Document:

EX-10.14

 Exhibit 10.14 

Execution Version 
  

 
 SUBORDINATED
LOAN AGREEMENT 
 dated as of September 28, 2004, 

as amended as of December 19, 2005, 11 August 2008, and 8 September 2009, 

and amended and restated as of 22 November 2011, 

by and among 

MAKHTESHIM AGAN INDUSTRIES LTD., 

as Subordinated Lender, 

DONEGAL RECEIVABLES PURCHASING LIMITED, 

as Purchaser, 

MAKHTESHIM AGAN INDUSTRIES LTD., 

as Servicer 
 and 

COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. (TRADING
AS 
 RABOBANK INTERNATIONAL), LONDON BRANCH, 

as Agent 
  

 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	 ARTICLE I DEFINITIONS AND INTERPRETATION
	  	 	1	  
		
	 SECTION 1.1 Terms Defined in Schedule of Definitions
	  	 	1	  
		
	 SECTION 1.2 Additional Definitions
	  	 	1	  
		
	 SECTION 1.3 Interpretation
	  	 	2	  
		
	 ARTICLE II THE SUBORDINATED FACILITY
	  	 	2	  
		
	 SECTION 2.1 Subordinated Facility
	  	 	2	  
		
	 SECTION 2.2 Borrowing Request
	  	 	2	  
		
	 SECTION 2.3 Borrowing Procedures
	  	 	2	  
		
	 SECTION 2.4 Purpose; Application of Proceeds
	  	 	3	  
		
	 SECTION 2.5 Availability
	  	 	3	  
		
	 SECTION 2.6 Limitation on Subordinated Loans
	  	 	3	  
		
	 ARTICLE III INTEREST, REPAYMENT AND PAYMENTS
	  	 	4	  
		
	 SECTION 3.1 Interest
	  	 	4	  
		
	 SECTION 3.2 Repayment
	  	 	4	  
		
	 SECTION 3.3 Payments
	  	 	4	  
		
	 ARTICLE IV REPRESENTATIONS
	  	 	5	  
		
	 SECTION 4.1 Purchaser’s Representations
	  	 	5	  
		
	 SECTION 4.2 Subordinated Lender’s Representations
	  	 	5	  
		
	 ARTICLE V COVENANTS
	  	 	5	  
		
	 ARTICLE VI SUBORDINATED LOAN EVENTS OF DEFAULT
	  	 	6	  
		
	 SECTION 6.1 Events of Default
	  	 	6	  
		
	 SECTION 6.2 Remedies
	  	 	6	  
		
	 ARTICLE VII SUBORDINATION
	  	 	6	  
		
	 SECTION 7.1 Subordination
	  	 	6	  
		
	 SECTION 7.2 Permitted Payments
	  	 	7	  
		
	 SECTION 7.3 No Exercise of Remedies
	  	 	7	  
		
	 SECTION 7.4 Turnover
	  	 	7	  
		
	 SECTION 7.5 Claims, etc.
	  	 	7	  
		
	 SECTION 7.6 Reinstatement
	  	 	7	  
		
	 SECTION 7.7 Continuing Obligations
	  	 	8	  

 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	Page	 
		
	 ARTICLE VIII MISCELLANEOUS
	  	 	8	  
		
	 SECTION 8.1 Term of Agreement
	  	 	8	  
		
	 SECTION 8.2 Waivers; Amendments
	  	 	8	  
		
	 SECTION 8.3 Notices
	  	 	8	  
		
	 SECTION 8.4 Governing Law; Submission to Jurisdiction; Appointment of Service Agent
	  	 	8	  
		
