred to the Purchaser.

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2.11 The Parties confirm that each sale of Receivables and any Related Rights in accordance with this Agreement
is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) intended to constitute a true sale of those Receivables and Related Rights and not a loan or a security
arrangement for any obligation of the Seller; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the knowledge of the Seller, not a transaction at an undervalue, a gratuitous alienation, a fraudulent
conveyance, a voidable or unfair preference or the equivalent thereof under the insolvency laws of any jurisdiction.

2.12 In respect of any Further Disbursement which is contemplated to be made in connection with any Loan
Agreement in respect of which any Receivable is included in a Confirmation Notice before the end of the Commitment Period, it is hereby agreed that the Seller shall sell and the Purchaser shall purchase such Further Disbursement. Subject to Clause
2.13 and provided that the title to the Receivable to which such Further Disbursement relates has been transferred to the Purchaser, such Further Disbursement will be sold and transferred to the Purchaser in accordance with the completion provisions
set out in Clause 6.2 and title to such Further Disbursement shall be transferred by the Seller to the Purchaser immediately upon such Further Disbursement arising. The Seller shall deliver a Further Disbursement Confirmation Notice to the Purchaser
no later than three Business Days after the applicable Title Transfer Time evidencing the final amount of the Further Disbursement transferred to the Purchaser at such Title Transfer Time.

2.13 If in the period between the date of delivery of a Sale Notice and the [\*\*\*] Business Day after the relevant
Sale Notice Date during which title for the relevant Receivables specified in such Sale Notice has not been transferred, Further Disbursements related to such Receivables specified in the relevant Sale Notice have arisen, such Further Disbursement
will only be sold and title transferred to the Purchaser with effect from the Title Transfer Time of the related Receivable included in such relevant Sale Notice.

2.14 Each Receivable (and its Related Rights) shall be sold subject to and in accordance with the terms and
subject to the conditions of this Agreement and the Relevant Local Schedule for such Receivable. In the event of any conflict between the terms of this Agreement and the Relevant Local Schedule, the terms of the Relevant Local Schedule shall
prevail.

2.15 **Funding Availability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Purchaser undertakes to deliver Utilisation Requests under the Class A Facility Agreement, the
Class B Facility Agreement and the Class C Facility Agreement, and to take reasonable steps to satisfy any conditions precedent to utilisation set out therein which are within its control during the Commitment Period and to provide to the
Seller such information as the Seller may reasonably request in relation to its exercise of such rights.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [\*\*\*]

**3.** **Conditions Precedent** 

3.1 On or before the first Sale Notice Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) unless waived by the Purchaser in writing, the Seller shall deliver the items set out in Part A of Schedule
1 (*Seller Initial Conditions Precedent*) to the Purchaser in form and substance satisfactory to the Purchaser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) unless waived by the Seller in writing, the Purchaser shall deliver the items set out in Part B of Schedule
1 (*Purchaser Initial Conditions Precedent*) to the Seller in form and substance satisfactory to the Seller.

3.2 Each of the Seller and the Purchaser agree that they shall use reasonable endeavours to deliver the items to
be delivered by them set out in Schedule 1 (*Initial Conditions Precedent*) and to the extent that any item set out in Schedule 1 to be delivered to a Party is required to be to the satisfaction of that Party, confirmation of such satisfaction
by such Party shall not be unreasonably withheld or delayed.

3.3 The Seller shall notify the Purchaser as soon as is reasonably practicable after it has either received to
its satisfaction or waived each of the items set out in Part B of Schedule 1 (*Purchaser Initial Conditions Precedent*).

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3.4 The Purchaser shall notify the Seller as soon as is reasonably practicable after it has either received to
its satisfaction or waived each of the items set out in Part A of Schedule 1 (*Seller Initial Conditions Precedent*).

**4.** **Consideration** 

4.1 The consideration to be provided by the Purchaser to the Seller for the sale and assignment of each
Receivable together with its Related Rights will consist of the Purchase Price payable in respect of such Receivables set out in the relevant Confirmation Notice. In addition, the Purchaser shall pay Deferred Purchase Price to the Seller in
accordance with Clause 4.3.

4.2 The Purchase Price in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Receivables which are included in a Confirmation Notice, is due and payable [\*\*\*] Business Day after the
date of delivery of such Confirmation Notice if the related Sale Notice is delivered prior to [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Receivables which are included in a Confirmation Notice, is due and payable [\*\*\*] Business Days after the
date of delivery of such Confirmation Notice if the related Sale Notice is delivered after [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Receivables which are included in a Further Disbursement Confirmation Notice (save for any such Receivable
specified in sub-clause (d) below), is due and payable on the date of such Further Disbursement Confirmation Notice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Receivables which are included in a Further Disbursement Confirmation Notice and arise in connection with a
Receivable included in a Sale Notice for which title has not yet transferred to the Purchaser, is due and payable on the Settlement Date of the related Receivable included in such relevant Sale Notice

(each such date as applicable, the ***Payment Date***).

4.3 The Purchaser shall pay to the Seller amounts of Deferred Purchase Price as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of Deferred Purchase Price described under paragraph (a) of the definition of "Deferred
Purchase Price", the Purchaser shall on each Monthly Settlement Date pay to the Seller such Deferred Purchase Price calculated in respect of the Reporting Period ending on the second Monthly Reporting Date prior to such Monthly Settlement
Date. Notification of the amount payable in respect of such Deferred Purchase Price for a particular Reporting Period shall be made to the Purchaser on the Monthly Reporting Date relating to such Reporting Period. Payment of amounts of such Deferred
Purchase Price then payable shall be satisfied by way of set-off against the Collections Sweep Payments which otherwise are required to be made to the Purchaser at that time or if any Collection Sweep Payments to be made on such day are insufficient
to be applied and set-off so as to satisfy such payment in full, any non-payment in full of such Deferred Purchase Price shall not constitute a failure to pay for the purposes of Clause 11.1(b) and the Seller may satisfy any such unpaid Deferred
Purchase Price by applying the Collections Sweep payment on the next following Business Day and thereafter until the relevant amount of such Deferred Purchase Price is settled in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in respect of Deferred Purchase Price described under paragraph (b) of the definition of "Deferred
Purchase Price" which is payable in connection with a sale of Charged-Off Receivables to a third party, the Purchaser shall pay to the Seller such Deferred Purchase Price on the date the Purchaser receives the relevant purchase price (or on
such other date as may be agreed between the Seller and the Class C Lender); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in respect of Deferred Purchase Price described under paragraph (b) of the definition of "Deferred
Purchase Price" which is payable in connection with a sale of Charged-Off Receivables to the Seller, the Purchaser shall pay to the Seller such Deferred Purchase Price on the date the Seller is due to pay the purchase price in respect of the
connected sale of Charged-Off Receivables to the Purchaser. Payment of such Deferred Purchase Price then payable shall be satisfied by way of set-off against the purchase price payable by the Seller to the Purchaser in respect of the connected sale
of Charged-Off Receivables, such that the Seller shall only be required to pay the net amount to the Purchaser.

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**5.** **Asset Model** 

5.1 [\*\*\*]

5.2 [\*\*\*]

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5.3 [\*\*\*] in respect of any changes to the Asset Model, the Seller agrees to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) consult with the Purchaser in advance of making any such changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provide the Purchaser with details of any proposed changes to the inputs of the Asset Model at least 10
Business Days prior to implementation of such changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) provide the Purchaser with details of any other proposed changes to the Asset Model at least 30 days prior
to implementation of such changes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) consider comments from the Purchaser in good faith and inform the Purchaser where any such comments will not
be taken into account,

and the Parties agree to cooperate in good faith to agree such changes to the Asset Model as the Parties may agree.

5.4 [\*\*\*]

5.5 In the case of any discrepancy to the Asset Model, the Parties agree to consult with each other and
negotiate in good faith to reconcile and resolve such discrepancy.

**6.** **Completion** 

6.1 In respect of Receivables which are included in a Confirmation Notice, the Purchaser shall pay the Purchase
Price for all Receivables on the Payment Date corresponding to such Receivables in accordance with Clause 4 (*Consideration*).

6.2 In respect of Further Disbursements which are included in a Further Disbursement Confirmation Notice, the
relevant Purchase Price shall be due and payable by the Purchaser to the Seller on the relevant Payment Date, and to satisfy the amount so owed by the Purchaser to the Seller, the Seller shall be entitled to set-off the amount of such Purchase Price against any Collections Sweep Payment (whether before or after the end of the Commitment Period) due to be made by the Receivables Manager under the Receivables
Management Agreement in the same currency on such day (with the Receivables Manager's obligation to account to the Purchaser for such Collections Sweep Payment being reduced by a corresponding amount). To the extent the amount of any
Collections Sweep Payment due to be made on such day is insufficient to be applied and set-off so as to settle the relevant Purchase Price in full, any non-payment in
full of the Purchase Price for such Further Disbursements shall not constitute a failure to pay for the purposes of Clause 11.1(b) and the Seller may satisfy any unpaid Purchase Price by applying the Collections Sweep Payment on the next following
Business Day and thereafter until the Purchase Price is settled in full.

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6.3 Completion of the transfer of the title to each Receivable and any Related Rights shall take place at the
Title Transfer Time for such Receivable.

6.4 With effect from the Title Transfer Time for each Receivable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Seller will account to the Purchaser for all sums received by the Seller after the relevant Cut-Off Time applicable to such Receivable which belong to the Purchaser (including, without limitation, any sums received from any Borrower) under or in respect of the Receivables which were sold and transferred to
the Purchaser on any Title Transfer Time and the Seller will hold the same on trust for the Purchaser as trustee pending such amounts being paid to the Purchaser or being applied in satisfaction of any amounts of the Purchase Price due from the
Purchaser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Purchaser shall hold all Third Party Amounts received by it on trust for the Seller or such other third
party beneficial owner of such sums, as the case may be.

6.5 With effect from each Title Transfer Time, the Seller shall continue to observe and perform, or procure the
observance and performance of, any obligation to the Borrowers in respect of any Receivable and any Related Rights transferred at such Title Transfer Time in accordance with their terms.

6.6 In respect of Purchased Receivables which are included in any Sale Notice, the Class C Lender (acting
on behalf of the Purchaser) may arrange for the Purchaser to enter into a Forward Rate Agreement Transaction at or around [\*\*\*] on the related Sale Notice Date in order to hedge the interest rate risk in respect of such Purchased Receivables.

6.7 In respect of Purchased Receivables which are included in a Sale Notice, the Class C Lender (or such
other entity as it may appoint from time to time, in each case acting on behalf of the Purchaser) may arrange for the Purchaser to partially unwind any Forward Rate Agreement Transaction or enter into an offsetting Forward Rate Agreement Transaction
(a  ***Hedge Adjustment***) at or around [\*\*\*] on the related Confirmation Notice Date (or if the Confirmation Notice is received later than [\*\*\*] on a Confirmation Notice Date or if a Confirmation Notice Date is not a Business Day, at or
around [\*\*\*] on the Business Day immediately following the Confirmation Notice Date), in order to adjust the interest rate hedging arrangements to allow for any difference between (i) the loan balances of the Receivables proposed to be
transferred to the Purchaser which are listed in such Sale Notice and (ii) the loan balances of the Receivables actually transferred to the Purchaser which are listed in the related Confirmation Notice.

6.8 [\*\*\*]

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**7.** **Notification of Sales** 

7.1 In this Agreement,  ***Notification Event*** means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Seller being required by a court of competent jurisdiction, or by a change in law occurring after the
Closing Date, or by a regulatory authority or organisation whose members include consumer or other unsecured lenders of which the Seller is a member or with whom it is customary for the Seller to comply, to notify the relevant Borrower of the
transfer of any Receivables and Related Rights in favour of the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Receivables comprising the Portfolio or any material part thereof being in danger of being seized or
sold under any form of distress, diligence, attachment, execution or other legal process or otherwise in jeopardy and it being necessary to notify the relevant Borrower of the transfer of the Receivables and Related Rights in favour of the Purchaser
in order to materially reduce such danger or jeopardy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) notice in writing from the Seller to the Purchaser (with a copy to the Security Agent) requesting
notification to a Borrower of the transfer of any of the Receivables and Related Rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the occurrence of an Insolvency Event in relation to the Seller or 3PL or PPHI (including without limitation
the taking of any action for the appointment of any receiver, administrator or liquidator of the Seller or 3PL or PPHI);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) default is made by the Seller in the performance or observance of any of its material covenants and
obligations under this Agreement or any other Transaction Document to which it is a party, which is in the reasonable opinion of the Purchaser (prior to the delivery of an Enforcement Notice) or in the reasonable opinion of the Security Agent (after
the delivery of an Enforcement Notice), material, and such default continues unremedied for a period of 15 Business Days after the earlier of the Seller becoming aware of such default and receipt by the Seller of written notice from the Purchaser or
(following delivery of an Enforcement Notice) the Security Agent, as appropriate, requiring the same to be remedied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the occurrence of a Receivables Manager Termination Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the occurrence of a Receivables Manager Resignation Event; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) it becoming required by mandatory provisions of law to do any or all of the other acts referred to in this
Clause 7,

provided that where the circumstances listed in any of Clause 7.1(a), (c) or (h) occur only in respect of a particular Receivable or where the circumstances listed in any of Clause 7.1(a), (b), (c), (f), (g) or (h) in respect of Receivables in a particular Relevant Jurisdiction, a Notification Event will only occur for the purposes of the Transaction Documents in respect of that Receivable or Receivables owned by Borrowers in that Relevant Jurisdiction and accordingly, for the avoidance of doubt, no notice of assignment, or of its interest in, any Receivable or Related Rights owed by another Borrower or by Borrowers in another Relevant Jurisdiction (as the case may be) shall be required or permitted to be given under the terms of this Clause 7 unless a Notification Event has occurred in that other Relevant Jurisdiction.

7.2 Each of the Purchaser, the Security Agent, the Seller and the Receivables Manager agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subject to Clause 7.2(b), the Seller (whether in its capacity as Seller or as Receivables Manager) is not
required to give any formal notice of the assignment of, or of its interest in, any Receivable or any Related Rights whether to any Borrower or to any other person at any time prior to the occurrence of a Notification Event, and following a
Notification Event unless instructed to do so by the Purchaser or the Security Agent (as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Seller is required by a court of competent jurisdiction, or by a change in law occurring after the
Closing Date, or by a regulatory authority or by an organisation whose members include consumer or other unsecured lenders of which the Seller is a member or with whom it is customary for the Seller to comply, to give notice of the assignment of, or
of its interest in, any Receivable or any Related Rights, the Seller must notify the Borrower of that Receivable, court, regulatory authority and/or organisation of the transfer of that Receivable and Related Rights to the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) neither the Purchaser nor the Security Agent is permitted to give any notice of the assignment of, or of its
interest in, any Receivable or any Related Rights whether to the Borrower of that Receivable or to any other person prior to the occurrence of a Notification Event; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) at no time prior to a Borrower Notice will Personal Data in respect of any Borrowers be requested to be
shared by the Seller or the Receivables Manager (or any outsourced service providers thereof) with the Purchaser or the Security Agent.

7.3 At any time whilst a Notification Event has occurred and is continuing, the Purchaser (prior to service of
an Enforcement Notice) or the Purchaser acting on the instructions of the Security Agent (following service of an Enforcement Notice) may (but shall not be under any obligation to) provide, or may procure the Receivables Manager or any other
receivables managing party it has engaged to provide, formal notice to (i) all of the Borrowers in the case of a Notification Event as listed in Clauses 7.1(b), 7.1(d), 7.1(e) or 7.1(f); or (ii) the Borrowers in any Relevant Jurisdiction
affected by a Notification Event as listed in Clauses 7.1(a), 7.1(c) or 7.1(h) of the sale of the outstanding Receivables to the Purchaser. The fees and expenses of such notification shall be borne by the Seller.

7.4 The Seller undertakes to the Purchaser and the Security Agent that, for so long as a Borrower Notice has not
been given, the Seller will lend its name to, and take such other steps as may reasonably be required by the Purchaser or (as applicable) the Purchaser acting on the instructions of the Security Agent in relation to, any legal proceedings in respect
of the Receivables and their Related Rights in accordance with any applicable law or regulation.

7.5 Subject to Clause 7.6 (*Undertakings of the Seller*), upon being required to do so by the Security
Agent (following the service of an Enforcement Notice) pursuant to and at all times in accordance with this Clause 7, the Purchaser shall do all or any of the acts, matters or things referred to in this Clause 7, and undertakes not to take any
action that would result in the notification to any Borrower of the transfer of the Receivables and their Related Rights to the Purchaser except as provided in this Agreement and pursuant to and in accordance with this Clause 7 and Clause 23
(*Data Protection*).

7.6 Undertakings of the Seller

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Following a Notification Event, the Seller undertakes in respect of each Receivable then forming part of the
Portfolio and in respect of which a Notification Event applies, that it will, at its own expense upon receipt of a request from the Purchaser or the Security Agent thereof in writing, do and complete all such acts and execute any necessary
agreements and documents as may reasonably be requested by the Purchaser or the Security Agent to give notice to the relevant Borrower of the transfer of such Receivables to the Purchaser. To the extent any of the Receivables then forming part of
the Portfolio are Spanish Receivables, following the Security Agent's request, a reference to the creation of Security Document consisting of pledge over Spanish Receivables will be included in the Borrower Notice, as provided for in Part A of
Schedule 8 (*Provisions relating to Sale of Spanish Receivables*). **  

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Seller undertakes to the Purchaser and the Security Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if after the relevant Settlement Date it receives written notice of any litigation or claim calling into
question in any material respect the Seller's or the Purchaser's title to any Receivable or the right to payment thereunder or the validity, collectability or enforceability of any Receivable, or if it receives after the relevant
Settlement Date written notice of any judgment which would have a material adverse effect on the Seller's or the Purchaser's title to any Receivable or the right to payment thereunder, or if it becomes aware of any material breach of any
of its undertakings and other obligations under this Agreement to notify the Purchaser and the Security Agent of such notice on or before the next Monthly Reporting Date (or the following Monthly Reporting Date if such notice is received within 15
Business Days of the next Monthly Reporting Date); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if reasonably required so to do by the Purchaser or the Security Agent, and at the Purchaser's
expense, to participate or join in any legal proceedings to the extent necessary in defending or contesting any litigation calling into question in any way the Purchaser's title to any Receivable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Seller agrees that it will not act or omit to act in any way which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) would adversely affect in any material respect the position of the Purchaser or its creditors in relation to
the Receivables forming part of the Portfolio from time to time after their respective Title Transfer Time; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) would constitute a breach in any material respect of the Seller's obligations under the related Loan
Agreements,

unless in each case such act, omission or amendment is necessary in order for the Seller to comply with applicable law, regulation, decree or other ordinance issued by any governmental, state or other authority having jurisdiction over it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Seller shall ensure that all Loan Agreements and documents in respect of the origination of the Loan
Agreements relating to Receivables comply with all applicable laws, regulation, decree, other ordinance and Authorisations required in the Relevant Jurisdiction and in Luxembourg to the extent that any non-compliance would have a material adverse effect on the validity, enforceability or collectability of Receivables forming part of the Portfolio.

**8.** **Representations, Loan Warranties, Repurchase and Anti-dilution Obligations** 

8.1 **Seller Representations and Loan Warranties** 

The Seller:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on each Sale Notice Date, in relation to each Receivable and any Related Rights purchased by the Purchaser
at the related Title Transfer Time, gives representations and warranties in the form set out in Part A of Schedule 2 (*Loan Warranties*) (such warranties, the  ***Loan Warranties***) to the Purchaser and the Security Agent as at the Sale
Notice Date;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on the date of this Agreement, makes representations and warranties in the form set out in Part B of
Schedule 2 (*Seller Representations*) to the Purchaser and the Security Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) at each Title Transfer Time, makes representations and warranties in the form set out in Part B of Schedule
2 (*Seller Representations*) to the Purchaser and the Security Agent as at each such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) on each Monthly Reporting Date, makes representations and warranties in the form set out in Part B of
Schedule 2 (*Seller Representations*) to the Purchaser and the Security Agent.

8.2 **Purchaser Representations** 

The Purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at each Title Transfer Time, makes representations and warranties in the form set out in Part C of Schedule
2 (*Purchaser Representations*) to the Seller and the Security Agent as at each such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on the date of this Agreement, makes representations and warranties in the form set out in Part C of
Schedule 2 (*Purchaser Representations*) to the Seller and the Security Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) on each Repurchase Date, makes representations and warranties in the form set out in Part C of Schedule 2
(*Purchaser Representations*) to the Seller and the Security Agent as at such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) on each Monthly Reporting Date, makes representations and warranties in the form set out in Part C of
Schedule 2 (*Purchaser Representations*) to the Seller and the Security Agent.

8.3 Each of the Seller and the Purchaser acknowledges that the representations and warranties specified in
Clauses 8.1 (*Seller Representations and Loan Warranties*) and 8.2 (*Purchaser Representations*) are made with a view to inducing the Seller, the Purchaser and the Security Agent to enter into this Agreement and that the Seller, the
Purchaser and the Security Agent have entered into this Agreement, *inter alia*, in reliance thereon and have relied upon the representations and **  warranties, save to the extent Disclosed against in the Disclosure Letter. The Purchaser
confirms that it has received a copy of the Disclosure Letter and it agrees to and acknowledges the Disclosure Letter as if references to the "Receivables Purchase Agreement" therein are to this Agreement and the defined terms and
cross-references therein shall be construed accordingly. The Seller, the Purchaser and the Security Agent acknowledge that they have not entered into this Agreement in reliance upon any representation, warranty or undertaking other than those set
out in this Agreement or upon any other enquiry, investigation or search whatsoever.

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8.4 The Purchaser acknowledges to the Seller that it is a sophisticated purchaser with respect to the
transaction contemplated by this Agreement and has such information as it deems appropriate under the circumstances (however obtained) to make an informed decision regarding such transaction. The Purchaser hereby agrees that it has independently
made its own analysis and decision to enter into such transaction, based on such information as it has deemed appropriate under the circumstances, and without reliance on any other party (except for reliance, in the case of the Purchaser, on any
express representation or warranty made by the Seller in this Agreement).

8.5 **Breach of Loan Warranties** 

Subject to Clause 8.7, in respect of any breach of any Loan Warranty as at the date specified in Clause 8.1 (*Seller Representations and Loan Warranties*) (save for any breach of a Loan Warranty arising as a result of confirmed Borrower fraud which is separately provided for in Clause 8.15) where the sum of the (i) aggregate Purchase Price of any affected Receivables (including the aggregate Purchase Price of Receivables affected by a breach of Loan Warranty which may have already been repurchased in previous years), and (ii) any Indemnified Amounts (as defined in the Receivables Management Agreement) owing by the Receivables Manager to the Purchaser under clause 16 of the Receivables Management Agreement (or which have previously been paid by the Receivables Manager under such clause), is less than or equal to the then applicable Threshold Amount (determined as at the time of each relevant breach), the Seller shall notify the Purchaser and the Security Agent of any actual breach of a Loan Warranty (i) if the breach is not capable of remedy, on or before the next Monthly Reporting Date after the Seller becomes aware of such breach; or (ii) if the breach is capable of remedy and such breach has not been remedied within 90 calendar days of the Seller becoming aware of such breach, on or before the next Monthly Reporting Date following the date falling 90 calendar days after date on which the Seller becomes aware of such breach.

8.6 For so long as the aggregate Purchase Price of Receivables affected by a breach of any Loan Warranty (other
than a breach of a Loan Warranty arising as a result of any confirmed Borrower fraud) when aggregated with any Indemnified Amounts (as defined in the Receivables Management Agreement) owing by the Receivables Manager to the Purchaser under clause 16
of the Receivables Management Agreement does not exceed the then applicable Threshold Amount (determined as at the time of each relevant breach), the Seller shall not be required to indemnify the Purchaser in respect of such breaches or repurchase
any affected Receivables.

8.7 The Seller shall only be obliged to indemnify the Purchaser in respect of, or repurchase, any Receivable
affected by a breach of Loan Warranty if such breach of Loan Warranty is identified prior to the date falling 12 months after the latest scheduled Payment Date of any Purchased Receivable.

8.8 In respect of each of the Loan Warranties at paragraphs 3, 6(a), 7, and 16 of Part A of Schedule 2 (*Loan Warranties*) given in respect of a Receivable, no breach of such Loan Warranty shall occur (and, for the avoidance of doubt, the Seller shall not be obliged to notify of any such breach or indemnify for, or repurchase, any affected Receivable)
unless (i) the relevant Loan Warranty was not correct as at the date on which such Loan Warranty was made and (ii) such incorrectness has, or is reasonably likely to have, an adverse effect on the value of such Receivable, taking into
account the likelihood of recoverability of that Receivable.

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8.9 In respect of the Loan Warranty at paragraph 19 of Part A of Schedule 2 (*Loan Warranties*), a
breach of such Loan Warranty shall be considered to have been **  remedied for the purposes of Clause 8.5 (*Breach of Loan Warranties*) (and, for the avoidance of doubt, the Seller shall not be obliged to notify of any such breach or
indemnify for, or repurchase, any affected Receivable) if the Seller has paid, or reimbursed to the Purchaser (as applicable), the full amount of the relevant registration, stamp, or other similar Tax or duty and any associated interest and/or
penalties within 90 calendar days of the Seller becoming aware of such registration, stamp, or other similar Tax or duty (or such longer period as the Parties may agree).

8.10 **Repurchase for breach of Loan Warranties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Clause 8.7 and Clause 8.17, if the aggregate Purchase Price of Receivables affected by a breach
of any Loan Warranty exceeds the Threshold Amount (determined as at the time of each relevant breach), the Seller shall be obliged, during the period during which the sum of (i) the aggregate Purchase Price of Receivables affected by a breach
of any Loan Warranty (including the aggregate Purchase Price of Receivables affected by a breach of Loan Warranty which may have already been repurchased in previous years), and (ii) any Indemnified Amounts (as defined in the Receivables
Management Agreement) owing by the Receivables Manager to the Purchaser under clause 16 of the Receivables Management Agreement (or which have previously been paid by the Receivables Manager under such clause) exceeds the then applicable Threshold
Amount, at its discretion either to effect a repurchase of the Receivables subject to the breach of Loan Warranties pursuant to this Clause 8.10 (*Repurchase for breach of Loan Warranties*) or compensate the Purchaser by making an
indemnity **  payment to the Purchaser pursuant to Clause 8.17. For the avoidance of doubt if the aggregate Purchase Price of Receivables then affected by a breach of a Loan Warranty exceeds the Threshold Amount, the Seller shall be required to
either repurchase from, or indemnify, the Purchaser for all Purchased Receivables then affected by a breach of Loan Warranty and not just those in excess of the Threshold Amount. If the Seller has elected to repurchase such affected Receivables, the
Seller shall deliver a written notice to the Purchaser specifying its election, following which the Purchaser (or the Receivables Manager on behalf of the Purchaser) shall by delivery of a Repurchase Notice to the Seller (copied to the Purchaser,
the Receivables Manager and the Security Agent) reassign and retransfer to the Seller its Assigned Rights in relation to such Receivable identified in the relevant Repurchase Notice on the next following Settlement Date (if during the Commitment
Period) or Monthly Reporting Date (if after the end of the Commitment Period) after the date on which the breach of Loan Warranty is required to be notified in accordance with Clause 8.5, and the Seller shall accept a reassignment and retransfer of
such Assigned Rights. Such reassignment and retransfer shall be in accordance with, and for the consideration set out in, Clause 8.13.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Seller may (in its absolute discretion) elect to indemnify the Purchaser as an alternative to the
reassignment and retransfer to the Seller of the Purchaser's Assigned Rights in relation to a Receivable pursuant to Clause 8.17.

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8.11 The Security Agent shall be entitled to assume that no such breach has occurred until it has been so
notified in writing by the Seller or the Receivables Manager. For the avoidance of doubt, save as provided in Clause 8.10 and Clause 8.17 there shall be no other consequence for any breach of Loan Warranty relating to such Receivables and no action
shall be taken by any Party in respect of such breach.

**Completion and Consideration** 

8.12 Each reassignment and retransfer under this Clause 8 shall be free from any right or interest that the
Security Agent may have in the Assigned Rights under or pursuant to the Security Documents (which the Security Agent shall release, discharge or reassign in respect of the Assigned Rights so reassigned and retransferred).

8.13 Completion of such reassignment and retransfer under Clause 8.10 and Clause 8.12 (inclusive) shall take
place on the Repurchase Date applicable to the relevant Repurchase Notice upon payment by the Seller to the Purchaser into the Purchaser Bank Account in the relevant currency of the Repurchase Price. Any such payment by the Seller of the Repurchase
Price shall, in relation to that Receivable only, constitute a discharge and release of the Seller from any claims which the Purchaser or the Security Agent may have against it arising from or in relation to such breach of warranty, but shall not
affect any rights arising from a breach of any express provision of this Agreement in relation to any other Receivable. The Purchaser and the Security Agent shall, to the extent that each has title and at the cost of the Seller, execute and deliver
an agreement in respect of the reassignment, retrocession and release of any such Receivable specified in the relevant Repurchase Notice, in such form as the Seller may reasonably require against payment therefor by the Seller of the Repurchase
Price. Each repurchase, reassignment and retransfer of Receivables shall be made subject to and in accordance with the terms and subject to the conditions of this Agreement and the provisions of the Relevant Local Schedule for such Receivable (to
the extent applicable and applying mutatis mutandis as required in order to transfer legal and beneficial title to such Receivable back to the Seller).

8.14 If the Seller makes any payment (not involving a reassignment or retransfer under this Clause 8) to the
Purchaser or the Security Agent in full satisfaction of any claim made by the Purchaser or the Security Agent in relation to any warranty set out in Clause 8.1 (*Seller Representations and Loan Warranties*), the Purchaser or the Security Agent,
as the case may be, shall assign to the Seller such rights as they have against any third party which relate to such claim and undertakes to reassign or retransfer any Assigned Rights upon request by the Seller.

8.15 **Repurchase for Failure of Bank-Funded Payment and Fraud** 

Notwithstanding any other provisions of this Clause 8, if, after a Receivable has been transferred from the Seller to the Purchaser, the Seller receives notice that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any payment made by the Borrower has failed or is subject to a reversal or chargeback (each a  ***Payment Unwind***) where such Payment Unwind is in respect of any payment on the Loan Agreement prior to the Cut-Off Time and where, if such Payment Unwind had occurred prior to the Cut-Off Time, such Receivable would not have been an Eligible
Receivable; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a confirmed Borrower fraud has occurred in respect of such Receivable prior to the Cut-Off Time of such
Receivable,

the Seller shall repurchase such affected Receivable for an amount equal to the Purchase Price paid by the Purchaser for such Receivable less the aggregate amount of any Collections transferred to the Purchaser in respect of such affected Receivable plus Cost of Capital [\* \* \*]. The Receivables Manager on behalf of the Purchaser shall by delivery of a Repurchase Notice to the Seller (copied to the Purchaser, the Receivables Manager and the Security Agent) reassign and retransfer to the Seller its Assigned Rights in relation to such Receivable identified in the relevant Repurchase Notice as soon as is reasonably practicable after the date on which the Seller receives notice of the Payment Unwind or the confirmed Borrower fraud (as applicable) but in any event by no later than the Monthly Reporting Date applicable to the Reporting Period in which the Seller receives notice of the Payment Unwind or the confirmed Borrower fraud (as applicable), and the Seller shall accept a reassignment and retransfer of such Assigned Rights. Completion of such re-assignment and re-transfer shall take place on the Repurchase Date applicable to the relevant Repurchase Notice upon payment by the Seller to the Purchaser into the Purchaser Bank Account in the relevant currency of the original Purchase Price. The Purchaser and the Security Agent shall, to the extent that each has title and at the cost of the Seller, execute and deliver an agreement in respect of the reassignment and retransfer of any such Receivable specified in the relevant Repurchase Notice, in such form as the Seller may reasonably require against payment therefor by the Seller of the original Purchase Price less the aggregate amount of any Collections transferred to the Purchaser in respect of such Receivable plus Cost of Capital. Each repurchase, reassignment and retransfer of such Receivable shall be made subject to and in accordance with the terms and subject to the conditions of this Agreement and the provisions of the Relevant Local Schedule for such Receivable (to the extent applicable and applying mutatis mutandis as required in order to transfer legal and beneficial title to such Receivable back to the Seller).

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8.16 **Repurchase for DE Pi30 Loan** 

[\*\*\*]

**Indemnity** 

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8.17 If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Seller elects to indemnify the Purchaser as an alternative to the reassignment and retransfer to the
Seller of the Purchaser's Assigned Rights in relation to a Receivable under Clause 8.10 (*Repurchase for breach of Loan Warranties*); **  

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Receivable has never existed, or has ceased to exist, such that it is not outstanding on the date on which
it is due to be reassigned or retransferred pursuant to this Clause 8;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a Loss has been suffered in respect of such Receivable due to a fraud on behalf of the Seller; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Seller is not obliged to repurchase a Purchased Receivable that it would otherwise have been obliged to
repurchase pursuant to Clause 8.10 (*Repurchase for breach of Loan Warranties*) due solely to a matter being Disclosed in the Disclosure Letter,

the Seller shall not be obliged to repurchase the Receivable or the other Assigned Rights but shall instead deliver a written notice on the date on which the next Sale Notice is delivered (or, if sales are no longer occurring, within five Business Days) after becoming aware that any of the circumstances referred to under Clauses 8.17(a), (b), (c) or (d) has occurred specifying its intention to indemnify the Purchaser in relation to such Receivable or other Assigned Rights in an amount equal to the Repurchase Price that would be payable under Clause 8.13 had the Seller elected to repurchase that Receivable (the ***Indemnification Amount***). After delivery of such written notice, the Seller shall, within five Business Days of delivery of such written notice, indemnify the Purchaser in an amount equal to the Indemnification Amount for the relevant Receivable and pay such Indemnification Amount to the Purchaser, provided that the Seller shall be entitled to settle the payment of any such Indemnification Amount by way of set-off and deduction from the Purchase Price specified in the next Confirmation Notice following delivery of such written notice (where applicable).

8.18 Following the payment or settlement of an Indemnification Amount pursuant to Clause 8.17, any Collections
received in respect of the Indemnification Amount of the affected Receivable(s) shall be retained by the Seller for its own account.

8.19 Any payments to be made by the Seller pursuant to Clause 8.17 shall be made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of that part of the Repurchase Price amount calculated by reference to the relevant Purchase
Price Ratio multiplied by the outstanding Current Balance of the relevant Receivable, within five Business Days of the date on which the balance of the Receivable is written down or reduced; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in respect of that part of the Repurchase Price calculated by reference to Cost of Capital, on the next
Monthly Settlement Date.

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8.20 **Anti-dilution** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the balance of a Receivable (in whole or in part, including in respect of any amounts representing
interest or fees) is written down by the Seller or the Receivables Manager or any interest, fees or other amounts due are waived as a result of the Seller or the Receivables Manager determining that there has been an error in the origination,
management or administration of a particular loan or making a goodwill credit to a particular Borrower, the Seller shall not be obliged to repurchase the Receivable or the other Assigned Rights but shall instead make an anti-dilution payment to the
Purchaser Bank Account in the relevant currency equal to the Repurchase Price in respect of the amount of the Receivable balance so written down or waived. Such anti-dilution payment shall be settled on a monthly basis in arrears on the Monthly
Settlement Date by way of a cash payment from the Seller to the Purchaser, payment of which shall be satisfied, during the Commitment Period only and provided that the Receivables Manager as at the date of this Agreement (or any of its Affiliates)
remains a Receivables Manager under the Receivables Management Agreement, by way of set-off against the Receivables Management Fee or any other fees at that time then due pursuant to the Receivables Management
Agreement, or if such fees are insufficient for any reason, by payment by the Seller within five Business Days of demand from the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the balance of a Receivable (in whole or in part, including in respect of any amounts representing
interest or fees) is written down by the Seller as a form of provisional credit granted to a Borrower pursuant to an unresolved dispute between the relevant Borrower and the relevant merchant, the Seller shall not be obliged to repurchase the
Receivable or the other Assigned Rights but shall instead make an anti-dilution payment to the Purchaser by a transfer to the Purchaser Bank Account in the relevant currency of an amount equal to the Repurchase Price in respect of the amount of the
Receivable balance so written down (excluding any amounts of interest or fees cancelled in connection with the grant of the provisional credit). If following the conclusion of the dispute between such Borrower and such merchant, the dispute is
resolved against the Borrower and the write-down of the applicable Receivable balance is reversed, the Purchaser shall make a payment of an amount equal to such Repurchase Price transferred to the Purchaser, payment of which shall be satisfied by
way of set-off against the Collections Sweep Payments which otherwise are required to be made to the Purchaser at that time or if such Collection Sweep Payments are insufficient to satisfy such payment in
full, by payment by the Purchaser within five Business Days of demand by the Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the balance of a Receivable (in whole or in part, including in respect of any amounts representing
interest or fees) is written down by the Seller upon a refund being received by the Seller from the relevant merchant in respect of the underlying merchant purchase transaction, the Seller shall not be obliged to repurchase the Receivable or the
other Assigned Rights but shall instead make an anti-dilution payment to the Purchaser by a transfer of the amount to the Purchaser Bank Account in the relevant

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currency equal to the Repurchase Price in respect of the amount of the Receivable balance so written down (excluding any amounts of interest or fees cancelled in connection with the grant of the refund). If the Seller notifies the Purchaser that the Borrower has previously made a payment in whole or in part (and the Purchaser has received such payment), where the issuance of the refund has resulted in a credit to such Borrower's e-money account such that the Borrower has no right of set-off or counterclaim against the Receivable in respect of the amount so credited (such amount, an ***E-money Refund Balance Amount***), an amount equal to the E-money Refund Balance Amount shall be netted against the Collections Sweep Payment which otherwise are required to be made to the Purchaser at that time such that the Seller can restore the original balance of the Borrower's e-money account. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the balance of a Receivable (in whole or in part, including in respect of any amounts representing
interest or fees) is reduced as a result of a Borrower exercising a right of set-off, recission or right of counterclaim against such Receivable, the Seller shall not be obliged to repurchase the Receivable or
the other Assigned Rights but shall instead make an anti-dilution payment to the Purchaser by a transfer to the Purchaser Bank Account in the relevant currency of an amount equal to the Repurchase Price in respect of the amount of the Receivable
balance so reduced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any payments to be made by the Seller pursuant to Clauses 8.20(b), (c) and (d) shall be made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in respect of that part of the Repurchase Price amount calculated by reference to the relevant Purchase
Price Ratio multiplied by the written down or reduced amount of the balance of the relevant Receivable, within five Business Days of the date on which the balance of the Receivable is written down or reduced; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in respect of that part of the Repurchase Price calculated by reference to Cost of Capital, on the next
Monthly Settlement Date during the Commitment Period or after the end of the Commitment Period on a Monthly Reporting Date.

8.21 **Balance Adjustments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the balance of a Receivable increases (after the Receivable has been transferred to the Purchaser) as a
result of a Payment Unwind of any due payment requested by the Borrower (other than as described in Clause 8.15(a)) and where a Collection has been paid to the Purchaser in respect of such payment, the Purchaser shall pay to the Seller an amount
equal to such increase in the balance of the Receivable, payment of which shall be satisfied by way of set-off against the Collections Sweep Payments which otherwise are required to be made to the Purchaser at
that time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any NSF Fee has been passed on to the Purchaser in the System, the Purchaser shall pay to the Seller an
amount equal to such NSF Fee. Such payment shall be settled on a monthly basis in arrears on each Monthly Settlement Date by way of set-off against the Collections Sweep Payments

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which otherwise are required to be made to the Purchaser at that time, or if such Collection Sweep Payments are insufficient, by payment by the Purchaser within five Business Days of demand from the Seller. In relation to any amounts received from a Borrower, these will be allocated first to the satisfaction of any payment due in respect of a NSF Fee (which amount shall be retained by the Seller for its own account), and thereafter in accordance with the terms of the Loan Agreement and any applicable law or regulation. <br>

8.22 It is hereby expressly understood between the Parties that, since the Receivables are sold to the Purchaser
without recourse (but for the avoidance of doubt without prejudice to any recourse as expressly provided for in this Agreement), the Seller shall have no obligation to indemnify the Purchaser from any direct and/or indirect damages, Losses, Taxes,
claims, liabilities, costs and expenses arising as a consequence of the failure by any Borrower to pay in whole or in part any relevant Receivables after the relevant Cut-Off Time (including, without
limitation, as a result of the insolvency of such Borrower). Without prejudice to the other provisions of this Clause 8, each of the Purchaser and the Security Agent further acknowledges to and agrees with the Seller, that the Seller shall have no
liability or responsibility (whether, in either case, contractual or tortious, express or implied) for any Loss or damage for or in respect of any breach of or any act or omission in respect of, any of its obligations hereunder other than Loss or
damage directly (and not indirectly or consequentially) suffered by the Purchaser and/or the Security Agent or the assets comprised in the Transaction Security by reason of such breach, act or omission.

8.23 Each of the Seller and the Purchaser shall notify in writing the applicable Party within seven Business Days
of becoming aware of the breach of any of its obligations under this Clause 8 (including whilst any relevant cure period is in effect) and each of the Seller, the Purchaser and the Security Agent shall, in the absence of receipt of any such written
notice, be entitled to assume that each Party is complying with such obligations.

8.24 On the date of this Agreement, the Seller represents to the Purchaser that it has had more than five (5)
years of experience in originating and underwriting consumer credit receivables as of November 2025.

**9.** **Information Undertakings** 

9.1 The undertakings in this Clause 9 (*Information Undertakings*) shall remain in force from the date of
this Agreement during the Commitment Period and thereafter for so long as any obligations remain outstanding hereunder.

9.2 The Purchaser will supply to the Seller:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) promptly upon becoming aware of them, the details of any litigation, arbitration or administrative
proceedings or regulatory impositions which are current, threatened or pending against the Purchaser, and which, if adversely determined, could reasonably be expected to have a Material Adverse Effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) promptly, further information as the Seller may reasonably request for the purposes of the Seller and its
Affiliates' Tax compliance and reporting obligations, except to the extent that disclosure of the information would breach any law, regulation, stock exchange requirement or duty of confidentiality.

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9.3 The Seller will supply to the Purchaser such information as the Purchaser may reasonably request to satisfy
its reporting or due diligence obligations under the EU Securitisation Regulation and UK Securitisation Framework, provided that the Seller shall not be required to supply any such information to the extent it does not collect or track such
information as at the date of this Agreement.

9.4 Each of the Purchaser and the Seller shall promptly notify the other Parties and the Security Agent in
writing of any breach of representation and warranty or undertaking under this Agreement (other than in respect of any breach of a Loan Warranty as to which Clause 8.5 (*Breach of Loan Warranties*) will apply) and in any event within seven
Business Days of becoming aware of its occurrence. Without prejudice to the other rights and remedies of the Parties to this Agreement set out herein, following such notification, to the extent that such breach is capable of remedy, the Purchaser
and the Seller agree to consult with each other and negotiate in good faith to agree a means to remedy and resolve such breach. Promptly upon a request by any party to this Agreement to the Purchaser or the Seller, the Purchaser or the Seller (as
applicable) shall supply to it a certificate signed by an authorised signatory on its behalf certifying that no breach of representation and warranty or undertaking is continuing.

9.5 **Delivery of financial statements** 

The Seller shall deliver to the Purchaser by no later than 30 June of each calendar year, starting from 30 June 2026 for its financial year ending 31 December 2025, a copy of its audited consolidated annual financial statements prepared in accordance with IFRS, provided that such financial statements shall be deemed delivered if they are publicly available.

9.6 Nothing in this Agreement or any of the Transaction Documents shall require the Seller or any of its
Affiliates to disclose any information where such disclosure would otherwise be required under this Agreement or the relevant Transaction Document to the extent that such disclosure would result in a breach of any applicable law or regulation or
regulatory guidelines or order of any court or requirement (whether or not having the force of law) of any central bank or any governmental or other regulatory or Tax Authority or applicable stock exchange rules and guidelines.

**10.** **General Undertakings** 

The undertakings in this Clause 10 (*General Undertakings*) shall remain in force from the date of this Agreement during the Commitment Period and thereafter for so long as any obligations remain outstanding hereunder.

10.1 **Merger and Change of Control** 

Without prejudice to the exercise of any right of enforcement of the Security Agent in respect of any Security Interest granted over the shares of the Purchaser (which, for the avoidance of doubt, shall not require the consent of the Seller or the Receivables Manager), the Purchaser shall not enter into any amalgamation, demerger, merger, corporate reconstruction or Change of Control without the prior written consent of the Seller.

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10.2 **Audit** 

Subject to all applicable law and regulation, the Seller shall cause an AUP Audit to be conducted:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) once in each twelve month period during the Commitment Period (a copy of which report the Seller shall or
shall cause to be delivered to the Purchaser and each Facility Agent (as defined in the Master Framework Agreement)) on or before 30 September each year starting from September 2026; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) following the occurrence of a Turbo Amortisation Event or an Event of Default (in each case as defined in
the Master Framework Agreement), if so requested by the Majority Class A Lenders, the Majority Class B Lenders or the Class C Lender within 90 calendar days' of receipt by those persons or that person (as applicable) of notice
of the occurrence of such Turbo Amortisation Event or Event of Default, provided that no more than one such additional AUP Reports may be requested in any twelve month period,

and in each case shall cause to be conducted one further AUP Audit if either such AUP Audit has identified breaches by the Seller or the Receivables Manager of the terms of their respective obligations under this Agreement or the Receivables Management Agreement.