	 SECTION 8.5 Integration
	  	 	9	  
		
	 SECTION 8.6 Severability and Partial Invalidity
	  	 	9	  
		
	 SECTION 8.7 Counterparts; Facsimile Delivery
	  	 	10	  
		
	 SECTION 8.8 Successors and Assigns; Binding Effect
	  	 	10	  
		
	 SECTION 8.9 Consent to Disclosure
	  	 	10	  
		
	 SECTION 8.10 Confidentiality
	  	 	10	  
		
	 SECTION 8.11 No Petition
	  	 	11	  
		
	 SECTION 8.12 Limited Recourse
	  	 	11	  
		
	 SECTION 8.13 Contracts (Rights of Third Parties) Act (1999)
	  	 	11	  

  

			
	 Exhibits
	  	 
		
	Exhibit A – Form of Subordinated Loan Borrowing Request	  	

 SUBORDINATED LOAN AGREEMENT 

THIS SUBORDINATED LOAN AGREEMENT (this “Agreement”), dated as of September 28, 2004, as amended as of December 19,
2005, 11 August 2008, and 8 September 2009, and amended and restated as of 22 November 2011, by and among MAKHTESHIM AGAN INDUSTRIES LTD., a limited company incorporated under the laws of the State of Israel (the “Subordinated
Lender”), DONEGAL RECEIVABLES PURCHASING LIMITED, a limited company incorporated under the laws of the Republic of Ireland (the “Purchaser”), MAKHTESHIM AGAN INDUSTRIES LTD., a limited company incorporated under the laws of
the State of Israel (the “Servicer”), as the initial Servicer, and COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. (trading as RABOBANK INTERNATIONAL), LONDON BRANCH, of Thames Court, One Queenhithe, London EC4V 3RL (the
“Agent”), as Agent. 
 ARTICLE I 

DEFINITIONS AND INTERPRETATION 

SECTION 1.1 Terms Defined in Schedule of Definitions 

In this Agreement, unless otherwise defined herein or the context otherwise requires, capitalized terms have the meanings set forth in the
Master Schedule of Definitions, Interpretations and Construction, dated as of the Closing Date and signed by the parties hereto and others for the purposes of identification (the “Schedule of Definitions”). 

SECTION 1.2 Additional Definitions 

In addition, as used in this Agreement, the following terms shall have the following meanings: 

“Agent” is defined in the preamble. 

“Loan Date” is defined in Section 2.3. 

“Permitted Payments” is defined in Section 7.2. 

“Purchaser” is defined in the preamble. 

“Schedule of Definitions” is defined in Section 1.1. 

“Senior Obligations” means all Aggregate Unpaids which may now or hereafter be owing by the Purchaser to the Agent and/or any
other Secured Party under the Transaction Documents. 
 “Servicer” is defined in the preamble. 

“Subordinated Facility Amount” is defined in Section 2.1. 

“Subordinated Lender” is defined in the preamble. 

“Subordinated Loan” means each loan made by the Subordinated Lender to the Purchaser pursuant hereto. 

  
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 “Subordinated Loan Borrowing Request” is defined in Section 2.2.

 “Subordinated Loan Event of Default” is defined in Section 6.1. 

“Subordinated Obligations” means all obligations which may now or hereafter be owing by the Purchaser or any of its
successors or assigns to the Subordinated Lender or any of its successors or assigns. 
 SECTION 1.3 Interpretation 

The principles of interpretation set forth in Sections 1.3 and 1.4 of the Schedule of Definitions apply to this Agreement as if
fully set forth herein. 
 ARTICLE II 

THE SUBORDINATED FACILITY 

SECTION 2.1 Subordinated Facility 

The Subordinated Lender hereby grants to the Purchaser, upon the terms and subject to the conditions hereof, a committed multi-currency
subordinated revolving credit facility in an aggregate amount equal to the Dollar Equivalent of three hundred fifty million Dollars ($350,000,000) (the “Subordinated Facility Amount”). 

SECTION 2.2 Borrowing Request 

(a) The Purchaser may from time to time request the Subordinated Lender to make a Subordinated Loan to the Purchaser by delivering (or causing
to be delivered) to the Subordinated Lender a Subordinated Loan Borrowing Request, substantially in the form of Exhibit A hereto (each, a “Subordinated Loan Borrowing Request”), no later than 11:00 a.m. (London time) on the
Loan Date for such Subordinated Loan (including the initial Subordinated Loan). The Purchaser hereby authorizes each of the Servicer and the Agent at any time to deliver a Subordinated Loan Borrowing Request on behalf of the Purchaser hereunder.