10.3 **U.S. Investment Company and Covered Fund Status** 

The Purchaser undertakes that, for so long as any Receivable is outstanding, it will not take any action that would (i) require it to register as an "investment company" (as that term is defined under the U.S. Investment Company Act of 1940, as amended), or (ii) result in it becoming a "covered fund" as defined under the Volcker Rule.

10.4 **Securitisation** 

Save as otherwise agreed in writing between the Seller and the Purchaser, the Purchaser will not undertake any refinancing or any public securitisation or similar financing transaction in respect of the Receivables without the prior written consent of the Seller.

10.5 **Collections Policies, Underwriting Policies and Standard Documentation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Seller is permitted to make changes to the Collections Policies or Underwriting Policies at any time at
its own discretion provided that if any such changes have in the good faith determination of the Seller a quantitative impact on any required input to, or assumption contained in, the Asset Model, the relevant input or assumption shall be updated to
take into account the change to the Collections Policies or Underwriting Policies as the case may be.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Seller shall as soon as reasonably practicable after approval and adoption by the Seller of any changes
to the Collection Policies, Underwriting Policies or Standard Documentation, (i) notify the Purchaser of any material changes or variations to any of the Collections Policies, Underwriting Policies or Standard Documentation and
(ii) provide a copy of such updated Collections Policies, Underwriting Policies or Standard Documentation to the Purchaser and each Facility Agent (as defined in the Master Framework Agreement). For the avoidance of doubt, neither the Seller
nor the Receivables Manager shall be required to provide any other documents relating to underwriting or collections procedures or policies including any such policies, procedures or other documents referenced in the Underwriting Policies or
Collections Policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Seller shall not make any changes to the calculation methodology in respect of the information contained
in the Receivables Management Report without the prior written consent of the Purchaser not to be unreasonably withheld.

10.6 **Origination and administration** 

The Seller and Receivables Manager shall, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) originate and manage Purchased Receivables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) assess and monitor the credit performance of the Purchased Receivables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [\*\*\*] operate and maintain the Asset Model; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) assess and implement any appropriate changes to its Asset Model, the Collections Policies, the Underwriting
Policies, Standard Documentation or its credit-decisioning process,

in each case, with the level of skill, care and diligence which would be expected at that time from a reasonably prudent consumer lender or manager of consumer loans within the consumer financial services industry and in any event to no lesser standard that it has applied prior to the Closing Date or that it would apply to Receivables originated and held for its own account.

10.7 **Change in law or regulation** 

In connection with the introduction and implementation into national law of additional regulatory requirements applicable to the Receivables under (i) UK law and Financial Conduct Authority regulation applicable to interest-free buy-now-pay-later agreements as effective from July 2026 and (ii) Directive (EU) 2023/2225 of the European Parliament and of the Council of 18 October 2023 on credit agreements for consumers (together with (i), the ***Additional Regulatory Requirements***), prior to such Additional Regulatory Requirements becoming ****binding on the Seller and the Receivables Manager in the applicable jurisdiction, the Seller shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where a relevant regulatory body indicates formally in writing, or the Seller otherwise believes that it may
be reasonably likely, that any application for a regulatory licence or permission newly required pursuant to the Additional Regulatory Requirements in relation to the origination or administration of the Receivables may be refused, the Seller will
notify the Purchaser as soon as reasonably practicable in writing, and in any event not more than five Business Days after becoming aware of the same;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consult with the Purchaser in advance of making any such updates or taking any such measures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) provide the Purchaser with details of any proposed updates to the Standard Documentation and any proposed
measures to comply with the Additional Regulatory Requirements at least 30 days prior to implementation of such Standard Documentation and measures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) consider comments from the Purchaser in good faith and inform the Purchaser where any such comments will not
be taken into account in the updated Standard Documentation or in the other measures to be taken by the Seller to comply with the Additional Regulatory Requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) as soon as reasonably practicable after finalisation, provide the Purchaser with copies of any updated
Standard Documentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) provide the Purchaser with legal opinions addressed to the Purchaser, the Security Agent, the Class A
Lenders and the Class B Lenders, as to the enforceability of any updated Standard Documentation in England, France, Germany, Italy and Spain to a level of comfort in all material respects equivalent to the legal opinions listed in paragraphs 23
to 27 of Part A of Schedule 1 (*Seller Initial Conditions Precedent*) and provided to the Purchaser on or before the Closing Date but having regard to the regulated nature of the relevant Eligible Products and any uncertainty in the
implementation or interpretation of the Additional Regulatory Requirements relating to the Eligible Products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) where requested by the Purchaser, a legal opinion or memorandum of advice addressed to the Purchaser, the
Security Agent, the Class A Lenders and the Class B Lenders, from an appropriately qualified legal counsel confirming that where the Additional Regulatory Requirements require customer documentation, including, but not limited to, pre-contractual information, loan agreement, account statements, notices of default and notices of arrears, to be in a required format and/or contain specific information and disclosures, these requirements are
complied with in material respects or otherwise in a manner that would not materially affect the recoverability of amounts owed in respect of the relevant Receivables; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) provide such other information as the Purchaser may reasonably request in relation to compliance by the
Seller or the Receivables Manager, as applicable, with Additional Regulatory Requirements applicable to the origination and administration of such Receivables, including but not limited to (i) template pre-contractual borrower communications and documentation; (ii) compliance with form and content requirements relating to customer documentation including, but not limited to, the loan agreement, account
statements, notices of default and notices of arrears; and (iii) evidence that all relevant regulatory permissions or registrations have been obtained.

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10.8 **Sales, Liens, etc.** 

The Seller shall not sell (or, if applicable, hold on trust), assign (by operation of law or otherwise) or otherwise dispose of, or create or suffer to exist any Security Interest upon or with respect to, the Purchased Receivables except as otherwise expressly required or provided for in this Agreement or any other Transaction Document, provided that nothing in this Clause 10.8 shall prohibit or restrict any transfer or disposal of the legal title to any Purchased Receivable and Related Rights to the UK Sub.

**11.** **Termination Events** 

11.1 If at any time any of the following events (each a  ***Seller Termination Event***) has occurred and
is continuing, the Seller may (subject to Clause 11.5) terminate the Commitment Period with immediate effect by giving notice to the Purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sale of the Purchased Receivables by the Seller to the Purchaser ceases to be accounted for as a sale
under either US GAAP for PPHI or under IFRS for the Seller as determined in good faith by the Seller's accountants in accordance with generally accepted accounting standards and guidance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Purchaser does not pay on the due date any amount payable pursuant to this Agreement at the place and in
the currency in which it is expressed to be payable in an aggregate amount of not less than Euro Equivalent [\*\*\*] unless its failure to pay is caused by an administrative or technical error or a Disruption Event, and payment is made within five
Business Days of its due date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Purchaser does not comply with any material provision of this Agreement (other than any provision where
the result of such non-compliance is the occurrence of the event specified in Clause 11.1(a) above) and any such non-compliance is unremedied and unwaived for 15
Business Days of the Purchaser being notified or becoming aware of such non-compliance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any representation made by the Purchaser in the form set out in Part C of Schedule 2 (*Purchaser Representations*) is or proves to have been incorrect or misleading in any material respect when required to be made and any such misrepresentation is unremedied and unwaived for 15 Business Days of the Purchaser being notified or becoming aware
of such misrepresentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) an Insolvency Event has occurred in relation to the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) it is or becomes unlawful for the Purchaser to perform any of its obligations under this Agreement, provided
that if it is or becomes unlawful for the Purchaser to purchase Receivables originated in a particular jurisdiction from the Seller, such event shall not constitute a termination event under this Clause 11.1 and instead this Agreement will continue
save that the Purchaser shall no longer purchase any Receivables originated in such jurisdiction;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Purchaser repudiates or rescinds this Agreement or evidences an intention to repudiate or rescind this
Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Purchaser has delivered a Receivables Manager Termination Notice to the Receivables Manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it is or becomes unlawful for the Seller or the Receivables Manager to perform any of its obligations under
this Agreement or the Receivables Management Agreement, or such performance becomes in the opinion of the Seller, acting reasonably, materially more burdensome as a result of a change in applicable law and regulation (other than a law or regulation
relating to Tax, as to which Clause 11.1(l) shall apply) and the Seller has provided a certificate signed by a director stating that there is no reasonable prospect of avoiding the circumstances giving rise to the Seller's performance becoming
materially more burdensome and including reasonable detail as to such circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the Purchase Condition set out in Clause 2.5(f) is not satisfied on three or more consecutive Sale Notice
Dates as a result of the Purchaser not having entered into hedging arrangements in respect of the sale of Receivables set out in a Sale Notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) subject to Clause 11.5, a Tax Event has occurred for which either the Seller or the Receivables Manager is
an Affected Party, provided that such Tax Event has or will have a material adverse effect on that Affected Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) a Change of Control occurs in respect of the Purchaser; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) [\*\*\*]

11.2 If at any time any of the following events (each a  ***Purchaser Termination Event***) has occurred
and is continuing, the Purchaser may (subject to Clause 11.5) terminate the Commitment Period with immediate effect by giving notice to the Seller:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Seller is in breach of any of its material obligations under this Agreement, provided that if such
breach is caused by an error or omission of an administrative, personnel, system, technical, or operational nature and such breach is remedied within 15 Business Days, such event shall not constitute a Purchaser Termination Event under this Clause
11.2;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Seller does not pay on the due date any amount payable pursuant to this Agreement at the place and in
the currency in which it is expressed to be payable in an aggregate amount of not less than Euro Equivalent [\*\*\*] unless its failure to pay is caused by an administrative or technical error or a Disruption Event, and payment is made within five
Business Days of its due date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any representation made by the Seller in the form set out in Part B of Schedule 2 (*Seller Representations*) is or proves to have been incorrect or misleading in any material respect when required to be made and any such misrepresentation remains unremedied or unwaived on the 15th Business Day after the date the Seller was notified or
become aware of such misrepresentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an Insolvency Event has occurred in relation to the Seller or PPHI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) it is or becomes unlawful for the Seller to perform any of its obligations under this Agreement or the
Receivables Management Agreement, provided that if it is or becomes unlawful for the Seller to sell Receivables originated in a particular jurisdiction to the Purchaser, such event shall not constitute a Purchaser Termination Event under this Clause
11.2 and instead this Agreement will continue save that the Seller shall no longer offer to sell to the Purchaser any Receivables originated in such jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Seller repudiates or rescinds this Agreement or evidences an intention to repudiate or rescind this
Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) it is or becomes unlawful for the Purchaser to perform any of its obligations under this Agreement, provided
that if it is or becomes unlawful for the Purchaser to purchase Receivables originated in a particular jurisdiction from the Seller, such event shall not constitute a Purchaser Termination Event under this Clause 11.2 and instead this Agreement will
continue save that the Purchaser shall no longer purchase any Receivables originated in such jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) subject to Clause 11.5, a Tax Event has occurred for which the Purchaser is an Affected Party, provided that
such Tax Event has or will have a material adverse effect on the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Purchaser has delivered a Receivables Manager Termination Notice to the EU Receivables Manager or the EU
Receivables Manager has given notice of its resignation pursuant to the Receivables Management Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) [\*\*\*]

11.3 The Seller and the Purchaser each agree to take reasonable steps to mitigate the occurrence of any
Termination Event.

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11.4 Following termination of the Commitment Period, either pursuant to Clause 11.1 or Clause 11.2, or because
the Commitment Period has otherwise ended, the provisions of this Agreement will nevertheless continue to apply in the case where the Purchaser still holds Receivables sold to it by the Seller prior to the Commitment Period ending.

11.5 In the event that a Tax Event has occurred, the Affected Party shall notify the other Parties and for a
period of 30 days after the date of such notification, the Parties shall consult with each other and cooperate in good faith to agree such changes to the Transaction Documents as the Parties may agree (including changes to the Parties) in order to
mitigate the effect of or reduce the additional Tax incurred by any Party as a result of the applicable Tax Event. If the Parties are unable to agree any such changes within that 30 day period (or such longer period as the Parties may in writing
agree) (the  ***Consultation Period***), the relevant Affected Party may exercise its termination right pursuant to Clause 11.1 or Clause 11.2, as applicable. Notwithstanding any contrary provision in the Transaction Documents, the Seller
shall not offer any Receivables (and their Related Rights) for sale and assignment to the Purchaser during the Consultation Period.

**12.** **Costs and Expenses** 

12.1 [\*\*\*]

12.2 [\*\*\*]

12.3 [\*\*\*]

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12.4 [\*\*\*]

**13.** **Reimbursements** 

Where any Party is required by the terms of this Agreement to reimburse or indemnify any Party for any cost or expense, such Party shall reimburse or indemnify such other Party on an after-Tax basis for the full amount of such cost or expense, including such part thereof as represents Irrecoverable VAT.

**14.** **Merger** 

Any term of this Agreement to which effect is not given at the relevant Title Transfer Time, (including in particular the liability of the Seller under the warranties set out in Clause 8 (*Representations, Loan Warranties, Repurchase and Anti-dilution Obligations*)) shall not merge but shall remain in full force and effect notwithstanding the relevant Title Transfer Time.

**15.** **No Agency or Partnership** 

It is hereby acknowledged and agreed by the Parties that nothing in this Agreement shall be construed as giving rise to any relationship of agency, save as expressly provided herein, or partnership between the Parties and that in fulfilling its obligations hereunder, each Party shall be acting entirely for its own account.

**16.** **Payments** 

16.1 All payments to be made pursuant to this Agreement shall be made in sterling or euro (as applicable) in
immediately available funds by electronic transfer on the due date for payment without exercising or seeking to exercise any right of set-off as may otherwise exist (save as provided in Clause 19
(*Withholdings and Set-off*)) and shall be deemed to be made when they are received by the payee and shall be accounted for accordingly unless failure to receive any payment is due to an error by the
payee's bank.

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16.2 Any cash payment to be made pursuant to this Agreement by the Purchaser to the Seller shall be made to the
Seller Bank Accounts.

16.3 Any cash payment to be made pursuant to this Agreement by the Seller to the Purchaser shall be made to the
Purchaser Bank Accounts.

16.4 If any sum due for payment in accordance with this Agreement is not paid on the due date for payment, the
person in default shall pay Default Interest on that sum from but excluding the due date to and including the date of actual payment calculated on a daily basis.

**17.** **VAT** 

17.1 All sums or other consideration payable or otherwise provided by any Party pursuant to this Agreement are
exclusive of any VAT which is properly chargeable on the supply or supplies made by such Party for which such sums or other consideration (or any part thereof) are the whole or part of the consideration for VAT purposes (irrespective of the
recipient of such supply or supplies).

17.2 If any supply is treated as made for VAT purposes by a Party under or pursuant to this Agreement or any
other Transaction Document, and that Party or its Affiliate is required to account for VAT in respect of that supply, the Party which is the recipient of that supply shall, subject to the receipt of a valid VAT invoice, pay to the first-mentioned
Party (in addition to any other consideration for that supply) an amount equal to such VAT. Such payment shall be made within five (5) Business Days following receipt of a valid VAT invoice or, if later, the date on which any such consideration
is payable.

**18.** **Taxes** 

18.1 The Purchaser and the Seller shall each make all payments required to be made by it under this Agreement
without any Tax Deduction, unless a Tax Deduction is required by law.

18.2 Each of the Purchaser and Seller shall promptly upon becoming aware that it must make a Tax Deduction (or
that there is any change in the rate or the basis of a Tax Deduction) notify the other Parties accordingly.

18.3 If a Tax Deduction is required by law to be made from a payment made by the Purchaser or the Seller (the  ***Payor***) under this Agreement, the amount of the payment shall be increased to an amount which (after making any Tax Deduction) leaves the recipient of such payment (the  ***Recipient***) with an amount equal to the payment which
would have been due if no Tax Deduction had been required. If the Payor pays an additional amount under this Clause 18.3 and the Recipient subsequently obtains a Relief or other refund of Tax or credit against Tax by reason of the Tax Deduction
which gave rise to that additional amount, the Recipient shall reimburse the Payor with an amount such as the Recipient shall reasonably determine to be such proportion of the said Relief, refund or credit as shall leave it (on an affiliated-group
basis) after such reimbursement in no better or worse position than it would have been in had no Tax Deduction been required.

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18.4 If the Purchaser or the Seller is required to make a Tax Deduction, it shall make that Tax Deduction and any
payment to any Tax Authority required in connection with that Tax Deduction within the time allowed and in the minimum amount required by law. Each Party shall take such reasonable procedural steps as the other Party may request to enable a payment
made under this Agreement without, or with a reduced, Tax Deduction.

18.5 The Purchaser shall pay and bear the cost of all stamp duty, registration and other similar transfer Taxes
( ***Transfer Taxes***) payable by either Party in connection with the execution and delivery of this Agreement and the Receivables Management Agreement, except in each case any such Taxes arising in connection with (a) a voluntary
registration of this Agreement or the Receivables Management Agreement by the Seller or the Receivables Manager with the *Administration de l'Enregistrement, des Domaines et de la TVA* or any other Tax Authority,
(b) registration by the Seller or the Receivables Manager of any Transaction Document in Luxembourg or any Relevant Jurisdiction when such registration is not required to enforce the rights of the Seller or the Receivables Manager under
that Transaction Document, or (c) a "*caso d'uso*" or "*enunciazione*" for Italian Tax purposes, insofar as they result from an act of the Seller.

18.6 The Purchaser shall indemnify the Seller on demand against any Taxes suffered by or incurred by the Seller
in connection with any Purchased Receivables (including, for the avoidance of doubt, any Taxes payable by the Seller in respect of amounts received or receivable (or deemed to be received or receivable) by the Seller on account of the Purchased
Receivables), excluding in all cases (a) any Transfer Taxes, (b) any Taxes calculated by reference to the net income, profits or gains received or receivable (or deemed to be received or receivable) by the Seller in respect of any amount
payable to it by the Purchaser under this Agreement, and (c) any Taxes relating to Collections to which the Seller is entitled (i) pursuant to Clause 8.18 or (ii) in respect of a Receivable repurchased under Clause 8.10.

18.7 Notwithstanding anything to contrary, the provisions of this Clause 18 shall survive any termination of this
Agreement.

**19.** **Withholdings and Set-off** 

19.1 All sums payable under this Agreement or for breach of any of the provisions of this Agreement shall be paid
free and clear of all deductions or withholdings (including any Tax Deductions) whatsoever, save only as provided in Clauses 6.2, 8.17, 8.20, 8.21, 12.1, 12.2, 18 (*Taxes*) and Paragraph 2 of Schedule 6 of this Agreement, or as required by
applicable law.

19.2 Save only as provided expressly in Clauses 6.2, 8.17, 8.20, 8.21, 12.1, 12.2, 18 (*Taxes*) and
Paragraph 2 of Schedule 6 of this Agreement, each Party waives and relinquishes any right of set-off or counterclaim, deduction or retention which it might otherwise have out of any payments which it may be
obliged to make (or procure to be made) to any other Party pursuant to this Agreement or otherwise.

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**20.** **Assignment and Secondary Sale of Receivables** 

20.1 Subject to Clauses 20.2 and 20.3 in respect of which circumstances no consent is required, no Party hereto
shall be entitled to assign all or any part of its right or obligations hereunder to any other party without the prior written consent of each of the other Parties hereto (which shall not, if requested, be unreasonably withheld), save that the
Security Agent may assign if necessary its rights under this Agreement to a successor or additional trustee appointed under the Security Documents.

20.2 The Purchaser shall be entitled to assign by way of security all or any of its rights under this Agreement
without such consent to the Security Agent pursuant to the Security Documents.

20.3 [\*\*\*]

**21.** **Security Agent Provisions** 

21.1 If there is any change in the identity of the Security Agent in accordance with the Security Documents, the
Seller and the Purchaser shall execute such documents and take such action as the new trustee and the outgoing trustee may require for the purpose of vesting in the new trustee the rights, powers and obligations of the outgoing trustee, and
releasing the outgoing trustee from its future obligations, under this Agreement.

21.2 Nothing in this Agreement shall impose any obligation or liability on the Security Agent to assume or
perform any of the obligations or liabilities of the Purchaser, the Seller or the Receivables Manager hereunder or render it liable for any breach thereof.

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21.3 The exercise or performance by the Security Agent of its rights, remedies or functions under this Agreement
are subject in all respects to the terms of the Master Framework Agreement and the Security Documents. The Security Agent has agreed to become a party to this Agreement only for the purpose of taking the benefit of contractual provisions expressed
to be given in its favour, enabling better preservation and enforcement of its rights under this Agreement and the Security Documents and for administrative ease associated with matters where its consent is required. The Security Agent shall not
assume any liabilities or obligations under this Agreement unless such obligation or liability is expressly assumed by the Security Agent in this Agreement. All the provisions of the Master Framework Agreement and the Security Documents relating to
the exercise by the Security Agent of its powers, trusts, authorities, duties, rights and discretions shall apply, *mutatis mutandis*, to the discharge by the Security Agent of its powers, trusts, **  authorities, duties, rights and
discretions under this Agreement. In the event of any inconsistency between the terms of the Master Framework Agreement, the Security Documents and this Agreement in respect of the exercise by the Security Agent of the powers, trusts, authorities,
duties, rights and discretions only, the terms of the Master Framework Agreement shall prevail.

**22.** **Confidentiality** 

22.1 Subject to Clause 22.2, each party to this Agreement agrees at all times that it shall keep confidential and
will not disclose to any person, firm or company whatsoever any information (including, without limitation, any technology, know-how, patent application, test result, research study, business plan, budget,
model, algorithm, policy, data set, management information, commercial information, product information, forecast or projection) relating directly or indirectly to the business, finances or other matters of a confidential nature of any party to the
Transaction Documents (or any predecessor entity), which it may have obtained as a result of the execution or performance of any Transaction Document, provided however that the provisions of this Clause 22 shall not apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to the disclosure of any information to the Security Agent or to any other person who is a party to any of
the Transaction Documents as expressly permitted by the Transaction Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the disclosure of any information by such party to the Class C Lender or [\*\*\*] or any of their
respective Affiliates, or Affiliates' officers, directors, employees, partners, investment partners, existing and prospective funding sources (which may include the limited partners or clients of the participating funds), advisors, auditors
and insurers (each a Representative) on a need to know basis, provided that such Representative is bound by an obligation of confidentiality in respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to the disclosure of any information by such party to any of its Affiliates; provided that before any such
disclosure, the party shall make the relevant employees of the Affiliate aware of their obligations of confidentiality under the relevant Transaction Document and shall at all times procure compliance with such obligations by such employees;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to the disclosure of any information which is or becomes public knowledge otherwise than as a result of the
wrongful conduct of the recipient (such wrongful conduct includes a breach of this Clause 22.1);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to the extent that such disclosure or use is required pursuant to any law (including to any authorised
person as referred to in article 27.2 of the EU Securitisation Regulation) or order of any court, any arbitral or judicial proceedings arising out of this Agreement or any other agreement entered into under or pursuant to this Agreement or to enable
a determination to be made by the accountants of any parties under this Agreement, or pursuant to any direction or requirement (whether or not having the force of law) of any central bank or any governmental or other regulatory or Tax Authority
(including in connection with the Tax affairs of the disclosing party or any Affiliate) or is necessary or desirable having regard to applicable stock exchange rules (including those stock exchanges on which the shares of any party or its Affiliates
are listed) and guidelines or any industry guidelines or industry best practice adopted by owners of consumer unsecured loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to the disclosure of any information to professional advisers (including, without prejudice to the
generality of the foregoing, consultants, accountants, auditors, financial advisors or lawyers) who receive the same under a duty of confidentiality;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to the disclosure of any information by the Seller to a credit check agency or credit bureau engaged in the
ordinary course of business of the Seller;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to the disclosure of any information to a potential source of finance provided that before any such
disclosure, such potential source of finance shall enter into a direct confidentiality undertaking with the Seller and its Affiliates in form and substance satisfactory to the Seller;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the disclosure of any information with the prior written consent of the relevant Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) to any disclosure for the purposes of collecting in or enforcing any Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) to any disclosure or use which is required to vest the full benefit of the relevant Transaction Document in
any party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) to any disclosure made by or on behalf of any of the Parties hereto, the Class C Lender or [\*\*\*] to any
Rating Agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) in the case of the Security Agent, in connection with transferring or purporting to transfer its rights and
obligations to a successor Security Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) in the case of the Purchaser, the information was already in the possession of the Purchaser from a source
that, to the Purchaser's best knowledge and belief does not owe a duty of confidentiality to the Seller or its Affiliates with respect to such information;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the information is independently developed without use or reference to this Agreement or the other
Transaction Documents or without use or reference to any information supplied to it pursuant to or in connection with this Agreement or the other Transaction Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) to the extent that the Security Agent needs to disclose the same for the protection or enforcement of any of
its rights under any of the Transaction Documents or in connection herewith or therewith, to such persons as require to be informed of such information for such purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) for the purpose of discharging, in such manner as the Security Agent thinks fit, its duties under or in
connection with the Transaction Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) in the case of the Seller, to publish any press release in connection with this Agreement on or around the
date of this Agreement for the purposes of disclosing the arrangement to the markets in a form agreed by the Purchaser (such agreement not to be unreasonably withheld or delayed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) to the extent that the recipient needs to disclose the same to any of the employees of the Seller provided
that before any such disclosure the Seller shall make the employees of the Seller aware of its obligations of confidentiality under the relevant Transaction Document and shall at all times procure compliance with such obligations by such employees;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) to the extent the information is independently developed without use or reference to any information
relating to the business, finances or other matters of a confidential nature or any other Party of which it may have come into possession in the course of its duties hereunder or otherwise.

22.2 Notwithstanding the rights conferred pursuant to Clause 22.1, neither Party may disclose information to any
other party where such disclosure would breach any terms relating to data protection in this Agreement, or in the Receivables Management Agreement, or any applicable law or regulation, including the Data Protection Legislation.

**23.** **Data Protection** 

23.1 Each Party shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to the extent applicable to them, comply with the Data Protection Legislation to the extent that such Party
processes any Personal Data in respect of the Receivables, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) not use any Personal Data other than in accordance with the privacy information given to the Borrower at the
time their Personal Data was collected.

23.2 Prior to the provision of a Borrower Notice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Seller shall remain controller (as that term is defined in the GDPR, or in the case of the UK, the UK
GDPR) in respect of Personal Data relating to the Receivables and related Borrowers;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Seller and the Receivables Manager shall not transfer any Personal Data to, or take instructions
relating to Personal Data from, any other Party, or Parties in connection with this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any information provided by the Seller or the Receivables Manager to any other Party shall be fully
anonymised; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Purchaser and Security Agent agree that they shall not carry out, or attempt, any activity on any
information received under this Agreement (whether directly, or indirectly) that is aimed at, or results in, the attributing of information to an identified or identifiable natural person, including by combining the information received with any
other information available to that Party.

23.3 Upon the provision of a Borrower Notice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Seller shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in respect of the Personal Data in connection with the Purchased Receivables subject to such Borrower
Notice, immediately cease acting as controller as regards any processing of such Personal Data, and shall only process such Personal Data in accordance with the terms of the Receivables Management Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if instructed by Purchaser, or the Security Agent, transfer the Records, including all Personal Data held in
connection with the Records, to such person as the Purchaser, or the Security Agent, shall direct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Purchaser shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in respect of any Personal Data processed in connection with the Receivables and any Related Rights in
relation to which, and to the extent that, it will take on the role of independent controller, comply with the Data Protection Legislation requirements applicable to it as a controller, including, with respect to obligations in relation to
lawfulness, fairness and transparency (including ensuring that on-time, compliant disclosures on data processing are provided to Borrowers), integrity and confidentiality, and Borrowers' exercise of
their data subjects' rights; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) enter into appropriate data protection arrangements in accordance with Data Protection Legislation with any
person engaged as to process the Borrowers' Personal Data, including with any receivables management provider engaged to manage the receivables.

**24.** **Entire Agreement** 

24.1 This Agreement and the schedules together constitute the entire agreement and understanding between the
Parties in relation to the subject matter of this Agreement and cancel and replace any other previous draft, agreement or understanding in relation to such subject matter.

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24.2 Each Party agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it has not entered into this Agreement in reliance upon any statement, representation, warranty or
undertaking of any other Party which is not expressly set out or referred to in this Agreement or any other Transaction Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) except in respect of an express representation or warranty under this Agreement or any other Transaction
Document, it shall not have any claim or remedy (whether in equity, contract, delict or tort, under the Misrepresentation Act 1967 or in any other way) in respect of any misrepresentation or breach of warranty by any other Party or in respect of any
untrue statement by any other Party, regardless of whether such misrepresentation, breach or untrue statement was made, occurred or was given prior to the execution of this Agreement or any of the Transaction Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any terms or conditions implied by law in any jurisdiction in relation to the transaction contemplated by
this Agreement and/or the Transaction Documents are excluded to the fullest extent permitted by law or, if incapable of exclusion, any right or remedies in relation to them are irrevocably waived;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the only right or remedy of any Party in relation to any provision of this Agreement or any other
Transaction Document shall be for breach of this Agreement or the relevant Transaction Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) except for any liability in respect of a breach of this Agreement or any other Transaction Document, no
Party shall owe any duty of care or have any liability in tort or otherwise to any other Party in relation to the transaction contemplated by this Agreement and/or the Transaction Documents.

24.3 Nothing in this Clause 24 shall have the effect of excluding, limiting or restricting any liability for
fraudulent misrepresentation or any liability of any person arising as a result of any wilful default, fraud, illegal dealing, negligence or material breach of this Agreement or any Transaction Document or breach of trust by such person.

**25.** **Amendments and Waivers** 

25.1 Subject to Clause 25.2, no amendment or waiver of any provision of this Agreement shall be effective unless
it is in writing and signed by each of the Parties hereto.

25.2 Any provision of this Agreement may be amended or waived by agreement in writing and signed by the Seller,
the Purchaser and the Class C Lender in the circumstances contemplated under clause 3.7(f) of the Master Framework Agreement, subject to clause 3 of the Master Framework Agreement. The Seller shall notify (or procure the notification of) the
Parties of any such amendment or waiver as soon as reasonably practicable after such amendment or waiver has been signed by the Seller, the Purchaser and the Class C Lender.

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25.3 Except as expressly provided in this Agreement, no failure or delay by any Party in exercising any right or
remedy relating to this Agreement or any of the other Transaction Documents shall affect or operate as a waiver or variation of that right or remedy or preclude its exercise at any subsequent time. No single or partial exercise of any such right or
remedy shall preclude any further exercise of it or the exercise of any other remedy. The remedies in this Agreement are cumulative and not exclusive of any remedies provided by law.

**26.** **Further assurance** 

The Parties hereto agree that they will co-operate fully to (and the Purchaser will use best efforts to provide relevant information and support to the Seller such that the Seller shall) do all such further acts and things and execute any further documents that may be necessary or desirable to give full effect to the transactions contemplated by this Agreement (but subject always to the provisions of Clauses 7 (*Notification of Sales*) and 23 (*Data Protection*)).

**27.** **Notices** 

27.1 Any notice or communication to be given under or in connection with this Agreement shall be made in writing
and, unless otherwise stated, may be made by letter or electronic communication (including email).

27.2 The address and email address (and the department or officer, if any, for whose attention the communication
is to be made) of each Party for any notice, communication or document to be made or delivered under or in connection with this Agreement is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of the Seller or the EU Receivables Manager, to it at:

Address: 22-24 Boulevard Royal, L-2449 Luxembourg, Luxembourg

Email: [\*\*\*]

Attention: [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of the Purchaser, to it at:

Address: 2, rue Edward Steichen, L-2540 Luxembourg-City, Luxembourg

Email: [\*\*\*]

Attention: [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of the Class C Lender, to it at:

Address: 2, rue Edward Steichen, L-2540 Luxembourg-City, Luxembourg

Email: [\*\*\*]

Attention: [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the case of the Back-Up Receivables Manager Facilitator, to it
at:

Address: 2, rue Edward Steichen, L-2540 Luxembourg-City, Luxembourg

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Email: [\*\*\*]

Attention: [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in the case of the UK Receivables Manager, to it at:

Address: 5 Fleet Place, London, United Kingdom, EC4M 7RD

Email: [\*\*\*]

Attention: [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in the case of the Security Agent, to it at:

Address: 160 Queen Victoria Street, London EC4V 4LA, United Kingdom

Email: [\*\*\*]

Attention: [\*\*\*]

or any substitute address or email address or for the attention as the relevant Party may notify to all of the other Parties by not less than seven days' notice.

27.3 Any notice, communication or document made or delivered by one person to another under or in connection with
this Agreement will only be effective 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, and, if a particular
department or officer is specified as part of its address details provided under Clause 27.2, if addressed to that department or officer.

27.4 Any notice, communication or document which becomes effective, in accordance with Clause 27.3, after 5.00
p.m. Luxembourg time in the place of receipt shall be deemed only to become effective on the following day.

27.5 Any notice or communication under or in connection with this Agreement may be made by electronic mail or
other electronic means. Any such electronic communication will be effective only when actually received in readable form.

27.6 Any electronic communication which becomes effective, in accordance with Clause 27.5, after 5.00 p.m.
Luxembourg time in the place of receipt shall be deemed only to become effective on the following day.

27.7 Notwithstanding Clauses 27.3 to 27.6, the Parties agree that any Sale Notice delivered by the Seller to the
Purchaser under or in connection with this Agreement will be effective at the point in time at which such Sale Notice has been uploaded to an electronic platform that is accessible by the Purchaser and a notification has been made by email or other
means to notify the Purchaser that such Sale Notice has been uploaded.

27.8 Any notice given under or in connection with this Agreement must be in English.

**28.** **Bail-In** 

28.1 Contractual recognition of bail-in

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Notwithstanding any other term of any Transaction Document or any other agreement, arrangement or understanding between the Parties, each Party acknowledges and accepts that any liability of the Seller and/or the EU Receivables Manager to any other Party under or in connection with the Transaction Documents may be subject to Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to be bound by the effect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Bail-In Action in relation to any such liability, including
(without limitation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued
but unpaid interest) in respect of any such liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a conversion of all, or part of, any such liability into shares or other instruments of ownership that may
be issued to, or conferred on, it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a cancellation of any such liability; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a variation of any term of any Transaction Document to the extent necessary to give effect to any Bail-In Action in relation to any such liability.

28.2 Bail-in definitions

In this Clause 28:

***Bail-In Action*** means the exercise of any Write-down and Conversion Powers. ****

***Bail-In Legislation*** means Article 55 of Directive 2014/59/EU establishing a ****framework for the recovery and resolution of credit institutions and investment firms, the Luxembourg law of 5 April 1993 on the financial sector and the Luxembourg law of 18 December 2015 on the default of credit institutions and certain investment firms and any other law or regulation, or circulars applicable in Luxembourg relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (otherwise than through liquidation, administration or other insolvency proceedings);

***Resolution Authority*** means any body which has authority to exercise any Write-down and Conversion Powers.

***Write-down and Conversion Powers*** means: ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any write-down, conversion, transfer, modification or suspension power existing from time to time under, and
exercised in compliance with, any law or regulation in effect in Luxembourg, relating to the transposition of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms, including but
not limited to the Bail-In Legislation and Regulation (EU) No 806/2014 and the instruments, rules and standards created thereunder, pursuant to which: (i) any obligation of a bank or investment firm or
affiliate of a bank or investment firm can be reduced, cancelled, modified or converted into shares, other securities or other obligations of such entity or any other person (or suspended for a temporary period); and (ii) any right in a
contract governing an obligation of a bank or investment firm or affiliate of a bank or investment firm may be deemed to have been exercised; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any similar or analogous powers under that Bail-In Legislation.

**29.** **Third Party Rights** 

A person who is not a party to this Agreement may not enforce any of its terms under the Contracts (Rights of Third Parties) Act 1999.

**30.** **Severability** 

Where any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations under this Agreement, or of such provision or obligation in any other jurisdiction, shall not be affected or impaired thereby.

**31.** **Counterparts and Spanish notarisation** 

31.1 This Agreement may be executed in any number of counterparts and by each Party on single counterparts. Each
counterpart is an original but all counterparts shall together constitute one and the same instrument. Delivery of a counterpart of this Agreement by e-mail shall be an effective mode of delivery.

31.2 The Seller and the Purchaser shall raise this Agreement into the status of the Spanish public document
through an *escritura pública* before a Spanish notary as soon as reasonably practicable after the first Settlement Date. Any notary's fees and expenses derived from such notarisation shall be borne by the Seller.

**32.** **Limited Recourse and Non-petition** 

32.1 **Limited recourse: Purchaser** 

Notwithstanding any of the provisions of this Agreement or any other Transaction Document, each of the parties to the Transaction Documents (other than the Purchaser) hereby acknowledges and agrees that all obligations of the Purchaser (in any capacity) under or in connection with the Transaction Documents to which the Purchaser is expressed to be a party are limited recourse and sums payable to it in respect of any of the Purchaser's obligations shall be limited to the Purchaser's assets that are available to the Purchaser, subject to and in accordance with the Security Documents and the Priorities of Payment, and if the net proceeds of realisation of the security constituted by the Security Documents are less than the aggregate amount payable by the Purchaser to the Facility Providers and any other Secured Creditors in respect of its obligations under or in connection with the Transaction Documents (such negative amount being referred to herein as a "shortfall"), the amount payable by the Purchaser to the Receivables Manager, the Facility Providers and each other Secured Creditor in respect of the Purchaser's obligations under or in connection with such Transaction Document shall be reduced to such amount of the net proceeds as shall be applied in accordance with the Security Documents and the Priorities of Payment, and such parties shall not (directly or indirectly) be entitled to take any further steps against the Purchaser to recover such shortfall, which shall be deemed to be automatically extinguished.

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32.2 **Non-petition: Purchaser** 

The parties to this Agreement and the Transaction Documents (other than the Purchaser) acknowledge and agree that they (or any other party acting on their behalf) shall not be entitled at any time to institute against the Purchaser, or join in any institution against the Purchaser of, any bankruptcy, reorganisation, arrangement, insolvency, examinership or liquidation proceedings, or other analogous proceedings, or appoint any liquidator, administrator, receiver, examiner, trustee, sequestrator or any similar officer under any applicable bankruptcy or similar law in connection with any obligations of the Purchaser under or in connection with this Agreement and the Transaction Documents. For the avoidance of doubt, nothing in this Clause 32.2 shall prevent the Security Agent enforcing the security constituted by the Security Documents in accordance with its terms, provided that in connection with any such enforcement neither the Security Agent nor any receiver appointed thereunder shall take any steps or proceedings to procure the winding up, examinership or liquidation of the Purchaser, save for lodging a claim in the liquidation, administration, or such similar proceedings, of the Purchaser which is initiated by another party or taking proceedings to obtain a declaration or judgment as to the obligations of the Purchaser in relation thereto.

32.3 **Corporate obligations: Purchaser** 

Each of the parties to this Agreement and the Transaction Documents (other than the Purchaser) hereby acknowledges and agrees that no recourse under any obligation, covenant, or agreement of the Purchaser contained in any Transaction Document or implied therefrom may be sought by it against any shareholder, officer, agent, employee or manager of the Purchaser, by the enforcement of any assessment or by any proceeding, by virtue of any statute or otherwise, it being expressly agreed and understood that this Agreement and the Transaction Documents are corporate obligations of the Purchaser only. Each of the parties hereto (other than the Purchaser) hereby acknowledges and agrees that no personal liability shall attach to or be incurred by the shareholders, officers, agents, employees or managers of the Purchaser, or any of them, under or by reason of any of the obligations, covenants or agreements of the Purchaser contained in any Transaction Document (including this Agreement), or implied therefrom, and any and all personal liability of every such shareholder, officer, agent, employee or manager for breaches by the Purchaser of any such obligations, covenants or agreements, either at law or by statute or constitution, of every such shareholder, officer, agent, employee or manager is hereby deemed expressly waived by the parties hereto.

32.4 The provisions of this Clause 32 (*Limited Recourse and Non-petition*) shall survive the termination of this Agreement and the other Transaction Documents.

**33.** **Luxembourg Securitisation Act** 

Each of the Seller and the Security Agent expressly acknowledges and accepts, and will be deemed to have accepted and acknowledged, that the Purchaser is subject to the Securitisation Act 2004. Each of the Seller and the Security Agent expressly acknowledges and accepts that once all the assets of the Purchaser have been

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realised, it is not entitled to take any further steps against the Purchaser to recover any further sums due and the right to receive any such sum shall be extinguished. Each of the Seller and the Security Agent accepts not to attach or otherwise seize the assets of the Purchaser. In particular, neither the Seller nor the Security Agent shall be entitled to petition or take any other step for the winding-up, the liquidation or the bankruptcy of the Purchaser or any similar insolvency related proceedings. In case of a conflict between the provisions of this Clause 33 and the other provisions of this Agreement, the provisions of this Clause 33 shall prevail.

**34.** **Governing Law and Jurisdiction** 

34.1 This Agreement and any non-contractual obligations arising out of or
in connection with this Agreement shall be governed by, and interpreted in accordance with, English law (other than any terms of this Agreement specific to the law of any other Relevant Jurisdiction, which shall be construed in accordance with such
Relevant Jurisdiction).

34.2 The English courts shall have exclusive jurisdiction in relation to all disputes arising out of or in
connection with this Agreement (including claims for set-off and counterclaims), including disputes arising out of or in connection with: (i) the creation, validity, effect, interpretation, performance or non-performance of, or the legal relationships established by, this Agreement; and (ii) any non-contractual obligations arising out of or in connection with this
Agreement. For such purposes, each Party irrevocably submits to the jurisdiction of the English courts and waives any objection to the exercise of such jurisdiction.

34.3 The Seller and EU Receivables Manager shall at all times maintain an agent for service of process and any
other documents in proceedings in England or any other proceedings in connection with this Agreement. Such agent shall be [\*\*\*] and any claim form, judgment or other notice of legal process shall be sufficiently served on the Seller and EU
Receivables Manager if delivered to such agent at its address for the time being. The Seller and EU Receivables Manager irrevocably undertakes not to revoke the authority of this agent and if, for any reason, any Party requests the Seller and EU
Receivables Manager to do so, it shall promptly appoint another such agent with an address in England and advise the other Parties. If, following such a request, the Seller and EU Receivables Manager fails to appoint another agent, any other Party
shall be entitled to appoint one on behalf of the Seller and EU Receivables Manager at the Seller and EU Receivables Manager's expense.

34.4 The Purchaser shall at all times maintain an agent for service of process and any other documents in
proceedings in England or any other proceedings in connection with this Agreement. Such agent shall be Maples Fiduciary Services (UK) Limited of 11th Floor, 200 Aldersgate Street, London EC1A 4HD and any claim form, judgment or other notice of legal
process shall be sufficiently served on the Purchaser if delivered to such agent at its address for the time being. The Purchaser irrevocably undertakes not to revoke the authority of this agent and if, for any reason, the Seller requests the
Purchaser to do so, it shall promptly appoint another such agent with an address in England and advise the Seller. If, following such a request, the Purchaser fails to appoint another agent, the Seller shall be entitled to appoint one on behalf of
the Purchaser at the Purchaser's expense.

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34.5 The Class C Lender shall at all times maintain an agent for service of process and any other documents
in proceedings in England or any other proceedings in connection with this Agreement. Such agent shall be Maples Fiduciary Services (UK) Limited of 11th Floor, 200 Aldersgate Street, London EC1A 4HD and any claim form, judgment or other notice of
legal process shall be sufficiently served on the Class C Lender if delivered to such agent at its address for the time being. The Class C Lender irrevocably undertakes not to revoke the authority of this agent and if, for any reason, the
Seller requests the Class C Lender to do so, it shall promptly appoint another such agent with an address in England and advise the Seller. If, following such a request, the Class C Lender fails to appoint another agent, the Seller shall
be entitled to appoint one on behalf of the Class C Lender at the Class C Lender's expense.

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**Schedule 1** 

**Initial Conditions Precedent** 

**Part A Seller Initial Conditions Precedent** 

1. A duly executed copy of this Agreement, the Receivables Management Agreement, [\*\*\*] and the [\*\*\*].

2. A copy of its constitutional documents.

3. An up-to-date excerpt of the
Luxembourg trade and companies register (*Registre de commerce et des sociétés, Luxembourg*) dated no earlier than one Business Day **  prior to the date of this Agreement.

4. A copy of the Seller's unlimited shareholder's (PayPal (Europe) S.à r.l.) constitutional
documents.

5. An up-to-date excerpt of the
Luxembourg trade and companies register (*Registre de commerce et des sociétés, Luxembourg*) in respect of the Seller's unlimited **  shareholder (PayPal (Europe) S.à r.l.) dated no earlier than one Business
Day prior to the date of this Agreement.

6. An up-to-date certificate of non-inscription of a judicial decision ()"*certificat de non-inscription d'une décision judiciaire ou de dissolution administrative sans liquidation*") issued by REGINSOL, the Register of insolvability (*Registre de l'insolvabilité*) of Luxembourg dated no earlier than one Business Day prior to the **  date of this Agreement.

7. A copy of a resolution of a duly appointed committee of the board of managers of the general partner of the
Seller:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) approving the terms of, and the transactions contemplated by, the Transaction Documents to which it is a
party and resolving that it execute, deliver and perform the Transaction Documents to which it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) authorising a specified person or persons to execute the Transaction Documents to which it is a party on its
behalf; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices
(including, if relevant, any utilisation request and selection notice) to be signed and/or despatched by it under or in connection with the Transaction Documents to which it is a party.

8. Evidence of the authority of the Seller's signatories to enter into this Agreement, the relevant
transactions hereunder and the related documents to which it is a party.

9. A certificate of solvency in relation to the Seller substantially in the form set out at Schedule 11
(*Form of Seller Solvency Certificate*).