 (b) If on any day the Purchaser has insufficient funds to pay any amount described in Section 3.1(b) (or any corresponding
Section) of any Purchase and Sale Agreement that is due on such day, the Purchaser (or the Servicer or the Agent on the Purchaser’s behalf) shall request a Subordinated Loan on such day in an amount equal to such insufficiency. 

SECTION 2.3 Borrowing Procedures 

Each such Subordinated Loan Borrowing Request shall specify (i) the desired date of such Subordinated Loan (each a “Loan
Date”), which shall be a Business Day occurring during the period beginning on (and including) the Closing Date and ending on (and including) the date which is the Settlement Date immediately following the Termination Date, (ii) the
desired amount of such Subordinated Loan, (iii) the Currency of such Subordinated Loan, and (iv) all other information specified in Exhibit A. Each Subordinated Loan shall be remitted to the relevant account of the Purchaser or to
the relevant account of the Servicer, as applicable, specified from time to time pursuant to Schedule 1.6 (Address and Payment Information) to the Schedule of Definitions; provided that such monies must be remitted to the
account of the Purchaser if the Agent shall have notified the Subordinated Lender and the Purchaser to such effect. 

  
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 SECTION 2.4 Purpose; Application of Proceeds 

(a) Except as provided in the Receivables Funding Agreement and the Servicing Agreement, the proceeds of the Subordinated Loans made hereunder
shall be used by the Purchaser to pay Aggregate Unpaids and/or pay the purchase price (including the deferred portion of the purchase price) of Receivables and related other Affected Assets pursuant to, and in accordance with, the Transaction
Documents. 
 (b) The Purchaser (or, if such proceeds are disbursed to the Servicer, the Servicer on the Purchaser’s behalf) shall
apply the proceeds of each Subordinated Loan to: 
 (i) the payment of Aggregate Unpaids pursuant to Article IV
(Allocation, Deposit and Distribution of Available Funds) of the Servicing Agreement, or 
 (ii) (A) the payment of
the purchase price of Receivables transferred (or to be transferred) to the Purchaser by the Originators identified in the Subordinated Loan Borrowing Request related to such proceeds, or (B) the payment of amounts described in
Section 3.1(b) (or any corresponding Section) of any Purchase and Sale Agreement. 
 In the case of payments made pursuant to sub-clause
(b)(ii), the amount paid to each Originator shall be the amount identified for such Originator in the related Subordinated Loan Borrowing Request. 

SECTION 2.5 Availability 

If the Purchaser (or the Servicer or the Agent on its behalf) requests a Subordinated Loan pursuant to
Section 2.1, the Subordinated Lender will make such Subordinated Loan in accordance with the provisions hereof on the relevant Loan Date for such Subordinated Loan, unless on such Loan Date: 

(a) after giving effect to such Subordinated Loan, the Dollar Equivalent of the aggregate outstanding principal amount of all Subordinated
Loans would exceed the Subordinated Facility Amount; 
 (b) a Subordinated Loan Event of Default shall have occurred and be continuing; or

 (c) an Event of Bankruptcy shall have occurred with respect to the Purchaser; 

provided that, in the event that any of the conditions specified in clauses (a) through (c) are not satisfied on any Loan Date,
the Subordinated Lender may, if it so elects, make such Subordinated Loan to the Purchaser notwithstanding anything in this Section 2.5 to the contrary. 

SECTION 2.6 Limitation on Subordinated Loans 

The parties hereto hereby acknowledge and agree that Subordinated Loans shall only be requested and made hereunder at such times, and in such
amounts, as is set forth herein. 