10. [\*\*\*]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [\*\*\*]

11. A transaction legal opinion of [\*\*\*] legal advisers to the Seller in Luxembourg, substantially in the form
distributed to the Purchaser prior to signing this Agreement.

12. A transaction legal opinion of [\*\*\*] legal advisers to the Seller in England, substantially in the form
distributed to the Purchaser prior to signing this Agreement.

13. A transaction legal opinion of [\*\*\*] legal advisers to the Seller in France, substantially in the form
distributed to the Purchaser prior to signing this Agreement.

14. A transaction legal opinion of [\*\*\*] legal advisers to the Seller in Germany, substantially in the form
distributed to the Purchaser prior to signing this Agreement.

15. A transaction legal opinion of [\*\*\*], legal advisers to the Seller in Italy, substantially in the form
distributed to the Purchaser prior to signing this Agreement.

16. A transaction legal opinion of [\*\*\*], legal advisers to the Seller in Spain, substantially in the form
distributed to the Purchaser prior to signing this Agreement.

17. A legal opinion of [\*\*\*], legal advisers to the Seller as to New York law in relation to the [\*\*\*]
substantially in the form distributed to the Purchaser prior to signing this Agreement.

18. A legal opinion of [\*\*\*], legal advisers to the Seller in England, as to certain matters relating to the
English Standard Documentation, substantially in the form distributed to the Purchaser prior to signing this Agreement.

19. A legal opinion of [\*\*\*], legal advisers to the Seller in Germany, as to certain matters relating to the
German Standard Documentation, substantially in the form distributed to the Purchaser prior to signing this Agreement.

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20. A legal opinion of [\*\*\*], legal advisers to the Seller in France, as to certain matters relating to the
French Standard Documentation, substantially in the form distributed to the Purchaser prior to signing this Agreement.

21. A legal opinion of [\*\*\*], legal advisers to the Seller in Spain, as to certain matters relating to the
Spanish Standard Documentation, substantially in the form distributed to the Purchaser prior to signing this Agreement.

22. A legal opinion of [\*\*\*], legal advisers to the Seller in Italy, as to certain matters relating to the
Italian Standard Documentation, substantially in the form distributed to the Purchaser prior to signing this Agreement.

23. Copies of the English Standard Documentation, German Standard Documentation, French Standard Documentation,
Spanish Standard Documentation and Italian Standard Documentation.

24. Confirmation that each Party has completed all "know your customer" checks in respect of the
other Parties (where applicable).

25. [\*\*\*]

**Part B Purchaser Initial Conditions Precedent** 

1. A duly executed copy of each of the Transaction Documents, other than this Agreement and the Receivables
Management Agreement.

2. Evidence that all documents relating to any financing required by the Purchaser to satisfy the Purchase
Condition set out in Clause 2.5(f) of this Agreement have been executed and that all conditions precedent to such documents (other than any documents to be provided by the Seller as set out in Part A of this Schedule 1) have been satisfied or waived
by the Class A Lenders, the Class B Lenders and the Class C Lender (as applicable).

3. A certificate of solvency in relation to the Purchaser in substantially the form set out at Schedule 12
(*Form of Purchaser Solvency Certificate*).

4. A copy extract of the board approval pursuant to which it authorises the execution of this Agreement and the
other Transaction Documents to which it is a party.

5. Evidence of the authority of the Purchaser's signatories to enter into this Agreement, the relevant
transactions hereunder and the related documents to which it is a party.

6. An authority and capacity opinion of [\*\*\*], legal advisers to the Purchaser in Luxembourg, substantially in
the form distributed to the Seller prior to signing this Agreement.

7. [\*\*\*]

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8. [\*\*\*]

9. [\*\*\*]

10. [\*\*\*]

11. Confirmation that each Party has completed all "know your customer" checks in respect of the
other Parties (where applicable).

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**Schedule 2** 

**Representations and Warranties** 

**Part A Loan Warranties** 

1. Each Receivable is an Eligible Receivable.

2. The Underwriting Policies were adhered to at the time of origination of each Receivable.

3. The Loan Agreement for each Receivable constitute a legal, valid and binding obligation of the Borrower that
is enforceable in accordance with its terms subject to the limitation of enforcement by (i) laws relating to insolvency, reorganisation and other laws generally affecting the rights of creditors, (ii) the time barring of claims under any
applicable legislation and (iii) defences of set-off or counterclaim.

4. Each Receivable has been originated by the Seller in the normal course of business and has been
substantially made on the terms of the Standard Documentation applicable thereto at the time of origination.

5. Immediately prior to the relevant Title Transfer Time, the Seller was the absolute owner of the Receivable
and the Seller has not assigned (whether by way of absolute assignment, assignation or by way of security only), transferred, charged, disposed of or dealt with the benefit of the Receivable, any of the other rights relating thereto or any of the
property, rights, titles, interests or benefits to be sold or assigned pursuant to this Agreement other than pursuant to this Agreement.

6. As at the date of origination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the terms of, and the origination steps taken in respect of, the Receivable including as to promotions, pre-contractual disclosures (where applicable) and entry into of the loan, complied with all applicable laws and regulations to the extent necessary to ensure that the relevant Receivable was enforceable under its
governing law and the relevant Borrower was obliged to pay interest (if applicable) and repay principal on the dates specified in accordance with the Loan Agreement in respect of such Receivable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Seller had all necessary consents, authorisations, approvals, licences and orders to originate the
Receivable (if any).

7. Each Receivable has been administered by the Seller in accordance with applicable laws and regulations and
terms of the Loan Agreement, save where a failure of such administration would not adversely affect the enforceability, transferability or collectability of such Receivable.

8. To the extent interest is charged on a Receivable, interest on such Receivable (if applicable) is charged on
such Receivable in accordance with the provisions of that Receivable and/or in accordance with statutory interest provisions.

9. Each Receivable is assignable and transferable without the Borrower's consent.

10. As far as the Seller is aware, at its Sale Notice Date, no rescission, lien or right of counterclaim has
been created or arisen between the Seller and any Borrower which would entitle such Borrower to reduce the amount of any payment otherwise due under the relevant Receivable and no right of set-off has been
exercised by the Borrower which has not been reflected in the Receivables balance as set out in the applicable Sale Notice provided to the Purchaser.

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11. Each Receivable was originated by the Seller in sterling or euro, is denominated in sterling or euro and is
repayable in sterling or euro.

12. Each Receivable is governed by either the laws of England and Wales, Germany, France, Spain or Italy.

13. Save as described in the Conditions Legal Opinions, all formal approvals, consents and other steps (other
than notification to the relevant Borrower) necessary to permit a transfer of each Receivable and the Related Rights to be sold under this Agreement have been obtained or taken and each Receivable and the Related Rights are freely assignable and no
formal approvals, consents or other steps (other than notification to the relevant Borrower) are necessary as at the Title Transfer Time to permit a transfer of each Receivable and the Related Rights, and the Receivable and the Related Rights are
not subject to any contractual confidentiality restrictions which may restrict the ability of the Purchaser to acquire the same.

14. The particulars of each Receivable in [\*\*\*] Sale Notice provided to the Purchaser are complete, true and
accurate as at the applicable Sale Notice Date, and the particulars of each Receivable in all other data fields of the Sale Notice provided to the Purchaser are complete, true and accurate in all material respects as at the applicable Sale Notice
Date.

15. In selecting each Receivable for sale to the Purchaser, the Seller has not knowingly selected such
Receivable on the basis that it is of a lower credit quality or otherwise less likely to perform than Receivables retained by the Seller and the Receivable has not been selected in a way that is intended to adversely affect, or has the effect of
adversely affecting, the Purchaser or the Portfolio.

16. In respect of each Receivable, the Seller's obligations under the related Loan Agreement have been
fully performed (save in respect of any Further Disbursements) and the Seller has not breached the related Loan Agreement in any way that would adversely affect the validity, enforceability or collectability of such Receivable.

17. Each Receivable is a contractually unsubordinated obligation of the Borrower.

18. The Borrower is not required by law to make any Tax Deduction under the law of any Relevant Jurisdiction
from any payment the Borrower owes and is obliged to pay in respect of each Receivable.

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19. No registration, stamp, or other similar Taxes or duties are payable in any Relevant Jurisdiction or
Luxembourg as a result of the assignment, transfer and/or re-transfer of the Receivables and the perfection of the transfer of the legal title to the Receivables, in each case pursuant to the Transaction
Documents, except in case of any such Taxes or duties arising as a result of (a) the voluntary registration of this Agreement or the Receivables Management Agreement by the Purchaser with (i) the *Administration de l'Enregistrement, des Domaines et de la TVA* or (ii) any other Tax Authority, or (b) a "caso d'uso" or "enunciazione" for Italian Tax purposes, insofar as they result from an act of the Purchaser.

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**Part B Seller Representations** 

1. **Status** 

It is a corporate partnership limited by shares duly incorporated, validly existing and registered under the laws of Luxembourg, capable of being sued in its own right and not subject to any immunity from any proceedings, and it has the power to own its property and assets and to carry on its business as it is being conducted.

2. **Powers and Authority** 

It has the power to enter into, perform and deliver, and has taken all necessary corporate and other action to authorise the execution, delivery and performance by it of each of the Transaction Documents to which it is or will be a party, and each such Transaction Document has been duly executed and delivered by it.

3. **Legal Validity** 

The obligations expressed to be assumed by it in each Transaction Document to which it is a party are legal, valid, binding and enforceable, subject to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Legal Reservations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of any Security Document, the Perfection Requirements.

4. **Non-conflict** 

The execution by it of each of the Transaction Documents to which it is a party and the exercise by it of its rights and the performance of its obligations under such Transaction Documents will not, to its knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) conflict with any document which is binding upon it or any of its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) conflict with its constitutional documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) conflict with any law, regulation or official or judicial order of any government, governmental body or
court, domestic or foreign, having jurisdiction over it.

5. **Consents and Licences** 

All consents, licences and other approvals and authorisations required by it in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the entry into, performance, validity and enforceability of, and the transactions contemplated by, the
Transaction Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the origination and administration of the Receivables,

have been obtained or effected (as appropriate) and are in full force and effect, save where a failure to hold or obtain any such consent, licence or other approvals and authorisations would not adversely affect in any material respect the performance, validity and enforceability of the Transaction Documents or the transactions contemplated by them and/or the validity, enforceability or collectability or transferability of the Receivables.

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6. **Solvency** 

No Insolvency Event has occurred with respect to it.

7. **Residence for Tax Purposes** 

It is a corporate partnership limited by shares which is and has, since incorporation, been resident for Tax purposes solely in Luxembourg and it is not liable to be taxed on its profits in any jurisdiction other than Luxembourg.

8. **Corporate income tax and VAT** 

It is a corporate partnership limited by shares (a) established and registered in Luxembourg for VAT purposes; and (b) within the charge to corporate income tax in Luxembourg in respect of amounts payable to it by the Purchaser pursuant to the terms of this Agreement.

9. **Validity and admissibility in evidence** 

All Authorisations required:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to enable it lawfully to enter into, exercise its rights and comply with its obligations in the Transaction
Documents to which it is a party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to make the Transaction 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 (or will be when required).

10. **Governing law and enforcement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the Legal Reservations, the choice of English law (and the law of any other Relevant
Jurisdiction, as applicable) as the governing law of the Transaction Documents will be recognised and enforced in its jurisdiction of incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the Legal Reservations, any judgment obtained in England & Wales (and the law of any
other Relevant Jurisdiction, as applicable) in relation to a Transaction Document will be recognised and enforced in its jurisdiction of incorporation.

11. **Centre of Main Interests** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The place of the central administration (*siège de l'administration centrale*) of the
Seller, the principal place of business (*principal éstablissement*) of the Seller, the place where the Seller conducts the administration of its interests on a regular basis and which is ascertainable by third parties and the
Seller's registered office (*siège statutaire*) are all in Luxembourg.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It has no place of operations where it carries out a non-transitory economic activity with human means and assets in any jurisdiction other than Luxembourg.

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12. **Anti Bribery** 

The Seller has conducted its business in compliance with the United States Foreign Corrupt Practices Act of 1977; the UK Bribery Act 2010; Italian Legislative Decree No. 231 of 8 June 2001; all national and international laws enacted to implement the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, 1997; and other similar Anti-Corruption Law or regulation, each as further amended and supplemented from time to time, in other jurisdictions, and has instituted and maintained policies and procedures designed to promote and achieve compliance with such laws.

13. **Money Laundering** 

The Seller and each person controlling or controlled by it are, and have been at all times over the last three years, in material compliance with all applicable Anti-Money Laundering Laws. During the last three years, neither the Seller nor any person controlling or controlled by it has been cited, cautioned or fined in connection with, or otherwise received written notice of any asserted past or present material failure to comply with Anti-Money Laundering Laws and no governmental investigation or proceeding with respect to any alleged material non-compliance with Anti-Money Laundering Laws is, so far as the Seller is aware, pending or threatened.

14. **Sanctions** 

Neither the Seller, nor (to the knowledge of the Seller) any of its managers, officers or, its agents, employees or persons acting on its behalf:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) has been found in violation of any applicable Sanctions in the last three years; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is a Restricted Person.

Any provision of this Paragraph 14 shall not apply to the extent that it would result in a breach of any applicable blocking or anti-boycott law.

15. **Restricted Countries** 

It is the policy of the Purchaser as at the Signing Date not to conduct business in or with North Korea, Syria, Sudan, the Crimea, Cuba, Iran, and Donetsk People's Republic, the disputed territories of Kherson and Zaporizhzhia and Luhansk People's Republic regions of Ukraine (each a ***Restricted Country***), in view of the significant corruption, financial crime, terrorist financing, sanctions, political, and business risks that these jurisdictions present. The Seller, in relation to any of the Receivables, has not engaged in any prohibited dealings or transactions with or for the benefit of any person located, organized, or ordinarily resident in any Restricted Country, in each case directly or knowingly indirectly, including through any of its distributors, agents or other persons acting on its behalf, save for the disputed territories of Kherson and Zaporizhzhia regions of Ukraine in relation to Purchased Receivables only.

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**Part C Purchaser Representations** 

1. **Status** 

It is a company duly incorporated, validly existing and registered under the laws of Luxembourg, capable of being sued in its own right and not subject to any immunity from any proceedings, and it has the power to own its property and assets and to carry on its business as it is being conducted.

2. **Powers and Authority** 

It has the power to enter into, perform and deliver, and has taken all necessary corporate and other action to authorise the execution, delivery and performance by it of each of the Transaction Documents to which it is or will be a party, and each such Transaction Document has been duly executed and delivered by it.

3. **Legal Validity** 

The obligations expressed to be assumed by it in each Transaction Document to which it is a party are legal, valid, binding and enforceable, subject to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Legal Reservations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of any Security Document, the Perfection Requirements.

4. **Non-conflict** 

The execution by it of each of the Transaction Documents to which it is a party and the exercise by it of its rights and the performance of its obligations under such Transaction Documents will not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) conflict with any document which is binding upon it or any of its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) conflict with its constitutional documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) conflict with any law, regulation or official or judicial order of any government, governmental body or
court, domestic or foreign, having jurisdiction over it.

5. **Consents and Licences** 

All consents, licences and other approvals and authorisations required by it in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the entry into, performance, validity and enforceability of, and the transactions contemplated by, the
Transaction Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the administration of the Receivables,

have been obtained or effected (as appropriate) and are in full force and effect.

6. **Solvency** 

No Insolvency Event has occurred with respect to it.

7. **Residence for Tax Purposes** 

It is a company which is and has, since incorporation, been resident for Tax purposes solely in Luxembourg and it is not liable to be taxed on its profits in any jurisdiction other than Luxembourg.

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8. **Corporate income tax and VAT** 

It is a company (a) established and registered (or which will prior to the Closing Date be registered) in Luxembourg for VAT purposes and (b) within the charge to corporate income tax in Luxembourg in respect of amounts payable to it pursuant to the terms of this Agreement.

9. **Validity and admissibility in evidence** 

All Authorisations required:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to enable it lawfully to enter into, exercise its rights and comply with its obligations in the Transaction
Documents to which it is a party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to make the Transaction 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 (or will be when required).

10. **Governing law and enforcement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the Legal Reservations, the choice of English law (and the law of any other Relevant
Jurisdiction, as applicable) as the governing law of the Transaction Documents will be recognised and enforced in its jurisdiction of incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the Legal Reservations, any judgment obtained in England & Wales (and the law of any
other Relevant Jurisdiction, as applicable) in relation to a Transaction Document will be recognised and enforced in its jurisdiction of incorporation.

11. **Centre of Main Interests** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It has its "centre of main interests" (as that term is used in Article 3(1) of the Insolvency
Regulation) in Luxembourg.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It has no "establishment" (as that term is used in Article 2(10) of the Insolvency Regulation)
in any jurisdiction other than Luxembourg.

12. **Anti Bribery** 

The Purchaser has conducted its business in compliance with the United States Foreign Corrupt Practices Act of 1977; the UK Bribery Act 2010; Italian Legislative Decree No. 231 of 8 June 2001; all national and international laws enacted to implement the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, 1997; and other similar Anti-Corruption Law or regulation, each as further amended and supplemented from time to time, in other jurisdictions, and has instituted and maintained policies and procedures designed to promote and achieve compliance with such laws.

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13. **Money Laundering** 

The Purchaser is, and has been since its incorporation, in material compliance with all applicable Anti-Money Laundering Laws. Since its incorporation, the Purchaser has not been cited, cautioned or fined in connection with, or otherwise received written notice of any asserted past or present material failure to comply with Anti-Money Laundering Laws and no governmental investigation or proceeding with respect to any alleged material non-compliance with Anti-Money Laundering Laws is, so far as the Purchaser is aware, pending or threatened.

14. **Sanctions** 

Neither the Purchaser nor (to the knowledge of the Purchaser) any of its managers, officers or, its agents, employees or persons acting on its behalf:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) has been found in violation of any applicable Sanctions since the Purchaser's incorporation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is a Restricted Person.

Any provision of this Paragraph 14 shall not apply to the extent that it would result in a breach of any applicable blocking or anti-boycott law.

15. **Restricted Countries** 

It is the policy of Purchaser as at the Signing Date not to conduct business in or with any Restricted Country, in view of the significant corruption, financial crime, terrorist financing, sanctions, political, and business risks that these jurisdictions present. The Purchaser, in relation to any of the Receivables, has not engaged in any prohibited dealings or transactions with or for the benefit of any person located, organized, or ordinarily resident in any Restricted Country, in each case directly or knowingly indirectly, including through any of its distributors, agents or other persons acting on its behalf.

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**Schedule 3** 

**Standard Documentation** 

[\*\*\*]

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**Schedule 4** 

**Underwriting Policies** 

[\*\*\*]

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**Schedule 5** 

**Provisions relating to Sale of UK Receivables** 

This Schedule 5 and any non-contractual obligations arising out of or in connection with this Schedule 5 shall be governed by English law.

The Parties agree and acknowledge that:

1. references to *"* Receivables *"* in this Agreement shall refer to the EU Receivables
and the UK Receivables unless otherwise specified;

2. references to the *"* Receivables Manager *"* in this Agreement shall refer to the EU
Receivables Manager in connection with the EU Receivables and the UK Receivables Manager in connection with the UK Receivables unless otherwise specified;

3. in connection with the UK Receivables only, the following Clauses shall be amended and replaced as follows
(for the avoidance of doubt, the following Clauses shall continue to apply in their unamended form in connection with the EU Receivables):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Clause 6.2* 

*"*In respect of UK Further Disbursements which are included in a Further Disbursement Confirmation Notice, the relevant Purchase Price shall be due and payable by the Purchaser to the Seller on the relevant Payment Date*,* and to satisfy the amount so owed by the Purchaser to the Seller, the Seller shall be entitled to set-off the amount of such Purchase Price against any Collections Sweep Payment (whether before or after the end of the Commitment Period) in respect of the UK Further Disbursements due to be made by the UK Receivables Manager under the Receivables Management Agreement in the same currency on such day (with the UK Receivables Manager's obligation to account to the Purchaser for such Collections Sweep Payment being reduced by a corresponding amount). To the extent the amount of any Collections Sweep Payment due to be made on such day in respect of the UK Further Disbursements is insufficient to be applied and set-off so as to settle the relevant Purchase Price in full, any non-payment in full of the Purchase Price for such UK Further Disbursements shall not constitute a failure to pay for the purposes of Clause 11.1(b) and the Seller may satisfy any unpaid Purchase Price by applying the Collections Sweep Payment in respect of the UK Further Disbursements on the next following Business Day and thereafter until the Purchase Price is settled in full*.";*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Clause 7.1(a)* 

*"*the UK Sub being required by a court of competent jurisdiction, or by a change in law occurring after the Closing Date, or by a regulatory authority or organisation whose members include consumer or other unsecured lenders of which the UK Sub is a member or with whom it is customary for the UK Sub to comply, to notify the relevant Borrower of the transfer of any UK Receivables and Related Rights in favour of the Purchaser*;";*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Clause 7.2(a)* 

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*"*subject to Clause 7.2(b), the UK Sub is not required to give any formal notice of the assignment of, or of its interest in, any UK Receivable or any Related Rights whether to any Borrower or to any other person at any time prior to the occurrence of a Notification Event, and following a Notification Event unless instructed to do so by the Purchaser or the Security Agent (as applicable)*;";*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Clause 7.2(d)* 

*"*at no time prior to a Borrower Notice will Personal Data in respect of any Borrowers be requested to be shared by the Seller or the UK Sub (or any outsourced service providers thereof) with the Purchaser or the Security Agent*.";*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Clause 11.1(h)* 

*"*the Purchaser has delivered a Receivables Manager Termination Notice to the Receivables Manager or the UK Receivables Manager has given notice of its resignation pursuant to the Receivables Management Agreement*;";*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Clause 11.1(i)* 

*"*it is or becomes unlawful for the UK Receivables Manager to perform any of its obligations under this Agreement or the Receivables Management Agreement, or such performance becomes in the opinion of the UK Receivables Manager, acting reasonably, materially more burdensome as a result of a change in applicable law and regulation (other than a law or regulation relating to Tax, as to which Clause 11.1(l) shall apply) and the UK Receivables Manager has provided a certificate signed by a director stating that there is no reasonable prospect of avoiding the circumstances giving rise to the UK Receivables Manager's performance becoming materially more burdensome and including reasonable detail as to such circumstances*;";*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Clause 23.2(b)* 

*"*the UK Receivables Manager shall not transfer any Personal Data to, or take instructions relating to Personal Data from, any other party, or parties in connection with this Agreement*;"* and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Clause 23.2(c)* 

*"*any information provided by the UK Receivables Manager to any other party shall be fully anonymised; and*"*.

4. in connection with the UK Receivables only, the following paragraphs in Part A of Schedule 2 (*Loan Warranties*) shall be amended and replaced as follows (for the avoidance of doubt, the following paragraphs shall continue to apply in their unamended form in connection with the EU Receivables):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Paragraph 4* 

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*"*Each UK Receivable has been originated by the UK Sub in the normal course of business and has been substantially made on the terms of the Standard Documentation applicable thereto at the time of origination.*";*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Paragraph 5* 

*"*Immediately prior to the relevant Title Transfer Time, the Seller was the absolute beneficial owner of the UK Receivable (with the UK Sub being the legal title holder) and neither the Seller not the UK Sub has assigned (whether by way of absolute assignment, assignation or by way of security only)*,* transferred, charged, disposed of or dealt with the benefit of the UK Receivable, any of the other rights relating thereto or any of the property, rights, titles, interests or benefits to be sold or assigned pursuant to this Agreement other than pursuant to this Agreement.*";*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Paragraph 6* 

*"*As at the date of origination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the terms of, and the origination steps taken in respect of, the UK Receivable including as to promotions, pre-contractual disclosures (where applicable) and entry into of the loan, complied with all applicable laws and regulations to the extent necessary to *ensure* that the relevant UK Receivable was enforceable
under its governing law and the relevant Borrower was obliged to pay interest (if applicable) and repay principal on the dates specified in accordance with the Loan Agreement in respect of such UK Receivable *;* and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the UK Sub had all necessary consents, authorisations, approvals, licences and orders to originate the UK
Receivable (if any) *.";* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Paragraph 7* 

*"*Each UK Receivable has been administered by the UK Sub in accordance with applicable laws and regulations and terms of the Loan Agreement, save where a failure of such administration would not adversely affect the enforceability, transferability or collectability of such UK Receivable*.";* and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Paragraph 11* 

*"*Each UK Receivable was originated by the UK Sub in sterling, is denominated in sterling and is repayable in sterling.*";* and

5. in connection with the UK Receivables only, Paragraph 20 in Schedule 13 (*Eligibility Criteria*) shall
be amended and replaced as follows (for the avoidance of doubt, the following paragraph shall continue to apply in its unamended form in connection with the EU Receivables):

*"*As at the date of origination of the UK Receivable, the aggregate of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the total outstanding Principal Balance of all Eligible Products owed to the UK Sub by the Borrower *,* and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Original Commitment Amount for such UK Receivable less the amount of any expected initial instalment
payment for such UK Receivable *,* 

is less than or equal to the Shadow Limit applicable in respect of such UK Receivable*."*.

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**Schedule 6** 

**Provisions relating to Sale of German Receivables** 

[\*\*\*]

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**Schedule 7** 

**Provisions relating to Sale of French Receivables** 

1. The Seller gives *,* on the date hereof, the following Loan Warranty in relation to each French
Receivable and any Related Rights purchased by the Purchaser, by reference to the facts and circumstances existing at the date of this Agreement and based on its actual knowledge: no French Receivable constitutes *"crédits à la consommation"* within the meaning of articles L.312-1 *et seq*. of the French *Code de la consommation*.

2. For the purpose of the application of the Eligibility Criteria set out in paragraph 12 of Schedule 13
(*Eligibility Criteria*), the bankruptcy or insolvency in relation to a Borrower under any French Receivable shall refer to over-indebtedness (*situation de surendettement*) as defined in article L. 711-1 of the French *Code de la* consummation.

3. The Parties agree that the Sale Notice constitutes a sale agreement in writing evidencing the sale of the
French Receivables (*"écrit constatant la cession de créances"*) in accordance with article 1322 of the French *Code civil*.

4. The French Receivables and any Related Rights will be assigned (*cédées*) pursuant to
this Agreement in accordance with articles 1321 *et seq*. of the French *Code civil* (the  ***Assignment***), and the Assignment will be enforceable (*opposable*) against third parties (*tiers*) in accordance with article
1323 of the French *Code civil*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to any Further Disbursement, from the applicable Sale Notice Date for the relevant Receivable
to which such Further Disbursement relates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to any Receivables (and Related Rights) which is not a Further Disbursement, from the
applicable Payment Date for the relevant Receivable.

5. The Seller undertakes to the Purchaser and the Security Agent that, subject to the provisions of Clause 7.2,
it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) shall observe and perform (or procure the performance of) the obligations of the lender arising under each
such Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall, where any discretion is reserved to it at law in relation to such Receivables (including, without
limitation, agreeing amendments to the receivables management specification varying the basis on which consents or approvals are given to Borrowers, varying the enforcement procedures and instructing the Receivables Manager in relation to
discretionary elements of these, directing the Receivables Manager in relation to the release of any Borrower, determining whether any change to interest rates should be made and determining whether the repayment type can be changed) exercise such
discretion in accordance with the Seller's policies and this Agreement or, where the Seller's policies do not cover the relevant circumstance, in consultation with the Receivables Manager (and shall consider in good faith any proposal
made by the Receivables Manager) and comply with all applicable laws in the exercise of such discretions;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) at any time when the Seller and the Receivables Manager are separate entities, provide such assistance as
the Receivables Manager may require to enable it to perform its obligations under this Agreement.

6. Following delivery of a Borrower Notice, the Seller shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) arrange for any claim form relating to any litigation in respect of such Receivable to be amended so that
the Purchaser is identified as the claimant or pursuer *;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) issue, or instruct the Receivables Manager to issue on its behalf, a notification to each Borrower *;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) co-operate with the Purchaser and (where applicable) the Security
Agent to effect the transfer of such Receivables in respect of any migration of the Receivables and transfer of legal title to a new legal title holder.

7. Any reassignment and retransfer of any French Receivables and any Related Rights pursuant to Clause 8.10
(*Repurchase for breach of Loan Warranties*) or Clause 8.15 (*Repurchase for Failure of Bank-Funded Payment and Fraud*) will be made in accordance with articles 1321 et seq. of the French *Code civil*. In accordance with article 1323
of the French *Code civil*, any such reassignment and retransfer will be enforceable (*opposable*) against third parties (*tiers*) from the relevant Repurchase Date applicable to the relevant Repurchase Notice.

8. Each of the Parties agree that the provisions of article 1195 of the French Code Civil shall not apply to it
with respect to its obligations under this Agreement (and in particular this Schedule 7) and it shall not be entitled to make any claim under such article 1195 in this respect.

9. This Schedule 7 and any non-contractual obligations arising out of
or in connection with this Schedule 7 shall be governed by French law.

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**Schedule 8** 

**Provisions relating to Spanish Law** 

**Part A Provisions relating to Sale of Spanish Receivables** 

With respect to Spanish Receivables only, the following provisions shall supplement or modify (as the case may be) the relevant provisions of this Agreement:

1. The Spanish Receivables and the Related Rights will be assigned and the legal title thereto transferred
pursuant to this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to any Receivables (and Related Rights) which is not a Further Disbursement, immediately upon
receipt by the Seller of the applicable Purchase Price in full; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject to Clause 2.13 and provided that the title to the Receivable to which such Further Disbursement
relates has been transferred to the Purchaser, with respect to any Further Disbursement immediately on the date on which such Further Disbursement arises,

each in accordance with the provisions of articles 1,526 to 1,536 of the Spanish Civil Code (*Código Civil*) and articles 347 and 348 of the Spanish Commercial Code (*Código de Comercio*), to the extent applicable.

2. The Seller and the Purchaser agree for all legal purposes that the transfer of the Spanish Receivables and
any Related Rights, to the extent perfected pursuant to the terms of this Agreement, shall be deemed documented by the Seller and the Purchaser as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of any Receivable which is not a Further Disbursement: through the relevant Confirmation Notice;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in respect of any Further Disbursements, through the relevant Further Disbursement Confirmation Notice.

3. As soon as reasonably practicable following the occurrence of a Notification Event, and, in any event, no
later than fifteen (15) Business Days thereafter, the Parties will appear before a Spanish notary in order to raise the relevant Sales Notices and Confirmation Notices relating to the outstanding Spanish Receivables (documented as provided for
in paragraph 2 above) to the status of a Spanish public document. Any notary's fees and expenses derived from such notarisation shall be borne by the Seller.

4. With respect to any Spanish Receivable, the Seller has not sub-contracted to any third party the execution of its obligations under the relevant contract.

5. The Seller undertakes to the Purchaser and the Security Agent that, subject to the provisions of Clause 7.2,
it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) shall observe and perform the obligations of the lender arising under each such Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall, where any discretion is reserved to it at law in relation to such Receivables, exercise such
discretion in accordance with the Seller's policies and this Agreement or, where the Seller's policies do not cover the relevant circumstance, in consultation with the Receivables Manager (and shall consider in good faith any proposal
made by the Receivables Manager) and comply with all applicable laws in the exercise of such discretions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) at any time when the Seller and the Receivables Manager are separate entities, provide such assistance as
the Receivables Manager may require to enable it to perform its obligations under this Agreement.

6. Following the Security Agent's request directed to the Seller pursuant to Clause 7.6, the Seller shall
include a mention to the Security Document consisting of the pledge over Spanish Receivables in the Borrower Notice substantially on the following terms (and an equivalent Spanish translation):

*"The Receivable so assigned is also subject to a pledge created in favour of certain secured creditors pursuant to the pledge agreement entered into between, amongst others, Alps 2.0 Partners, S.à r.l., as pledgor and BNY Mellon Corporate Trustee Services Limited, as security agent, before the Spanish notary originally dated on [•] (as extended and supplemented from time to time)."*

7. Following delivery of a Borrower Notice, the Seller shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) arrange for any claim form relating to any litigation in respect of a relevant Receivable to be amended so
that the Purchaser is identified as the claimant or pursuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) issue, or instruct the Receivables Manager to issue on its behalf, a notification to each Borrower;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) co-operate with the Purchaser and (where applicable) the Security
Agent in respect of any migration of the relevant Receivables.

8. As an additional Eligibility Criteria, Spanish Receivables are not (i) contentious claims
(*"créditos litigiosos"*) for the purposes of article 1,535 of the Spanish Civil Code (*Código Civil*), or (ii) Draft Instruments.

9. For purposes of interpreting the Loan Warranties, and, in particular and to the extent applicable, for the
purposes of Section 1,532 of the Spanish Civil Code (*Código Civil*), the Seller agrees and acknowledges that the Loan Warranties are given by the Seller in relation to each of the Spanish Receivables individually, and not in
relation to the Portfolio as a whole.

10. The Seller will grant a power of attorney to the Purchaser substantially in the form set out in Part B of
Schedule 8 (*Form of Purchaser Power of Attorney in respect of security (Spanish Law)*) as soon as reasonably practicable after the first Settlement Date.

11. Notwithstanding Clause 34 (*Governing Law and Jurisdiction*) of this Agreement, the *in rem* aspects of any transfer of Spanish Receivables shall be governed by Spanish law (*"derecho común español"*).

12. This Schedule 8 and any non-contractual obligations arising out of
or in connection with this Schedule 8 shall be governed by generally applicable Spanish law (*"derecho común español"*).

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**Part B Form of Purchaser Power of Attorney in respect of security (Spanish Law)** 

**PODER NOTARIAL IRREVOCABLE A FAVOR DE** 

**ALPS 2.0 PARTNERS S.À R.L.** 

**NUMERO:** 

En la ciudad de Madrid, a [•] de [•] de 2025.

Ante mí, [•], Notario del Ilustre Colegio de Madrid, debidamente autorizado y en ejercicio de mis funciones notariales,

**COMPARECE** 

[El Sr./La Sra.] [•], mayor de edad, de nacionalidad [•], domiciliado en [•].

**INTERVIENE** 

En nombre y representación de **PAYPAL (EUROPE) S.À R.L. ET CIE, S.C.A.** con domicilio social en 22-24 Boulevard Royal, L-2449, Luxemburgo (Luxemburgo) e inscrita en el Registro Mercantil de Luxemburgo (*Registre de commerce et des sociétés*) con el número B118349 (en lo sucesivo, la "**Sociedad**").

*[Datos relativos a la capacidad y representación del otorgante]* 

Identifico al otorgante por sus datos personales y su firma y yo, el Notario, doy fe de que los mismos coinciden con los datos personales y la firma que aparecen en este documento.

**EXPONE** 

(A) Que, de conformidad con un contrato-marco de cesión de créditos, suscrito con el nombre de *Receivables Purchase Agreement* en fecha [\*] de [\*] de 2025 por, entre otros, la Sociedad como Cedente (*Seller*) y Administrador de Créditos (*Receivables Manager*), ALPS 2.0 PARTNERS S.À R.L. como Cesionario
(*Purchaser*) y Prestamista de Clase C (*Class C Lender*), BNY MELLON CORPORATE TRUSTEE SERVICES LIMITED como Agente de Garantías (*Security Agent*) y AVEGA S.À R.L. como Administrador de Créditos de Apoyo (*Back-Up Receivables Manager Facilitator*), la Sociedad cederá periódicamente al Cesionario ciertos derechos de crédito (en lo sucesivo, los "**Créditos Cedidos** "
(*Receivables*)).

(B) Que, en relación con el *Receivables Purchase Agreement*, la Sociedad ha acordado otorgar un
poder irrevocable a favor del Cesionario para que éste pueda ejercitar las facultades relacionadas a continuación.

(C) Los términos en castellano cuya traducción al inglés se acompaña entre
paréntesis tendrán el mismo significado que en el *Receivables Purchase Agreement.* 

**OTORGA** 

**PRIMERO**.- En nombre y representación de la Sociedad, confiere poder tan amplio en derecho como fuera necesario a **ALPS 2.0 PARTNERS S.À R.L.**, sociedad válidamente constituida y existente de acuerdo con las leyes de Luxemburgo, con domicilio social en 2, rue Edward Steichen, L- 2540 Luxemburgo (Luxemburgo) e inscrita en el Registro Mercantil de Luxemburgo (*Registre de commerce et des sociétés*) con el número B301375 (el "**Apoderado**") para que en nombre y representación de dicha Sociedad, y con posterioridad a que tenga lugar un Evento de Notificación (*Notification Event*, tal y como se define en el *Receivables Purchase Agreement*) pueda:

(i) Ejercitar cuantos derechos, facultades y acciones correspondan a la Sociedad en relación con los
Créditos Cedidos (*Receivables*), así como los Derechos Accesorios (*Related Rights*) relativos a los mismos.

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(ii) Otorgar y llevar a cabo cuantos documentos, públicos o privados, y actuaciones fueren necesarias para
la defensa de cuantos derechos e intereses correspondan a ALPS 2.0 PARTNERS S.À R.L. en virtud del *Receivables Purchase Agreement* (incluyendo los relativos a los Créditos Cedidos, así como con los Derechos Accesorios de
los mismos).

(iii) Otorgar y llevar a cabo cuantos documentos públicos o privados, y actuaciones fueren necesarias para
la plena eficacia, aun frente a terceros, y efectividad de la cesión de los Créditos Cedidos y de los Derechos Accesorios relativas a los mismos en virtud y de conformidad con el *Receivables Purchase Agreement* en favor de ALPS
2.0 PARTNERS S.À R.L. o de cualquier sucesor o cesionario de éste en la titularidad de los Créditos Cedidos.

(iv) Notificar a los correspondientes Deudores (*Borrowers*) todas y cada una de las cesiones de
Créditos Cedidos que hayan tenido lugar entre el Cesionario y la Sociedad al amparo del *Receivables Purchase Agreement*, así como otorgar cuantos documentos públicos y privados sean necesarios para la constancia en
documento público de cada una de dichas cesiones.

(v) Reclamar judicial y extrajudicialmente y cobrar cualesquiera cantidades vencidas y exigibles por
razón de los Créditos Cedidos y/o de los Derechos Accesorios relativos a los mismos, así como pagar dichas cantidades, una vez cobradas, a las partes con derecho a ello en virtud del *Receivables Purchase Agreement*.

(vi) Una vez cobradas las cantidades a que se refiere el apartado (v) anterior, dar a sus pagadores eficaz
carta de pago por dichas cantidades.

(vii) Cumplir cualquier obligación o compromiso asumido por la Sociedad en virtud de, o en relación
con, el *Receivables Purchase Agreement* y ejercer cuantos derechos, facultades y acciones correspondan a la Sociedad en virtud del mismo.

(viii) Sustituir y/o delegar en el ejercicio de las facultades conferidas en virtud del presente poder (incluida
asimismo la facultad de delegación y sustitución) (a) en cualquier persona jurídica que forme parte de su grupo de empresas o (b) en cualquier persona física que sea empleado o directivo de cualquiera de las
empresas que formen en cada momento parte de su grupo o (c) en cualquier cesionario en la titularidad de los Créditos Cedidos, en el entendido de que el Apoderado responderá de la actuación de dichos sustitutos o delegados
como si tal delegación o sustitución no hubiere tenido lugar.

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(ix) Llevar a cabo cuantas actuaciones y suscribir cuantos documentos públicos y privados estime
necesarios o convenientes para el ejercicio de las facultades conferidas en los apartados (i) a (viii) anteriores.

Las facultades antedichas se conceden incluso para los supuestos de autocontratación, aun a favor de terceros.

**SEGUNDO**.- Las facultades conferidas al apoderado en virtud del presente poder podrán ser ejercitadas por cualquier persona física con poder bastante para el ejercicio de dichas facultades en nombre y representación del Apoderado.

**TERCERO**.- La Sociedad se obliga a ratificar expresamente, y siempre que sea requerido para ello, cuantas actuaciones y/o documentos hubiere llevado a cabo u otorgado el Apoderado (o sus sustitutos o delegados) en ejercicio y dentro de los límites del presente apoderamiento, así como a colaborar con el Apoderado (o sus sustitutos o delegados) en dicho ejercicio.

**CUARTO**.- La Sociedad indemnizará al Apoderado (o sus sustitutos o delegados) de cualesquiera gastos incurridos y de cualesquiera daños y perjuicios sufridos por el mismo en el ejercicio de las facultades conferidas en virtud del presente apoderamiento sin culpa, dolo o negligencia del apoderado (o sus sustitutos o delegados).

**QUINTO**.- El presente apoderamiento tiene el carácter de mandato irrevocable por exigirlo así el cumplimiento del *Receivables Purchase Agreement* en el que está interesado no sólo la Sociedad sino también el Apoderado y otras terceras personas, exigiendo la ejecución y el cumplimiento de dicho contrato la irrevocabilidad del presente apoderamiento con la finalidad de evitar la frustración del fin perseguido por el mismo.

**SEXTO**.- La ley española aplicará al presente apoderamiento.

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***(English Translation for information purposes)***

**IRREVOCABLE NOTARIAL POWER OF ATTORNEY** 

**ALPS 2.0 PARTNERS S.À R.L.** 

**NUMBER:** 

In the town of Madrid, on this [•] [•] 2025.

Before me, [•], Notary public of Madrid, duly commissioned and in exercise of my notarial duties.

**APPEARS** 

[Mr./Ms.] [•], of legal age of [•] nationality, domiciled at [•].

**HE ACTS** 

In the name and on behalf of **PAYPAL (EUROPE) S.À R.L. ET CIE, S.C.A.** with its registered office at 22-24 Boulevard Royal, L-2449 (Luxembourg) and registered with the Luxembourg Trade and Companies Register (*Registre de commerce et des sociétés*) under number B118349 (hereinafter, the "**Company**").

*[Details regarding the authority of the grantor]* 

The grantor exhibits his personal details and signature, and, I the Notary, certify that the personal details and signature which appear in this document coincide with them.

**WHEREAS** 

(A) Pursuant to an agreement of assignment of loans entered into under the name of the Receivables Purchase
Agreement on [\*] [November] 2025 between the Company as Seller and Receivables Manager, ALPS 2.0 PARTNERS S.À R.L. as Purchaser and ALPS 2.0 PARTNERS (HOLDING) S.À R.L. as Class C Lender, BNY MELLON CORPORATE TRUSTEE SERVICES
LIMITED as Security Agent and AVEGA S.À R.L. as Back-Up Receivables Manager Facilitator, the Company shall sell from time to time to the Purchaser certain loan receivables (hereinafter, the
" **Receivables** ").

(B) In connection with the Receivables Purchase Agreement, the Company has undertaken to execute before a
Spanish notary public an irrevocable power of attorney in favour of the Purchaser, in order to enable the latter to exercise the powers granted hereunder.

(C) Spanish terms which are translated into English shall have the meaning ascribed to such terms in the
Receivables Purchase Agreement.

**HE GRANTS** 

**FIRST**: In the name and on behalf of the Company, he grants a power of attorney, as wide as in law might be necessary, to **ALPS 2.0 PARTNERS S.À R.L.**, a company validly incorporated and existing under the laws of Luxembourg and having its registered office at 2, rue Edward Steichen, L-2540 Luxembourg-City, Luxembourg and registered with the Luxembourg Trade and Companies register (*Registre de commerce et des sociétés, Luxembourg*) under number B301375 (the "**Attorney**") so that it may acting in the name and on behalf of the Company at any time after the occurrence of a Notification Event:

(i) Exercise its rights, powers and discretions in respect of the Receivables and in respect of any Related
Rights.

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(ii) Execute and deliver as many deeds or documents, and do any other act which may be deemed necessary in order
to protect the rights and interests of ALPS 2.0 PARTNERS S.À R.L. pursuant to the Receivables Purchase Agreement (including those related to the Receivables and the Related Rights).

(iii) Execute and deliver as many deeds or documents, and do any other act which may be deemed necessary for the
full and effective transfer, even against third parties, of the Receivables and the Related Rights pursuant to the Receivables Purchase Agreement in or to ALPS 2.0 PARTNERS S.À R.L. or their successors in title of the Receivables.

(iv) Give notice to the relevant Borrowers of the assignment of the relevant Receivables between the Purchaser
and the Company made under the Receivables Purchase Agreement, as well as execute and deliver as many deeds or documents as may be deemed necessary for all those assignments to be raised to a public status.

(v) Demand even before Courts and receive all moneys, due or payable, under or in respect of Receivables and the
Related Rights and pay such moneys to the persons to whom such moneys are required to be paid under the Receivables Purchase Agreement.

(vi) Upon receipt of such moneys as referred to in paragraph (v) above to give to the payer thereof good
receipts and discharges for the same.

(vii) Perform any agreement or obligation of the Company under or in connection with the Receivables Purchase
Agreement and to exercise all the Company's rights, powers and acts under the Receivables Purchase Agreement.

(viii) Substitute or delegate the powers granted by this power of attorney (including this power of delegation and
substitution) to (a) any legal person belonging at any time to its group of companies or (b) to any employee or manager of any company of its group from time to time or (c) to any successors in the title to the Receivables, provided
that the Attorney shall remain liable for the performance of such substitute(s) or delegate(s) as if those powers had not been delegated.

(ix) Take as many actions and execute and deliver as many documents public or private, as may be required or
convenient in its sole discretion for the exercise of the powers in sections (i) to (viii) above.

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The aforementioned powers are granted even for the cases of self-contracting, even in favour of third parties.

**SECOND**: The powers granted to the Attorney by virtue of this power of attorney may be exercised by any individual duly authorised to exercise similar powers in the name and on behalf of the Attorney.

**THIRD**: The Company hereby is obliged to expressly ratify and confirm, if required to do so, any act, matter or documents whatsoever carried out by the Attorney or any of its substitutes or delegates, pursuant to and on the limits of this Power of Attorney; and to collaborate with the Attorney (or any of its substitutes or delegates) in carrying out its activity.

**FOURTH**: The Company shall hold the Attorney (or its substitutes or delegates) harmless in respect of any expenses it may incur and any damages suffered as consequence of exercising the powers conferred by virtue of this power of attorney without negligence or fraud.

**FIFTH**: This power of attorney is granted as an irrevocable mandate because of the performance of the Receivables Purchase Agreement in which are interested not only the Company but also the Attorney and third parties, requiring it to be irrevocable in order to avoid the frustration of the objectives pursued by the parties under such Agreement.

**SIXTH**: This Power of Attorney shall be governed by and construed in accordance with Spanish law.

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**Schedule 9** 

**Provisions relating to Sale of Italian Receivables** 

1. The Italian Receivables and any Related Rights will be assigned (*ceduti*) pursuant to this Agreement
in accordance with the provisions of Articles 1260 *et seq.* and, with respect to Italian Receivables arising from Further Disbursements, to the extent applicable, also Articles 1348 and 1472 of the Italian Civil Code (each, an  ***Italian Assignment***).

2. Any Italian Receivables and Related Rights sold pursuant to this Agreement are sold without recourse (*pro soluto*) (but for the avoidance of doubt without prejudice to any recourse as expressly provided for in this Agreement).

3. The Parties acknowledge and agree that each Italian Assignment shall be deemed effective towards the
Purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to any Receivables (and Related Rights) which is not a Further Disbursement, immediately
following receipt by the Seller of the applicable Purchase Price in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) without prejudice to paragraph (c) below, with respect to any Receivables (and Related Rights) arising
from Further Disbursements (and, therefore, not existing at the time of delivery of the relevant Sale Notice), on the date on which such Receivables arise towards the relevant Borrower; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with respect to any Receivables (and Related Rights) arising from Further Disbursements which have arisen
during the period between the date of delivery of the relevant Sale Notice and the fifth Business Day after the relevant Sale Notice Date, to the extent the related Receivables (existing at the time of delivery of the relevant Sale Notice) have not
been transferred during such period, from the relevant Title Transfer Time of such related Receivables.

4. The Italian Assignment of any Receivables and Related Rights (including Receivables arising from Further
Disbursements and in each case matching the Purchase Conditions) pursuant to this Agreement shall be construed, to the extent applicable, also for the purposes of Article 1331 of the Italian Civil Code, as an option of the Seller to sell and assign
to the Purchaser such Receivables (and their Related Rights) and an irrevocable undertaking by the Purchaser to purchase the same on each applicable Title Transfer Time.

5. The Italian Assignment of any Receivables (and Related Rights) arising from Further Disbursements shall be
construed, to the extent applicable, also for the purposes of Articles 1348 and 1472 of the Italian Civil Code, as a sale of future receivables, whereby (i) from the date of receipt by the Purchaser of the relevant Sale Notice, the Seller and
the Purchaser shall be deemed bound to, respectively, sell and purchase such Receivables once they have come into existence; and (ii) save as provided under Clause 2.13 of this Agreement, such Receivables shall be deemed transferred from the
Seller to the Purchaser as soon as they come into existence without any act of the Seller nor the Purchaser being necessary to this end.

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6. The Parties agree that, insofar as the Receivables Manager is an entity which is a member of the Seller
Group, the Seller is exempted from the obligation to deliver to the Purchaser the documentation in its possession evidencing the Receivables (*documenti probatori del credito*) pursuant to article 1262 of the Italian Civil Code, provided that
the Purchaser has the right to reasonably request the Sellers to deliver such documentation evidencing the Receivables (*documenti probatori del credito*) as soon as reasonably practicable after its request.

7. In accordance with articles 1264 and 1265 of the Italian Civil Code, each Italian Assignment will be
enforceable (*opponibile*) against the relevant Borrower(s) and third parties from the date it is notified to – or accepted by – such Borrower(s) by means of a notification bearing a date certain at law (*data certa*) as to
both the notification itself and its content, pursuant to article 2704 of the Italian Civil Code.

8. For the purposes of Clause 2 (*Agreement for Sale and Purchase of the Receivables*), the Related Rights
shall include any right, title, benefit, guarantee, Security Interests (if any) and other ancillary rights (*accessori del credito*) in to, pertaining to and/or under the Receivables pursuant to Article 1263 of the Italian Civil Code.

9. This Schedule 9 and any non-contractual obligations arising out of
or in connection with this Schedule 9 shall be governed by Italian law.

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**Schedule 10** 

**Form of Notices** 

**Part A Form of Sale Notice** 

---

| | |
|:---|:---|
| To: | **ALPS 2.0 PARTNERS S.À R.L.,** a private limited liability company (*société à responsabilité limitée*) incorporated under the laws of Luxembourg and acting as an unregulated securitisation company (*organisme de titrisation non réglementé*) within the meaning of, and governed by, the Securitisation Law, whose registered office is located at 2 Rue Edward Steichen, L-2540 Luxembourg, and registered with the RCS under number B301375, acting in its capacity as Purchaser under the Receivables Purchase Agreement (as defined below)  |

---

---

| | |
|:---|:---|
| Copy: | **PAYPAL (EUROPE) S.À R.L. ET CIE, S.C.A.**, a corporate partnership limited by shares (*société en commandite par actions*) incorporated under the laws of Luxembourg, having its registered office at 22-24 Boulevard Royal, L-2449 Luxembourg, Luxembourg and registered with the Luxembourg trade and companies register under number B118.349, acting through and represented by its unlimited shareholder PayPal (Europe) S.à r.l., a private limited liability company (*société à responsabilité limitée*) incorporated under the laws of Luxembourg, having its registered office at 22-24 Boulevard Royal, L-2449 Luxembourg, Luxembourg and registered with the Luxembourg trade and companies register under number B127.485 as Receivables Manager  |

---

---

| | |
|:---|:---|
| From: | **PAYPAL (EUROPE) S.À R.L. ET CIE, S.C.A.**, a corporate partnership limited by shares (*société en commandite par actions*) incorporated under the laws of Luxembourg, having its registered office at 22-24 Boulevard Royal, L-2449 Luxembourg, Luxembourg and registered with the Luxembourg trade and companies register under number B118.349, acting through and represented by its unlimited shareholder PayPal (Europe) S.à r.l., a private limited liability company (*société à responsabilité limitée*) incorporated under the laws of Luxembourg, having its registered office at 22-24 Boulevard Royal, L-2449 Luxembourg, Luxembourg and registered with the Luxembourg trade and companies register under number B127.485 acting in its capacity as Seller under the Receivables Purchase Agreement (as defined below)  |

---

Dear Sirs

1. We refer to the Receivables Purchase Agreement between, *inter alios*, us dated [ ] November 2025 (the  ***Receivables Purchase Agreement***) as may be or may have been amended, varied, supplemented and/or restated from time to time with the consent of the parties thereto. Terms defined in the Receivables Purchase Agreement shall have the same
meaning herein, including by incorporation.

2. In accordance with and subject to Clause 2 (*Agreement for Sale and Purchase of the Receivables*) of the Receivables Purchase Agreement, upon receipt by the **  Purchaser of this notice signed by the Seller, there shall exist between the Purchaser and the Seller an agreement (the  ***Agreement for Sale***) for the sale
by the Seller to the Purchaser of the new Receivables more particularly described in the Appendix hereto.

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3. For the purposes of the Receivables Purchase Agreement, this notice constitutes a Sale Notice in respect of
each Receivable referred to in the Appendix hereto.

4. The transfer of any Receivable to the Purchaser will be effective in accordance with the Receivables
Purchase Agreement.

5. Appended hereto is a complete and accurate list of the Receivables to be sold, and any related Further
Disbursements which may arise.

6. Delivery of this Sale Notice constitutes confirmation that each Purchase Condition (other than the Purchase
Condition set out in Clause 2.5(f)) in relation to each Receivable referred to in the Appendix hereto have been satisfied on the date of this Sale Notice.

7. The Agreement for Sale shall supplement and form part of the Receivables Purchase Agreement and the
provisions of that agreement shall apply to the Agreement for Sale.

8. Details of accounts for payment are as follows:

Account Name: [•]

Account Sort Code: [•]

Account Number: [•]

Reference: [•]

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**Appendix 1** 

**Information in respect of new Receivables to be added to the Portfolio** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Report Date** | **Loan ID** | **Sale Notice Date** | **Sale ID** | **Borrower ID** | **Loan Type** |
| **Sale Type** | **Outstanding Principal Balance** | **Outstanding Fee Balance** | **Outstanding Interest Balance** | **Outstanding Current Balance** | **Total Commitment Amount** |
| **Product Name** | **Currency** | **Interest Rate** | **Status** | **Origination Date** | **Maturity Date** |
| **Next Scheduled<br>Payment** | **Next Scheduled Payment Date** | **Original Term** | **Remaining Term(in days)** | **Purchase Price Ratio** | **Purchase Price** |
| **Merchant ID** | **Merchant Category Code** | **Risk Class** | **Model Used** | **Model Score** | **Global Customer Segment** |
| **Initial VLR** | **Disbursement Amount** |  |  |  |  |

---

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**Part B Form of Confirmation Notice** 

---

| | |
|:---|:---|
| To: | **ALPS 2.0 PARTNERS S.À R.L.**, a private limited liability company (*société à responsabilité limitée*) incorporated under the laws of Luxembourg and acting as an unregulated securitisation company (*organisme de titrisation non réglementé*) within the meaning of, and governed by, the Securitisation Law, whose registered office is located at 2 Rue Edward Steichen, L-2540 Luxembourg, Luxembourg and registered with the RCS under number B301375, acting in its capacity as Purchaser under the Receivables Purchase Agreement (as defined below)  |

---

---

| | |
|:---|:---|
| Copy: | **PAYPAL (EUROPE) S.À R.L. ET CIE, S.C.A.**, a corporate partnership limited by shares (*société en commandite par actions*) incorporated under the laws of Luxembourg, having its registered office at 22-24 Boulevard Royal, L-2449 Luxembourg, Luxembourg and registered with the Luxembourg trade and companies register under number B118.349, acting through and represented by its unlimited shareholder PayPal (Europe) S.à r.l., a private limited liability company (*société à responsabilité limitée*) incorporated under the laws of Luxembourg, having its registered office at 22-24 Boulevard Royal, L-2449 Luxembourg, Luxembourg and registered with the Luxembourg trade and companies register under number B127.485 as Receivables Manager  |

---

---

| | |
|:---|:---|
| From: | **PAYPAL (EUROPE) S.À R.L. ET CIE, S.C.A.**, a corporate partnership limited by shares (*société en commandite par actions*) incorporated under the laws of Luxembourg, having its registered office at 22-24 Boulevard Royal, L-2449 Luxembourg, Luxembourg and registered with the Luxembourg trade and companies register under number B118.349, acting through and represented by its unlimited shareholder PayPal (Europe) S.à r.l., a private limited liability company (*société à responsabilité limitée*) incorporated under the laws of Luxembourg, having its registered office at 22-24 Boulevard Royal, L-2449 Luxembourg, Luxembourg and registered with the Luxembourg trade and companies register under number B127.485 acting in its capacity as Seller under the Receivables Purchase Agreement (as defined below)  |

---

Dear Sirs

1. We refer to the Receivables Purchase Agreement between, *inter alios*, us dated [•] November 2025
(the  ***Receivables Purchase Agreement***) as may be or may have been amended, varied, supplemented and/or restated from time to time with the consent of the parties thereto. Terms defined in the Receivables Purchase Agreement shall have the
same meaning herein, including by incorporation.

2. In accordance with and subject to Clause 2.3(b) of the Receivables Purchase Agreement, appended hereto is a
complete and accurate list of the Receivables reflected in the System as "Pending Sale" as at the Cut-Off Time.

3. For the purposes of the Receivables Purchase Agreement, this notice constitutes a Confirmation Notice in
respect of each Receivable referred to in the Appendix hereto.

4. Details of accounts for payment are as follows:

Account Name: [•]

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Account Sort Code: [•]

Account Number: [•]

Reference: [•]

89\|159

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**Appendix 1** 

**Information in respect of Receivables added to the Portfolio** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Report Date** | **Loan ID** | **Sale Notice Date** | **Sale ID** | **Borrower ID** | **Loan Type** |
| **Sale Type** | **Principal Balance Transferred** | **Fee Balance Transferred** | **Interest Balance Transferred** | **Current Balance Transferred** | **Total Commitment Amount** |
| **Product Name** | **Currency** | **Interest Rate** | **Status** | **Origination Date** | **Maturity Date** |
| **Next Scheduled<br>Payment** | **Next Scheduled Payment Date** | **Original Term** | **Remaining Term(in days)** | **Purchase Price Ratio** | **Purchase Price** |
| **Merchant ID** | **Merchant Category Code** | **Risk Class** | **Model Used** | **Model Score** | **Global Customer Segment** |
| **Initial VLR** | **Disbursement Amount** |  |  |  |  |

---

90\|159

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**Part C Form of Further Disbursement Confirmation Notice** 

---

| | |
|:---|:---|
| To: | **ALPS 2.0 PARTNERS S.À R.L.**, a private limited liability company (*société à responsabilité limitée*) incorporated under the laws of Luxembourg and acting as an unregulated securitisation company (*organisme de titrisation non réglementé*) within the meaning of, and governed by, the Securitisation Law, whose registered office is located at 2 Rue Edward Steichen, L-2540 Luxembourg, Luxembourg and registered with the RCS under number B301375, acting in its capacity as Purchaser under the Receivables Purchase Agreement (as defined below)  |

---

---

| | |
|:---|:---|
| Copy: | **PAYPAL (EUROPE) S.À R.L. ET CIE, S.C.A.**, a corporate partnership limited by shares (*société en commandite par actions*) incorporated under the laws of Luxembourg, having its registered office at 22-24 Boulevard Royal, L-2449 Luxembourg, Luxembourg and registered with the Luxembourg trade and companies register under number B118.349, acting through and represented by its unlimited shareholder PayPal (Europe) S.à r.l., a private limited liability company (*société à responsabilité limitée*) incorporated under the laws of Luxembourg, having its registered office at 22-24 Boulevard Royal, L-2449 Luxembourg, Luxembourg and registered with the Luxembourg trade and companies register under number B127.485 as Receivables Manager  |

---

---

| | |
|:---|:---|
| From: | **PAYPAL (EUROPE) S.À R.L. ET CIE, S.C.A.**, a corporate partnership limited by shares (*société en commandite par actions*) incorporated under the laws of Luxembourg, having its registered office at 22-24 Boulevard Royal, L-2449 Luxembourg, Luxembourg and registered with the Luxembourg trade and companies register under number B118.349, acting through and represented by its unlimited shareholder PayPal (Europe) S.à r.l., a private limited liability company (*société à responsabilité limitée*) incorporated under the laws of Luxembourg, having its registered office at 22-24 Boulevard Royal, L-2449 Luxembourg, Luxembourg and registered with the Luxembourg trade and companies register under number B127.485 acting in its capacity as Seller under the Receivables Purchase Agreement (as defined below)  |

---

Dear Sirs

1. We refer to the Receivables Purchase Agreement between, *inter alios*, us
dated [•] November 2025 (the  ***Receivables Purchase Agreement***) as may be or may have been amended, varied, supplemented and/or restated from time to time with the consent of the parties thereto. Terms defined in the
Receivables Purchase Agreement shall have the same meaning herein, including by incorporation.

2. In accordance with and subject to Clause 2.12 of the Receivables Purchase Agreement, appended hereto is a
complete and accurate list of the Further Disbursements sold at the Title Transfer Time.

3. For the purposes of the Receivables Purchase Agreement, this notice constitutes a Further Disbursement
Confirmation Notice in respect of each Further Disbursement referred to in the Appendix hereto.

4. Details of accounts for payment are as follows:

Account Name: [•]

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Account Sort Code: [•]

Account Number: [•]

Reference: [•]

92\|159

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**Appendix 1** 

**Information in respect of Receivables added to the Portfolio** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Loan ID** | **Date of Purchase** | **Currency** | **Disbursement Amount** | **Pro-forma Outstanding Principal Balance** | **Pro-forma Fee balance** |
| **Pro-forma Current Balance** | **Total Commitment Amount** | **Next Scheduled Payment** | **Next Scheduled Payment Date** | **Purchase Price Ratio** | **Purchase Amount** |
| **Product** | **Purchase Amount** |  |  |  |  |

---

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**Schedule 11** 

**Form of Seller Solvency Certificate** 

**PAYPAL (EUROPE) S.À R.L. ET CIE, S.C.A.** 

(R.C.S. Luxembourg registration number: B118.349)

with its registered office at 22-24 Boulevard Royal, L-2449 Luxembourg, Luxembourg (the ***Company***)

**SOLVENCY CERTIFICATE** 

The undersigned, in the capacities set out in the below signature block, duly authorised to sign this certificate, hereby certify on behalf of the Company (without incurring any personal liability), that, as of the date of this certificate, the Company (i) is not subject to (but only to the extent that the substantive obligations under this Agreement, including payment and delivery obligations [and (to the extent applicable) the provision of collateral], cease to be performed) bankruptcy (*faillite*), reprieve from payment (*sursis de paiement*), voluntary or judicial liquidation (*liquidation judiciaire ou volontaire*), judicial appointment of a temporary administrator or any similar Luxembourg or foreign law proceedings or regimes affecting the rights of creditors generally and, to the best of its knowledge, no petition for the opening of such proceedings has been presented or to one or more resolution measures (as organised by the Luxembourg law dated 18 December 2015 on resolution, recovery and liquidation measures of credit institutions and certain investment firms, as amended) or recovery, intragroup financial support and early intervention measures (as organised by the Luxembourg act dated 5 April 1993 relating to the financial sector, as amended), and (ii) is not in a state of cessation of payments (*cessation de paiements*) and has not lost and will not lose its commercial creditworthiness (*ébranlement de crédit*).

I give this certificate on behalf of the Company.

Dated: [•] 2025

Signed for and on behalf of

**PAYPAL (EUROPE) S.À R.L. ET CIE, S.C.A.** 

**acting through and represented by its unlimited shareholder PayPal (Europe) S.à r.l.** 

By:<br>

Authorised Signatory

94\|159

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**Schedule 12** 

**Form of Purchaser Solvency Certificate** 

**ALPS 2.0 PARTNERS S.À R.L.** 

a *société à responsabilité limitée* incorporated under the laws of Luxembourg subject, as an unregulated securitisation undertaking (*organisme de titrisation non réglementé*), to the Luxembourg act dated 22 March 2004 on securitisation, as amended (the

**Securitisation Act**)

Registered office: 2 Rue Edward Steichen

L-2540 Luxembourg

Grand Duchy of Luxembourg

R.C.S. Luxembourg: B301375

(the ***Company***)

**SOLVENCY CERTIFICATE** 

The undersigned, in the capacity set out in the below signature block, duly authorised to sign this certificate, hereby certify on behalf of the Company (without personal liability), that, as of the date of this certificate, the Company (i) is not subject to bankruptcy (*faillite*), judicial reorganisation (*réorganisation judiciaire*), reorganisation by amicable agreement (*réorganisation par accord amiable*), reprieve from payment (*sursis de paiement*), court-ordered liquidation/dissolution (*liquidation/dissolution judiciaire*), administrative dissolution without liquidation (*dissolution administrative sans liquidation*), appointment of a provisional administrator (*administrateur provisoire*) or a recipient (*séquestre*), judicial appointment of a temporary administrator or any similar Luxembourg or foreign law proceedings or regimes affecting the rights of creditors generally (including without limitation any "insolvency proceedings" within the meaning of the Regulation (EU) No. 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings (recast), as amended) and, to the best of its knowledge, no petition for the opening of such proceedings has been presented and (ii) is not in a state of cessation of payments (*cessation de paiements*) and has not lost and will not lose its commercial creditworthiness (*ébranlement de crédit*).

I give this certificate on behalf of the Company.

Dated: [•] 2025

Signed for and on behalf of

**ALPS 2.0 PARTNERS S.À R.L.**

Manager / Authorised Signatory

95\|159

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**Schedule 13** 

**Eligibility Criteria** 

1. The Receivable is an Eligible Product.

2. The Receivable is governed by the law of a Relevant Jurisdiction (which in the case of a Spanish Receivable
shall be Spanish common law ()"*derecho común español* ")).

3. At its Sale Notice Date, the Receivable has no outstanding arrears balance.

4. At its Sale Notice Date, the relevant Receivable has no payments due on such Sale Notice Date or the day
immediately following such Sale Notice Date.

5. The maturity date of the Receivable is not prior to its Sale Notice Date.

6. The Receivable is denominated in EUR or GBP.

7. The Receivable is not flagged as involving any fraudulent activity (either pending or confirmed).

8. The Borrower is not a Restricted Person, and the Receivable is not linked to a merchant industry which is
sanctioned or is an Excluded Industry.

9. The Borrower has provided the Seller with a resident address in the Relevant Jurisdiction of the governing
law of the Receivable owed by that Borrower.

10. The Borrower's provided resident address is not located in the autonomous region (*Comunidad Autónoma*) of Castilla-La-Mancha in Spain.

11. The Borrower has provided confirmation that they are 18 years old or older.

12. At its Sale Notice Date, as far as the Seller was aware, the Borrower under each Receivable is not bankrupt,
insolvent or deceased.

13. Either (i) the Receivable was originated at least two days prior to its Sale Notice Date, or
(ii) at least 90 per cent. of the Original Commitment Amount under the related Loan Agreement has been disbursed to the Borrower.

14. The Receivable was originated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of a Receivable [\*\*\*], not more than [\*\*\*] days prior to its Sale Notice Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in respect of a Receivable [\*\*\*], not more than [\*\*\*] days prior to its Sale Notice Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in respect of a Receivable [\*\*\*], not more than [\*\*\*] days prior to its Sale Notice Date and during any
Relevant Period, not more than [\*\*\*] days prior to its Sale Notice Date.

15. In respect of any Receivable representing a Further Disbursement in connection with any Loan Agreement in
respect of which any Receivable was previously included in a Sale Notice, such Further Disbursement is being made no later than 30 days after the first disbursement was advanced under the related Loan Agreement.

96\|159

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16. The Receivable has not been repurchased by the Seller, other than a repurchase pursuant to Clause 8.16
(*Repurchase for DE Pi30 Loan*) of this Agreement.

17. In respect of any Receivable representing a Further Disbursement, the Receivable is not a Further
Disbursement in connection with a Receivable that has been repurchased by the Seller other than a repurchase pursuant to Clause 8.16 (*Repurchase for DE Pi30 Loan*) of this Agreement.

18. The Receivable is not the subject of an ongoing dispute with the Borrower.

19. [\*\*\*]

20. As at the date of origination of the Receivable, the aggregate of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the total outstanding Principal Balance of all Eligible Products owed to the Seller by the Borrower, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Original Commitment Amount for such Receivable less the amount of any expected initial instalment
payment for such Receivable,

is less than or equal to the Shadow Limit applicable in respect of such Receivable.

21. [\*\*\*]

22. [\*\*\*]

23. [\*\*\*]

24. As at its Sale Notice Date, the Receivable does not have a zero balance or negative balance and as at its Cut-Off Time, the Receivable will not have a zero balance or negative balance.

25. [\*\*\*]

26. As at its Sale Notice Date, the Receivable is not a Defaulted Exposure.

27. To the best of the Seller's knowledge, the Borrower in respect of each Receivable is not a
Credit-Impaired Debtor. For the purposes of this eligibility criterion, the "best knowledge" standard shall be considered to be fulfilled on the basis of information obtained only from any of the following combinations of sources and
circumstances: (a) the Borrower on origination of the Receivable; (b) the Seller and/or the Receivables Manager in the course of its servicing of the Receivables or in the course of its risk management procedures; (c) notifications to
the Seller by a third party.

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28. [\*\*\*]

29. [\*\*\*]

30. [\*\*\*]

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**Schedule 14** 

**List of Eligible Products** 

1. FR Pi4 – A PayPal "Buy Now, Pay Later" product that allows Borrowers in France to split
qualifying purchases into 4 payments over 89 days with the first payment due at the time of purchase.

2. UK Pi3 – A PayPal "Buy Now, Pay Later" product that allows Borrowers in the UK to split
qualifying purchases into 3 payments, with the first payment due at the time of purchase and 2 subsequent payments made every month thereafter.

3. IT Pi3 – A PayPal "Buy Now, Pay Later" product that allows Borrowers in Italy to split
qualifying purchases into 3 payments, with the first payment due at the time of purchase and 2 subsequent payments made every month thereafter.

4. ES Pi3 – A PayPal "Buy Now, Pay Later" product that allows Borrowers in Spain to split
qualifying purchases into 3 payments, with the first payment due at the time of purchase and 2 subsequent payments made every month thereafter.

5. DE PayPal Ratenzahlung – A PayPal "Buy Now, Pay Later" product that allows Borrowers in
Germany to split qualifying purchases in either 3, 6, 12 or 24 monthly instalments, as below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) DE PayPal Ratenzahlung (3 months) 0% APR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) DE PayPal Ratenzahlung (6 months) 0% APR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) DE PayPal Ratenzahlung (12 months) 0% APR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) DE PayPal Ratenzahlung (24 months) 0% APR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) DE PayPal Ratenzahlung (3 months) Positive APR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) DE PayPal Ratenzahlung (6 months) Positive APR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) DE PayPal Ratenzahlung (12 months) Positive APR; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) DE PayPal Ratenzahlung (24 months) Positive APR.

6. DE Pi30 – A PayPal "Buy Now, Pay Later" product that allows Borrowers in Germany to pay
for qualifying purchases after 30 days of purchase (or extend such time for payment by an additional 30 days or 54 days for a fee).

99\|159

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**Schedule 15** 

**Concentration Limits** 

[\*\*\*]

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**Schedule 16** 

**Ineligible Transferees** 

[\*\*\*]

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**Schedule 17** 

**Form of Repurchase Notice** 

---

| | |
|:---|:---|
| To: | **PAYPAL (EUROPE) S.À R.L. ET CIE, S.C.A.**, a corporate partnership limited by shares (*société en commandite par actions*) incorporated under the laws of Luxembourg, having its registered office at 22-24 Boulevard Royal, L-2449 Luxembourg, Luxembourg and registered with the Luxembourg trade and companies register under number B118.349, acting through and represented by its unlimited shareholder PayPal (Europe) S.à r.l., a private limited liability company (*société à responsabilité limitée*) incorporated under the laws of Luxembourg, having its registered office at 22-24 Boulevard Royal, L-2449 Luxembourg, Luxembourg and registered with the Luxembourg trade and companies register under number B127.485 acting in its capacity as Seller under the Receivables Purchase Agreement (as defined below)  |

---

---

| | |
|:---|:---|
| Copy: | **PAYPAL (EUROPE) S.À R.L. ET CIE, S.C.A.**, a corporate partnership limited by shares (*société en commandite par actions*) incorporated under the laws of Luxembourg, having its registered office at 22-24 Boulevard Royal, L-2449 Luxembourg, Luxembourg and registered with the Luxembourg trade and companies register under number B118.349, acting through and represented by its unlimited shareholder PayPal (Europe) S.à r.l., a private limited liability company (*société à responsabilité limitée*) incorporated under the laws of Luxembourg, having its registered office at 22-24 Boulevard Royal, L-2449 Luxembourg, Luxembourg and registered with the Luxembourg trade and companies register under number B127.485 acting in its capacity as Receivables Manager  |

---

**[SECURITY AGENT]** as Security Agent

---

| | |
|:---|:---|
| From: | **ALPS 2.0 PARTNERS S.À R.L.** a private limited liability company (*société à responsabilité limitée*) incorporated under the laws of Luxembourg and acting as an unregulated securitisation company (*organisme de titrisation non réglementé*) within the meaning of, and governed by, the Securitisation Law, whose registered office is located at 2 Rue Edward Steichen, L-2540 Luxembourg, Luxembourg and registered with the RCS under number B301375, acting in its capacity as Purchaser  |

---

Dear Sirs

1. We refer to the receivables purchase agreement between, *inter alios*, us dated [•] November 2025
(the  ***Receivables Purchase Agreement***) as may be amended, varied, supplemented and/or restated from time to time with the consent of the parties thereto. Terms defined in the Receivables Purchase Agreement shall have the same meaning
herein, including by incorporation.

2. For the purposes of the Receivables Purchase Agreement, this notice constitutes a Repurchase Notice.

3. In accordance with the terms of the Receivables Purchase Agreement, by delivery of this Repurchase Notice,
the Seller and the Purchaser hereby agree to reassign and/or retransfer the Receivables referred to in the Appendix hereto on the applicable Repurchase Date applicable to such Receivables.

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4. Appended hereto is a complete and accurate list of the Receivables to be sold on such Repurchase Date.

5. The Repurchase Notice shall supplement and form part of the Receivables Purchase Agreement and the
provisions of that agreement shall apply to the Repurchase Notice.

6. Details of accounts for payment are as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Account Name: | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Account Sort Code: | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Account Number: | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reference: | [•] |

---

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**Appendix** 

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loan ID** | **Systems**<br> **Record**<br> **Date** | **Currency** | **Outstanding <br>Principal<br>Balance** | **Outstanding <br>Current<br>Balance** | **Amount<br>Repurchased** | **Purchase<br>Price**<br> **Ratio** | **Repurchase <br>Price** | **Reason** | **Product** | **Report<br>Date** |

---

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**Schedule 18** 

**Form of Borrower Notice** 

**FORM OF NOTICE OF ASSIGNMENT AND PRIVACY NOTICE<sup>1</sup>** 

[*Note: Notice to be provided translated into applicable Borrower language*]

To:

**[*Borrower*]** 

[*Borrower address*]

From:

[*PayPal (Europe) S.à r.l. et Cie, S.C.A.*] / [*Alps 2.0 Partners S.à r.l.*]]

[*Address*]

[*By email or by letter with acknowledgement of receipt*]<sup>2</sup>

[*Date*]

**NOTICE OF ASSIGNMENT** 

Dear Sir / Madam,

This letter is to notify you, [for the purposes of Article 347 of the Spanish Commercial Code (*Código de Comercio*) and Articles 1526 *et seq*. of the Spanish Civil Code (*Código Civil*)] <sup>3</sup> that under a receivables purchase agreement dated [•] November 2025 the receivables owed by you, details of which are set out in Schedule A (*Assigned Receivables*) to this letter, have been sold and assigned by PayPal (Europe) S.à r.l. et Cie, S.C.A., acting through and represented by its unlimited shareholder PayPal (Europe) S.à r.l (***PayPal (Europe)***) to Alps 2.0 Partners S.à r.l. (***ALPS***) (the ***Assigned Receivables***) [in ****accordance with articles 1321 et seq. of the French Code civil]<sup>4</sup> [in accordance with Articles 1260 *et seq.* of the Italian Civil Code (*Codice Civile Italiano*)]<sup>5</sup>. [Please note, that the Assigned Receivables may be retransferred for a very short amount of time to PayPal (Europe) and then back to ALPS if you intend to use the "More Time to Pay" function.]<sup>6</sup>

As a consequence of and with effect from the date of this notice, we inform you that all payments due to be paid by you in respect of the Assigned Receivables must now be paid on their due date by you to ALPS and not to PayPal (Europe), in accordance with the payment instructions below.

<sup>1</sup> **Note**: Regarding Spanish Borrowers, this notice needs to be drafted and sent in Spanish. 

<sup>2</sup> Bearing a date certain at law (*data certa*) in so far as Italian Receivables are concerned.

<sup>3</sup> Include for Spanish Receivables only.

<sup>4</sup> Include for French Receivables.

<sup>5</sup> Include for Italian Receivables only.

<sup>6</sup> Include for German Receivables that concern the PI30 Product only.

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All payments in respect of the Assigned Receivables must now be made on their due date by wire transfer to the following bank account in order to be considered a full discharge of your debt:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beneficiary: | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Account number: | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank: | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SWIFT: | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IBAN: | [•] |

---

A payment made to any other payee or account other than as specified above [may][will]<sup>7</sup> not discharge your debt due. In such case, you may be liable to pay the amount a second time.

This instruction may not be revoked or varied without the prior written consent of ALPS.

[Furthermore, ALPS pledged, amongst others, the Assigned Receivables in favour of certain secured parties under a pledge agreement originally executed on [•] by, amongst others, ALPS, as pledgor, and BNY Mellon Corporate Trustee Services Limited, as security agent, and attested by the Notary Public of Madrid, Mr./Ms [•] under number [•] of his public records (as subsequently extended).]<sup>8</sup>

[Furthermore, ALPS has assigned by way of security, amongst others, the Assigned Receivables to BNY Mellon Corporate Trustee Services Limited, as security agent under an English security agreement dated [•] between, amongst others, ALPS, as borrower, and BNY Mellon Corporate Trustee Services Limited, as security agent.]<sup>9</sup>

The incorporation, registration and address details of PayPal (Europe) and ALPS are set out in Schedule B to this letter. Any communication in relation to the Assigned Receivables should now be directed to ALPS and not to PayPal (Europe).

[This notice shall be governed by French law]<sup>10</sup>.

Yours sincerely,

<sup>7</sup> 'will' for Italian Receivables.

<sup>8</sup> Include for Spanish Receivables only.

<sup>9</sup> Include for UK Receivables only.

<sup>10</sup> Include for French Receivables.

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[[*PayPal (Europe) S.à r.l. et Cie, S.C.A., acting through and represented by its unlimited shareholder PayPal (Europe) S.à r.l.*] **/** [*Alps 2.0 Partners S.à r.l.*]]

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**Schedule A** 

**Assigned Receivables** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Receivables ID | Outstanding<br> Receivables<br> Amount | Upcoming Payment<br> Date(s) and<br> Amount(s) | Receivables<br> Date | Currency |

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**Schedule B** 

**Corporate details of PayPal (Europe) and ALPS** 

1. PayPal (Europe) S.à r.l. et Cie, S.C.A. is a corporate partnership limited by shares
(*société en commandite par actions*) incorporated under the laws of the Grand Duchy of Luxembourg, having its registered office at 22-24 Boulevard Royal, L-2449 Luxembourg and registered with the Luxembourg trade and companies register under number B118.349, acting through and represented by its unlimited shareholder PayPal (Europe) S.à r.l., a private
limited liability company (*société à responsabilité limitée*) incorporated under the laws of Luxembourg, having its **  registered office at 22-24 Boulevard
Royal, L-2449 Luxembourg and registered with the Luxembourg trade and companies register under number B127.485.

2. Alps 2.0 Partners S.à r.l. is a private limited liability company (*société à responsabilité limitée*) incorporated under the laws of the Grand Duchy of **  Luxembourg, with its registered office and address for service at 2, rue Edward Steichen, L- 2540 Luxembourg-City, Luxembourg and registered with the Luxembourg trade and companies register (*Registre de commerce et des sociétés, Luxembourg*) under number B301375, and subject, as an unregulated securitisation undertaking (*organisme de titrisation non réglementé*), to the Luxembourg act dated 22 March 2004 on securitisation, as amended, and represented by its managers: [ *insert names of managers* ].

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**Schedule C** 

**Privacy Notice** 

For the Assigned Receivables, PayPal (Europe) is no longer the controller under data protection laws. As part of the sale and assignment of the Assigned Receivables we have shared your details (as described below in section 2 "What data do we process?") with the new controller. We shared your details because it was necessary for the purposes of our legitimate interest in complying with our contractual obligations towards the new controller and ensuring the smooth transfer of the Assigned Receivables, so that the new controller can manage them. Below you can find further information about the new controller and how they will handle your personal data.

PayPal (Europe) may still be handling some of your personal data going forwards as processor on behalf of the new controller.

Other products you have with PayPal remain subject to the PayPal Privacy Statement (available at <u>www.paypal.com</u>). It explains, among others, for how long PayPal (Europe) stores your personal data and how you can exercise your rights as a data subject.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;**PRIVACY NOTICE** |
| &nbsp;&nbsp;&nbsp; [•] ("we", "us", "our") values the protection of your personal data. Therefore, we inform you in the following paragraphs how we use your personal data that we have received or may in future receive from PayPal (Europe) in relation to the Assigned Receivables. |
| &nbsp;&nbsp;&nbsp;**1. Who is responsible for the processing of your personal data and contact** |
| &nbsp;&nbsp;&nbsp; The controller responsible for your personal data is [•].<br>If you have any questions about this privacy notice or our data protection practices, please contact our [DPO][data privacy manager]:<br>Phone: +[•]<br> E-Mail: [•]<br> Address: [•] |
| &nbsp;&nbsp;&nbsp;**2. What personal data do we process?** |
| &nbsp;&nbsp;&nbsp;&nbsp; We process the following categories of your personal data:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contact details (name, address); and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contract information (e.g., contract number, content of the contract, current and original receivable amount, due date, repayments made, agreed repayment schedule).<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [*Insert further details, if applicable*] |

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| |
|:---|
| &nbsp;&nbsp;&nbsp; **3. Why do we process your personal data (purpose) and on which legal basis?** |
| &nbsp;&nbsp;&nbsp; We process your personal data to collect when due and administer the Assigned Receivables. [*Insert further details on purposes, if applicable*]<br>Our processing of your personal data is necessary to fulfil our contractual obligations to you in relation to the Assigned Receivables. as well as our legitimate interest in collecting the Assigned Receivables when due. We also process your personal data where it is necessary to comply with applicable laws. [*Insert further lawful bases as applicable*]<br>[*Insert details of any automated decision-making, if applicable*] |
| &nbsp;&nbsp;&nbsp; **4. Who will receive my personal data?** |
| &nbsp;&nbsp;&nbsp;&nbsp; Those who need your personal data to collect and administer your Assigned Receivables will be given access to it within [•].<br>We share your personal data with third parties for the purpose(s) mentioned in section 3 including:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PayPal (Europe) to the extent it still holds your personal data in relation to the Assigned Receivables on behalf of us;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [*Insert details of any third-party processors, if applicable*]<br>|
| &nbsp;&nbsp;&nbsp;**5. International transfers** |
| &nbsp;&nbsp;&nbsp; [*Insert further details, including about the transfer mechanism relied upon, if applicable*] |
| &nbsp;&nbsp;&nbsp;**6. For how long will my personal data be stored?** |
| &nbsp;&nbsp;&nbsp; We will only retain your personal data for as long as reasonably necessary to fulfil the purposes for which the personal data was collected (i.e., collection and administration of the Assigned Receivables) including for the purposes of satisfying any legal, regulatory, tax, accounting or reporting requirements. [*Insert criteria for retention periods*] |

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| |
|:---|
| &nbsp;&nbsp;&nbsp;**7. What are my data protection rights?** |
| &nbsp;&nbsp;&nbsp;&nbsp; Under certain circumstances, you have rights under data protection laws in relation to your personal data including rights to:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Request access to your personal data;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Request correction of your personal data;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Request erasure of your personal data;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Request restriction of processing your personal data;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Request transfer of your personal data (data portability); and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Give instructions concerning the fate of your personal data after your death.<br>Further information about your data protection rights are available on our website at [•].<br>At the moment, we do not process your personal data based on your consent [or for our legitimate interests or those of a third party]. We will inform you separately if that changes.<br>If the processing is based on your consent, you have the right at any time to withdraw your consent for the future without giving reasons. This does not affect the lawfulness of processing based on your consent before your withdrawal.<br>To the extent we process your personal data for our legitimate interests or those of a third party, you will also have the right to object to the processing of your personal data on the basis of legitimate interests, unless we or the third party can demonstrate compelling legitimate grounds for the processing which override your interests, rights and freedoms or if we need your personal data to deal with legal claims.<br>To assert these rights, please contact us directly using the above contact details.<br>If you have a complaint that you wish to raise you can contact us using the contact details above. You also have the right to lodge a complaint with the relevant supervisory authority at any time:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In France, the French Data Protection Authority (<u>www.cnil.fr</u>);<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In Germany, the Berlin Commissioner for Data Protection and Freedom of Information (<u>https://www.datenschutz-berlin.de/</u>);<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In Italy, the Italian Data Protection Authority (<u>www.garanteprivacy.it</u>);<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In Luxembourg, the National Commission for Data Protection (<u>www.cnpd.public.lu</u>);<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In Spain, the Spanish Data Protection Agency (<u>www.aepd.es</u>); or<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the United Kingdom, the Information Commissioner's Office (<u>www.ico.org.uk</u>).<br>|

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**Schedule 19** 

**Definitions** 

Capitalised terms used but not otherwise defined in this Agreement shall have the following meanings, except so far as the context requires otherwise:

***1m EURIBOR*** means 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 period of 1 month displayed on page EURIBOR01 of the Thomson Reuters screen;

***3PL*** means PayPal Pte. Ltd;

***ACH Payment*** means any down payment, ad hoc payment or scheduled payment in ****respect of a Receivable made by a pull payment based on a SEPA mandate or equivalent from the Borrower's bank account;

***Additional Regulatory Requirements*** has the meaning given in Clause 10.7 (*Change* *****in law or regulation*);

[\*\*\*]

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***Affected Party*** means, in relation to a Tax Event, any Party that incurs or could ****reasonably be expected to incur some or all of the economic cost of that Tax Event (taking account of the primary liability for the relevant Tax, any indemnities, covenants or undertakings to pay or reimburse another Party in respect of that Tax pursuant to the Transaction Documents, and the probability and timing of the satisfaction in full of any obligation under such indemnity, covenant or undertaking to pay or reimburse (including having regard to (i) the limited recourse nature of the Purchaser's obligations under the Transaction Documents pursuant to Clause 32.1 and (ii) the applicable Priority of Payments);

***Affiliate*** means, in relation to any company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a subsidiary of that company, a holding company of that person or any other subsidiary of that holding
company directly or indirectly controlling or controlled by, or who is directly or indirectly under common control with, such person (and for the purposes of this definition, the term "control" shall mean the possession, directly or
indirectly, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract or agency or otherwise); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any account, fund, vehicle, client or investment portfolio established and controlled by such company or an
Affiliate thereof or for which such company or an Affiliate thereof acts as the sponsor, manager or investment adviser or investment manager or with respect to which such company or an Affiliate thereof exercises discretionary control thereover;

[\*\*\*]

***Anti-Corruption Laws*** means the applicable laws, judgments, orders, executive orders, ****decrees, ordinances, rules, regulations, statutes, case law or treaties related to corruption or bribery, including the Foreign Corrupt Practices Act of 1977, as amended, the Bribery Act 2010 of the United Kingdom and any applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions and any other law, rule, regulation or other legally binding measure of any jurisdiction that relates to bribery or corruption;

***Anti-Money Laundering Laws*** means the applicable laws and regulations relating to anti ****money laundering including, without limitation, the U.S. Bank Secrecy Act, the U.S. Money Laundering Control Act of 1986, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, the UK Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, the UK Proceeds of Crime Act 2002; and the Luxembourg AML Act 2004;

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***Applicable Fees*** means, in respect of a Receivable, all Receivables Management Fees ****(including any VAT or Taxes payable thereon) expected to be payable in connection therewith until its repayment and discharge in full (as determined in good faith by the Receivables Manager);

***Asset Model*** means the financial model agreed between the Seller and the Class C Lender ****on or prior to the Closing Date, as may be updated, amended and/or replaced from time to time by agreement between the Class C Lender and the Seller;

[\*\*\*]

[\*\*\*]

[\*\*\*]

***Assigned Rights*** means in relation to any Receivable, all estates, rights, title, interest ****and benefit of the Purchaser in and to the relevant Receivable, which has been assigned and/or transferred to the Purchaser under or pursuant to this Agreement;

***AUP Audit*** means an agreed-upon procedure (AUP) audit of the Purchased Receivables ****comprising the Portfolio in accordance with a scope to be agreed between the Seller and [\*\*\*];

***AUP Report*** means an audit report prepared in respect of any AUP Audit;

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

***Available Commitment*** means an amount in EUR equal to the Maximum Commitment ****less the Euro Equivalent Pro Forma Principal Amount of all Receivables held by the Purchaser on the relevant Sale Notice Date;

***Borrower*** means any person who has entered into a Loan Agreement;

***Borrower Credit Balance Refund*** means an amount to be credited to a Borrower's e-money balance representing the portion of a merchant refund in respect of which the original merchant transaction was originally financed (in part) by debiting the Borrower's e-money balance;

***Borrower Notice*** means a notice provided in accordance with (i) Clauses 8.37.3 ****(*Notification of Sales*) of the RPA substantially in the form set out in Schedule 18 (*Form of Borrower Notice*) or in such other form as may from time to time be agreed between the Seller and the Purchaser or (ii) Clause 10.8(iv) of the RMA, in a form containing such information as is then required by any applicable Data Protection Legislation;

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***Business Day*** means a calendar day (other than a Saturday or Sunday) on which banks ****are generally open for business in Dublin, London, Luxembourg, Frankfurt, Paris and New York and which is a TARGET Day;

***Change of Control*** means, with respect to an entity, any change in the person who ****(together with its Affiliates):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) has the power (directly or indirectly) to appoint majority of the members of the board of directors (or
equivalent body), or direct management of and policies of such entity, whether through the ownership of voting capital, by contract or otherwise; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) holds, directly or indirectly, more than 50 per cent. of the legal and beneficial interest in the
issued share capital of such entity;

***Charged-off Receivable*** means a Receivable in respect of which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any amount due in respect of the Personal Loan to which that Receivable Relates has been overdue for payment
for more than [\*\*\*] days; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Seller has received [\*\*\*] days' notification of the confirmed bankruptcy of the relevant customer;
and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Seller has received [\*\*\*] day's notification of the confirmed death of the relevant customer,

together with such other Receivable as may be deemed to be charged-off in accordance with the then applicable Collections Policies;

***Class A Facility Agreement*** has the meaning given to such term in the Master ****Framework Agreement;

***Class A Lender*** means the provider of a Class A facility to the Purchaser pursuant to the ****Class A Facility Agreement;

***Class B Facility Agreement*** has the meaning given to such term in the Master Framework Agreement;

***Class B Lender*** means the provider of a Class B facility to the Purchaser pursuant to the ****Class B Facility Agreement;

***Class C Facility Agreement*** has the meaning given to such term in the Master ****Framework Agreement;

***Class C Lender*** means the provider of a Class C facility to the Purchaser pursuant to the ****Class C Facility Agreement;

***Closing Date*** means the first date on which both the Seller and the Purchaser have ****confirmed that the initial conditions precedent set out in Schedule 1 are satisfied;

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***Collections*** means any amount received by the Receivables Manager directly or indirectly ****from a Borrower by way of payment (including payment by way of sweep of the relevant Borrower's e-money wallet in accordance with the relevant Loan Agreement) of an amount due in respect of a Receivable forming part of the Portfolio but excluding, for the avoidance of doubt any Excluded Amounts;

***Collections Policies*** mean the Collections Policies set forth in schedule 1 (*Collections* *****Policies*) of the Receivables Management Agreement, or any update, amendment or replacement of such policies as the Seller may effect from time to time and notified to the Purchaser and the Security Agent;

***Collections Sweep Payment*** has the meaning given in clause 8.2 of the Receivables ****Management Agreement;

***Commitment Period*** means the period from (but excluding) the Closing Date to (but ****excluding) the earlier of (i) the Scheduled Commitment Period End Date; or (ii) any date on which this Agreement is terminated by either the Seller or the Purchaser in accordance with Clause 11 (*Termination Events*);

***Concentration Limits*** means the concentration limits set out in Part A and Part B of ****Schedule 15 (*Concentration Limits*);

***Conditions Legal Opinions*** means the legal opinions in respect of certain matters ****relating to the Standard Documentation, as set out in paragraphs 18 to 22 (inclusive) of Part A of Schedule 1 (*Seller Initial Conditions Precedent*) of this Agreement;

***Confirmation Notice*** means the notice substantially in the form set out in Part B of ****Schedule 10 (*Form of Confirmation Notice*) to this Agreement evidencing the Receivables reflected in the System as "Pending Sale" as at the Cut-Off Time, provided by the Seller to the Purchaser in accordance with Clause 2.3 of this Agreement;

***Confirmation Notice Date*** means the date on which each Confirmation Notice is delivered by the Seller to the Purchaser;

***Consultation Period*** has the meaning given in Clause 11.5;

***Corporation Tax*** means in relation to any entity treated as a company or corporation or ****any partnership limited by shares, any tax charged on or calculated by reference to net income, profits or gains in Luxembourg, the UK or any Relevant Jurisdiction;

[\*\*\*]

[\*\*\*]

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***Credit-Impaired Debtor*** means a borrower who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) has been declared insolvent or had a court grant his creditors a final non-appealable right of enforcement or material damages as a result of a missed payment within three years prior to the date of origination or has undergone a debt restructuring process with regard to his non-performing exposures within three years prior to the relevant Sale Notice Date, except if: (i) a restructured underlying exposure has not presented new arrears since the date of the restructuring, which
must have taken place at least one year prior to the relevant Sale Notice Date; and (ii) the information provided by the Seller in accordance with points (a) and (e)(i) of the first subparagraph of Article 7(1) explicitly sets out the
proportion of restructured underlying exposures, the time and details of the restructuring as well as their performance since the date of the restructuring;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) was, at the time of origination, where applicable, on a public credit registry of persons with adverse
credit history or, where there is no such public credit registry, another credit registry that is available to the Seller and such person is considered a person with adverse credit history for the purposes of the Underwriting Policies; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) has a credit assessment or a credit score indicating that the risk of contractually agreed payments not
being made is significantly higher than for comparable exposures held by the Seller which are not securitised;

***Current Balance*** means, in relation to a Receivable on a particular date, the Principal ****Balance as at such date plus (without double counting) all amounts of due but unpaid interest (where applicable), fees, charges or premium due to be paid by or on behalf of the underlying Borrower (including any extension or "More Time to Pay" fee) in accordance with the relevant Loan Agreement together with any amounts in arrears which have not been capitalised and added to the Principal Balance, but excluding, for the avoidance of doubt, any Excluded Amounts;

***Cut-Off Time*** means, in relation to a Receivable (that is not a Further Disbursement ****included in a Further Disbursement Confirmation Notice), the point in time at which such Receivable is reflected in the System as "Pending Sale";

***Data Protection Legislation*** means all applicable data protection and privacy legislation ****to the extent applicable from time to time including: (a) the Directive on Privacy and Electronic Communications (2002/58/EC); (b) the General Data Protection Regulation (***GDPR***) (EU) 2016/679; (c) national laws implementing the Directive on Privacy and Electronic Communications (2002/58/EC); (d) the UK GDPR; (e) the Privacy and Electronic Communications Regulations 2003; and (f) any relevant law, statute, declaration, decree, directive, legislative enactment, order, ordinance, regulation, rule or other binding instrument which implements any of the above or which otherwise relates to data protection, privacy or the use of Personal Data, in each case as applicable and in force from time to time, and as amended, consolidated, re-enacted or replaced from time to time;

***DBRS*** means DBRS Morningstar;

***DE PayPal Ratenzahlung*** or ***DE PayPal Ratenzahlung Products*** means the DE Ratenzahlung 3M 0% APR, the DE Ratenzahlung 3M Positive APR, the DE Ratenzahlung 6M 0% APR; the DE Ratenzahlung 6M Positive APR; the DE Ratenzahlung 12M 0% APR; the DE Ratenzahlung 12M Positive APR; the DE Ratenzahlung 24M 0% APR; and the DE Ratenzahlung 24M Positive APR loan products;

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***DE Pi30 Loan*** means the "Germany Pay in 30" buy-now, pay-later Eligible Product ****originated by the Seller;

***DE Ratenzahlung 3M 0% APR*** means the "Germany PayPal Ratenzahlung" buy-now, ****pay-later Eligible Product with a term of three months originated by the Seller, where under the terms of such Receivable no interest is charged to the Borrower.