  
 3 

 ARTICLE III 

INTEREST, REPAYMENT AND PAYMENTS 

SECTION 3.1 Interest 

The Purchaser shall pay interest with respect to each Subordinated Loan on the aggregate outstanding principal amount of such Subordinated
Loan at a variable rate per annum equal to the Offshore Rate from time to time in effect with respect to the Currency in which such Subordinated Loan is denominated plus two percent (2.00%) (or at such other rate of interest that the Purchaser
and the Subordinated Lender (with the consent of the Agent) agree more accurately reflects a market rate of interest on loans similar to the loans to be made hereunder). Such interest shall, in accordance with Section 4.2 of the
Servicing Agreement, be paid on each Settlement Date to the extent that the Purchaser has available funds that are not needed to satisfy Senior Obligations then due and owing. 

SECTION 3.2 Repayment 

The Purchaser shall, in accordance with Section 4.2 of the Servicing Agreement, repay the outstanding principal amount of the
Subordinated Loans (or any portion thereof) from time to time on any Settlement Date to the extent the Purchaser has funds that are not needed to satisfy amounts ranking in priority to the Subordinated Loan then due and owing (including Senior
Obligations then due and owing, any unpaid purchase price for new Receivables and related other Affected Assets under any Purchase and Sale Agreement, and any interest in respect of the aggregate Deferred Obligation Amount pursuant to any Purchase
and Sale Agreement); provided that, notwithstanding anything herein to the contrary, the aggregate outstanding principal amount of all of the Subordinated Loans shall in any event be due and payable not later than two (2) years and one
(1) day after the Final Payout Date. 
 SECTION 3.3 Payments 

(a) On each Settlement Date on which this Agreement requires an amount to be paid by the Purchaser to the Subordinated Lender (including any
amount to be paid by the Servicer on behalf of the Purchaser pursuant to the Servicing Agreement), such amount shall be paid in accordance with Article IV of the Servicing Agreement by wire transfer of same day funds in the applicable
Currency to the relevant account of the Subordinated Lender specified from time to time pursuant to Schedule 1.6 (Address and Payment Information) to the Schedule of Definitions. 

(b) On each Loan Date, the Subordinated Lender shall remit the aggregate amount of each Subordinated Loan to be made on such Loan Date to the
Purchaser by wire transfer of same day funds in the applicable Currency to the Purchaser’s account at the location indicated in Schedule 1.6 (Address and Payment Information) to the Schedule of Definitions or to any other account
specified by the Purchaser (including to the account of the Servicer specified in Schedule 1.6 (Address and Payment Information) to the Schedule of Definitions for further payment to the Purchaser or any Originator in respect of any
purchase of Receivables and related other Affected Assets by the Purchaser or any Originator). 

  
 4 

 ARTICLE IV 

REPRESENTATIONS 
 SECTION 4.1
Purchaser’s Representations 
 The Purchaser represents and warrants to the Subordinated Lender that on the Closing Date and on
each Loan Date: 
 (a) it is a limited company duly incorporated and validly existing under the laws of its jurisdiction of organization and
not in liquidation, with power to enter into this Agreement and to exercise its rights and perform its obligations hereunder, and all corporate and other action required to authorize its execution and performance of this Agreement has been duly
taken; and 
 (b) it has not taken any corporate action nor have any other steps been taken or legal proceedings been started or (to the
best of the Purchaser’s knowledge) threatened against it for its suspension of payments, bankruptcy, winding-up or dissolution or for any similar proceedings in any jurisdiction. 

SECTION 4.2 Subordinated Lender’s Representations 

The Subordinated Lender represents and warrants to the Purchaser that on the Closing Date and on each Loan Date: 

(a) Status. It is a corporation, duly incorporated and validly existing under the law of its jurisdiction of incorporation. It has the power
to own its assets and carry on its business as it is being conducted. 
 (b) Non-conflict with other obligations. The entry into and
performance by it of, and the transactions contemplated by, this Agreement do not and will not conflict with (i) any law or regulation applicable to it, (ii) its constitutive documents, or (iii) any agreement or instrument binding
upon it or any of its assets. 
 (c) Power and authority. It has the power to enter into, perform and deliver, and has taken all necessary
action to authorize its entry into, performance and delivery of, this Agreement. 
 (d) No proceedings pending or threatened. No litigation,
arbitration or administrative proceedings of or before any court, arbitral body or agency which, if adversely determined, might reasonably be expected to have a Material Adverse Effect have (to the best of its knowledge and belief) been started or
threatened against it. 
 (e) Qualifying Lender. It is and will remain a Qualifying Lender. 