***DE Ratenzahlung 3M Positive APR*** means the "Germany PayPal Ratenzahlung" buy-now, pay-later Eligible Product with a term of three months originated by the Seller, where under the terms of such Receivable one or more interest payments (at any interest rate) are charged to the Borrower.

***DE Ratenzahlung 6M 0% APR*** means the "Germany PayPal Ratenzahlung" buy-now, ****pay-later Eligible Product with a term of six months originated by the Seller, where under the terms of such Receivable no interest is charged to the Borrower.

***DE Ratenzahlung 6M Positive APR*** means the "Germany PayPal Ratenzahlung" buy-now, pay-later Eligible Product with a term of six months originated by the Seller, where under the terms of such Receivable one or more interest payments (at any interest rate) are charged to the Borrower.

***DE Ratenzahlung 12M 0% APR*** means the "Germany PayPal Ratenzahlung" buy-now, ****pay-later Eligible Product with a term of twelve months originated by the Seller, where under the terms of such Receivable no interest is charged to the Borrower.

***DE Ratenzahlung 12M Positive APR*** means the "Germany PayPal Ratenzahlung" buy-now, pay-later Eligible Product with a term of twelve months originated by the Seller, where under the terms of such Receivable one or more interest payments (at any interest rate) are charged to the Borrower.

***DE Ratenzahlung 24M 0% APR*** means the "Germany PayPal Ratenzahlung" buy-now, ****pay-later Eligible Product with a term of twenty-four months originated by the Seller, where under the terms of such Receivable no interest is charged to the Borrower.

***DE Ratenzahlung 24M Positive APR*** means the "Germany PayPal Ratenzahlung" buy-now, pay-later Eligible Product with a term of twenty-four months originated by the Seller, where under the terms of such Receivable one or more interest payments (at any interest rate) are charged to the Borrower;

***Default Interest*** means in respect of EUR amounts, 1m EURIBOR at the due date of the ****relevant payment plus 1%, and, in respect of GBP amounts, SONIA plus 1%;

***Defaulted Exposure*** means any Receivable in respect of which (i) the Borrower is past due more than [\*\*\*] days on such Receivable; or (ii) the Seller considers the Borrower as unlikely to pay its credit obligations to the Seller in accordance with the Underwriting Policies;

***Deferred Purchase Price*** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for each Reporting Period, an amount equal to [\*\*\*] per cent. of any amounts of Post-Charge Off Receipts
received by the Receivables Manager during such Reporting Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in connection with any sale by the Purchaser to either the Seller or to a third party of Purchased
Receivables which are Charged-Off Receivables, an amount equal to the Agreed Percentage of the purchase price payable to the Purchaser in respect of such sale.  ***Agreed Percentage*** means such percentage as has been agreed in writing
between the Seller and the Class C Lender to apply to the relevant sale of Charged-Off Receivables;

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***Delinquency Curve*** means for a Receivable, the forecast delinquency ordered by ****seasoning point which will be equal to the expected principal balance of Receivables which are the same Product and Credit Cohort as such Receivable that are past due at each seasoning point divided by the expected principal balance of all Receivables which are the same Product and Credit Cohort as such Receivable at each such seasoning point;

***Disclosed*** means accurately and fairly disclosed with sufficient details so as to enable the ****Purchaser to make a reasonably informed assessment of the nature and scope of the fact, matter or circumstance disclosed by the Disclosure Letter;

***Disclosure Letter*** means the disclosure letter from the Seller to Alps Partners S.à r.l. executed and delivered on [\*\*\*];

[\*\*\*]

[\*\*\*]

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[\*\*\*]

***Disruption Event*** means either or both of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 Portfolio (or otherwise in order for the transactions contemplated by the Transaction Documents to be carried out) which disruption is not caused by, and is
beyond the control of, any of the Parties; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) from performing its payment obligations under the Transaction Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) from communicating with other Parties in accordance with the terms of the Transaction Documents,

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

***Draft Instruments*** means any negotiable instrument in the form of a bill of exchange (*letra de cambio*), a promissory note (*pagaré*) or a cheque (*cheque*), issued pursuant to Spanish Act 19/1985 dated 16 July ("*Ley 19/1985 de 16 de julio, Cambiaria y del Cheque*") as amended or superseded from time to time;

***Eligibility Criteria*** means the eligibility criteria set out in Schedule 13 (*Eligibility Criteria*) ****to this Agreement;

***Eligible Products*** means each of the PayPal Personal Loan products listed in Schedule 14 ****(*List of Eligible Products*);

***Eligible Receivables*** means the Receivables that satisfy the Eligibility Criteria;

***Enforcement Notice*** has the meaning given to such term in the Master Framework Agreement;

***English Standard Documentation*** means, in respect of Receivables, the English ****standard documentation referred to in Schedule 3 (*Standard Documentation*) to this Agreement (including any terms of the User Agreement incorporated by reference) or any update, amendment or replacement of such standard documentation as the Seller may effect from time to time and notified to the Purchaser and the Security Agent;

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***ES Pi3*** means the "Spain Pay in 3" buy-now, pay-later Eligible Product originated by the ****Seller;

***EU Receivables*** means French Receivables, German Receivables, Italian Receivables and ****Spanish Receivables;

***EU Receivables Manager*** means the Seller;

***EU Securitisation Regulation*** means Regulation (EU) 2017/2402 of the European ****Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC and 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012, including any implementing regulation, technical standards and official guidance related thereto;

***Euro Equivalent*** means (i) in respect of amounts denominated in EUR, that amount, and ****(ii) in respect of amounts denominated in GBP or in US Dollars, such amount converted to EUR at the then applicable spot rate of exchange for the purchase of Euro in the London foreign exchange market as determined by the Seller as at 11:00am on the Spot Rate Determination Date;

***EUWA*** means the European Union (Withdrawal Act) 2018 (as amended by the EU ****(Withdrawal) Agreement) Act 2020);

***Event of Default*** means an event of default pursuant to any Facility Agreement;

***Excluded Amounts*** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any recalled payments and amounts required to be returned or refunded to the Borrower under the terms of a
Loan Agreement or under any applicable law or regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any amount held by the Seller or the Receivables Manager on behalf of the Borrower in respect of e-money balances in the Borrower's e-money wallet;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all Third Party Amounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any amount of statutory interest collected by a third party collection agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any amount of VAT or amount in respect of VAT for which the Seller is liable to account to any Tax Authority
with respect to any supplies made by or treated as made by the Seller to any Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any amount in respect of fees received from merchants, including the "standard merchant fee" in
respect of all credit products in each Relevant Jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) [\*\*\*]

[\*\*\*]

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***Facility Agreements*** means each facility agreement entered into by the Purchaser as ****borrower on or about the date of this Agreement in order to finance the acquisition of Receivables pursuant to this Agreement;

***Facility Provider*** means each Class A Lender, Class B Lender and Class C Lender;

***FCA*** means the UK's Financial Conduct Authority;

***FCA Handbook*** means the handbook of rules and guidance adopted by the FCA;

[\*\*\*]

***FSMA*** means the UK's Financial Services and Markets Act 2000;

***Forward Rate Agreement*** means for each Sale Notice Date, a forward rate agreement ****transaction to be entered into under a Hedging Agreement (as defined in the Master Framework Agreement) between the Purchaser and a Hedge Counterparty on such Sale Notice Date for the purposes of hedging the interest rate risk in respect of all Receivables transferred to the Purchaser pursuant to the Sale Notice delivered on such Sale Notice Date with terms as follows: (i) monthly payment dates, (ii) the Purchaser will pay a fixed rate to the Hedge Counterparty, (iii) the Hedge Counterparty will pay a floating rate to the Purchaser either equal to Compounded SONIA for Receivables denominated in GBP or EURIBOR for Receivables denominated in EUR, and (iv) with a notional amount profile as agreed between the Hedge Counterparty and the Class C Lender;

***FR Pi4*** means the "France Pay in 4" buy-now, pay-later Eligible Product originated by the ****Seller;

***French Products*** means the FR Pi4 loan product;

***French Receivables*** means Receivables governed by the law of France;

***French Standard Documentation*** means, in respect of Receivables, the French standard ****documentation referred to in Schedule 3 (*Standard Documentation*) to this Agreement (including any terms of the User Agreement incorporated by reference) or any update, amendment or replacement of such standard documentation as the Seller may effect from time to time and notified to the Purchaser and the Security Agent;

[\*\*\*]

***Further Disbursement*** means in respect of any Personal Loan, any loan amount ****advanced or deemed to be advanced to the relevant Borrower after the first advance made under that Personal Loan and where such loan amount has the same Loan ID as the first advance made under that Personal Loan;

***Further Disbursement Confirmation Notice*** means a notice substantially in the form ****set out in Part C of Schedule 10 (*Form of Confirmation Notice*) to this Agreement in respect of Receivables which are Further Disbursements and sent by the Seller to the Purchaser under Clause 2.12 of this Agreement;

***German Products*** means the DE Pi30 Loans and the DE PayPal Ratenzahlung loan ****products;

***German Receivables*** means Receivables governed by the law of Germany;

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***German Standard Documentation*** means, in respect of Receivables, the German ****standard documentation referred to in Schedule 3 (*Standard Documentation*) to this Agreement (including any terms of the User Agreement incorporated by reference) or any update, amendment or replacement of such standard documentation as the Seller may effect from time to time and notified to the Purchaser and the Security Agent;

***Hedging Agreement*** has the meaning given in the Master Framework Agreement;

***Hedge Counterparty*** has the meaning given in the Master Framework Agreement;

***IFRS*** means the International Financial Reporting Standards issued by the International Accounting Standards Board, as amended, supplemented or replaced from time to time;

***Indemnification Amount*** has the meaning given in Clause 8.17;

***Ineligible Transferee*** means any of the entities specified in Schedule 16 (*Ineligible* *****Transferees*) and any Affiliates of such entities directly controlling more than 50 per cent. of the ownership interests in such entities as of the date of this Agreement, but excluding any such entity that is an Approved Class A Transferee (as defined in the Master Framework Agreement);

[\*\*\*]

***Insolvency Event*** means, with respect to any person, any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it is unable or admits inability to pay its debts as they fall due or, by reason of actual or anticipated
financial difficulties, commences negotiations with any class of its creditors with a view to rescheduling any of its indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it is in a state of cessation of payments (*cessation de paiements*) or otherwise suspends making
payments on its debts generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a moratorium has been declared or takes effect in respect of its indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a final court order is made or a corporate resolution is passed for its winding-up, voluntary or judicial liquidation or dissolution, bankruptcy, insolvency, administration, reorganisation, composition with creditors, reprieve from payment, general settlement with creditors or any
analogous procedure under the laws of the jurisdiction in which such person is incorporated (by way of voluntary arrangement, scheme of arrangement or otherwise but excluding any solvent reorganisation, rearrangement or similar arrangement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a receiver, liquidator, receiver, administrator receiver, administrator, compulsory manager, interim
manager, custodian, manager or other similar officer is appointed in respect of it or all of its assets;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) an application for its winding-up or liquidation (or any analogous
action under the laws of the jurisdiction in which such person is incorporated) could otherwise be made against that person due to it being insolvent in accordance with the applicable insolvency laws of the jurisdiction in which such person is
incorporated; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) solely in respect of the Seller, the taking of one or more resolution measures (as organised by the
Luxembourg law dated 18 December 2015 on resolution, recovery and liquidation measures of credit institutions and certain investment firms, as amended) or recovery, intragroup financial support and early intervention measures (as organised by
the Luxembourg act dated 5 April 1993 relating to the financial sector, as amended);

***Insolvency Regulation*** means each of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Regulation (EU) 2015/848 of the European Parliament and of the European Council of 20 May 2015 on
insolvency proceedings (recast) as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Regulation (EU) 2015/848 of the European Parliament and of the European Council of 20 May 2015 on
insolvency proceedings (recast) as it forms part of the domestic laws of the United Kingdom by virtue of the EUWA 2018 and as that Regulation has been amended by the Insolvency (Amendment) (EU Exit) Regulations 2019,

as the context requires;

***Interest Product*** means each of the following Eligible Products:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) DE Ratenzahlung 3M Positive APR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) DE Ratenzahlung 6M Positive APR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) DE Ratenzahlung 12M Positive APR; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) DE Ratenzahlung 24M Positive APR;

***Irrecoverable VAT*** means any amount in respect of VAT which a person (or the ****representative member of the VAT group of which such person is a member) has incurred and which that person (or the representative member of such's person's VAT group) is not able to recover (by way of credit, refund or otherwise) from any relevant Tax Authority pursuant to and determined in accordance with any applicable law (including articles 48, 49.2, 55bis and 55ter of the Luxembourg law on VAT dated 12 February 1979, as amended or similar provisions in any other member state of the European Union or the United Kingdom);

***IT Pi3*** means the "Italy Pay in 3" buy-now, pay-later Eligible Product originated by the ****Seller;

***Italian Products*** means the IT Pi3 loan product;

***Italian Civil Code*** means Royal Decree No. 262 dated 16 March 1942;

***Italian Receivables*** means Receivables governed by the law of Italy;

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***Italian Standard Documentation*** means, in respect of Receivables, the Italian standard ****documentation referred to in Schedule 3 (*Standard Documentation*) to this Agreement (including any terms of the User Agreement incorporated by reference) or any update, amendment or replacement of such standard documentation as the Seller may effect from time to time and notified to the Purchaser and the Security Agent;

[\*\*\*]

[\*\*\*]

***Legal Reservations*** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the principle that equitable or discretionary remedies may be granted or refused at the discretion of a
court;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the limitation of enforcement by laws relating to insolvency, reorganisation and other laws generally
affecting the rights of creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the time barring of claims under the Limitation Acts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the possibility that an undertaking to assume liability for or to indemnify a person against non payment of
United Kingdom stamp duty may be void;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) defences of set-off or counterclaim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) similar principle, rights and defences under the laws of any Relevant Jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any other matters which are set out as qualifications or reservations in the legal opinions delivered under
or in connection with the Transaction Documents;

***Loan Agreement*** means, in respect of any Receivable and the Personal Loan to which it ****relates, the agreement between the Seller and the related Borrower, substantially in the form of the Standard Documentation, the terms of which govern, amongst other things, the provision and administration of that Personal Loan and the payment of Receivables thereunder;

***Loan ID*** means the unique loan identifier code ascribed to each Personal Loan and as ****set out in the System;

***Loan Warranties*** has the meaning given in Clause 8.1(a);

***Loss*** means in respect of any person, any losses, damages, costs, charges, claims, ****demands, expenses, judgments, action, proceedings or other liability whatsoever (including, without limitation, in respect of Tax) and includes any Irrecoverable VAT charged or chargeable in respect thereof and legal fees and expenses on a full indemnity basis;

***Master Framework Agreement*** means the master framework agreement dated on or ****about this Agreement and entered into between, amongst others, the Purchaser, the Seller, the Security Agent and the Class C Lender;

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***Material Adverse Effect*** means, a material adverse effect on or material adverse change ****in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the assets, business or financial condition of the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the ability of the Purchaser to perform and comply with its obligations under this Agreement or any
Transaction Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the validity or enforceability of any Transaction Document;

[\*\*\*]

[\*\*\*]

***Mid-Market Rate*** has the meaning given in the definition of Swap Rate;

***Monthly Payment Date*** has the meaning given to the term "Payment Date" in the Master ****Framework Agreement;

***Monthly Reporting Date*** means the date falling 15 Business Days after the end of each ****Reporting Period;

***Monthly Settlement Date*** means the second Settlement Date after the Monthly ****Reporting Date of that calendar month;

[\*\*\*]

[\*\*\*]

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[\*\*\*]

[\*\*\*]

[\*\*\*]

***Net Repurchase Price*** has the meaning given in the definition of Repurchase Price;

[\*\*\*]

***Non-Interest Product*** means each of the following Eligible Products:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) FR Pi4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) IT Pi3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ES Pi3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) UK Pi3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) DE Ratenzahlung 3M 0% APR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) DE Ratenzahlung 6M 0% APR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) DE Ratenzahlung 12M 0% APR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) DE Ratenzahlung 24M 0% APR; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) DE Pi30;

[\*\*\*]

[\*\*\*]

[\*\*\*]

[\*\*\*]

***Notification Event*** has the meaning given in Clause 7.1;

***NSF Fee*** means the fee applicable on an ACH Payment failure in respect of any ACH ****Payment in Germany;

***OECD Model Tax Convention*** means the tenth edition model tax convention produced ****by the Organisation for Economic Co-operation and Development in 2017, which is available at: https://www.oecd.org/ctp/treaties/model-tax-convention-on-income-and-on-capital-condensed-version-20745419.html;

***Original Commitment Amount*** means in respect of a Receivable the aggregate original ****principal amount (including any potential Further Disbursements) agreed to be advanced by the Seller to a Borrower at the time of origination under the terms of the Loan Agreement relating to that Receivable;

[\*\*\*]

***Original Term*** means, in respect of an Eligible Receivable, the time from (and including) ****the date of its first disbursement to (and including) the date on which its final scheduled principal payment is scheduled to be made;

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***Party*** means a party to this Agreement from time to time;

***Payment Date*** has the meaning given in Clause 4.2;

***Payor*** has the meaning given in Clause 18.3;

***PayPal Buyer Protection Payments*** means an amount to be credited to a Borrower's ****e-money balance in accordance with the terms of the "PayPal Buyer Protection" product feature pending resolution of a merchant dispute relating to that Borrower;

***Perfection Requirements*** means the making or the procuring of the appropriate ****registrations, filings, endorsements, notarisations, stampings and/or notification of the Security Documents and/or the Transaction Security created thereunder;

***Personal Data*** shall have the meaning given to it in the GDPR or, in the case of the UK, ****the UK GDPR;

***Personal Loan*** means an unsecured personal loan made by the Seller to a Borrower in ****the ordinary course of the Seller's business, each with a unique Loan ID;

***Portfolio*** means all Receivables which the Purchaser has acquired in accordance with this ****Agreement from time to time and which have not been redeemed, sold, transferred or repurchased or in respect of which no indemnification payment has been made in accordance with Clause 8 (*Representations, Loan Warranties, Repurchase and Anti-dilution Obligations*);

***Post-Charge Off Receipts*** means any Collections received in respect of Purchased Receivables where such Collections are received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) more than 180 days after the due date for the relevant payment amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) more than 30 days after receipt by the Seller of notification of the death of the relevant customer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) more than 60 days after receipt by the Seller of confirmation of the bankruptcy of the relevant customer,

and where such Purchased Receivable has been identified as a Charged-Off Receivable in a Receivables Manager Monthly Report;

***PPHI*** means PayPal Holdings, Inc.;

[\*\*\*]

[\*\*\*]

***PRA*** means the Prudential Regulation Authority of the Bank of England;

***PRA Rulebook*** means the rulebook of published policy of the PRA;

***PRA Securitisation Rules*** or ***PRASR*** means the Securitisation Part of the PRA Rulebook;

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[\*\*\*]

[\*\*\*]

***Principal Balance*** means, in relation to a Receivable on a particular date, the original ****principal amount(s) agreed to be repaid by the Borrower under the terms of such Receivable, as adjusted on that date to reflect (a) any reduction in the outstanding principal amount as a result of repayments or overpayments, the exercise of a right of set-off or any amount which has been written off or waived, and (b) any increase in the outstanding principal amount as a result of capitalisation of any fees (including any extension or "More Time to Pay" fee), costs, premiums or interest in accordance with the relevant Loan Agreement;

***Priority of Payments*** has the meaning given to such term in the Master Framework ****Agreement;

***Pro Forma Principal Amount*** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of Receivables arising from Loan Agreements which are fully disbursed as at the relevant Sale
Notice Date, the aggregate of the Euro Equivalent Principal Balance of such (calculated using the spot rate of exchange for the purchase of Euro in the London foreign exchange market as determined by the Seller as at 11:00am on the Spot Rate
Determination Date) on the date of the Sale Notice setting out such Receivables; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in respect of Receivables arising from Loan Agreements which are not fully disbursed as at the relevant Sale
Notice Date, the aggregate of the Euro Equivalent Original Commitment Amount (less the amount of any repayments which the Borrower has made in accordance with the Loan Agreement) of such Receivables (calculated using the spot rate of exchange for
the purchase of Euro in the London foreign exchange market as determined by the Seller as at 11:00am on the Spot Rate Determination Date) on the date of the Sale Notice setting out such Receivables.

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***Purchase Conditions*** has the meaning given in Clause 2.5;

***Purchase Price*** means, in respect of each Receivable, the amount denominated in EUR ****or GBP (as applicable) calculated by the Asset Model by discounting the Net Adjusted Payment Profile for such Receivable at the applicable Discount Rate at each seasoning date in respect of the period from its Cut-Off Time until the expected time of receipt of each of the payments forecasted under its Net Adjusted Payment Profile;

***Purchase Price Ratio*** means, in respect of a Purchased Receivable, the ratio, expressed ****as a percentage, of the Purchase Price for such Receivable to be applied to the Principal Balance of such Receivable as at the Sale Notice Date for such Receivable;

***Purchased Receivables*** means all Receivables which the Purchaser has acquired and ****continues to own in accordance with this Agreement from time to time;

***Purchaser Bank Accounts*** means each of the Purchaser EUR Bank Account and the ****Purchaser GBP Bank Account;

***Purchaser EUR Bank Account*** means the Purchaser's EUR denominated bank account ****as notified in writing to the Seller on or prior to the Closing Date (and/or such other EUR denominated account(s) as the Purchaser may notify to the Seller in writing);

***Purchaser GBP Bank Account*** means the Purchaser's GBP denominated bank account ****as notified in writing to the Seller on or prior to the Closing Date (and/or such other GBP denominated account(s) as the Purchaser may notify to the Seller in writing);

***Purchaser Termination Event*** has the meaning given in Clause 11.2;

***Quotation Rate*** has the meaning given in the definition of Swap Rate;

***Rating Agency*** means any of S&P, Moody's, Fitch or DBRS;

***Receivable*** means, in relation to a Personal Loan and the related Loan Agreement, the ****amounts the Borrower owes and is obliged to pay to the Seller from time to time in accordance with the terms of that Personal Loan and Loan Agreement and all other rights to payment owing by that Borrower to the Seller in relation to the Loan Agreement (including, without limitation, all rights (actual or contingent) relating to the repayment of principal and the payment of interest), and any Further Disbursements under a Personal Loan and the related Loan Agreement;

***Receivables Management Agreement*** means the receivables management and ****administration agreement dated on or about the date of this Agreement and as may be amended and restated or supplemented from time to time, between the Receivables Manager, the Seller, the Purchaser and the Security Agent;

***Receivables Management Fee*** has the meaning given in clause 12.1 of the Receivables ****Management Agreement;

***Receivables Management Report*** means any report provided by the Receivables ****Manager substantially in the form set out in Schedule 10 to the Receivables Management Agreement or in such other form as may be agreed from time to time between the Seller and the Class C Lender;

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***Receivables Manager Resignation Event*** has the meaning given to it in clause 10.1(b) ****of the Receivables Management Agreement;

***Receivables Manager Termination Notice*** has the meaning given to it in clause 10.5 ****of the Receivables Management Agreement;

***Recipient*** has the meaning given in Clause 18.3;

***Records*** means, at any time and with respect to any Receivable, all Loan Agreements and ****other documents, records and other information (including, without limitation, computer programs, tapes, disks, data processing software and related property and rights) relating to such Receivable, any Related Right or the related Borrower, which are necessary, in light of the circumstances then subsisting, to exercise ownership and other interest in the Receivables and to manage, collect or enforce such Receivable and Related Right in accordance with the terms of the Transaction Documents;

***Regulatory Buyback Event*** has the meaning given in paragraph 3 of Schedule 6 (*General* *****Terms*);

***Regulatory Buyback Event Time*** has the meaning given in paragraph 3 of Schedule 6 ****(*General Terms*);

***Regulatory Buyback Receivables*** has the meaning given in paragraph 3 of Schedule 6 ****(*General Terms*);

***Regulatory Retransfer Event Time*** has the meaning given in paragraph 3 of Schedule ****6 (*General Terms*);

***Regulatory Retransfer Price*** has the meaning given in paragraph 3 of Schedule 6 ****(*General Terms*);

***Regulatory Retransfer Receivables*** has the meaning given in paragraph 3 of Schedule ****6 (*General Terms*);

***Related Rights*** means, in relation to any Receivable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all amounts payable by the relevant Borrower in relation to such Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any and all other present and future claims and rights under the relevant Loan Agreement (including the debt
represented by it and rights of enforcement against the relevant Borrower) but excluding any right to grant credit under a Loan Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all Records related to such Receivable,

provided that prior to the provision of a Borrower Notice the Related Rights will not include any Personal Data of Borrowers;

***Relevant Date*** means the first Sale Notice Date after the date [\*\*\*] regardless of whether any payment (either scheduled or ad hoc) has been made in respect of such Receivables (and for the avoidance of doubt there may be more than one Relevant Date);

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***Relevant Jurisdiction*** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of UK Receivables, England and Wales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in respect of German Receivables, Germany;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in respect of French Receivables, France;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in respect of Spanish Receivables, Spain;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in respect of Italian Receivables, Italy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in respect of a party to a Transaction Document, the jurisdiction where such party is incorporated;

***Relevant Local Schedule*** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for UK Receivables, the provisions of Schedule 5 (*Provisions Relating to the Sale of UK Receivables*); **  

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for German Receivables, the provisions of Schedule 6 (*Provisions Relating to the Sale of German Receivables*); **  

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for French Receivables, the provisions of Schedule 7 (*Provisions Relating to the Sale of French Receivables*); **  

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for Spanish Receivables, the provisions of Schedule 8 (*Provisions Relating to the Sale of Spanish Receivables*); and **  

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) for Italian Receivables, the provisions of Schedule 9 (*Provisions Relating to the Sale of Italian Receivables*); **  

***Relevant Period*** means each period commencing on (and including) a Relevant Date and ****ending on (and excluding) the next Sale Notice Date after the date falling [\*\*\*];

[\*\*\*]

***Relief*** includes, unless the context otherwise requires, any relief, allowance, credit or set-off in respect of any Tax, or any deduction in computing income, profits or gains for the purposes of any Tax, any right to or actual refund, repayment or saving of Tax (including any repayment supplement, fee or interest in respect of Tax), and other amounts payable or paid by a Tax Authority in respect of Tax;

***Repeating Representations*** means each of the representations set out in Part B of ****Schedule 2 (*Seller Representations*) of this Agreement;

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[\*\*\*]

***Reporting Period*** means each calendar month starting from the calendar month in which ****the Closing Date occurs;

***Repurchase Date*** means, in respect of the Purchased Receivables set out in a Repurchase ****Notice, the second date included in the file name for such Repurchase Notice when such Repurchase Notice is first delivered (as indicated by suffix ".01") in accordance with Clause 8.10 (*Repurchase for breach of Loan Warranties*) or Clause 8.15 (*Repurchase for Failure of Bank-Funded Payment and* Fraud) of this Agreement;

***Repurchase Notice*** means a notice delivered by the Purchaser in accordance with ****Clause 8.10 (*Repurchase for breach of Loan Warranties*) or Clause 8.15 (*Repurchase for Failure of Bank-Funded Payment and* Fraud) of this Agreement substantially in the form set out in Schedule 17 (*Form of Repurchase Notice*) to this Agreement;

***Repurchase Price*** means:

[\*\*\*]

***Required Rating*** means (i) in respect of a rating by S&P or Fitch, BBB-; (ii) in respect of ****a rating by Moody's, Baa3; and (iii) in respect of any other Rating Agency their respective rating level that is equivalent to (i) and (ii);

***Restricted Country*** has the meaning given in paragraph 15 of Part B of Schedule 2 ****(*Restricted Countries*);

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***Restricted Person*** means a person, organisation or vessel that is (i) listed on, or owned ****or controlled (as such terms, including any applicable ownership and control requirements, are defined and construed in the applicable Sanctions or in any related official guidance) by a person or organisation listed on any Sanctions List; or (ii) resident or located in, operating from, or incorporated or organised under the laws of a Sanctioned Country; or (iii) a government of a Sanctioned Country; or (iv) an agency or instrumentality of, or an entity directly or indirectly owned or controlled by, a government of a Sanctioned Country; or (v) a national government targeted by any Sanctions blocking its property (which, as of the date of this Agreement, includes Venezuela) or an agency or instrumentality of, or an entity directly or indirectly owned or controlled by, such government; or (vi) otherwise a target of Sanctions or is acting on behalf of any of the persons listed in paragraphs (i) to (v) above, for the purpose of evading or avoiding, or having the intended effect of or intending to evade or avoid, or facilitating the evasion or avoidance of any Sanctions;

***Risk Retention Letter*** means the risk retention letter delivered by the Purchaser to, ****among others, the Seller on or about the date of this Agreement, as may be amended from time to time;

***Sale Notice*** means the notice substantially in the form set out in Part A of Schedule 10 ****(*Form of Sale Notice*) to this Agreement provided by the Seller to the Purchaser on a Sale Notice Date in accordance with Clause 2.1 of this Agreement;

***Sale Notice Date*** means, for any Receivable which is not a Further Disbursement, the ****second Business Day (or such other day as may be agreed between the Seller and the Class C Lender) of each calendar week during the Commitment Period with the first Sale Notice Date during the Commitment Period being [\*\*\*] (or such other date as may be agreed between the Seller and the Class C Lender);

***Sale Notice Portfolio*** has the meaning given in Clause 2.5(d);

***Sanctioned Country*** means a country or territory which is, or whose government is, at ****any time subject to Sanctions generally prohibiting dealings with such government, country, or territory, which countries and territories, as of the date of this Agreement, being Russia, the Crimea Region of Ukraine, the Donetsk People's Republic, the Luhansk People's Republic (each as defined and construed in the applicable Sanctions laws and regulations), Cuba, Iran, North Korea, Sudan and Syria;

***Sanctions*** means any economic or financial sanctions laws, regulations, trade or any other ****embargoes, export control or restrictive measures imposed, administered, enacted or enforced by any Sanctions Authority;

***Sanctions Authorities*** means (i) the United States government; (ii) the United Nations; ****(iii) the European Union; (iv) the United Kingdom; or (v) the respective governmental institutions and agencies of any of the foregoing, including without limitation, the Office of Foreign Assets Control of the US Department of Treasury (OFAC), the United States Department of State, and His Majesty's Treasury (and each a Sanctions Authority);

***Sanctions List*** means any of the lists of designated or sanctioned individuals or entities ****(or equivalent) issued by any Sanctions Authority, each as amended, supplemented or substituted from time to time, including without limitation, the "Specially Designated Nationals and Blocked Persons" list, Foreign Sanctions Evaders List, and Sectoral Sanctions Identifications List each administered by OFAC; the Consolidated List of Persons, Groups and Entities Subject to EU Financial Sanctions; and the UK Sanctions List, the Consolidated List of Financial Sanctions Targets in the UK and Russia: List of Persons Named in Relation to Financial and Investment Restrictions, each administered by His Majesty's Treasury;

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[\*\*\*]

***Scheduled Payment Profile*** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of a Receivable which is a Non-Interest Product, all
scheduled customer payments of principal and fees (less Excluded Amounts) in respect thereof that are due to be received on the scheduled payment dates thereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in respect of a Receivable which is an Interest Product, all scheduled customer payments of principal,
interest and fees (less Excluded Amounts) in respect thereof that are due to be received on the scheduled payment dates thereunder;

***SECN*** means the securitisation sourcebook of the FCA Handbook;

***Secured Creditors*** has the meaning given to such term in the Master Framework ****Agreement;

***Securitisation Law*** means the Luxembourg law on securitisation of 22 March 2004 as ****amended;

***Security Document*** has the meaning given to such term in the Master Framework ****Agreement;

***Security Interest*** means any mortgage or sub mortgage, charge or sub charge (whether ****legal or equitable), encumbrance, pledge, lien, hypothecation, assignment by way of security, or other security interest or title retention arrangement or right of set-off and any agreement, trust or arrangement having substantially the same economic or financial effect as any of the foregoing (other than a lien arising in the ordinary course of business of an account bank for normal service charges or fees payable to them in connection with the relevant accounts or any related services, and any adjustments or corrections of any posting or encoding errors, or by operation of the law);

***Seller Bank Accounts*** means each of the Seller EUR Bank Account and the Seller GBP ****Bank Account;

***Seller EUR Bank Account*** means the Seller's EUR denominated bank account as notified ****in writing to the Purchaser on or prior to the Closing Date (and/or such other account(s) as the Seller may notify to the Purchaser in writing);

***Seller GBP Bank Account*** means the Seller's GBP denominated bank account as notified ****in writing to the Purchaser on or prior to the Closing Date (and/or such other account(s) as the Seller may notify to the Purchaser in writing);

***Seller Group*** means the Seller and all of its direct and indirect Affiliates;

***Seller Termination Event*** has the meaning given in Clause 11.1;

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***Sequential Amortisation Event*** has the meaning given to it in the Master Framework ****Agreement;

***Settlement Date*** means the date upon which the Purchaser makes payment in full of the ****relevant Purchase Price to the Seller for any Receivables;

[\*\*\*]

[\*\*\*]

[\*\*\*]

[\*\*\*]

***Signing Date*** means the date of this Agreement;

***SONIA*** means the SONIA (sterling overnight index average) reference rate displayed on ****the relevant screen of any authorised distributor of that reference rate;

***Spanish Products*** means the ES Pi3 loan product;

***Spanish Receivables*** means Receivables governed by the law of Spain;

***Spanish Standard Documentation*** means, in respect of Receivables, the Spanish ****standard documentation referred to in Schedule 3 (*Standard Documentation*) to this Agreement (including any terms of the User Agreement incorporated by reference) or any update, amendment or replacement of such standard documentation as the Seller may effect from time to time and notified to the Purchaser and the Security Agent;

***Spot Rate Determination Date*** means with respect to any date, the date falling three ****Business Days prior to the immediately previous Monthly Payment Date (or in respect of a date prior to the date falling three Business Days prior to the first Monthly Reporting Date, the Facility Closing Date (as defined in the Master Framework Agreement));

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***SR 2024*** means the UK's Securitisation Regulations 2024 (SI 2024/102);

***Standard Documentation*** means, in respect of Receivables, the English Standard ****Documentation, French Standard Documentation, German Standard Documentation, Italian Standard Documentation and Spanish Standard Documentation in the form set out in Schedule 3 (*Standard Documentation*) to this Agreement, or any update, amendment or replacement of such standard documentation as the Seller may effect from time to time and notified to the Purchaser and the Security Agent;

[\*\*\*]

***System*** means the PayPal internal database or such other system as may from time to ****time be adopted by the Seller to record the Receivables (as notified to the Purchaser);

***T2*** means the real time gross settlement system operated by the Eurosystem, or any ****successor system;

***TARGET Day*** means any day on which T2 is open for the settlement of payments in euro;

***Tax Authority*** means any government, state, municipal, local, federal or other fiscal, revenue, customs or excise authority, body or official anywhere in the world, which is competent to impose any Tax, or assess or collect any Tax;

***Tax Deduction*** means a deduction or withholding for or on account of Tax from a payment ****under this Agreement;

***Tax Event*** means any action taken by a Tax Authority or a change in applicable Tax law ****(excluding any change to the relevant rates of Tax) after the date of this Agreement which results in or will result in any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Purchase Price for any Receivables sold to the Purchaser being subject to VAT (whether accountable by
the Seller Group or accountable by the Purchaser under a reverse charge system or otherwise) in circumstances where all or substantially all of such VAT is Irrecoverable VAT;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Purchaser being required by law to make any Tax Deduction from any payment of the Purchase Price for
Receivables sold to the Purchaser or the Seller or the Receivables Manager being required by law to make any Tax Deduction from any payment to the Purchaser in respect of any Receivables sold to the Purchaser; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Seller or the Receivables Manager being subject or charged to Corporation Tax in respect of any
Receivables sold pursuant to this Agreement otherwise than by reference to its actual net income, profits or gains in respect of any amount payable to it by the Purchaser under this Agreement or the Receivables Management Agreement,

in each case, provided that the Affected Party shall have first (i) obtained advice from a reputable international Tax advisor confirming the occurrence of a relevant action or change giving rise to circumstances described in paragraph (a), (b) or (c) above, and (ii) provided to the other Party a copy of such advice and an officer's certificate confirming that such action or change has occurred, in which case the relevant Tax Event shall be deemed to have occurred on the date on which the other Party is treated as having received such officer's certificate in accordance with Clause 27 (*Notices*) of this Agreement. For the purpose of this definition, "***officer's certificate***" shall mean a certificate signed by any board member, director or secretary of the Affected Party or other senior individual designated as an authorised signatory of the Affected Party.

***Taxes*** means all present and future taxes, levies, imposts, duties, fees, deductions, ****withholdings or charges of any nature whatsoever and wheresoever imposed by any national, local or supranational taxing or fiscal authority or agency together with any penalties, fines or interest thereon and Tax and Taxation shall be construed accordingly;

***Termination Events*** means the Seller Termination Events and the Purchaser Termination ****Events;

***Third Party Amounts*** means amounts applied or to be applied by the Seller in making ****payment of certain moneys which properly belong to third parties (including the Seller or the Receivables Manager) including (but not limited to):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) amounts under a direct debit which are repaid to the bank making such payment, if such bank is unable to
recoup that amount itself from its customer's account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) amounts in respect of Borrower Credit Balance Refunds or PayPal Buyer Protection Payments where such amounts
have been compensated for by an anti-dilution payment made by the Seller under Clause 8.20 (*Anti-Dilution*) and any refund or credit in respect of VAT. **  

[\*\*\*]

***Title Transfer Time*** means (i) in respect of any Receivable which is not a Further ****Disbursement, the time at which the Purchase Price for such Receivable is received by the Seller; and (ii) in respect of any Further Disbursement, the later of (A) the time that such Further Disbursement arises or (B) the Title Transfer Time in respect of the Receivable representing the initial advance under the applicable Personal Loan to which such Further Advance relates under (i) above;

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***Top 1 Merchant*** means, in respect of a Sale Notice Portfolio, the merchant in respect of ****the greatest volume of Eligible Receivables in such Sale Notice Portfolio, measured by EUR Equivalent Pro Forma Principal Amount;

***Top 5 Merchant*** means, in respect of a Sale Notice Portfolio, each of the five merchants ****which together have the greatest volume of Eligible Receivables in such Sale Notice Portfolio, measured by EUR Equivalent Pro Forma Principal Amount;

***Top 10 Merchant*** means, in respect of a Sale Notice Portfolio, each of the ten merchants ****which together have the greatest volume of Eligible Receivables in such Sale Notice Portfolio, measured by EUR Equivalent Pro Forma Principal Amount;

[\*\*\*]

***Transaction Security*** means the security created under the Security Documents;

***Transfer Taxes*** has the meaning given in Clause 18.5;

***Turbo Amortisation Event*** has the meaning given to it in the Master Framework ****Agreement;

***UK GDPR*** has the meaning given to it in section 3(1) (as supplemented by section 205(4)) ****of the UK Data Protection Act 2018);

***UK*** means the United Kingdom of Great Britain and Northern Ireland;

***UK Pi3*** means the "UK Pay in 3" buy-now, pay-later Eligible Product originated by the ****Seller;

***UK Products*** means the UK Pi3 loan product;

***UK Receivables*** means Receivables governed by the law of England and Wales;

***UK Receivables Manager*** means the UK Sub;

***UK Securitisation Framework*** means SR 2024, SECN, and PRASR, together with the ****relevant provisions of FSMA;

***UK Sub*** means PayPal UK Ltd, a private limited company incorporated under the laws of ****England and Wales (registered number 14741686), having its registered office at 5 Fleet Place, London, United Kingdom, EC4M 7RD;

***Underwriting Policies*** means the credit risk policies in the form set out in Schedule 4 ****(*Underwriting Policies*) of this Agreement, or any update, amendment or replacement of such policies as the Seller may effect from time to time and notified to the Purchaser and the Security Agent;

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[\*\*\*]

***US GAAP*** means the US Generally Accepted Accounting Principles, as amended, supplemented or replaced from time to time;

***User Agreement*** means the Seller's user agreement governing the use of any PayPal ****account and any PayPal services, or any update, amendment or replacement of such user agreement as the Seller may effect from time to time;

[\*\*\*]

***VAT*** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) value added tax imposed by the Luxembourg law on value added tax dated 12 February 1979, as amended;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of
value added tax (EC Directive 2006/112), as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other tax of a similar nature, whether imposed in Luxembourg or a member state of the European Union in
substitution for, or levied in addition to, such tax referred to in paragraphs (a) and (b) above or imposed elsewhere (including, for the avoidance of doubt, any value added tax charged in accordance with the United Kingdom Value Added Tax Act
1994, as amended);

***Volcker Rule*** means Section 13 of the U.S. Bank Holding Company Act of 1956 (together ****with its implementing regulations);

***Weighted Average Original Term*** means, in respect of a group of Eligible Receivables, ****the weighted average original term of such Eligible Receivables to be calculated taking into account the timing and amount of all scheduled principal payments under such Eligible Receivables.

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**Signature Pages**

**IN WITNESS** whereof, this Agreement has been executed and delivered on the day and year first above written.

---

| | |
|:---|:---|
| **The Seller** |  |
| **SIGNED** |) |
| for and on behalf of |) |
| **PAYPAL (EUROPE) S.À.R.L. ET CIE, S.C.A.** |) |
| **acting through and represented by its** |) |
| **unlimited shareholder PayPal (Europe)** |) |
| **S.à r.l.** |) |

---

---

| |
|:---|
| By: |
| /s/ Sean Byrne |
| Authorised Signatory |

---

[*Signature pages - Receivables Purchase Agreement*]

------

---

| |
|:---|
| **The Purchaser** |
| **SIGNED**) |
| for and on behalf of) |
| **ALPS 2.0 PARTNERS S.A. R.L.**) |

---

---

| | |
|:---|:---|
| By: | /s/ Stefan Ruppert |
| **Stefan Ruppert** | **Stefan Ruppert** |
| Manager | Manager |
| Authorised Signatory | Authorised Signatory |

---

[*Signature pages - Receivables Purchase Agreement*]

------

---

| | |
|:---|:---|
| **The Security Agent** |  |
| **SIGNED** |) |
| for and on behalf of |) |
| **ABNY MELLON CORPORATE TRUSTEE SERVICES LIMITED** |) |

---

---

| | |
|:---|:---|
| By: | /s/ **Nicolai Gnaciuc** |
| Name: | **Nicolai Gnaciuc** |
|  | Authorised Signatory |

---

[*Signature pages - Receivables Purchase Agreement*]

------

**Receivables Manager**

---

| | |
|:---|:---|
| **SIGNED** |) |
| for and on behalf of |) |
| **PAYPAL (EUROPE) S.À.R.L. ET CIE, S.C.A.** |) |
| **acting through and represented by its** |) |
| **unlimited shareholder PayPal (Europe)** |) |
| **S.à r.l.** |) |

---

---

| |
|:---|
| By: |
| /s/ Sean Byrne |
| Authorised Signatory |

---

[*Signature pages - Receivables Purchase Agreement*]

------

**Receivables Manager**

---

| | |
|:---|:---|
| **SIGNED** |) |
| by **PAYPAL UK LTD** |) |
| by a director |) |

---

---

| | |
|:---|:---|
| Signed: | /s/ Simon Bladon |
| Print name: | Simon Bladon |
| Director |  |

---

[*Signature pages - Receivables Purchase Agreement*]

------

**The Back-Up Recivables Manager Facilitator** 

---

| | |
|:---|:---|
| **SIGNED** |) |
| for and on behalf of |) |
| **AVEGA S.**À**. R.L.** |) |

---

---

| | |
|:---|:---|
| By: | /s/ Stefan Ruppert |
| Name: | Stefan Ruppert, Manager |

---

[*Signature pages - Receivables Purchase Agreement*]

------

**The Class C Lender** 

---

| |
|:---|
| **SIGNED**) |
| for and on behalf of) |
| **ALPS 2.0PARTNERS (HOLDING) S.A. R.L.** |

---

---

| | |
|:---|:---|
| By: | /s/ Stefan Ruppert |
| Name: | Stefan Ruppert, Manager |

---

## Exhibit 10.2

**Exhibit 10.2** 

[\*\*\*] Receivables Management Agreement

Execution Version

**11 November 2025** 

**ALPS 2.0 PARTNERS S.À R.L.** 

**as *Purchaser*** 

**PAYPAL (EUROPE) S.À R.L. ET CIE, S.C.A.** 

**as *EU Receivables Manager and Seller*** 

**PAYPAL UK LTD** 

**as *UK Receivables Manager*** 

**BNY MELLON CORPORATE TRUSTEE SERVICES LIMITED** 

**as *Security Agent*** 

**AVEGA S.À R.L.** 

**as *Back-Up Receivables Manager Facilitator*** 

**ALPS 2.0 PARTNERS (HOLDING) S.À R.L.** 

**as *Class C Lender*** 

**RECEIVABLES MANAGEMENT AGREEMENT**![LOGO](g93754snap1.jpg)

------

**CONTENTS** 

---

| | | |
|:---|:---|:---|
| **CLAUSE** | **CLAUSE** | **PAGE** |
| 1. | Definitions and Interpretation | 2 |
| 2. | The Receivables Manager | 4 |
| 3. | Sub-contracting, delegation and outsourcing | 6 |
| 4. | Standard of Care | 8 |
| 5. | Duties of the Receivables Manager | 8 |
| 6. | Data Protection | 10 |
| 7. | Reporting Requirements | 11 |
| 8. | Cash management | 13 |
| 9. | Dilutions Reserve | 14 |
| 10. | Resignation; Receivables Manager Termination Event | 18 |
| 11. | Notice of Force Majeure Event; and Notice of Proceedings | 24 |
| 12. | Receivables Manager Fee, Expenses and VAT | 24 |
| 13. | Representations and Warranties | 26 |
| 14. | Covenants | 32 |
| 15. | Liability | 34 |
| 16. | Indemnity | 35 |
| 17. | Entire Agreement | 36 |
| 18. | Withholdings and set-off | 37 |
| 19. | Confidentiality | 37 |
| 20. | Further assurance | 38 |
| 21. | Amendments and waivers | 39 |
| 22. | Notices | 39 |
| 23. | Bail-in | 41 |
| 24. | Third party rights | 42 |
| 25. | Severability | 42 |
| 26. | Counterparts | 42 |
| 27. | Limited recourse and non-petition | 42 |
| 28. | Luxembourg Securitisation Act | 44 |
| 29. | Governing Law and Jurisdiction | 44 |
|  Schedule 1 Collections Policies | Schedule 1 Collections Policies | 46 |
|  Schedule 2 Receivables Management Fee | Schedule 2 Receivables Management Fee | 47 |
|  Schedule 3 Form of Receivables Manager Power of Attorney (Luxembourg Law) | Schedule 3 Form of Receivables Manager Power of Attorney (Luxembourg Law) | 48 |
|  Schedule 4 Form of Receivables Manager Power of Attorney (English Law) | Schedule 4 Form of Receivables Manager Power of Attorney (English Law) | 50 |
|  Schedule 5 Form of Receivables Manager Power of Attorney (French Law) | Schedule 5 Form of Receivables Manager Power of Attorney (French Law) | 52 |

---

-i-

------

---

| | |
|:---|:---|
|  Schedule 6 Form of Receivables Manager Power of Attorney (German Law) | 54.0 |
|  Schedule 7 Form of Receivables Manager Power of Attorney (Italian Law) | 56.0 |
|  Schedule 8 Form of Receivables Manager Power of Attorney (Spanish Law) | 60.0 |
|  Schedule 9 Definitions | 62.0 |
|  Schedule 10 Form of Receivables Management Report | 67.0 |
|  Schedule 11 Form of Daily Netting Letter | 68.0 |
|  Schedule 12 Form of Daily Loan Balance Report | 69.0 |
|  Schedule 13 Form of Weekly Report | 70.0 |

---

-ii-

------

**THIS RECEIVABLES MANAGEMENT AGREEMENT** is executed as a deed (this ***Deed***) 11 on November 2025

**BETWEEN** 

(1) **ALPS 2.0 PARTNERS S.À R.L.**, a private limited liability company (*société à responsabilité limitée*) incorporated under the laws of the Grand Duchy of Luxembourg ( ***Luxembourg***), with its registered office at 2, rue Edward Steichen, L-2540 Luxembourg, Luxembourg and registered with the Luxembourg trade and companies register (*Registre de commerce et des sociétés, Luxembourg*) under number B301375 (the  ***SV***), and subject, as an unregulated securitisation
undertaking (*organisme de titrisation non réglementé*), to the Luxembourg act dated 22 March 2004 on securitisation, as amended (the  ***Securitisation Act 2004***) (the  ***Purchaser***);

(2) **PAYPAL (EUROPE) S.À R.L. ET CIE, S.C.A.**, a corporate partnership limited by shares
(*société en commandite par actions*) incorporated under the laws of Luxembourg, having its registered office at 22-24 Boulevard Royal, L-2449 Luxembourg, Luxembourg and registered with the Luxembourg trade and companies register under number B118.349, acting through and represented by its unlimited shareholder PayPal (Europe) S.à r.l., a private limited liability company
(*société à responsabilité limitée*) incorporated under the laws of Luxembourg, having its registered office at 22-24 Boulevard Royal, L-2449 Luxembourg, Luxembourg and registered with the Luxembourg trade and companies register under number B127.485 (the  ***Seller*** and the  ***EU Receivables Manager***);

(3) **PAYPAL UK LTD**, a private limited company incorporated under the laws of England and Wales (registered
number 14741686), having its registered office at 5 Fleet Place, London, United Kingdom, EC4M 7RD ( ***PPUK*** and the  ***UK Receivables Manager***);

(4) **BNY MELLON CORPORATE TRUSTEE SERVICES LIMITED**, acting through its office at 160 Queen Victoria
Street, London EC4V 4LA, United Kingdom (in its capacity as security agent for the Secured Creditors, the  ***Security Agent*** which expression shall include such company and all other persons or companies for the time being acting as the
security agent or security agents under the Security Documents);

(5) **AVEGA S.À R.L.**, a private limited liability company (*société à responsabilité limitée*) incorporated under the laws of Luxembourg, having its registered office at 2, rue Edward Steichen, L-2540 Luxembourg, Luxembourg and registered with the Luxembourg
trade and companies register under number B123099 (the  ***Back-Up Receivables Manager Facilitator***); and

(6) **ALPS 2.0 PARTNERS (HOLDING) S.À R.L.**, a private limited liability company
(*société à responsabilité limitée*) incorporated under the laws of the Grand Duchy of Luxembourg ( ***Luxembourg***), with its registered office at 2, rue Edward Steichen, L- 2540 Luxembourg, Luxembourg and registered with the Luxembourg trade and companies register (*Registre de commerce et des sociétés, Luxembourg*) under number B301236 (the  ***Class C Lender***),

---

| | |
|:---|:---|
| each | a ***Party*** and together, the ***Parties***.  |

---

------

**WHEREAS:** 

(A) Each Receivables Manager carries on the business of, inter alia, managing and administering its own-originated buy now pay later customer loans in the Relevant Jurisdictions.

(B) The Seller has agreed to offer to sell and the Purchaser has agreed to accept the Seller's offer in
respect of the Seller's whole right, title, interest and benefit in and to the Receivables and any Related Rights (without notice of such sale and purchase being given to Borrowers prior to the occurrence of a Notification Event) for the
consideration and upon the terms and subject to the conditions of the Receivables Purchase Agreement.

(C) The Seller and PPUK each in their capacity as a Receivables Manager have agreed to continue to provide loan
administration duties with respect to the Purchased Receivables comprising the Portfolio from time to time on and subject to the terms and conditions of this Deed.

**IT IS AGREED** that:

**1.** **Definitions and Interpretation** 

1.1 Capitalised terms in this Deed shall, except where the context otherwise requires or where otherwise defined
in Schedule 9 (*Definitions*), have the meanings given to them in Schedule 19 (*Definitions*) of the Receivables Purchase Agreement between, among others, each of the Parties to this Deed and dated on or about the date of this Deed (as
amended, varied or supplemented from time to time) (the  ***Receivables Purchase Agreement***) and this Deed shall be construed in accordance with the principles of construction set out in Clause 1 (*Definitions and Interpretation*) of
the Receivables Purchase Agreement.

1.2 This Deed is the Receivables Management Agreement referred to in the Receivables Purchase Agreement. In the
event of any conflict between the provisions of this Deed and the provisions of the Receivables Purchase Agreement, the provisions of the Receivables Purchase Agreement shall prevail.

1.3 Interpretation

References to "a Receivables Manager" or "the relevant Receivables Manager" in this Deed shall refer to the EU Receivables Manager in connection with the EU Receivables and the UK Receivables Manager in connection with the UK Receivables unless otherwise specified. References to "applicable Purchased Receivables" means in respect of the EU Receivables Manager Purchased Receivables that are EU Receivables and in respect of the UK Receivables Manager Purchased Receivables that are UK Receivables.

1.4 Management of risks

The Parties expressly agree that each Receivables Manager will perform the Duties set out in Clause 5 (*Duties of the Receivables Manager*) including collection of the Receivables and related tasks. The Parties acknowledge, to that end, that the provisions of Articles 60 and 61(2) of the Securitisation Act 2004 will apply to this Deed.

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1.5 Security Agent

The Security Agent has agreed to become a party to this Deed only for the purpose of taking the benefit of contractual provisions expressed to be given in its favour (also for the purposes of article 1411 of the Italian Civil Code), enabling better preservation and enforcement of its rights under this Deed, the Master Framework Agreement and the Security Documents and for administrative ease associated with matters where its consent is required. The Security Agent shall not assume any liabilities or obligations under this Deed unless such obligation or liability is expressly assumed by the Security Agent in this Deed. All the provisions of the Master Framework Agreement and the Security Documents relating to the exercise by the Security Agent of its powers, trusts, authorities, duties, rights and discretions shall apply, mutatis mutandis, to the discharge by the Security Agent of its powers, trusts, authorities, duties, rights and discretions under this Deed. In the event of any inconsistency between the terms of the Master Framework Agreement, the Security Documents and this Deed in relation to the exercise by the Security Agent of its powers, trusts, authorities, duties, rights and discretions, the terms of the Master Framework Agreement shall prevail. The exercise or performance by the Security Agent of its rights, remedies or functions under this Deed are subject in all respects to the terms of the Master Framework Agreement and the Security Documents.

If there is any change in the identity of the Security Agent in accordance with the Security Documents, the Parties to this Deed shall execute such documents and take such action as the new trustee and the outgoing trustee may require for the purpose of vesting in the new trustee the rights, powers and obligations of the outgoing trustee, and releasing the outgoing trustee from its future obligations, under this Deed.

Nothing in this Deed shall impose any obligation or liability on the Security Agent to assume or perform any of the obligations or liabilities of the other Parties to this Deed hereunder or render it liable for any breach thereof.

The Security Agent does not assume, nor shall it be deemed to have assumed, any duty of care, responsibility or obligation to, or relationship of trust or agency with, any Party, save as expressly provided in the Security Documents and in this Clause 1.5.

The Parties are deemed to have notice of, and are bound by, the provisions of the Security Documents.

Following the delivery of an Enforcement Notice, each Receivables Manager shall act on the instruction of the Security Agent with regard to its obligations under this Deed. For the avoidance of doubt, unless otherwise specified in this Deed, in the Receivables Purchase Agreement or any other Transaction Document to which that Receivables Manager is a party, until an Enforcement Notice has been delivered, no Receivables Manager shall have any obligation to act on the instruction of the Security Agent in respect of this Deed.

1.6 The rights of the Security Agent under the terms of this Deed shall cease to have effect as of the date on
which the Secured Obligations have been fully and irrevocably paid or discharged. For the avoidance of doubt, all other provisions of this Deed shall remain in full force and effect for the duration of this Deed.

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**2.** **The Receivables Manager** 

2.1 The EU Receivables Manager (in respect of the EU Receivables) and the UK Receivables Manager (in respect of
the UK Receivables) each agree and undertake to the Purchaser and the Security Agent to administer, collect and manage the applicable Purchased Receivables comprising the Portfolio, including, without limitation, performing the duties as set out in
Clause 5 (*Duties of the Receivables Manager*) (collectively, the  ***Duties***).

2.2 For the purpose of Italian law, it being understood that each of the Purchaser and the Security Agent hereby
appoint, with the express consent pursuant to article 1395 of the Italian Civil Code, the EU Receivables Manager to be its *mandatario con rappresentanza* for the purpose of executing in the name and on behalf of the Purchaser and the Security
Agent any Italian law governed document, any other agreement or instrument, give or receive any notice or declaration, identify and specify to third parties the names of the Purchaser and the Security Agent at any given date which is expressed to be
governed by Italian law, relating to the activities to be performed by the EU Receivables Manager during the Receivables Management Period.

2.3 Subject to Clause 10.15 below, this Deed shall be effective from the first sale of Receivables in accordance
with the terms of the Receivables Purchase Agreement until the Receivables Management Termination Date (such period, the  ***Receivables Management Period***), provided that Clauses 13, 14 and 15 shall be effective from the date of this Deed.

Following the Receivables Management Termination Date, neither Receivables Manager shall have any further rights or obligations under this Deed other than those expressed to survive the termination of this Deed and other than their continuing right to receive payment of any accrued and unpaid Receivables Management Fee.

2.4 Each Receivables Manager confirms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it has received a copy of all of the Transaction Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in performing the Duties, it will act in accordance with this Deed and the other Transaction Documents and
comply in all material respects with any applicable law and regulation.

2.5 During the Receivables Management Period, each Receivables Manager shall only be required to perform the
Duties and other obligations expressly provided for in this Deed and the other Transaction Documents to which it is a party and, subject to Clause 2.6 and the other terms and conditions of this Deed, shall have the right to exercise the rights and
duties under the relevant Loan Agreements, including the full power, authority and right to do or cause to be done any and all things which it reasonably considers necessary, desirable, convenient or incidental to the performance of the Duties and
obligations.

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2.6 Each Receivables Manager shall not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) have any authority whatsoever in determining the operating and financial policies of the Purchaser and each
Receivables Manager hereby acknowledges that all powers to determine such policies (including the determination of whether or not any particular policy is for the benefit of the Purchaser) are, and shall at all times remain, vested in the Purchaser
and none of the provisions of this Deed or of the Transaction Documents shall be construed in a manner inconsistent with this Clause 2.6; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) without the prior consent of the Purchaser, be entitled to make the Purchaser party to any litigation
proceedings with a Borrower.

2.7 At all times during the Receivables Management Period, the Purchaser authorises each Receivables Manager and
any sub-contractor, delegate, or service provider appointed in accordance with Clause 3 to take:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any and all steps on behalf of the Purchaser as are necessary or desirable, in the reasonable determination
of each Receivables Manager, to collect all amounts due under any and all Receivables and the Related Rights and to enforce the Purchased Receivables forming part of the Portfolio, any Related Rights and the related Loan Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any and all actions necessary or desirable to grant Permitted Modifications in respect of the Purchased
Receivables owned by the Purchaser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all such other actions in respect of the Duties and any other actions expressed to be taken by each
Receivables Manager (including if required to act on behalf of the Purchaser) in any of the Transaction Documents.

2.8 For the purposes of Clause 2.7, the Purchaser shall (i) execute and deliver to the Receivables
Managers, on or prior to the Closing Date, the powers of attorney substantially in the form of Schedule 3 (*Form of Receivables Manager Power of Attorney (Luxembourg Law)*) to Schedule 8 *(Form of Receivables Manager Power of Attorney (Spanish Law)*) (inclusive); and (ii) agrees that, promptly upon written demand of either the UK Receivables Manager or the EU Receivables Manager, or upon its own initiative, it will grant to the Receivables Managers (and the attorneys
selected by them, if appropriate) such powers of attorney, including in notarial form (if appropriate) as either Receivables Manager or the Purchaser may reasonably request in any relevant jurisdiction.

2.9 Each Receivables Manager acknowledges that a Security Interest has been granted by the Purchaser over the
Purchased Receivables comprising the Portfolio in favour of the relevant Secured Creditors or the Security Agent on behalf of the Secured Creditors, as applicable.

2.10 At any time after an Enforcement Notice has been served under the terms of the Class A Facility
Agreement, the Class B Facility Agreement and/or the Class C Facility Agreement, the Security Agent may, by notice in writing to each Receivables Manager and the Purchaser (a  ***Receivables Manager Instruction Notice***), require
each Receivables Manager to act thereafter on the instructions of the Security Agent under the provisions of the Transaction Documents on the terms provided in this Deed save that the Security Agent's liability (without prejudice to

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the Purchaser's liability in respect thereof) under any provisions of this Deed for the indemnification, remuneration and payment of out-of-pocket expenses of each Receivables Manager shall be limited to amounts for the time being held by the Security Agent on the terms of the Transac<sub>ti</sub>on Documents and available to the Security Agent for such purposes.

2.11 Following the delivery of a Receivables Manager Instruction Notice, the Duties shall be provided for the
benefit of the Security Agent acting for and on behalf of the Secured Creditors as and to the extent specified by the Security Agent in its sole discretion, and the Security Agent shall be entitled to enforce any and all rights of the Purchaser
under this Deed in accordance with the Transaction Documents.

2.12 Except where this Deed provides otherwise, in the event that a Receivables Manager receives conflicting
instructions from the Security Agent and the Purchaser, the instructions of the Security Agent shall prevail.

**3.** **Sub-contracting, delegation and outsourcing** 

3.1 Subject to, and to the extent permitted by, any applicable laws (including laws on outsourcing), each
Receivables Manager may at any time during the Receivables Management Period at its discretion directly or indirectly sub-contract, delegate or outsource the performance of all or any of the Duties or its
other obligations under this Deed to any person (including, without limitation, PayPal Europe Services Limited and 3PL) provided that such Receivables Manager shall use such care and diligence as would be expected of a reasonably prudent receivables
manager of similar assets within the consumer finance industry in selecting any such sub-contractor, delegate or service provider and provided further that such Receivables Manager shall ensure that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) other than with respect to any sub-contracting, delegation or
outsourcing to 3PL, in any case where the sub-contractor, delegate or service provider receives any amount in relation to Purchased Receivables, the sub- contractor,
delegate or service provider has expressly agreed in writing that pending transfer to the Seller, it shall hold any such amounts on the basis that they are held for the benefit of the Seller. For the avoidance of doubt, the sub-contractor, delegate or services provider shall not be required to segregate amounts relating to Purchased Receivables from other amounts owed to the Seller;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it shall be a term of any such arrangements that the sub-contractor, delegate or service provider has, and shall maintain, all requisite licences, orders, approvals, authorisations and consents, including, without limitation, any necessary notifications under Data Protection Legislation and any authorisations and
permissions under all applicable laws and regulations to enable it to fulfil its obligations under or in connection with any such arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) other than in respect of any sub-contracting, delegation or
outsourcing to an Affiliate of the Seller, where the arrangements involve the custody or control of any files, policies or other material documents relating to Purchased Receivables for the purpose of performing any sub-contracted, delegated or outsourced Duties, the sub-contractor, delegate or service provider has executed an acknowledgement to the effect that all such files,
deeds, policies and other material documents are and will be held to the order of the Receivables Manager appointing such sub-contractor, delegate or service provider; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) such sub-contracting, delegation or service provider arrangements
would not reasonably be expected to (i) give rise to a material additional Tax liability of the Purchaser or material additional Tax liability for which the Purchaser is liable to indemnify or compensate any other person under the Transaction
Documents; or (ii) result in any deduction or withholding for or on account of Tax in respect of an amount payable to the Purchaser under the Transaction Documents, in each case to the extent to which the same would not have occurred absent any
such sub-contracting, delegation or outsourcing, [\*\*\*]

provided also that in each case such sub-contracting, delegation or service provider arrangements shall not discharge a Receivables Manager of the performance of its obligations under this Deed in respect of the Duties as set out in Clause 3.3.

3.2 Without prejudice to any right of a Receivables Manager to amounts due to it by the Purchaser under this
Deed, neither the Purchaser nor the Security Agent shall have any liability in respect of any costs, fees, Taxes, charges or expenses (a) payable to or incurred by such sub-contractor, delegate or service
provider, or (b) arising from the entry into, amendment or termination of any sub-contracting, delegation or outsourcing arrangements.

3.3 Notwithstanding any sub-contracting, delegation or outsourcing of
the performance of any of its obligations under this Deed, a Receivables Manager shall not be released or discharged from any liability hereunder and shall remain responsible for the performance of its obligations under this Deed and (a) the
performance or non-performance, or the manner of performance, of any sub-contractor, delegate or service provider of any of the Duties shall not affect a Receivables
Manager's obligations under this Deed; and (b) any breach by a sub-contractor, delegate or service provider of any obligation of a Receivables Manager under this Deed shall be treated as a breach of
this Deed by that Receivables Manager.

3.4 The Purchaser expressly acknowledges and agrees that each of PayPal Europe Services Limited, 3PL and any
third party to whom a Receivables Manager sub-contracts, delegates or outsources directly or indirectly any matters relating to the management of the Purchased Receivables comprising the Portfolio (as
permitted by the Form of the Receivables Manager Power of Attorney (Luxembourg law) in Schedule 3 (*Form of Receivables Manager Power of Attorney (Luxembourg Law)*) shall be deemed to have been appointed by the Purchaser itself for the purposes
of Articles 60 and 61(2) of the Securitisation Act 2004.

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**4.** **Standard of Care** 

4.1 Each Receivables Manager shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) devote to the performance of its duties and obligations under this Deed the amount of time and attention,
and the level of skill, care and diligence, which would be expected at that time from a reasonably prudent receivables manager of similar assets within the consumer financial services industry and perform its duties and obligations under this Deed
in a manner that is consistent with practices and procedures followed by a reasonably prudent receivables manager of similar assets within the consumer financial services industry; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in any event, devote all such operational resources as are commercially reasonable to fulfil its obligations
under this Deed and the other Transaction Documents to which it is a party.

**5.** **Duties of the Receivables Manager** 

5.1 Subject to, and to the extent permitted by, any applicable laws, the terms of this Deed and any other
Transaction Documents to which a Receivables Manager is a party, the relevant Receivables Manager shall on a day-to-day basis, administer, collect and manage the
applicable Purchased Receivables and transfer the funds to the Purchaser, including the specific duties referred to in Clause 5.2.

5.2 Each Receivables Manager shall perform, or sub-contract, delegate or
outsource (as permitted by Clause 3 (*Sub-contracting, delegation and outsourcing*), the following duties, which are specific to, and essential for the Purchaser, in respect of the management of in the
case of the EU Receivables Manager, the EU Receivables, and in the case of the UK Receivables Manager, the UK Receivables, in each case sold to the Purchaser according to Clause 2 of the Receivables Purchase Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) arranging for the transfer to the Purchaser of all sums received which belong to the Purchaser under or in
respect of the applicable Purchased Receivables, as specified by Clause 6.4(a) of the Receivables Purchase Agreement or under Clause 8 (*Cash management*) of this Deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) undertaking and completing all such acts and execute any necessary agreements and documents as may
reasonably be requested by the Purchaser to assist with the notification to the relevant Borrowers of the transfer of the applicable Purchased Receivables to the Purchaser as described in Clause 7.6(a) of the Receivables Purchase Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) monitoring the activities of sub-contractors, delegates or service
providers with respect to the applicable Purchased Receivables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) providing customer service and performing other activities customary for receivables management, including,
without limitation, assisting with any correspondence and other communication with Borrowers, the Borrowers' banks and other third parties involved in connection with a particular Borrower;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) assuming accounting and reporting duties as provided for under this Deed (including, without limitation, the
duty to collect, process, administer and use data necessary for the supervision and management of the Receivables) and any other Transaction Document to which it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) acknowledging the Eligibility Criteria applicable to a EU Receivable in the case of the EU Receivables
Manager and a UK Receivable in the case of the UK Receivables Manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) agreeing waivers and amendments to existing Loan Agreements in place with Borrowers, undertaking remediation
exercises, and applying the Collections Policies, provided that amendments may only be agreed if they qualify as a Permitted Modification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) maintaining adequate resources and personnel to facilitate the performance of the Duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) maintaining a business continuity plan with respect to the systems used by the UK Receivables Manager or the
EU Receivables Manager (as applicable) in the event of a severe business disruption, insolvency or similar event; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) carrying out any other functions and obligations as are further set out in this Deed and the other
Transaction Documents to which it is a party.

5.3 Each Receivables Manager agrees and undertakes that it shall not, and shall procure that its Affiliates, sub-contractors, delegates and service providers shall not, without the consent of the Purchaser agree to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any material modification to the terms of any Purchased Receivable; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any modification to the terms of any Purchased Receivable that may reasonably be expected to have an adverse
effect on the value of such Receivable,

in each case other than a Permitted Modification.

5.4 If at any time a back-up receivables manager is appointed by the
Purchaser, subject to compliance with applicable Data Protection Legislation and the Receivable Manager's internal data security policies, each Receivables Manager shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) provide the back-up receivables manager access to information about
the applicable Purchased Receivables that are subject to the back-up receivables management agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provide all commercially reasonable assistance to such back-up receivables manager for it to perform its duties and obligations in accordance with the terms of the back-up receivables management agreement, including for the avoidance of doubt such information as would be
necessary, following a Notification Event to allow the Purchaser or a successor receivables manager on its behalf to notify all Borrowers of the sale of the applicable Purchased Receivables to the Purchaser.

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5.5 In addition to the foregoing duties, each Receivables Manager may from time to time following the Closing
Date provide the following ancillary services to the Purchaser, upon request and subject to the agreement of a separate fee arrangement in respect of any such duties, namely, assisting the Purchaser with a potential sale of any Receivables to a
third party outside the Seller Group (to the extent that any such assistance does not give rise to any conflict of interest between each Receivables Manager and the Seller) including among other things: (i) analysing and reviewing sales
proposals with respect to the Receivables which the Purchaser is proposing to sell to any such third party; (ii) at the request of the Purchaser, helping any proposed third party to carry out due diligence on the Receivables which the Purchaser
is proposing to sell to the third party; (iii) providing due diligence services for the acquisition of Purchased Receivables not originated by the Seller; and (iv) assisting the Purchaser with the negotiation of the terms of any agreement
for the sale of Receivables to any such third party.

5.6 Regulatory Buyback Event

At the end of each day on which any Regulatory Buyback Event or Regulatory Retransfer Event has occurred, the EU Receivables Manager shall update the PayPal internal Teradata database, or any other internal system regularly used by PayPal to record new consumer loans and modifications thereto, to record any repurchase and retransfer that occurred on such day in accordance with paragraph 2 of Schedule 6 (*Provisions relating to Sale of German Receivables*) of the Receivables Purchase Agreement, including the date and time of such repurchase and retransfer and all such Purchased Receivables subject to the repurchase and transfer by the Purchaser to the Seller or by the Seller to the Purchaser, respectively.

**6.** **Data Protection** 

6.1 Subject to Clause 6.3 and Clause 10.12, each Receivables Manager acknowledges that to the extent it
processes Personal Data in connection with this Deed, it is doing so as a controller (as that term is defined in the GDPR, or in the case of the UK, the UK GDPR) with independent decisions on the purposes and means of the processing and it shall
comply with (i) the Data Protection Legislation and (ii) any equivalent or similar legislation, rules, regulations or principles applicable in any other Relevant Jurisdiction. This includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) processing that Personal Data for specified, explicit and legitimate purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) processing that Personal Data in a manner that ensures appropriate security of the Personal Data including
protection against unauthorised or unlawful processing and against accidental loss, destruction or damage, using appropriate technical and organisational measures;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) implementing the measures mentioned in sub-clause (b) above,
having regard to the state of technological development, the cost of implementing the measures, the nature, scope, context and purpose of processing and the risk of varying likelihood and severity for the rights and freedoms of natural persons so as
to ensure a level of security appropriate to the risk. This may include, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the pseudonymisation and encryption of Personal Data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the ability to ensure the ongoing confidentiality, integrity, availability and resilience of processing
systems and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the ability to restore the availability and access to Personal Data in a timely manner in the event of a
physical or technical incident; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a process for regularly testing, assessing and evaluating the effectiveness of technical and organisational
measures for ensuring the security of the processing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) exercising professional judgement to determine the purpose and means of processing Personal Data in
connection with the Purchased Receivables; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) serving as the point of contact for Borrowers.

6.2 At no time before delivery of a Borrower Notice shall a Receivables Manager transfer any Personal Data to,
or take instructions relating to Personal Data from, any other Party, or Parties, in connection with this Deed; and none of the provisions of this Deed or of the Transaction Documents shall be construed in a manner inconsistent with this Clause 6
(*Data Protection*).

6.3 Upon delivery of a Borrower Notice, each Receivables Manager shall, in respect of the Personal Data in
connection with the applicable Purchased Receivables subject to such Borrower Notice, immediately cease acting as controller as regards any processing of such Personal Data, and shall in connection with such applicable Purchased Receivables, only
process Personal Data as processor provided that each Receivables Manager shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) comply with the terms of the Transitional DPA to ensure compliance with the Data Protection Legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) hold the Records to the order of the Purchaser and the Security Agent (or such person as the Purchaser and
the Security Agent shall direct); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if instructed by the Purchaser or the Security Agent, transfer the Records, including all Personal Data held
in connection with the Records, to such person as the Purchaser, or the Security Agent, shall direct.

For the avoidance of doubt, nothing in this Clause 6.3 shall prevent a Receivables Manager from retaining and processing Personal Data of Borrowers that do not relate exclusively to the Purchased Receivables.

**7.** **Reporting Requirements** 

7.1 The EU Receivables Manager shall deliver to the Purchaser the Receivables Management Report (including, for
the avoidance of doubt, data tapes and other information in respect of both the UK Receivables and the EU Receivables) on or before each Monthly Reporting Date. The EU Receivables Manager will transmit the Receivables Management Report to the
Purchaser, the Cash Manager, the Security

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Agent (if requested), the Back-Up Receivables Manager Facilitator (if requested), the Class C Lender, the Class A Facility Agent and the Class B Facility Agent no later than by 10.00am (London time) on the Monthly Reporting Date. The Purchaser, the Cash Manager, the Security Agent, the Class A Facility Agent and the Class B Facility Agent may transmit the Receivables Management Report to the Class A Facility Providers and the Class B Facility Providers. In addition, the EU Receivables Manager shall, if requested by the Purchaser and provided that [\*\*\*] or such other agent has given confidentiality undertakings equivalent to those contained in this Agreement and has information security arrangements satisfactory to the EU Receivables Manager, provide a copy of the Receivables Management Report to [\*\*\*] or to such other agent as may be appointed by the Purchaser to enable the Purchaser to satisfy its reporting requirements under the UK Securitisation Framework and the EU Securitisation Regulation.

7.1A In addition, the EU Receivables Manager shall deliver to the Purchaser and the Class C Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on each Business Day a daily report summarising the Collections received on the second Business Day prior to
the date of such daily report together with payments then due between the Seller and the Purchaser under this Agreement and the Receivables Purchase Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on each Business Day, a daily report summarising the loan balances on such day of the Portfolio in the form
agreed from time to time between the Seller and the Class C Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by no later than 8:00am on the second Business Day of each calendar week, a weekly report in the form agreed
from time to time between the Seller and the Class C Lender setting out Portfolio data as at close of business as recorded in the System on the last Business Day of the prior calendar week.

7.2 The EU Receivables Manager shall consider in good faith with a view to amending or supplementing the form of
the Receivables Management Report from time to time, such changes as may be reasonably required by the Purchaser or any other party to the Transaction Documents to comply with its obligations under the Transaction Documents, provided that nothing in
this Clause 7.2 shall require a Receivables Manager to supply any information or data to the extent that it does not collect or track or calculate such information or data as at the date of this Deed.

7.3 For the avoidance of doubt, the Receivables Management Reports shall not contain any Personal Data.

7.4 Each Receivables Manager shall upon request provide reasonable assistance to enable the Purchaser to satisfy
its reporting requirements under the UK Securitisation Framework and the EU Securitisation Regulation provided that nothing shall require a Receivables Manager to supply any information to the extent that it does not collect or track such
information as at the date of this Deed.

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**8.** **Cash management** 

8.1 Collections

The EU Receivables Manager and the UK Receivables Manager will each collect, in accordance with the terms of this Deed, from each Borrower amounts due in respect of the applicable Purchased Receivables in accordance with its customary methods from time to time for obtaining funds from a Borrower, including, without limitation, credit or debit card payments, debits of e-money balances, direct debit payments, bank transfers from the Borrower and collections from bank accounts.

8.2 Cash Sweeps

On each Collections Settlement Date, subject to Clause 8.3 and Clause 8.4, the EU Receivables Manager shall cause all Collections received to be transferred to the relevant Purchaser Bank Account for the appropriate currency (or to such other account as may be agreed between the EU Receivables Manager and the Purchaser, each in its sole discretion, and in the case of the Purchaser in accordance with clause 3.7(i) of the Master Framework Agreement) prior to the end of the applicable Required Transfer Period (each such payment, a ***Collections Sweep Payment***). [\*\*\*]. The EU Receivables Manager undertakes to make any Collections Sweep Payment to, or as otherwise agreed with, the Purchaser directly from an account held in the name of the EU Receivables Manager into which Collections are credited (directly or indirectly).

8.3 The following amounts shall not be transferred to a Purchaser Bank Account (or such other account as agreed
with the Purchaser in accordance with Clause 8.2) on a Collections Settlement Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Collections relating to a Receivable which are received prior to the relevant Cut-Off Time in respect of such Receivable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any amount deducted from the Collections by the EU Receivables Manager under Clause 18.1.

8.4 The Purchaser shall pay to the EU Receivables Manager on each Payment Date in accordance with then
applicable Priority of Payment (i) any Receivables Management Fee then due and payable pursuant to Clause 12.1 and (ii) any other amounts payable by the Purchaser to the EU Receivables Manager pursuant to this Deed (to the extent, in case
of amounts payable under Clause 8.6 (*Settlement of Collections*) only, not satisfied by set off against the amount of Collections due to be transferred to the Purchaser by the EU Receivables Manager).

8.5 In relation to any amounts received from a Borrower, these will be allocated first to the satisfaction of
any payment due in respect of a NSF Fee (which amount shall be retained by the Seller for its own account), and thereafter in accordance with the terms of the Loan Agreement and any applicable law or regulation.

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8.6 Settlement of Collections

If the EU Receivables Manager has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) caused any Collections or any amounts to which the Purchaser is not entitled to be transferred to the
Purchaser in error; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in error caused any Collections which should have been so transferred not to be transferred to, or as agreed
with, the Purchaser at the times and in the amounts contemplated by the Transaction Documents,

the EU Receivables Manager or Purchaser (as applicable) shall (i) as soon as is reasonably practicable upon becoming aware of such, notify the EU Receivables Manager or Purchaser (as applicable); and (ii) pay the EU Receivables Manager or the Purchaser (as applicable) on a monthly basis an amount equal to the amount of Collections for the previous calendar month made in error pursuant to sub-clause (a) or not made in error pursuant to sub-clause (b) (as applicable). To satisfy the amount the Purchaser owes to the EU Receivables Manager, the EU Receivables Manager shall be entitled to set off the amount of such Collections so owed by the Purchaser to the EU Receivables Manager against any Collections otherwise due to be transferred to the Purchaser by the EU Receivables Manager.

For the avoidance of doubt, the Collections made in error pursuant to this Clause 8.6 shall include any payments of Collections made by the EU Receivables Manager to the Purchaser where the corresponding payment made by the Borrower to a Receivables Manager that is subsequently found to have been unsuccessful.

**9.** **[\*\*\*]** 

9.1 [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [\*\*\*]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [\*\*\*]

9.2 [\*\*\*]

9.3 [\*\*\*]

9.4 [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [\*\*\*]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) [\*\*\*]

9.5 [\*\*\*]

9.6 [\*\*\*]

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9.7 [\*\*\*]

9.8 [\*\*\*]

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**10.** **Resignation; Receivables Manager Termination Event** 

10.1 Resignation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Receivables Manager may not resign from the obligations and liabilities imposed on it pursuant to the
terms of this Deed and each of the other Transaction Documents to which it is a party, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Receivables Manager may, with the prior written consent of the Purchaser or the Security Agent (following
the delivery of an Enforcement Notice) (such consent not to be unreasonably withheld), resign as Receivables Manager if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) an Affiliate of such Receivables Manager or any other person (satisfactory to the Purchaser or the Security
Agent (following the delivery of an Enforcement Notice)) has agreed to act as successor receivables manager substantially on the terms and conditions of this Deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) such successor receivables manager has agreed to enter into (I) an agreement on substantially the same terms
as this Deed to effect its assumption of the rights and duties of such Receivables Manager under the Transaction Documents; and (II) any agreements required by applicable laws including Data Protection Legislation, and any notifications to Borrowers
required by applicable laws including Data Protection Legislation have been dispatched to each Borrower to their address of record; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the appointment of such successor receivables manager is not likely to (i) give rise to a material
additional Tax liability of the Purchaser or a material additional Tax liability for which the Purchaser is liable to indemnify or compensate any other person under the Transaction Documents; or (ii) result in any deduction or withholding for
or on account of Tax in respect of an amount payable to the Purchaser under the Transaction Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if a resignation is affected under sub-clause (i) above, no
such resignation will be effective until such successor receivables manager has been appointed pursuant to the documentation referred to in sub-clause (i) above and such Receivables Manager is in
compliance with the requirements under Clause 10.10(a) to (f).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the resignation rights of each Receivables Manager in sub-clauses (i) and (a)(ii) above, a Receivables Manager may resign if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) without prejudice to the obligations of such Receivables Manager under this Deed (including, without
limitation, under Clause 2.4(b) and Clause 13.1(e)), it becomes unlawful for it to perform or comply with any of its obligations under this Deed (including due to such Receivables Manager failing to hold, maintain or obtain any applicable permission
or authorisation from any authority), provided that such Receivables Manager shall not be entitled to resign under this Clause 10.1(b)(i) unless it has made commercially reasonable endeavours to mitigate the circumstances giving rise to such
unlawfulness unless such unlawfulness arises in a Relevant Jurisdiction as a result of a Borrower Notice having been given in which event the obligations of such Receivables Manager under the Deed in respect of Purchased Receivables in that Relevant
Jurisdiction shall terminate with immediate effect; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such performance becomes, in the opinion of such Receivables Manager, acting reasonably, materially more
burdensome as a result of any actual or proposed change in any applicable law or regulation (other than any change to the rates of any Tax) and such Receivables Manager, having used commercially reasonable efforts to mitigate the circumstances
giving rise to the impact of the actual or proposed change in any applicable law or regulation, has given not less than 90 days' notice of its resignation to the Purchaser provided that such resignation shall only be effective upon the
appointment of a successor receivables manager substantially on the terms and conditions of this Deed.

Each of (i) a Receivables Manager and Purchaser both becoming aware of the relevant unlawfulness under Clause 10.1(b)(i), and (ii) the notification of resignation by a Receivables Manager under Clause 10.1(b)(ii), shall be referred to as a ***Receivables Manager Resignation Event***.

10.2 Receivables Manager Termination Event

The occurrence of any one or more of the following events shall constitute a ***Receivables Manager Termination Event*** with respect only to the Receivables Manager in respect of which such event or events occur (in the case of Clause 10.2(i) only, subject to Clause 10.3):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the first date upon which the Purchaser or the Security Agent gives notice, or requests the Seller to give
notice, to any Borrower of the sale and assignment of any Purchased Receivable(s), or take any other action pursuant to Clause 7.6(a) of the Receivables Purchase Agreement, following the occurrence of a Notification Event in accordance with the
Receivables Purchase Agreement, provided that, where such notice is only given, or other action is only taken with respect, to Borrowers in a particular jurisdiction but not in all jurisdictions, this Receivables Manager Termination Event shall only
cause a termination of the relevant Receivables Manager's duties and obligations under this Deed in relation to the relevant jurisdiction where such notice has been given to Borrowers but shall not cause a termination of this Deed itself;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the EU Receivables Manager fails to take any action required to transfer any amounts on behalf of the
Purchaser (where such failure is not wilful, in an aggregate amount of not less than [\*\*\*] (or its equivalent in sterling)) pursuant to this Deed and such failure remains unremedied for five Business Days, unless such failure is caused by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an administrative or technical error; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Disruption Event,

and payment is made in accordance with the Settlement of Collections process pursuant to Clause 8.6;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) other than as set forth in the remainder of this Clause 10.2, a Receivables Manager fails to observe any
material covenant or is in breach of its material obligations set forth in the Transaction Documents and such failure remains unremedied for 45 calendar days, commencing on the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the date on which such Receivables Manager has knowledge of that failure; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the date on which written notice of that failure has been delivered to such Receivables Manager by the
Purchaser or the Security Agent,

provided that such failure will not constitute a Receivables Manager Termination Event: (A) if a plan of remedy is agreed between such Receivables Manager, the Purchaser and the Security Agent (each in their discretion) and such failure is remedied within the time period agreed pursuant to that plan of remedy or (B) subject to sub-clause (e) below, it is caused by a Force Majeure Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an Insolvency Event occurs with respect to a Receivables Manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a Receivables Manager is prevented or severely hindered for a period of 60 calendar days or more from
complying with its obligations under this Deed as a result of a Force Majeure Event and such Force Majeure Event continues for 30 calendar days after written notice of such non-compliance has been given to
such Receivables Manager by the Purchaser or the Security Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) it becomes unlawful for a Receivables Manager to perform or comply with its material obligations under this
Deed (including due to such Receivables Manager failing to hold, maintain or obtain any applicable permission or authorisation from any authority);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any representation or statement made by a Receivables Manager in this Deed is or proves to have been
incorrect or inaccurate in any material respect when made or and (i) such incorrectness or inaccuracy would have a material adverse effect on the ability of such Receivables Manager to satisfy its obligations under this Deed, and (ii) in
the case of the representation at Clause 13.1(p) (*Information in Receivables Management Reports*), any breach of such representation has not been cured within 30 days of such Receivables Manager becoming aware of such breach;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) if 3PL or any other member of the Seller Group ceases to control a Receivables Manager; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Receivables Manager (or any sub-contractor, delegate or service
provider) being treated by any Tax Authority as, or deemed to be, a permanent establishment, permanent representative or dependent agent of the Purchaser, in each case, within the meaning of the OECD Model Tax Convention and related commentary and
applicable double taxation convention (a  ***PE Event***), provided that such PE Event has or will have a material adverse effect on the Purchaser (a  ***PE RM Termination Event***).

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10.3 In the event that a PE RM Termination Event occurs, following a Receivables Manager's notification of
such event pursuant to Clause 10.4:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where such PE RM Termination Event relates to a Receivables Manager, for a period of 30 days after the date
of such notification, the Parties shall consult with each other and cooperate in good faith to agree such changes to the Transaction Documents as the Parties may agree (including changes to the Parties) in order to mitigate the effect of or reduce
the additional Tax incurred by the Purchaser as a result of the applicable PE RM Termination Event. If the Parties are unable to agree any such changes within that 30 day period (or such longer period as the Parties may in writing agree), the
Purchaser may exercise its termination right pursuant to this Clause 10; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where such PE RM Termination Event relates to a sub-contractor, delegate or service provider of a Receivables Manager, such Receivables Manager shall for a period of 30 days (or such longer period as the Parties may in writing agree) use its reasonable endeavours to agree such changes or amendments to the sub-contracting, delegation or service provider arrangements as may reasonably be made in order to mitigate the effect of or reduce the additional Tax incurred by the Purchaser as a result of the applicable PE RM
Termination Event. In the event that such amendments or changes cannot reasonably be made within that 30 day period (or such longer period as the Parties may in writing agree), or are insufficient, such that at the end of that period a PE RM
Termination Event continues with respect to the sub-contractor, delegate or service provider, the Purchaser may exercise its termination right pursuant to this Clause 10.

10.4 The Parties agree for the avoidance of doubt that the occurrence of a Receivables Manager Termination Event
under paragraphs (a), (c), (d), (e), (f), (g), (h) or (i) of Clause 10.2 where such Receivables Manager Termination Event occurs with respect to one Receivables Manager only and not both Receivables Managers, it shall only result in the
termination of the affected Receivables Manager's duties and obligations under this Deed but shall neither cause a termination of the other Receivables Manager's duties and obligations under this Deed nor cause a termination of this Deed
itself.

10.5 Notwithstanding Clause 10.4, the Parties agree that if a Receivables Manager Termination Event occurs with
respect to the EU Receivables Manager, a Receivables Manager Termination Event will be deemed to have occurred with respect to the UK Receivables Manager simultaneously.

10.6 Each Receivables Manager undertakes that it shall upon becoming aware of the occurrence of any Receivables
Manager Termination Event notify the Purchaser and the Security Agent in writing of the same as soon as reasonably practicable and in any event within three Business Days of becoming so aware of such notice setting out details of cause of the
relevant Receivables Manager Termination Event.

10.7 If any Receivables Manager Termination Event occurs in respect of a Receivables Manager, then the Purchaser
may deliver a notice (a  ***Receivables Manager Termination Notice***) to such Receivables Manager and the Security Agent setting out the Purchaser's intention to terminate the appointment of such Receivables Manager and to appoint a
replacement party to service, administer and collect the Purchased Receivables.

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10.8 The Purchaser acknowledges that following delivery of a Receivables Manager Termination Notice or upon
occurrence of a Receivables Manager Resignation Event, in certain Relevant Jurisdictions it is required to appoint and maintain a suitably experienced and properly qualified receivables manager in respect of the Purchased Receivables.

10.9 On the occurrence of a Receivables Manager Termination Event or occurrence of a Receivables Manager
Resignation Event that would result in a Receivables Manager becoming a processor as regards any processing of Personal Data in connection with the Purchased Receivables, such Receivables Manager shall agree on the terms of a data processing
agreement with the relevant controller (in a form prepared by the controller and agreed by such Receivables Manager acting reasonably) (the  ***Transitional DPA***). The Transitional DPA shall be entered into by the controller and the
relevant Receivables Manager and become effective upon such Receivables Manager's receipt of a Receivables Manager Termination Notice or upon such Receivables Manager's resignation becoming effective in accordance with Clause 10.1(b)(i)
and Clause 10.1(b)(ii), as applicable. The Transitional DPA shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) provide instructions from the controller to such Receivables Manager in relation to any Personal Data it is
required to process on behalf of the controller during the Receivables Manager Transition (including regarding the transfer of Personal Data to the alternate successor receivables manager, and, to the extent necessary for the serving of Borrower
Notices); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) comply with Data Protection Legislation including, but not limited to, Article 28 of the GDPR, and in the
case of the UK, Article 28 of the UK GDPR.

10.10 Other than in the event described in Clause 10.1(b)(i) where the Receivables Management Period terminates
with effect immediately, following receipt by a Receivables Manager of a Receivables Manager Termination Notice or upon occurrence of a Receivables Manager Resignation Event, the Receivables Management Period shall terminate with effect from the
date on which all of the following have been completed: (i) an alternate successor receivables manager has been appointed with the prior written consent of the Purchaser and the Security Agent; (ii) such alternate successor receivables
manager has accepted its appointment as successor receivables manager; (iii) such alternate successor receivables manager has entered into a receivables management agreement substantially similar to this Deed or on such other terms as are
agreed by the Purchaser; and (iv) a notice containing details of any such appointment and all information required by applicable law (including information (provided by each Receivables Manager) relating to each Receivables Manager's
transparency obligations under Data Protection Legislation has been dispatched to each Borrower to their address of record (the period between the date of the Receivables Manager Termination Notice, or the resignation of a Receivables Manager in
accordance with Clause 10.1(a), or the occurrence of a Receivables Manager Resignation Event, and the termination of the Receivables Management Period being the  ***Receivables*** 

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 ***Manager Transition***). Until the end of the Receivables Manager Transition each Receivables Manager shall: <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) comply with the terms of the Transitional DPA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) hold the Records to the order of the Purchaser and the Security Agent (or such person as the Purchaser and
the Security Agent shall direct);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) provide all reasonable assistance and information subject to compliance with applicable Data Protection
Legislation and to the Receivable Manager's data security policies to enable the successor receivables manager to perform the Duties as soon as reasonably practicable, including such records necessary to account for and collect the Purchased
Receivables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) hold any monies then held by it on behalf of the Purchaser together with any other assets of the Purchaser
then held by it on trust for the benefit and to the order of the Purchaser and, following the delivery of an Enforcement Notice, the Security Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) continue to perform all of the Duties unless prevented by any Force Majeure Event or any applicable law
and/or regulation or unless otherwise directed by the Purchaser or the Security Agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) take such further action in accordance with the terms of this Deed as the Purchaser or the Security Agent
may reasonably direct in relation to each Receivables Manager's obligations under this Deed as may be necessary to enable the Duties to be performed by the successor receivables manager.

10.11 Following receipt by a Receivables Manager of a Receivables Manager Termination Notice or upon a Receivables
Manager's resignation becoming effective in accordance with Clause 10.1(b)(i) and Clause 10.1(b)(ii), as applicable, that Receivables Manager shall hold the Records to the order of the Purchaser and the Security Agent (or such person as the
Purchaser and the Security Agent shall direct) and, if instructed by the Purchaser or the Security Agent, and subject to the controller and such Receivables Manager entering into the Transitional DPA in accordance with Clause 9.6, transfer the
Records, including all Personal Data held in connection with the Records, to such person as the Purchaser, or the Security Agent, shall direct.

10.12 Once the notice is given to Borrowers in accordance with Clause 10.10(iv) (such that a Receivables Manager
ceases to be a controller and is under no obligation to continue to provide the Duties to any other Party), the relevant Receivables Manager shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) immediately stop processing, as controller, any Personal Data that relate exclusively to the Receivables;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) delete any such Personal Data it processes, as controller that relate exclusively to the Receivables, unless
(i) required by law to retain it or (ii) required to do otherwise in its role as processor under the Transitional DPA as instructed by the controller,

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in each case without prejudice to any processing of Personal Data each Receivables Manager is instructed to carry out as processor pursuant to the Transitional DPA entered into in accordance with Clause 10.9. For the avoidance of doubt, nothing in this Clause 10.12 shall prevent a Receivables Manager from retaining and processing Personal Data of Borrowers that do not relate exclusively to the Purchased Receivables.

10.13 Clauses 10.10 to 10.12 shall survive the termination of this Deed.

10.14 Without prejudice to the other rights and remedies of the Parties to this Deed set out herein, to the extent
that a Party becomes aware of any breach of obligations under this Deed, the Parties agree to promptly notify the other Parties and, to the extent such breach is capable of remedy, to consult with each other and negotiate in good faith to agree a
means to remedy and resolve such breach.

10.15 Notwithstanding any other provision of the Transaction Documents, the resignation or termination of a
Receivables Manager hereunder or the termination of this Deed shall be without prejudice to the EU Receivables Manager's obligations under Clauses 9.1 or 9.4, which shall survive and continue in full force and effect until the end of the
Collection Period.

**11.** **Notice of Force Majeure Event; and Notice of Proceedings** 

11.1 Notice of Force Majeure Event

Each Receivables Manager will as soon as reasonably practicable after becoming aware thereof (and in any event within two Business Days) provide written notice to the Purchaser and the Security Agent of any Force Majeure Event by reason of which it is prevented or severely hindered from complying with its obligations under this Deed, describing the steps which it is proposing to take to resume its operations as soon as reasonably practicable.

11.2 Notice of Proceedings

Each Receivables Manager will promptly notify the Purchaser and the Security Agent of the filing of commencement of any action, suit, litigation, proceeding or judgment to which it is a party that could reasonably be expected to have a Material Adverse Effect.

**12.** **Receivables Manager Fee, Expenses and VAT** 

12.1 In consideration of the Receivables Managers entering into this Deed and performing the Duties, the
Purchaser agrees to pay a fee (the  ***Receivables Management Fee***) to the EU Receivables Manager (on behalf of itself and the UK Receivables Manager) to be settled on a monthly basis in arrears on the Payment Date in accordance with the
applicable Priority of Payments by the Purchaser during the term of this Deed.

12.2 The Receivables Management Fee shall accrue on a daily basis calculated at the applicable percentage rate
per annum set out in Schedule 2 (*Receivables Management Fee*) applied to the Principal Balance of each Purchased Receivable then forming part of the Portfolio.

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12.3 All sums (including the Receivables Management Fee) or other consideration payable or otherwise provided by
the Purchaser to the EU Receivables Manager pursuant to this Deed are exclusive of any VAT which is properly chargeable on the supply or supplies made by the EU Receivables Manager for which such sums or other consideration (or any part thereof) are
the whole or part of the consideration for VAT purposes.

12.4 If any supply is treated as made for VAT purposes by the EU Receivables Manager under or pursuant to this
Deed, and the EU Receivables Manager is required to account for VAT in respect of that supply, the Purchaser shall, subject to the receipt of a valid VAT invoice, pay to the EU Receivables Manager (in addition to any other consideration for that
supply) an amount equal to such VAT. Such payment shall be made on the next Payment Date following receipt by the Purchaser of a valid VAT invoice (or if there is no further Payment Date, within five Business Days following receipt by the Purchaser
of a valid VAT invoice) or, if later, the date on which any such consideration is payable.

12.5 [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [\*\*\*]

12.6 Where any Party is required by the terms of this Deed to reimburse or indemnify any Party for any cost or
expense, such Party shall reimburse or indemnify such other Party on an after-Tax basis for the full amount of such cost or expense, including such part thereof as represents Irrecoverable VAT.

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**13.** **Representations and Warranties** 

13.1 The EU Receivables Manager represents and warrants to the Purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Status

It is a corporate partnership limited by shares duly incorporated, validly existing and registered under the laws of Luxembourg, capable of being sued in its own right and not subject to any immunity from any proceedings, and it has the power to own its property and assets and to carry on its business as it is being conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Powers and Authority

It has the power to enter into, perform and deliver, and has taken all necessary corporate and other action to authorise the execution, delivery and performance by it of each of the Transaction Documents to which it is or will be a party, and each such Transaction Document has been duly executed and delivered by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Legal Validity

The obligations expressed to be assumed by it in each Transaction Document to which it is a party are legal, valid, binding and enforceable, subject to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Legal Reservations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of any Security Document, the Perfection Requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Non-conflict

The execution by it of each of the Transaction Documents to which it is a party and the exercise by it of its rights and the performance of its obligations under such Transaction Documents will, not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) conflict with any document which is binding upon it or any of its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) conflict with its constitutional documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) as far as it is aware, conflict with any law, regulation or official or judicial order of any government,
governmental body or court, domestic or foreign, having jurisdiction over it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Consents and Licences

All consents, licences and other approvals and authorisations required by it in connection with (i) the entry into, performance, validity and enforceability of, and the transactions contemplated by, the Transaction Documents have been obtained or effected (as appropriate) and are in full force and effect; and (ii) the administration of the Receivables, have in each case been obtained or effected (as appropriate) and are in full force and effect, save where a failure to hold or obtain any such consents, licences or other approvals and authorisations would not adversely affect in any material respect the performance, validity and enforceability of the Transaction Documents or the transactions contemplated by them.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Solvency

No Insolvency Event has occurred with respect to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Centre of Main Interests

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The place of the central administration (*siège de l'administration centrale*) of the EU
Receivables Manager, the principal place of business (*principal établissement*) of the EU Receivables Manager, the place where the EU Receivables Manager conducts the administration of its interests on a regular basis and which is
ascertainable by third parties and the EU Receivables Manager's registered office (*siège statutaire*) are all in Luxembourg.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) It has no place of operations where it carries out a non-transitory economic activity with human means and assets in any jurisdiction other than Luxembourg.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Residence for Tax Purposes

It is a corporate partnership limited by shares which is and has, since incorporation, been resident for Tax purposes solely in Luxembourg and it is not liable to be taxed on its profits in any jurisdiction other than Luxembourg.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Corporate income tax and VAT

It is a corporate partnership limited by shares (a) established and registered in Luxembourg for VAT purposes; and (b) within the charge to corporate income tax in Luxembourg in respect of amounts payable to it by the Purchaser pursuant to the terms of this Deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Validity and admissibility in evidence

All authorisations required:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to enable it lawfully to enter into, exercise its rights and comply with its obligations in the Transaction
Documents to which it is a party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to make the Transaction 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 (or will be when required).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Governing law and enforcement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject to the Legal Reservations, the choice of English law (and the law of any other Relevant
Jurisdiction, as applicable) as the governing law of the Transaction Documents will be recognised and enforced in its jurisdiction of incorporation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Subject to the Legal Reservations, any judgment obtained in England and Wales (and the law of any other
Relevant Jurisdiction, as applicable) in relation to a Transaction Document will be recognised and enforced in its jurisdiction of incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Anti-Bribery

The EU Receivables Manager has conducted its business in compliance with the United States Foreign Corrupt Practices Act of 1977; the UK Bribery Act 2010; Italian Legislative Decree No. 231 of 8 June 2001; all national and international laws enacted to implement the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, 1997; and other similar Anti-Corruption Law or regulation, each as further amended and supplemented from time to time, in other jurisdictions, and has instituted and maintained policies and procedures designed to promote and achieve compliance with such laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Money Laundering

The EU Receivables Manager and each person controlling or controlled by it are, and have been at all times over the last three years, in material compliance with all applicable Anti-Money Laundering Laws. During the last three years, neither the EU Receivables Manager nor any person controlling or controlled by it has been cited, cautioned or fined in connection with, or otherwise received written notice of any asserted past or present material failure to comply with Anti-Money Laundering Laws and no governmental investigation or proceeding with respect to any alleged material non- compliance with Anti-Money Laundering Laws is, so far as the EU Receivables Manager is aware, pending or threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Sanctions

Neither the EU Receivables Manager, nor (to the knowledge of the EU Receivables Manager) any of its directors, officers or, its agents, employees or persons acting on its behalf:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) has been found in violation of any applicable Sanctions in the last three years; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is a Restricted Person.

Any provision of this Clause 13.1(n) shall not apply to the extent that it would result in a breach of any applicable blocking or anti-boycott law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Restricted Countries

It is the policy of the Purchaser as at the date of this Deed not to conduct business in or with a Restricted Country, in view of the significant corruption, financial crime, terrorist financing, sanctions, political, and business risks that these jurisdictions present. The EU Receivables Manager, in relation to any of the Receivables, has not engaged in any prohibited dealings or transactions with or for the benefit of any Person located, organized, or ordinarily resident in any Restricted Country, in each case directly or knowingly indirectly, including through any of its distributors, agents or other persons acting on its behalf, save for the disputed territories of Kherson and Zaporizhzhia regions of Ukraine in relation to Purchased Receivables only.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Information in Receivable Management Reports

The information contained in any Receivables Management Report provided by the EU Receivables Manager was true and accurate and not misleading in material respects at the time such Receivables Management Report was provided.

13.2 The UK Receivables Manager represents and warrants to the Purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Status

It is a company duly incorporated, validly existing and registered under the laws of England and Wales, capable of being sued in its own right and not subject to any immunity from any proceedings, and it has the power to own its property and assets and to carry on its business as it is being conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Powers and Authority

It has the power to enter into, perform and deliver, and has taken all necessary corporate and other action to authorise the execution, delivery and performance by it of each of the Transaction Documents to which it is or will be a party, and each such Transaction Document has been duly executed and delivered by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Legal Validity

The obligations expressed to be assumed by it in each Transaction Document to which it is a party are legal, valid, binding and enforceable, subject to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Legal Reservations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of any Security Document, the Perfection Requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Non-conflict

The execution by it of each of the Transaction Documents to which it is a party and the exercise by it of its rights and the performance of its obligations under such Transaction Documents will, not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) conflict with any document which is binding upon it or any of its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) conflict with its constitutional documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) as far as it is aware, conflict with any law, regulation or official or judicial order of any government,
governmental body or court, domestic or foreign, having jurisdiction over it.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Consents and Licences

All consents, licences and other approvals and authorisations required by it in connection with (i) the entry into, performance, validity and enforceability of, and the transactions contemplated by, the Transaction Documents have been obtained or effected (as appropriate) and are in full force and effect; and (ii) the administration of the Receivables, have in each case been obtained or effected (as appropriate) and are in full force and effect, save where a failure to hold or obtain any such consents, licences or other approvals and authorisations would not adversely affect in any material respect the performance, validity and enforceability of the Transaction Documents or the transactions contemplated by them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Solvency

No Insolvency Event has occurred with respect to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Centre of Main Interests

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The place of the central administration of the UK Receivables Manager, the principal place of business of
the UK Receivables Manager, the place where the UK Receivables Manager conducts the administration of its interests on a regular basis and which is ascertainable by third parties and the UK Receivables Manager's registered office are all in
United Kingdom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) It has no place of operations where it carries out a non-transitory economic activity with human means and assets in any jurisdiction other than United Kingdom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Residence for Tax Purposes

It is a company which is and has, since incorporation, been resident for Tax purposes solely in the United Kingdom and it is not liable to be taxed on its profits in any jurisdiction other than the United Kingdom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Corporate income tax and VAT

It is a company (a) established and registered in the United Kingdom for VAT purposes; and (b) within the charge to corporate income tax in the United Kingdom in respect of amounts payable to it pursuant to the terms of this Agreement and the Receivables Management Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Validity and admissibility in evidence

All authorisations required:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to enable it lawfully to enter into, exercise its rights and comply with its obligations in the Transaction
Documents to which it is a party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to make the Transaction Documents to which it is a party admissible in evidence in its jurisdiction of
incorporation,

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have been obtained or effected and are in full force and effect (or will be when required).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Governing law and enforcement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject to the Legal Reservations, the choice of English law (and the law of any other Relevant
Jurisdiction, as applicable) as the governing law of the Transaction Documents will be recognised and enforced in its jurisdiction of incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Subject to the Legal Reservations, any judgment obtained in England and Wales (and the law of any other
Relevant Jurisdiction, as applicable) in relation to a Transaction Document will be recognised and enforced in its jurisdiction of incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Anti-Bribery

The UK Receivables Manager has conducted its business in compliance with the United States Foreign Corrupt Practices Act of 1977; the UK Bribery Act 2010; Italian Legislative Decree No. 231 of 8 June 2001; all national and international laws enacted to implement the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, 1997; and other similar Anti-Corruption Law or regulation, each as further amended and supplemented from time to time, in other jurisdictions, and has instituted and maintained policies and procedures designed to promote and achieve compliance with such laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Money Laundering

The UK Receivables Manager and each person controlling or controlled by it are, and have been at all times over the last three years, in material compliance with all applicable Anti-Money Laundering Laws. During the last three years, neither the UK Receivables Manager nor any person controlling or controlled by it has been cited, cautioned or fined in connection with, or otherwise received written notice of any asserted past or present material failure to comply with Anti-Money Laundering Laws and no governmental investigation or proceeding with respect to any alleged material non-compliance with Anti-Money Laundering Laws is, so far as the UK Receivables Manager is aware, pending or threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Sanctions

Neither the UK Receivables Manager, nor (to the knowledge of the UK Receivables Manager) any of its directors, officers or, its agents, employees or persons acting on its behalf:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) has been found in violation of any applicable Sanctions in the last three years; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is a Restricted Person.

Any provision of this Clause 13.1(n)13.2(n) shall not apply to the extent that it would result in a breach of any applicable blocking or anti-boycott law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Restricted Countries

It is the policy of the Purchaser as at the Signing Date not to conduct business in or with a Restricted Country, in view of the significant corruption, financial crime, terrorist financing, sanctions, political, and business risks that these jurisdictions present. The UK Receivables Manager, in relation to any of the Receivables, has not engaged in any prohibited dealings or transactions with or for the benefit of any person located, organized, or ordinarily resident in any Restricted Country, in each case directly or knowingly indirectly, including through any of its distributors, agents or other persons acting on its behalf, save for the disputed territories of Kherson and Zaporizhzhia regions of Ukraine in relation to Purchased Receivables only.

13.3 The representations and warranties set out in Clause 13.1 and in Clause 13.2 are made by the EU Receivables
Manager and the UK Receivables Manager (as applicable) on the Closing Date and, other than the representation set out in Clause 13.1(f) and Clause 13.2(f), deemed to be repeated by the EU Receivables Manager and the UK Receivables Manager (as
applicable) on each day during the Receivables Management Period by reference to the facts and circumstances then existing.

13.4 The EU Receivables Manager and the UK Receivables Manager (as applicable) shall as soon as practicable after
becoming aware of the same notify the Purchaser and the Security Agent of the occurrence of any breach of any of the representations and warranties in Clause 13.1 and Clause 13.2.

**14.** **Covenants** 

14.1 Each Receivables Manager hereby undertakes with the Purchaser that until the Receivables Management
Termination Date (or in the case of Clause 14.1(g), such later date as stated below):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Change in Collections Policies**: it shall not make any change to its Collections Policies that in the
opinion of such Receivables Manager (acting reasonably) would materially and adversely affect the collectability of the Portfolio and shall promptly notify the Purchaser and the Security Agent of any changes made to the Collections Policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Records**: it shall, subject to Clause 6 (*Data Protection*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) keep and maintain all Records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) maintain adequate back-ups of the Records in accordance with its
usual administrative and operative procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) notify the Purchaser and the Security Agent of any material change in its administrative and operating
procedures with respect to the Records promptly following such change; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) maintain IT systems identifying the relevant Receivables as having been sold to the Purchaser and
distinguishing such Receivables from any other Receivables or other assets held or administered by the Receivables Managers through tagging;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **IT Systems**: it shall ensure that the IT and other electronic systems used by it in relation to the
Receivables are maintained in working order and comply in all material respects with all applicable Data Protection Legislation and other applicable law and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Inspection**: without prejudice to Clause 2.10 and Clause 7.2(d) of the Receivables Purchase Agreement,
it shall at its expense (A) no more than once per calendar year at the expense of such Receivables Manager upon 15 Business Days' prior notice (or such shorter period as may be agreed) or (B) with such additional frequency as the
Purchaser may require upon five Business Days' prior notice following the occurrence of a Receivables Manager Termination Event) and during usual business hours promptly make available the Records (or any part thereof) and any information on
the Portfolio for inspection and/or make any copies upon reasonable notice during normal business hours (subject to any restrictions imposed by Data Protection Legislation) to the Purchaser, provided that at no time prior to the provision of a
Borrower Notice or a notice containing details of any such appointment (including all information required by applicable law, such as information (provided by such Receivables Manager) relating to such Receivables Manager's transparency
obligations under Data Protection Legislation will identifiable Personal Data be made available to the Purchaser in respect of any Receivables or Borrowers thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Audit**: it shall (to the extent such information is available to it), at its own cost subject to
Clause 10.2 of the Receivables Purchase Agreement, cooperate with and provide all necessary access, management time, information (however stored) or other assistance to, and comply with all reasonable requests of, the person appointed for such
purpose, in relation to the preparation by it of any AUP Audit to be provided in accordance with the Receivables Purchase Agreement and shall promptly address any material findings set out in any AUP Report, provided that at no time prior to the
provision of a Borrower Notice or a notice containing details of any such appointment (including all information required by applicable law, such as information (provided by such Receivables Manager) relating to such Receivables Manager's
transparency obligations under Data Protection Legislation will identifiable Personal Data be made available to the Purchaser in respect of any Receivables or Borrowers thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Delivery of financial statements**: it shall deliver to the Purchaser by no later than 30 June of
each calendar year starting from 30 June 2026 for its financial year ending 31 December 2025, a copy of its audited consolidated annual financial statements prepared in accordance with IFRS consistently applied, to the extent that they are
not provided pursuant to Clause 9.5 of the Receivables Purchase Agreement and such financial statements shall be deemed delivered if they are publicly available;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Sales, Liens, etc.**: it shall not sell (or, if applicable, hold on trust), assign (by operation of Law
or otherwise) or otherwise dispose of, or create or suffer to exist any Security Interest upon or with respect to, (i) the Purchased Receivables, their Related Rights and any Collections related thereto, or (ii) [\*\*\*] provided that nothing in
this Clause 14 shall prohibit or restrict any transfer or disposal of the legal title to any Purchased Receivable and Related Rights to the UK Sub; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) [\*\*\*]

**15.** **Liability** 

15.1 No Receivables Manager shall (in its capacity as Receivables Manager) have any liability for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the obligations of a Borrower under or pursuant to any Loan Agreement or in respect of the related
Receivable and nothing in this Deed shall constitute a guarantee, or similar obligation, by a Receivables Manager of the performance by a Purchaser of his obligations under or pursuant to such Loan Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) save as otherwise provided in this Deed, the obligations of the Purchaser under any of the Transaction
Documents or otherwise and nothing herein shall constitute a guarantee, or similar obligation, by a Receivables Manager of the Purchaser's obligations.

15.2 Any breach by a Party ( ***Breaching Party***) in performing an obligation under this Deed will not
result in a liability to the other Party ( ***Non-Breaching Party***) to the extent that the Breaching Party cannot perform such obligation as a direct result of a failure by the Non-Breaching Party to perform its obligations set out in this Deed, provided that the Breaching Party promptly informs the Non-Breaching Party of such circumstances and has
used all reasonable endeavours to perform the relevant obligation, notwithstanding the circumstances.

15.3 No Receivables Manager shall have any obligation in respect of any liabilities suffered or incurred by the
Purchaser, the Seller and/or the Security Agent and/or any other person as a result of the failure of a Receivables Manager to perform its obligations under this Deed, save to the extent that such liabilities are suffered or incurred as a result of
any wilful default, fraud, illegal dealing, gross negligence or breach by such Receivables Manager in performing its material obligations under this Deed.

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15.4 Nothing in this Deed shall limit or exclude the liability of any Party in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) death or personal injury caused by its negligence or that of its personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) fraud including fraudulent misrepresentation or wilful default; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any liability which cannot be excluded or limited by applicable law or regulation.

15.5 Subject to Clause 15.4, in no event shall any Party be liable for any indirect or consequential loss or
damage (including any loss of revenue, profits, goodwill or business), whether arising in contract, delict or tort (including negligence) or otherwise.

**16.** **Indemnity** 

Without limiting any other rights which the Purchaser or the Security Agent or any of their respective directors, officers, agents or employees may have hereunder, under the Receivables Purchase Agreement or under applicable law, the EU Receivables Manager shall indemnify and hold harmless the Purchaser, the Security Agent and each of their respective officers, directors, employees and agents of any of the foregoing (collectively, ***Indemnified Parties***), in each case, from and against any and all Losses (***Indemnified Amounts***) arising out of or resulting from (whether directly or indirectly):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the failure of any information contained in any Receivables Management Report to be true and correct, or the
failure of any other information provided to any Indemnified Party by, or on behalf of, a Receivables Manager to be true and correct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the failure of any representation, warranty or statement made or deemed made by a Receivables Manager (or
any of its officers) under or in connection with this Deed to have been true and correct as of the date made or deemed made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any non-compliance with any applicable law (including applicable
Data Protection Legislation) by a Receivables Manager, with respect to any Purchased Receivable, that affects the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any failure or breach of a Receivables Manager to perform its material duties or obligations in its capacity
as Receivables Manager in accordance with the provisions hereof or the Receivables Purchase Agreement (excluding Clause 3.1(d) or Clause 14.1(h) of this Deed); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the occurrence of a Receivables Manager Termination Event (other than a PE RM Termination Event or a
Notification Event consisting solely of a PE RM Termination Event) (without double-counting),

excluding, however:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Indemnified Amounts to the extent that such Indemnified Amounts resulted from the gross negligence, fraud or
wilful misconduct on the part of such Indemnified Party;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) recourse (except as otherwise specifically provided in this Deed or the Receivables Purchase Agreement) for
any failure by a Borrower to pay an amount due in respect of any Purchased Receivables due solely by reason of the relevant Borrower's inability or refusal to make payments that are due and payable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Indemnified Amount to the extent the same has been fully and finally paid in cash to such Indemnified
Party (or such Indemnified Party has otherwise been compensated for such Indemnified Amount to the reasonable satisfaction of the Indemnified Party) pursuant to any other provision of this Deed or the Receivables Purchase Agreement,

and provided that the EU Receivables Manager shall have no liability to make any payment to any Indemnified Party under this Clause 16 unless and until the aggregate of (i) the aggregate Indemnified Amounts suffered by that Indemnified Party; and (ii) the aggregate Purchase Price of all Receivables affected by a breach of Loan Warranty exceed the then applicable Threshold Amount.

**17.** **Entire Agreement** 

17.1 This Deed and the schedules together constitute the entire agreement and understanding between the Parties
in relation to the subject matter of this Deed and cancel and replace any other previous draft, agreement or understanding in relation to such subject matter.

17.2 Each Party to this Deed agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it has not entered into this Deed in reliance upon any statement, representation, warranty or undertaking of
any other Party which is not expressly set out or referred to in this Deed or any other Transaction Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) except in respect of an express representation or warranty under this Deed or any other Transaction
Document, it shall not have any claim or remedy (whether in equity, contract, delict or tort, under the Misrepresentation Act 1967 or in any other way) in respect of any misrepresentation or breach of warranty by any other Party or in respect of any
untrue statement by any other Party, regardless of whether such misrepresentation, breach or untrue statement was made, occurred or was given prior to the execution of this Deed or any of the Transaction Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any terms or conditions implied by law in any jurisdiction in relation to the transaction contemplated by
this Deed and/or the Transaction Documents are excluded to the fullest extent permitted by law or, if incapable of exclusion, any right or remedies in relation to them are irrevocably waived;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the only right or remedy of any Party in relation to any provision of this Deed or any other Transaction
Document shall be for breach of this Deed or the relevant Transaction Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) except for any liability in respect of a breach of this Deed or any other Transaction Document, no Party
shall owe any duty of care or have any liability in tort or otherwise to any other Party in relation to the transaction contemplated by this Deed and/or the Transaction Documents.

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17.3 Nothing in this Clause 16 (*Entire agreement*) shall have the effect of excluding, limiting or
restricting any liability for fraudulent misrepresentation or any liability of any person arising as a result of any wilful default, fraud, illegal dealing, negligence or material breach of this Deed or any Transaction Document or breach of trust by
such person.

**18.** **Withholdings and set-off** 

18.1 All sums payable under this Deed or for breach of any of the provisions of this Deed shall be paid free and
clear of all deductions or withholdings, including withholding for Taxes, whatsoever, save only as provided in this Deed and/or in the Receivables Purchase Agreement or otherwise as required by applicable law.

18.2 Save only as provided expressly in this Deed, each Party waives and relinquishes any right of set off or
counterclaim, deduction or retention which it might otherwise have out of any payments which it may be obliged to make (or procure to be made) to any other Party pursuant to this Deed or otherwise.

**19.** **Confidentiality** 

19.1 Subject to Clause 19.2, each Party to this Deed agrees at all times that it shall keep confidential and will
not disclose to any person, firm or company whatsoever any information (including, without limitation, any technology, know-how, patent application, test result, research study, business plan, budget, model,
algorithm, policy, data set, management information, commercial information, product information, forecast or projection) relating directly or indirectly to the business, finances or other matters of a confidential nature of any party to the
Transaction Documents (or any predecessor entity), which it may have obtained as a result of the execution or performance of any Transaction Document, provided however that the provisions of this Clause 19 (*Confidentiality*) shall not apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to the disclosure of any information to the Security Agent or to any other person who is a party to any of
the Transaction Documents as expressly permitted by the Transaction Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the disclosure of any information by such Party to any of its Affiliates; provided that before any such
disclosure, the Party shall make the relevant employees of the Affiliate aware of their obligations of confidentiality under the relevant Transaction Document and shall at all times procure compliance with such obligations by such employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to the disclosure of any information which is or becomes public knowledge otherwise than as a result of the
wrongful conduct of the recipient (such wrongful conduct includes a breach of this Clause 19.1);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to the extent that such disclosure is required pursuant to any law or order of any court or pursuant to any
direction or requirement (whether or not having the force of law) of any central bank or any governmental or other regulatory or Tax authority or is necessary or desirable having regard to applicable stock exchange rules and guidelines, any industry
guidelines or industry best practice adopted by owners of consumer unsecured loans;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to the disclosure of any information to professional advisers (including, without prejudice to the
generality of the foregoing, consultants, accountants, auditors, financial advisors or lawyers) who receive the same under a duty of confidentiality;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to the disclosure of any information with the prior written consent of the Parties hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to any disclosure for the purposes of collecting in or enforcing any Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) in the case of the Security Agent, in connection with transferring or purporting to transfer its rights and
obligations to a successor Security Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of the Purchaser, the information was already in the possession of the Purchaser from a source
that, to the Purchaser's best knowledge and belief having made all reasonable enquiries does not owe a duty of confidentiality to the Seller or its Affiliates with respect to such information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the information is independently developed without use or reference to this Agreement or the other
Transaction Documents or without use or reference to any information supplied to it pursuant to or in connection with this Agreement or the other Transaction Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) to the extent that the Security Agent needs to disclose the same for the protection or enforcement of any of
its rights under any of the Transaction Documents or in connection herewith or therewith, to such persons as require to be informed of such information for such purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) for the purpose of discharging, in such manner as the Security Agent thinks fit, its duties under or in
connection with the Transaction Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) to the extent that the recipient needs to disclose the same to any of the employees of a Receivables Manager
provided that before any such disclosure such Receivables Manager shall make the employees of such Receivables Manager aware of its obligations of confidentiality under the relevant Transaction Document and shall at all times procure compliance with
such obligations by such employees.

19.2 Notwithstanding the rights conferred pursuant to Clause 19.1, no Party may disclose information to any other
Party where such disclosure would breach any terms relating to data protection in this Deed, or in the Receivables Purchase Agreement, or any applicable law or regulation, including the Data Protection Legislation.

**20.** **Further assurance** 

The Parties hereto agree that they will co-operate fully to do all such further acts and things and execute any further documents that may be necessary or desirable to give full effect to the transactions contemplated by this Deed (but subject always to the provisions of Clause 7 (*Notification of Sales*) and Clause 23 (*Data Protection*) of the Receivables Purchase Agreement).

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**21.** **Amendments and waivers** 

21.1 Subject to Clause 21.2, no amendment or waiver of any provision of this Deed shall be effective unless it is
in writing and signed by each of the Parties hereto.

21.2 Any provision of this Deed may be amended or waived by agreement in writing and signed by the Seller, the
Purchaser and the Class C Lender in the circumstances contemplated under clause 3.7(f) of the Master Framework Agreement, subject to clause 3 of the Master Framework Agreement. The Seller shall notify (or procure the notification of) the
Parties of any such amendment or waiver as soon as reasonably practicable after such amendment or waiver has been signed by the Seller, the Purchaser and the Class C Lender.

21.3 Except as expressly provided in this Deed, no failure or delay by any Party in exercising any right or
remedy relating to this Deed or any of the other Transaction Documents shall affect or operate as a waiver or variation of that right or remedy or preclude its exercise at any subsequent time. No single or partial exercise of any such right or
remedy shall preclude any further exercise of it or the exercise of any other remedy. The remedies in this Deed are cumulative and not exclusive of any remedies provided by law.

**22.** **Notices** 

22.1 Any notice or communication to be given under or in connection with this Deed shall be made in writing and,
unless otherwise stated, may be made by letter or electronic communication (including email).

22.2 The address and email address (and the department or officer, if any, for whose attention the communication
is to be made) of each Party for any notice, communication or document to be made or delivered under or in connection with this Deed is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of the EU Receivables Manager and the Seller, to it at:

Address: 22-24 Boulevard Royal,

L-2449

Luxembourg

Email: [\*\*\*]

Attention: [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of the UK Receivables Manager, to it at:

Address: 5 Fleet Place, London, United Kingdom, EC4M 7RD

Email: [\*\*\*]

Attention: [\*\*\*]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of the Purchaser, to it at:

Address: 2, rue Edward Steichen,

L-2540 Luxembourg-City,

Luxembourg

Email: [\*\*\*]

Attention: [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the case of the Security Agent, to it at:

Address: 160 Queen Victoria Street,

London

EC4V 4LA,

United Kingdom

Email: [\*\*\*]

Attention: [\*\*\*}

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in the case of the Back-Up Receivables Manager Facilitator, to it
at:

Address: 2, rue Edward Steichen,

L-2540 Luxembourg-City,

Luxembourg

Email: [\*\*\*]

Attention: [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in the case of the Class C Lender, to it at:

Address: 2, rue Edward Steichen,

L-2540 Luxembourg-City,

Luxembourg

Email: [\*\*\*]

Attention: [\*\*\*]

or any substitute address or email address or for the attention as the relevant Party may notify to all of the other Parties by not less than seven days' notice.

22.3 Any notice, communication or document made or delivered by one person to another under or in connection with
this Deed will only be effective 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, and, if a particular
department or officer is specified as part of its address details provided under Clause 22.2, if addressed to that department or officer.

22.4 Any notice, communication or document which becomes effective, in accordance with Clause 22.3, after 5.00pm
in the place of receipt shall be deemed only to become effective on the following day.

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22.5 Any notice or communication under or in connection with this Deed may be made by electronic mail or other
electronic means. Any such electronic communication will be effective only when actually received in readable form.

22.6 Any electronic communication which becomes effective, in accordance with Clause 22.5, after 5.00pm in the
place of receipt shall be deemed only to become effective on the following day.

22.7 Any notice given under or in connection with this Deed must be in English.

**23.** **Bail-in** 

23.1 Contractual recognition of bail-in

Notwithstanding any other term of any Transaction Document or any other agreement, arrangement or understanding between the Parties, each Party acknowledges and accepts that any liability of the Seller and/or the EU Receivables Manager to any other Party under or in connection with the Transaction Documents may be subject to Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to be bound by the effect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Bail-In Action in relation to any such liability, including
(without limitation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued
but unpaid interest) in respect of any such liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a conversion of all, or part of, any such liability into shares or other instruments of ownership that may
be issued to, or conferred on, it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a cancellation of any such liability; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a variation of any term of any Transaction Document to the extent necessary to give effect to any Bail-In Action in relation to any such liability.

23.2 Bail-in definitions

In this Clause 23.2:

***Bail-In Action*** means the exercise of any Write-down and Conversion Powers;.

***Bail-In Legislation*** means Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms, the Luxembourg law of 5 April 1993 on the financial sector and the Luxembourg law of 18 December 2015 on the default of credit institutions and certain investment firms and any other law or regulation, or circulars applicable in Luxembourg relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (otherwise than through liquidation, administration or other insolvency proceedings).

***Resolution Authority*** means any body which has authority to exercise any Write- down and Conversion Powers.

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***Write-down and Conversion Powers*** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any write-down, conversion, transfer, modification or suspension power existing from time to time under, and
exercised in compliance with, any law or regulation in effect in Luxembourg, relating to the transposition of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms, including but
not limited to the Bail-In Legislation and Regulation (EU) No 806/2014 and the instruments, rules and standards created thereunder, pursuant to which: (i) any obligation of a bank or investment firm or
affiliate of a bank or investment firm can be reduced, cancelled, modified or converted into shares, other securities or other obligations of such entity or any other person (or suspended for a temporary period); and (ii) any right in a
contract governing an obligation of a bank or investment firm or affiliate of a bank or investment firm may be deemed to have been exercised; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any similar or analogous powers under that Bail-In Legislation.

**24.** **Third party rights** 

A person who is not a party to this Deed may not enforce any of its terms under the Contracts (Rights of Third Parties) Act 1999.

**25.** **Severability** 

Where any provision in or obligation under this Deed shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations under this Deed, or of such provision or obligation in any other jurisdiction, shall not be affected or impaired thereby.

**26.** **Counterparts** 

This Deed may be executed in any number of counterparts and by each Party on single counterparts. Each counterpart is an original, but all counterparts shall together constitute one and the same instrument. Delivery of a counterpart of this Deed by e-mail shall be an effective mode of delivery.

**27.** **Limited recourse and non-petition** 

27.1 Limited recourse: Purchaser

Notwithstanding any of the provisions of this Deed or any other Transaction Document, each of the parties to the Transaction Documents (other than the Purchaser) hereby acknowledges and agrees that all obligations of the Purchaser (in any capacity) under or in connection with the Transaction Documents to which the Purchaser is expressed to be a party are limited recourse and sums payable to it in respect of any of the Purchaser's obligations shall be limited to the Purchaser's assets that are available to the Purchaser, subject to and in accordance with the Security Documents and the Priorities of Payment, and if the net proceeds of realisation of the security constituted by the Security Documents are less than the aggregate amount payable by the Purchaser to the Lenders and any other Secured Creditors in respect of its obligations under or in connection with the Transaction

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Documents (such negative amount being referred to herein as a "shortfall"), the amount payable by the Purchaser to the Receivable Manager, the Lenders and each other Secured Creditor in respect of the Purchaser's obligations under or in connection with such Transaction Document shall be reduced to such amount of the net proceeds as shall be applied in accordance with the Security Documents and the Priorities of Payment, and such parties shall not (directly or indirectly) be entitled to take any further steps against the Purchaser to recover such shortfall, which shall be deemed to be automatically extinguished.

27.2 Non-petition: Purchaser

The parties to this Deed and the Transaction Documents (other than the Purchaser) acknowledge and agree that they (or any other party acting on their behalf) shall not be entitled at any time to institute against the Purchaser, or join in any institution against the Purchaser of, any bankruptcy, reorganisation, arrangement, insolvency, examinership or liquidation proceedings, or other analogous proceedings, or appoint any liquidator, administrator, receiver, examiner, trustee, sequestrator or any similar officer under any applicable bankruptcy or similar law in connection with any obligations of the Purchaser under or in connection with this Deed and the Transaction Documents. For the avoidance of doubt, nothing in this Clause 27.2 shall prevent the Security Agent enforcing the security constituted by the Security Documents in accordance with its terms, provided that in connection with any such enforcement neither the Security Agent nor any receiver appointed thereunder shall take any steps or proceedings to procure the winding up, examinership or liquidation of the Purchaser, save for lodging a claim in the liquidation, administration, or such similar proceedings, of the Purchaser which is initiated by another party or taking proceedings to obtain a declaration or judgment as to the obligations of the Purchaser in relation thereto.

27.3 Corporate obligations: Purchaser

Each of the parties to this Deed and the Transaction Documents (other than the Purchaser) hereby acknowledges and agrees that no recourse under any obligation, covenant, or agreement of the Purchaser contained in any Transaction Document or implied therefrom may be sought by it against any shareholder, officer, agent, employee or manager of the Purchaser, by the enforcement of any assessment or by any proceeding, by virtue of any statute or otherwise, it being expressly agreed and understood that this Deed and the Transaction Documents are corporate obligations of the Purchaser only. Each of the parties hereto (other than the Purchaser) hereby acknowledges and agrees that no personal liability shall attach to or be incurred by the shareholders, officers, agents, employees or managers of the Purchaser, or any of them, under or by reason of any of the obligations, covenants or agreements of the Purchaser contained in any Transaction Document (including this Deed), or implied therefrom, and any and all personal liability of every such shareholder, officer, agent, employee or manager for breaches by the Purchaser of any such obligations, covenants or agreements, either at law or by statute or constitution, of every such shareholder, officer, agent, employee or manager is hereby deemed expressly waived by the parties hereto.

27.4 The provisions of this Clause 27 (*Limited recourse and non-petition*) shall survive the termination of this Deed and the other Transaction Documents.

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**28.** **Luxembourg Securitisation Act** 

Each of the Seller, each Receivables Manager and the Security Agent expressly acknowledges and accepts, and will be deemed to have accepted and acknowledged, that the Purchaser is subject to the Securitisation Act 2004. Each of the Seller, each Receivables Manager and the Security Agent expressly acknowledges and accepts that once all the assets of the Purchaser have been realised, it is not entitled to take any further steps against the Purchaser to recover any further sums due and the right to receive any such sum shall be extinguished. Each of the Seller, each Receivables Manager and the Security Agent accepts not to attach or otherwise seize the assets of the Purchaser. In particular, none of the Seller, each Receivables Manager and the Security Agent shall be entitled to petition or take any other step for the winding-up, the liquidation or the bankruptcy of the Purchaser or any similar insolvency related proceedings. In case of a conflict between the provisions of this Clause 28 (*Luxembourg Securitisation Act*) and the other provisions of this Deed, the provisions of this Clause 28 (*Luxembourg Securitisation Act*) shall prevail.

**29.** **Governing Law and Jurisdiction** 

29.1 This Deed and any non-contractual obligations arising out of or in
connection with this Deed shall be governed by, and interpreted in accordance with, English law (other than any terms of this Deed specific to the law of any other Relevant Jurisdiction, which shall be construed in accordance with such Relevant
Jurisdiction).

29.2 The English courts shall have exclusive jurisdiction in relation to all disputes arising out of or in
connection with this Deed (including claims for set-off and counterclaims), including disputes arising out of or in connection with: (i) the creation, validity, effect, interpretation, performance or non-performance of, or the legal relationships established by, this Deed; and (ii) any non-contractual obligations arising out of or in connection with this Deed. For
such purposes, each Party irrevocably submits to the jurisdiction of the English courts and waives any objection to the exercise of such jurisdiction.

29.3 The Seller and EU Receivables Manager shall at all times maintain an agent for service of process and any
other documents in proceedings in England or any other proceedings in connection with this Deed. Such agent shall be [\*\*\*] and any claim form, judgment or other notice of legal process shall be sufficiently served on the Seller and EU Receivables
Manager if delivered to such agent at its address for the time being. The Seller and EU Receivables Manager irrevocably undertakes not to revoke the authority of this agent and if, for any reason, any Party requests the Seller and EU Receivables
Manager to do so, it shall promptly appoint another such agent with an address in England and advise the other Parties. If, following such a request, the Seller and EU Receivables Manager fails to appoint another agent, any other Party shall be
entitled to appoint one on behalf of the Seller and EU Receivables Manager at the Seller and EU Receivables Manager 's expense.

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29.4 The Purchaser shall at all times maintain an agent for service of process and any other documents in
proceedings in England or any other proceedings in connection with this Deed. Such agent shall be Maples Fiduciary Services (UK) Limited currently of 11th Floor, 200 Aldersgate Street, London EC1A 4HD and any claim form, judgment or other notice of
legal process shall be sufficiently served on the Purchaser if delivered to such agent at its address for the time being. The Purchaser irrevocably undertakes not to revoke the authority of this agent and if, for any reason, any Party requests the
Purchaser to do so, it shall promptly appoint another such agent with an address in England and advise the other Parties. If, following such a request, the Purchaser fails to appoint another agent, any other Party shall be entitled to appoint one on
behalf of the Purchaser at the Purchaser's expense.

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**Schedule 1** 

**Collections Policies** 

[\*\*\*]

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**Schedule 2** 

**Receivables Management Fee** 

[\*\*\*]

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**Schedule 3** 

**Form of Receivables Manager Power of Attorney (Luxembourg Law)** 

This Power of Attorney is given on [•] 2025

By:

**ALPS 2.0 PARTNERS S.À R.L.**, a private limited liability company (*société à responsabilité limitée*) incorporated under the laws of the Grand Duchy of Luxembourg (***Luxembourg***), with its registered office at 2, rue Edward Steichen, L-2540 Luxembourg, Luxembourg and registered with the Luxembourg trade and companies register (*Registre de commerce et des sociétés, Luxembourg*) under number B301375, and subject, as an unregulated securitisation undertaking (*organisme de titrisation non réglementé*), to the Luxembourg act dated 22 March 2004 on securitisation, as amended (the ***Securitisation Act 2004***) (the ***Purchaser***),

In favour of:

**PAYPAL (EUROPE) S.À R.L. ET CIE, S.C.A.**, a partnership limited by shares (*société en commandite par actions*) incorporated under the laws of Luxembourg, having its registered office at 22-24 Boulevard Royal, L-2449 Luxembourg, Luxembourg and registered with the Luxembourg trade and companies register under number B118.349, acting through and represented by its unlimited shareholder PayPal (Europe) S.à r.l., a private limited liability company (*société à responsabilité limitée*) incorporated under the laws of Luxembourg, having its registered office at 22-24 Boulevard Royal, L-2449 Luxembourg, Luxembourg and registered with the Luxembourg trade and companies register under number B127.485 (the ***Attorney***),

for the purposes and on the terms hereinafter set forth.

1. By means of a Receivables Purchase Agreement dated [•] 2025, the Purchaser agreed to acquire, from time
to time, from PayPal (Europe) S.à r.l. et Cie, S.C.A. (the  ***Seller***) certain Receivables owned by the Seller subject to and in accordance with the terms of the Receivables Purchase Agreement.

2. By means of a Receivables Management Agreement dated [•] 2025, the Purchaser agreed to appoint the
Attorney as its lawful agent solely for the purpose of providing administrative duties in relation to the Receivables, exercising certain of its rights, powers and discretions in respect thereto and performing certain of its duties and obligations
in respect thereof, all as described in further detail, and subject to the terms set forth, in the Receivables Management Agreement.

3. In order to facilitate the performance by the Attorney of its duties and obligations under the Receivables
Management Agreement, the Purchaser has agreed to grant this Power of Attorney in favour of the Attorney.

The Purchaser hereby appoints the Attorney to be its true and lawful attorney in its name and on its behalf:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to demand payment, to initiate legal or administrative proceedings, and to take all other steps as may be
required to collect all monies due or payable under each Purchased Receivable and any Related Rights;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to collect and give good receipts and discharges for moneys collected in respect of Purchased Receivables
and to execute such receipts and discharges as may be necessary, appropriate or advisable in such context; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to settle out of court and to enter into special Arrangements with any defaulting Borrower under a Loan
Agreement in respect of a Purchased Receivable.

Unless otherwise defined herein, capitalised terms which are used herein shall have the meanings assigned to such terms in the Receivables Management Agreement (including by way of cross-reference).

The Attorney shall have the right to appoint a substitute (each a Substitute Attorney), who shall have the power to act on behalf of the Purchaser and the Security Agent as if that Substitute Attorney shall have been originally appointed as the Attorney by this Power of Attorney, and/or to revoke any such appointment at any time, provided the Attorney shall continue to be liable for any negligence, wilful misconduct or bad faith of any such Substitute Attorney appointed by it.

This Power of Attorney is governed by, and shall be construed in accordance with, Luxembourg law.

Any dispute arising in connection with this Power of Attorney shall be submitted to the courts of the district of Luxembourg-City.

---

| |
|:---|
| **SIGNED** ) |
| for and on behalf of) |
| **ALPS 2.0 PARTNERS S.À R.L.**) |
| By:) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Manager

Name:

By:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Manager

Name:

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**Schedule 4** 

**Form of Receivables Manager Power of Attorney (English Law)** 

This Power of Attorney is given on [•] 2025

By:

**ALPS 2.0 PARTNERS S.À R.L.**, a private limited liability company (*société à responsabilité limitée*) incorporated under the laws of the Grand Duchy of Luxembourg (Luxembourg), with its registered office at 2, rue Edward Steichen, L-2540 Luxembourg, Luxembourg and registered with the Luxembourg trade and companies register (*Registre de commerce et des sociétés, Luxembourg*) under number B301375, and subject, as an unregulated securitisation undertaking (*organisme de titrisation non réglementé*), to the Luxembourg act dated 22 March 2004 on securitisation, as amended (the ***Securitisation Act 2004***) (the ***Purchaser***),

In favour of:

**PAYPAL UK LTD**, a private limited company incorporated under the laws of England and Wales (registered number 14741686), having its registered office at 5 Fleet Place, London, United Kingdom, EC4M 7RD (the ***Attorney***),

for the purposes and on the terms hereinafter set forth.

1. By means of a Receivables Purchase Agreement dated [•] 2025, the Purchaser agreed to acquire, from time
to time, from PayPal (Europe) S.à r.l. et Cie, S.C.A. (the  ***Seller***) certain Receivables owned by the Seller subject to and in accordance with the terms of the Receivables Purchase Agreement.

2. By means of a Receivables Management Agreement dated [•] 2025, the Purchaser agreed to appoint the
Attorney as its lawful agent solely for the purpose of providing administrative duties in relation to the Receivables, exercising certain of its rights, powers and discretions in respect thereto and performing certain of its duties and obligations
in respect thereof, all as described in further detail, and subject to the terms set forth, in the Receivables Management Agreement.

3. In order to facilitate the performance by the Attorney of its duties and obligations under the Receivables
Management Agreement, the Purchaser has agreed to grant this Power of Attorney in favour of the Attorney.

The Purchaser hereby appoints the Attorney to be its true and lawful attorney in its name and on its behalf:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to demand payment, to initiate legal or administrative proceedings, and to take all other steps as may be
required to collect all monies due or payable under each Purchased Receivable and any Related Rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to collect and give good receipts and discharges for moneys collected in respect of Purchased Receivables
and to execute such receipts and discharges as may be necessary, appropriate or advisable in such context; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to settle out of court and to enter into special Arrangements with any defaulting Borrower under a Loan
Agreement in respect of a Purchased Receivable.

Unless otherwise defined herein, capitalised terms which are used herein shall have the meanings assigned to such terms in the Receivables Management Agreement (including by way of cross-reference).

The Attorney shall have the right to appoint a substitute (each a Substitute Attorney), who shall have the power to act on behalf of the Purchaser and the Security Agent as if that Substitute Attorney shall have been originally appointed as the Attorney by this Power of Attorney, and/or to revoke any such appointment at any time, provided the Attorney shall continue to be liable for any negligence, wilful misconduct or bad faith of any such Substitute Attorney appointed by it.

This Power of Attorney is governed by, and shall be construed in accordance with, English law.

Any dispute arising in connection with this Power of Attorney shall be submitted to the courts of England and Wales.

---

| |
|:---|
| **SIGNED**) |
| for and on behalf of) |
| **ALPS 2.0 PARTNERS S.À R.L.**) |
| By:) |
| Manager |
| Name: |
| By: |
| Manager |
| Name: |

---

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**Schedule 5** 

**Form of Receivables Manager Power of Attorney (French Law)** 

This Power of Attorney is given on [•] 2025

By:

**ALPS 2.0 PARTNERS S.À R.L.**, a private limited liability company (*société à responsabilité limitée*) incorporated under the laws of the Grand Duchy of Luxembourg (Luxembourg), with its registered office at 2, rue Edward Steichen, L-2540 Luxembourg, Luxembourg and registered with the Luxembourg trade and companies register (*Registre de commerce et des sociétés, Luxembourg*) under number B301375, and subject, as an unregulated securitisation undertaking (*organisme de titrisation non réglementé*), to the Luxembourg act dated 22 March 2004 on securitisation, as amended (the ***Securitisation Act 2004***) (the ***Purchaser***),

In favour of:

**PAYPAL (EUROPE) S.À R.L. ET CIE, S.C.A.**, a partnership limited by shares (*société en commandite par actions*) incorporated under the laws of Luxembourg, having its registered office at 22-24 Boulevard Royal, L-2449 Luxembourg, Luxembourg and registered with the Luxembourg trade and companies register under number B118.349, acting through and represented by its unlimited shareholder PayPal (Europe) S.à r.l., a private limited liability company (*société à responsabilité limitée*) incorporated under the laws of Luxembourg, having its registered office at 22-24 Boulevard Royal, L-2449 Luxembourg, Luxembourg and registered with the Luxembourg trade and companies register under number B127.485 (the ***Attorney***),

for the purposes and on the terms hereinafter set forth.

1. By means of a Receivables Purchase Agreement dated [•] 2025, the Purchaser agreed to acquire, from time
to time, from PayPal (Europe) S.à r.l. et Cie, S.C.A. (the  ***Seller***) certain Receivables owned by the Seller subject to and in accordance with the terms of the Receivables Purchase Agreement.

2. By means of a Receivables Management Agreement dated [•] 2025, the Purchaser agreed to appoint the
Attorney as its lawful agent solely for the purpose of providing administrative duties in relation to the Receivables, exercising certain of its rights, powers and discretions in respect thereto and performing certain of its duties and obligations
in respect thereof, all as described in further detail, and subject to the terms set forth, in the Receivables Management Agreement.

3. In order to facilitate the performance by the Attorney of its duties and obligations under the Receivables
Management Agreement, the Purchaser has agreed to grant this Power of Attorney in favour of the Attorney.

The Purchaser hereby appoints the Attorney to be its true and lawful attorney in its name and on its behalf:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to demand payment, (subject to receiving from the Purchaser a special proxy to that effect to the extent
legally required) to initiate legal or administrative proceedings, and to take all other steps as may be required to collect all monies due or payable under each Purchased Receivable and any Related Rights;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to collect and give good receipts and discharges for moneys collected in respect of Purchased Receivables
and to execute such receipts and discharges as may be necessary, appropriate or advisable in such context; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to settle out of court and to enter into special Arrangements with any defaulting Borrower under a Loan
Agreement in respect of a Purchased Receivable.

Unless otherwise defined herein, capitalised terms which are used herein shall have the meanings assigned to such terms in the Receivables Management Agreement (including by way of cross-reference).

The Attorney shall have the right to appoint a substitute (each a Substitute Attorney), who shall have the power to act on behalf of the Purchaser and the Security Agent as if that Substitute Attorney shall have been originally appointed as the Attorney by this Power of Attorney, and/or to revoke any such appointment at any time, provided the Attorney shall continue to be liable for any negligence, wilful misconduct or bad faith of any such Substitute Attorney appointed by it.

This Power of Attorney is valid and effective from the date on which it is executed and will remain in full force and effect until the Receivables Management Termination Date.

This Power of Attorney is governed by, and shall be construed in accordance with, French law.

Any dispute arising in connection with this Power of Attorney shall be submitted to the courts of France.

---

| |
|:---|
| **SIGNED**) |
| for and on behalf of) |
| **ALPS 2.0 PARTNERS S.À R.L.**) |
| By:) |
| Manager |
| Name: |
| By: |
| Manager |
| Name: |

---

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**Schedule 6** 

**Form of Receivables Manager Power of Attorney (German Law)** 

This Power of Attorney is given on [•] 2025

By:

**ALPS 2.0 PARTNERS S.À R.L.**, a private limited liability company (*société à responsabilité limitée*) incorporated under the laws of the Grand Duchy of Luxembourg (***Luxembourg***), with its registered office at 2, rue Edward Steichen, L-2540 Luxembourg, Luxembourg and registered with the Luxembourg trade and companies register (*Registre de commerce et des sociétés, Luxembourg*) under number B301375, and subject, as an unregulated securitisation undertaking (*organisme de titrisation non réglementé*), to the Luxembourg act dated 22 March 2004 on securitisation, as amended (the ***Securitisation Act 2004***) (the ***Purchaser***),

In favour of:

**PAYPAL (EUROPE) S.À R.L. ET CIE, S.C.A.**, a partnership limited by shares (*société en commandite par actions*) incorporated under the laws of Luxembourg, having its registered office at 22-24 Boulevard Royal, L-2449 Luxembourg, Luxembourg and registered with the Luxembourg trade and companies register under number B118.349, acting through and represented by its unlimited shareholder PayPal (Europe) S.à r.l., a private limited liability company (*société à responsabilité limitée*) incorporated under the laws of Luxembourg, having its registered office at 22-24 Boulevard Royal, L-2449 Luxembourg, Luxembourg and registered with the Luxembourg trade and companies register under number B127.485 (the ***Attorney***),

for the purposes and on the terms hereinafter set forth.

1. By means of a Receivables Purchase Agreement dated [•] 2025, the Purchaser agreed to acquire, from time
to time, from PayPal (Europe) S.à r.l. et Cie, S.C.A. (the Seller) certain Receivables owned by the Seller subject to and in accordance with the terms of the Receivables Purchase Agreement.

2. By means of a Receivables Management Agreement dated [•] 2025, the Purchaser agreed to appoint the
Attorney as its lawful agent solely for the purpose of providing administrative duties in relation to the Receivables, exercising certain of its rights, powers and discretions in respect thereto and performing certain of its duties and obligations
in respect thereof, all as described in further detail, and subject to the terms set forth, in the Receivables Management Agreement.

3. In order to facilitate the performance by the Attorney of its duties and obligations under the Receivables
Management Agreement, the Purchaser has agreed to grant this Power of Attorney in favour of the Attorney.

The Purchaser hereby appoints the Attorney to be its true and lawful attorney in its name and on its behalf:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to demand payment, to initiate legal or administrative proceedings, and to take all other steps as may be
required to collect all monies due or payable under each Purchased Receivable and any Related Rights;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to collect and give good receipts and discharges for moneys collected in respect of Purchased Receivables
and to execute such receipts and discharges as may be necessary, appropriate or advisable in such context; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to settle out of court and to enter into special Arrangements with any defaulting Borrower under a Loan
Agreement in respect of a Purchased Receivable.

Unless otherwise defined herein, capitalised terms which are used herein shall have the meanings assigned to such terms in the Receivables Management Agreement (including by way of cross-reference).

The Attorney shall have the right to appoint a substitute (each a ***Substitute Attorney***), who shall have the power to act on behalf of the Purchaser as if that Substitute Attorney shall have been originally appointed as the Attorney by this Power of Attorney, and/or to revoke any such appointment at any time, provided the Attorney shall continue to be liable for any negligence, wilful misconduct or bad faith of any such Substitute Attorney appointed by it.

The Attorney is released from the restrictions of § 181 of the German Civil Code and is thus, in particular, authorised to act at the same time for another principal.

This Power of Attorney is governed by, and shall be construed in accordance with, German law.

Any dispute arising in connection with this Power of Attorney shall be submitted to the courts of Frankfurt am Main, Germany.

---

| |
|:---|
| **SIGNED**) |
| for and on behalf of) |
| **ALPS 2.0 PARTNERS S.À R.L.**) |
| By:) |
| Manager |
| Name: |
| By: |
| Manager |
| Name: |

---

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**Schedule 7** 

**Form of Receivables Manager Power of Attorney (Italian Law)** 

This Power of Attorney is given on [•] 2025

By:

**ALPS 2.0 PARTNERS S.À R.L.**, a private limited liability company (*société à responsabilité limitée*) incorporated under the laws of the Grand Duchy of Luxembourg (***Luxembourg***), with its registered office at 2, rue Edward Steichen, L-2540 Luxembourg, Luxembourg and registered with the Luxembourg trade and companies register (*Registre de commerce et des sociétés, Luxembourg*) under number B301375, and subject, as an unregulated securitisation undertaking (*organisme de titrisation non réglementé*), to the Luxembourg act dated 22 March 2004 on securitisation, as amended (the ***Securitisation Act 2004***) (the ***Purchaser***),

In favour of:

**PAYPAL (EUROPE) S.À R.L. ET CIE, S.C.A.**, a partnership limited by shares (*société en commandite par actions*) incorporated under the laws of Luxembourg, having its registered office at 22-24 Boulevard Royal, L-2449 Luxembourg, Luxembourg and registered with the Luxembourg trade and companies register under number B118.349, acting through and represented by its unlimited shareholder PayPal (Europe) S.à r.l., a private limited liability company (*société à responsabilité limitée*) incorporated under the laws of Luxembourg, having its registered office at 22-24 Boulevard Royal, L-2449 Luxembourg, Luxembourg and registered with the Luxembourg trade and companies register under number B127.485 (the ***Company***) which will act through its legal representative/s or duly appointed attorney/s-in-fact (each, an ***Attorney***), domiciled, for the purpose of this Power of Attorney, at the registered office of the Company,

for the purposes and on the terms hereinafter set forth.

1. By means of a Receivables Purchase Agreement dated [•] 2025, the Purchaser agreed to acquire, from time
to time, from PayPal (Europe) S.à r.l. et Cie, S.C.A. (the  ***Seller***) certain Receivables owned by the Seller subject to and in accordance with the terms of the Receivables Purchase Agreement.

2. By means of a Receivables Management Agreement dated [•] 2025, the Purchaser agreed to appoint the
Attorney as its lawful agent solely for the purpose of providing administrative duties in relation to the Receivables, exercising certain of its rights, powers and discretions in respect thereto and performing certain of its duties and obligations
in respect thereof, all as described in further detail, and subject to the terms set forth, in the Receivables Management Agreement.

3. In order to facilitate the performance by the Attorney of its duties and obligations under the Receivables
Management Agreement, the Purchaser has agreed to grant this Power of Attorney in favour of the Attorney.

The Purchaser hereby appoints the Attorney to be its true and lawful attorney in its name and on its behalf:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to demand payment, to initiate legal, judicial or administrative proceedings, and to take all other steps as
may be required to collect all monies due or payable under each Purchased Receivable and any Related Rights;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to initiate cognitive actions and precautionary, monitoring or executive, or to continue, intervene and
resist in those already initiated at the date of this Power of Attorney, or to resist in judgements initiated by others, including opposition and cognitive judgements related to the same, against debtors, guarantors, and their assignees, aimed at
the best protection and recovery of the Italian Receivables, by carrying out all necessary petitions, deeds, appeals, documents or activities, at all stages and levels of judgement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to serve writs of summons and appeals also in matters of voluntary jurisdiction, in respect of the Italian
Receivables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to elect new domiciles and change existing ones;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to appoint party technical consultants for advice and technical assistance in out-of-court and in court proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to appoint, replace and revoke the lawyers appointed to represent and defend the Purchaser in legal
proceedings relating to the Italian Receivables at any stage and level, granting them the broadest powers provided by law, including the power to summon third parties, to waive acts and actions and to accept the waiver of the same by others, to
settle and conciliate, to refer and report decisional oaths, to appoint substitutes and other attorneys;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to entertain, in all appropriate venues, all relations deemed useful and/or necessary for the best
performance of the mandate herein conferred upon it with the bodies of insolvency proceedings such as bankruptcy receivers, judicial commissioners, liquidators, court-appointed technical consultants, judicial custodians and others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to collect and give good receipts and discharges for moneys collected in respect of Purchased Receivables
and to execute such receipts and discharges as may be necessary, appropriate or advisable in such context, also pursuant to the combined provisions of Article 1202 of the Italian Civil Code and Article 120-quater of Legislative Decree No. 385/93, in order to perfect the subrogation by will of the assigned debtor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to settle out of court and to enter into special Arrangements with any defaulting Borrower under a Loan
Agreement in respect of a Purchased Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) to appear at judicial hearings with the power to conciliate or settle individual disputes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) to exercise any right, perform any activity necessary and/or appropriate in connection with the claims to
protect the interests of the Purchaser in respect of the Italian Receivables; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to carry out all acts, fulfilments and formalities deemed necessary, useful or appropriate for the
performance of the activity of management and recovery of Purchased Receivables.

For the purposes of this Power of Attorney all necessary and suitable powers are conferred upon the above-appointed Attorney so that he/she/it may fulfil the duties entrusted to him/her/it. Such Attorney is likewise authorised to do anything else required for the complete execution of his/her/its duties, defining and accepting all the contractual clauses contemplated in the above-mentioned deeds and documents so that no objection may be raised on the basis of insufficiency, inaccuracy or lack of clarity of the powers of the appointed Attorney.

Unless otherwise defined herein, capitalised terms which are used herein shall have the meanings assigned to such terms in the Receivables Management Agreement (including by way of cross-reference).

The Attorney shall have the right to appoint a substitute (each a Substitute Attorney), who shall have the power to act on behalf of the Purchaser and the Security Agent as if that Substitute Attorney shall have been originally appointed as the Attorney by this Power of Attorney, and/or to revoke any such appointment at any time, provided the Attorney shall continue to be liable for any negligence, wilful misconduct or bad faith of any such Substitute Attorney appointed by it. The appointment of a Substitute Attorney in this way shall be deemed valid and effective until the expiry date of this Power of Attorney.

With reference to the powers granted by means of this Power of Attorney, the Attorney (or the Substitute Attorney, as the case may be) is expressly authorised, pursuant to, and for the purpose of, Article 1395 of the Italian Civil Code or any equivalent provisions under the applicable law, to enter into agreements with itself on its own behalf or as representative of other parties.

The Purchaser undertakes to ratify and consider valid (*considerare rati e validi*) all actions carried out and all documents, acts, deed or contracts signed by the Attorney (or the Substitute Attorney, as the case may be) in accordance with this Power of Attorney shall be valid and binding for the Purchaser and its successor and assignee.

This Power of Attorney is governed by, and shall be construed in accordance with, Italian law.

Any dispute arising in connection with this Power of Attorney shall be submitted to the courts of Italy.

By:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Manager

Name:

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By:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Manager

Name:

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**Schedule 8** 

**Form of Receivables Manager Power of Attorney (Spanish Law)** 

This Power of Attorney is given on [•] 2025

By:

**ALPS 2.0 PARTNERS S.À R.L.**, a private limited liability company (*société à responsabilité limitée*) incorporated under the laws of the Grand Duchy of Luxembourg (***Luxembourg***), with its registered office at 2, rue Edward Steichen, L-2540 Luxembourg, Luxembourg and registered with the Luxembourg trade and companies register (*Registre de commerce et des sociétés, Luxembourg*) under number B301375, and subject, as an unregulated securitisation undertaking (*organisme de titrisation non réglementé*), to the Luxembourg act dated 22 March 2004 on securitisation, as amended (the ***Securitisation Act 2004***) (the ***Purchaser***),

In favour of:

**PAYPAL (EUROPE) S.À R.L. ET CIE, S.C.A.**, a partnership limited by shares (*société en commandite par actions*) incorporated under the laws of Luxembourg, having its registered office at 22-24 Boulevard Royal, L-2449 Luxembourg, Luxembourg and registered with the Luxembourg trade and companies register under number B118.349, acting through and represented by its unlimited shareholder PayPal (Europe) S.à r.l., a private limited liability company (*société à responsabilité limitée*) incorporated under the laws of Luxembourg, having its registered office at 22-24 Boulevard Royal, L-2449 Luxembourg, Luxembourg and registered with the Luxembourg trade and companies register under number B127.485 (the ***Attorney***),

for the purposes and on the terms hereinafter set forth.

1. By means of a Receivables Purchase Agreement dated [•] 2025, the Purchaser agreed to acquire, from time
to time, from PayPal (Europe) S.à r.l. et Cie, S.C.A. (the  ***Seller***) certain Receivables owned by the Seller subject to and in accordance with the terms of the Receivables Purchase Agreement.

2. By means of a Receivables Management Agreement dated [•] 2025, the Purchaser agreed to appoint the
Attorney as its lawful agent solely for the purpose of providing administrative duties in relation to the Receivables, exercising certain of its rights, powers and discretions in respect thereto and performing certain of its duties and obligations
in respect thereof, all as described in further detail, and subject to the terms set forth, in the Receivables Management Agreement.

3. In order to facilitate the performance by the Attorney of its duties and obligations under the Receivables
Management Agreement, the Purchaser has agreed to grant this Power of Attorney in favour of the Attorney.

The Purchaser hereby appoints the Attorney to be its true and lawful attorney in its name and on its behalf:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to demand payment, to initiate legal or administrative proceedings, and to take all other steps as may be
required to collect all monies due or payable under each Purchased Receivable and any Related Rights;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to collect and give good receipts and discharges for moneys collected in respect of Purchased Receivables
and to execute such receipts and discharges as may be necessary, appropriate or advisable in such context; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to settle out of court and to enter into special Arrangements with any defaulting Borrower under a Loan
Agreement in respect of a Purchased Receivable.

Unless otherwise defined herein, capitalised terms which are used herein shall have the meanings assigned to such terms in the Receivables Management Agreement (including by way of cross-reference).

The Attorney shall have the right to appoint a substitute (each a ***Substitute Attorney***), who shall have the power to act on behalf of the Purchaser and the Security Agent as if that Substitute Attorney shall have been originally appointed as the Attorney by this Power of Attorney, and/or to revoke any such appointment at any time, provided the Attorney shall continue to be liable for any negligence, wilful misconduct or bad faith of any such Substitute Attorney appointed by it.

This Power of Attorney is governed by, and shall be construed in accordance with, Spanish law.

Any dispute arising in connection with this Power of Attorney shall be submitted to the courts of Spain.

---

| |
|:---|
| **SIGNED**) |
| for and on behalf of) |
| **ALPS 2.0 PARTNERS S.À R.L.**) |
| By:) |
| Manager |
| Name: |
| By: |
| Manager |
| Name: |

---

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**Schedule 9** 

**Definitions** 

Capitalised terms used but not otherwise defined in this Deed shall have the following meanings, except so far as the context requires otherwise or as otherwise defined in Schedule 19 (Definitions) of the Receivables Purchase Agreement:

***Arrangement*** means, in respect of any Borrower that has failed to make a payment of a Receivable when due and payable in accordance with the Loan Agreement, any arrangement agreed between a Receivables Manager and that Borrower in accordance with the Collections Policies pursuant to which a revised repayment schedule is agreed in order to assist the Borrower with the repayment of the Receivable;

***Cash Manager*** has the meaning given to it in the Master Framework Agreement;

***Class A Facility Agent*** has the meaning given to it in the Master Framework Agreement;

***Class A Facility Providers*** has the meaning given to it in the Master Framework Agreement;

***Class B Facility Agent*** has the meaning given to it in the Master Framework Agreement;

***Class B Facility Providers*** has the meaning given to it in the Master Framework Agreement;

***Collection Period*** means the period commencing on the first Sale Date and ending on the date on which the first of the following occurs after the end of the Commitment Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the aggregate Current Balance of all Receivables comprised in the Portfolio is zero; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date falling 12 months after the latest scheduled payment date of any Receivable comprised in the
Portfolio;

***Collections Settlement Date*** means each Business Day whilst any Purchased Receivable comprising the Portfolio remains outstanding;

***Collections Sweep Payment*** has the meaning given in Clause 8.2;

***Disbursed Amount*** means, in respect of a Receivable the total amount advanced to the Borrower in respect of that Receivable;

***Duties*** has the meaning given in Clause 5;

[\*\*\*]

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[\*\*\*]

[\*\*\*]

[\*\*\*]

***Force Majeure Event*** means, on any date with respect to a person, that such person, by reason of force majeure, including action or inaction of governmental, civil or military authority, war, riot, act of terrorism, fire, strike, lockout or other labour dispute, flood, earthquake or other natural disaster, breakdown of public, private or common carrier communications, breakdown of systems, software or transmission facilities or equipment failure, is unable to perform an obligation, but only to the extent that (a) such event or circumstance is beyond the control of such person and (b) such person has taken commercially reasonable precautions to anticipate, and cannot with reasonable diligence overcome, such event or circumstance;

[\*\*\*]

[\*\*\*]

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***Master Framework Agreement*** means the master framework agreement dated on or about the date of this Deed between, amongst others, the Purchaser, the Seller, the EU Receivables Manager, the UK Receivables Manager, the Back-Up Receivables Manager Facilitator, the Security Agent and the Class C Lender;

***Observation Portfolio*** means, as at any Monthly Reporting Date and in relation to an Eligible Product, all Receivables that relate to that Eligible Product that have been sold to the Purchaser and not repurchased (other than a repurchase under Clause 8.15 (*Repurchase for Failure of Bank-Funded Payment and Fraud*) of the Receivables Purchase Agreement) and which were originated in the last period of three consecutive full calendar months prior to the immediately preceding Monthly Reporting Date;

***Payment Date*** has the meaning given to it in the Master Framework Agreement;

***PE Event*** has the meaning given to it in Clause 10.2(i);

***PE RM Termination Event*** has the meaning given to it in Clause 10.2(i);

***Permitted Modification*** means, in respect of any Purchased Receivable, a modification or amendment (in accordance with the terms of the related Loan Agreement and the Collections Policies) to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change the weekly or monthly date on which payments are made to the Purchaser thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) defer the scheduled payment of any part of the principal amount payable to the Purchaser thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) extend the repayment date of that Purchased Receivable (including, for the avoidance of doubt, following any
acceleration of amounts payable in respect of that Purchased Receivable); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) amend any terms or conditions of that Purchased Receivable to the extent necessary or desirable (i) in
connection with any Borrower complaints handling procedure, (ii) to remediate any errors or defects in the terms of that Purchased Receivable or in the origination or administration of that Purchased Receivable, (iii) to facilitate any
appointment, use, or change to any supplier or provider of services to the Seller or a Receivables Manager, (iv) in connection with any public relation activities or initiatives carried out by the Seller or a Receivables Manager in connection
with the Eligible Products or generally as part of the Seller's or a Receivables Manager's ordinary course of business provided that no such public relations activities or initiatives shall unreasonably encourage Borrowers to request an
extended or deferred time for any payment (or part thereof) to be made in respect of a Purchased Receivable, and (v) to comply with any law or order of any court or any regulatory obligations or guidance,

provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) other than in respect of any modification or amendment which is made in connection with a Borrower
delinquency or forbearance, where a modification or amendment is made by a Receivables Manager which has the effect of amending or extending the original maturity date, scheduled payment date or repayment date, such extension shall not be for more
than 60 days from the original maturity date, scheduled payment date or repayment date, as applicable, unless such extension is required to comply with any applicable law (other than in accordance with the servicing standard set out in Clause 4
(*Standard of care*)); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in relation to any German Receivable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in the case of any modification or amendment set out in (b) or (c) above, the entire principal amount
of, and interest on, such Receivable remain repayable (*erfüllbar*) by the Borrower at all times and the interest rate and the fees payable by the Borrower are not increased, other than in respect of statutory interest
(*Verzugszinssatz*) or other fees, expenses and charges expressly permitted under German law applicable to the Loan Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any modification set out in (d) above will not include: (i) any increase of the principal amount;
(ii) any deferral or extension of any payment or repayment date which would not be permitted on the basis of (A) above; nor (iii) any adjustment to interest rate or fees other than an adjustment upon expiry of an originally agreed
fixed rate period (provided that, for the avoidance of doubt, statutory interest or other fees, expenses and charges expressly permitted under German law applicable to the Loan Agreement may be charged);

[\*\*\*]

***Priority of Payment*** has the meaning given to it in the Master Framework Agreement;

***Receivables Management Period*** has the meaning given to it in Clause 2.2;

***Receivables Manager Resignation Event*** has the meaning given to it in Clause 10.1;

***Receivables Management Termination Date*** means the earliest to occur of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the date falling 10 Business Days after the date on which the EU Receivables Manager notifies the Purchaser
and the Security Agent that the aggregate outstanding balance, after taking into account any write-offs made in accordance with the applicable Collections Policies, of the Purchased Receivables comprising the Portfolio has been reduced to zero;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date upon which the resignation of both Receivables Managers becomes effective in accordance with Clause
10.1; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) following receipt by both Receivables Managers of Receivables Manager Termination Notices in accordance with
Clause 10 (*Resignation; Receivables Manager Termination Event*), the end of the related Receivables Manager Transition;

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***Receivables Manager Transition*** has the meaning given to it in Clause 10.10;

[\*\*\*]

[\*\*\*]

[\*\*\*]

***Required Transfer Period*** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of a Collection received in the period between the Cut-Off Time and the Title Transfer Time for the Receivable to which such Collection relates, the period commencing on the date of receipt of such Collection and ending at close of business on the day falling
five Business Days after the day on which the Title Transfer Time for the relevant Receivable occurs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for any Collection other than a Collection described in paragraph (a) above, the period commencing on
the date of receipt of such Collection and ending five Business Days after the date of receipt of such Collection;

***Secured Obligations*** has the meaning given to such term in the Master Framework Agreement;

***Settlement of Collections*** has the meaning given to it in Clause 8.6; and

***Transitional DPA*** has the meaning given to it in Clause 10.9.

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**Schedule 10** 

**Form of Receivables Management Report** 

[\*\*\*]

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**Schedule 11** 

**Form of Daily Netting Letter** 

[\*\*\*]

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**Schedule 12** 

**Form of Daily Loan Balance Report** 

[\*\*\*]

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**Schedule 13** 

**Form of Weekly Report** 

[\*\*\*]

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**EXECUTION PAGE TO THE RECEIVABLES MANAGEMENT AGREEMENT** 

**IN WITNESS** of which this Deed has been executed and delivered by the Parties to it on the date stated on the first page of this Deed.

---

| | | |
|:---|:---|:---|
| **PURCHASER** |  |  |
| Executed as a **DEED** ) |  |  |
| for and on behalf of) |  |  |
| **ALPS 2.0 PARTNERS S.A R.L.**) |  |  |
|  | Signature: | /s/ Stefan Ruppert |
|  | Name: | Stefan Ruppert |
|  | Title: | Manager |
|  | Signature: |  |
|  | Name: |  |
|  | Title: |  |

---

[*Signature pages* - *Receivables Management Agreement*] 

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**EXECUTION PAGE TO THE RECEIVABLES MANAGEMENT AGREEMENT** 

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| | |
|:---|:---|
| **EU Receivables Manager and Seller** |  |
| Executed as a **DEED**  |) |
| for and on behalf of |) |
| **PAYPAL(EUROPE) S.À R.L. ET CIE, S.C.A** |) |
| acting through and represented by its |) |
| unlimited shareholder |) |
| **PayPal (Europe) S.à r.l** |) |

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| | |
|:---|:---|
| Signature: | /s/ Sean Byrne |

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[*Signature pages – Receivables Management Agreement*]

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**EXECUTION PAGE TO THE RECEIVABLES MANAGEMENT AGREEMENT** 

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| | | |
|:---|:---|:---|
| **UK Receivables Manager** |  |  |
| Executed as a **DEED** ) |  |  |
| for and on behalf of) |  |  |
| **PAYPAL UK LTD**) |  |  |
| by a director in the presence) |  |  |
| of the specified witness) |  |  |
|  | Director |  |
|  | Signature: | /s/ Simon Bladon |
|  | Name: | Simon Bladon |
|  | Witness |  |
|  | Signature: | /s/ Viktoria Gajdosova |
| I confirm that the above-named signatory has executed this document in my presence. | I confirm that the above-named signatory has executed this document in my presence. |  |
|  | Name: | Viktoria Gajdosova |
|  | Address: | 5 Fleet Place London, United Kingdom, EC4M 7RD |

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[*Signature pages – Receivables Management Agreement*]

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**EXECUTION PAGE TO THE RECEIVABLES MANAGEMENT AGREEMENT** 

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| | | |
|:---|:---|:---|
| **Security Agent** |  |  |
| **EXECUTED** as a **DEED**) |  |  |
| for and on behalf of) |  |  |
| **BNY MELLON CORPORATE TRUSTEE**) |  |  |
| **SERVICES LIMITED**) |  |  |
| acting by two of its lawful Attorneys, in its capacity as Security Agent: | acting by two of its lawful Attorneys, in its capacity as Security Agent: | acting by two of its lawful Attorneys, in its capacity as Security Agent: |
|  | Signature: | /s/ Nicolai Gnaciuc |
|  | Name: | Nicolai Gnaciuc |
|  | Attorney: | Authorised Signatory |
|  | Signature: | /s/ Marcelo Roberto Passos Vianna Filho |
|  | Name: | Marcelo Roberto Passos Vianna Filho |
|  | Attorney: | Authorised Signatory |
| in the presence of: |  |  |
|  | Witness Name: |  |
|  | Signature: | /s/ Stephen Isles |
|  | Address: | The Bank of New York Mellon<br> 160 Queen Victoria Street<br> London EC4V 4LA |

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[*Signature pages- Receivables Management Agreement*]

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| | | | |
|:---|:---|:---|:---|
| **EXECUTION PAGE TO THE RECEIVABLES MANAGEMENT AGREEMENT** | **EXECUTION PAGE TO THE RECEIVABLES MANAGEMENT AGREEMENT** | **EXECUTION PAGE TO THE RECEIVABLES MANAGEMENT AGREEMENT** | **EXECUTION PAGE TO THE RECEIVABLES MANAGEMENT AGREEMENT** |
| **Back-Up Receivables Manager Facilitator** | **Back-Up Receivables Manager Facilitator** |  |  |
| Executed as a **DEED**  |) |  |  |
| for and on behalf of |) |  |  |
| **AVEGA S.A R.L.** |) |  |  |
|  |  | Signature: | /s/ Stefan Ruppert |
|  |  | Name: | Stefan Ruppert, Manager |

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*[Signature pages* - *Receivables Management Agreement]* 

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| | | |
|:---|:---|:---|
| **EXECUTION PAGE TO THE RECEIVABLES MANAGEMENT AGREEMENT** | **EXECUTION PAGE TO THE RECEIVABLES MANAGEMENT AGREEMENT** | **EXECUTION PAGE TO THE RECEIVABLES MANAGEMENT AGREEMENT** |
| **Class C Lender** |  |  |
| Executed as a **DEED**) |  |  |
| for and on behalf of) |  |  |
| **ALPS 2.0 PARTNERS (HOLDING)** |  |  |
| **S.A R.L.**) |  |  |
|  | Signature: | /s/ Stefan Ruppert |
|  | Name : | Stefan Ruppert Manager |

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*[Signature pages* - *Receivables Management Agreement]*

## Exhibit 99.1

**Exhibit 99.1** 

**PayPal and KKR Renew Agreement for European Pay Later Receivables** 

**New agreement enables KKR to purchase up to €65 billion of eligible current and future PayPal buy now, pay later loans originated in Europe through March 2028** 

SAN JOSE, Calif. and NEW YORK, November 17, 2025 — PayPal Holdings, Inc. (NASDAQ: PYPL) and KKR, a leading global investment firm, today announced the signing of a new agreement for an up to €6 billion replenishing loan commitment under which credit funds and accounts managed by KKR will purchase up to €65 billion of buy now, pay later (BNPL) loan receivables originated by PayPal in France, Germany, Italy, Spain, and the United Kingdom.

This new agreement builds on the successful strategic partnership announced in June 2023, under which KKR's credit funds and accounts have been purchasing a majority of PayPal's European BNPL receivables. PayPal will continue to remain responsible for all customer-facing activities, including underwriting and servicing, associated with its European BNPL products.

"Our continued partnership with KKR reflects the ongoing success of our European buy now, pay later business and our disciplined approach to balance sheet management," said Jamie Miller, Chief Financial and Operating Officer at PayPal. "The enhanced terms of this new agreement will support the ongoing growth of our BNPL portfolio in Europe. It demonstrates our commitment to a balance-sheet light model for credit that helps preserve flexibility for strategic investments and capital return."

"We are pleased to continue supporting PayPal, which has built a strong and high-quality BNPL platform in Europe, as it continues to grow in this important market," said Vaibhav Piplapure, Managing Director at KKR. "This expanded commitment underscores the scale and versatility of KKR's global Asset-Based Finance (ABF) platform."

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KKR Capital Markets arranged the debt for the transaction.

This agreement is already contemplated in PayPal's fourth quarter and full year 2025 guidance for GAAP and non-GAAP earnings per share, and non-GAAP transaction margin dollars announced on October 28, 2025.

**About KKR**

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR's insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR's investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR's website at **www.kkr.com**. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group's website at **www.globalatlantic.com**.

**KKR Media Contact**

Lauren McCranie

media@kkr.com

**About PayPal**

PayPal has been revolutionizing commerce globally for more than 25 years. Creating innovative experiences that make moving money, selling, and shopping simple, personalized, and secure, PayPal empowers consumers and businesses in approximately 200 markets to join and thrive in the global economy. For more information, visit https://paypal.com, https://about.pypl.com, and https://investor.pypl.com/.

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**PayPal Investor Relations Contact**

investorrelations@paypal.com

**PayPal Media Relations Contact** 

mediarelations@paypal.com

**Forward Looking Statements About PayPal**

This announcement contains "forward-looking" statements within the meaning of applicable securities laws. Forward-looking statements and information relate to future events and future performance and reflect, among other things PayPal's expectations regarding the anticipated benefits of this transaction. Forward looking statements may be identified by words such as "may," "will," "would," "should," "could," "expect," "anticipate," "believe," "estimate," "intend," "continue," "strategy," "future," "opportunity," "plan," "project," "forecast," and other similar expressions. Forward-looking statements involve risks and uncertainties which may cause actual results to differ materially from the statements made, and, accordingly, readers should not place undue reliance on forward-looking statements and information. Factors that could cause or contribute to such differences include, but are not limited to, the failure to satisfy the conditions to the acquisition of future originations and the future growth of PayPal's European and UK BNPL product.

More information about these and other factors that could adversely affect PayPal's results of operations, financial condition and prospects or that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found in PayPal Holdings, Inc.'s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the Securities and Exchange Commission (the "SEC"), and its future filings with the SEC. The forward-looking statements contained in this announcement speak only as of the date hereof. PayPal expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the expectations with regard thereto or any change in events, conditions, or circumstances on which any such statement is based.