ARTICLE V 
 COVENANTS 

At all times from the date hereof to the Final Payout Date, unless the Subordinated Lender shall otherwise consent in writing: 

(a) the Purchaser shall obtain, comply with the terms of and do all that is necessary to maintain in full force and effect all authorizations,
approvals, licenses and 

  
 5 

 
consents required to enable it lawfully to enter into and perform its obligations under this Agreement or to ensure the legality, validity, enforceability or admissibility in evidence of this
Agreement; 
 (b) the Purchaser shall promptly notify the Subordinated Lender, the Servicer and the Agent of the occurrence of any
Subordinated Loan Event of Default hereunder; 
 (c) the Purchaser shall not engage in any business other than the transactions contemplated
by the Transaction Documents and activities reasonably incidental thereto; and 
 (d) the Purchaser shall apply and otherwise use the
proceeds of each Subordinated Loan in accordance with Section 2.4. 
 ARTICLE VI 

SUBORDINATED LOAN EVENTS OF DEFAULT 

SECTION 6.1 Events of Default 

Each of the following shall constitute a “Subordinated Loan Event of Default”: 

(a) any representation or statement made by the Purchaser in this Agreement is or proves to have been incorrect or misleading in any material
respect when made; 
 (b) the Purchaser fails duly to perform or comply with any of the material obligations expressed to be assumed by it
in Article V, and such failure shall continue for thirty (30) days after the Purchaser obtains actual knowledge thereof; or 

(c) an Event of Bankruptcy shall occur with respect to the Purchaser. 

SECTION 6.2 Remedies 

Upon the occurrence of any Subordinated Loan Event of Default under Section 6.1(c), the Subordinated Loans shall become
immediately due and payable together with accrued interest thereon, and the Subordinated Lender’s commitment to make further Subordinated Loans pursuant hereto shall forthwith be cancelled. Upon the occurrence of any other Subordinated Loan
Event of Default, the Subordinated Lender may by written notice to the Purchaser (with a copy to the Agent) declare the Subordinated Loans to be immediately due and payable together with accrued interest thereon, and the Subordinated Lender’s
commitment to make further Subordinated Loans pursuant hereto shall forthwith be cancelled. 
 ARTICLE VII 

SUBORDINATION 
 SECTION 7.1
Subordination 
 The payment and performance of the Subordinated Obligations is hereby subordinated to the Senior Obligations and,
except as set forth in Section 7.2, the Subordinated Lender will not ask, demand, sue for, take or receive from the Purchaser, by setoff or in any other manner, the whole or any part of any Subordinated Obligations, unless and until the
Senior Obligations shall have been fully paid and satisfied (the temporary reduction of outstanding Senior Obligations not being deemed to constitute full payment or satisfaction thereof). 

  
 6 

 SECTION 7.2 Permitted Payments 

Notwithstanding Section 7.1 and subject to Sections 7.3 and 7.5, the Purchaser may repay any Subordinated Loan made
hereunder together with any interest accrued thereon, from funds available in accordance with Section 4.2 of the Servicing Agreement (all such payments being herein called “Permitted Payments”). To the extent the
Purchaser has funds available after paying amounts ranking in priority to the Subordinated Obligations then due and owing (including Senior Obligations then due and owing, any unpaid purchase price for new Receivables and related other Affected
Assets under any Purchase and Sale Agreement, and any interest in respect of the aggregate Deferred Obligation Amount pursuant to any Purchase and Sale Agreement), the Purchaser will to the extent that it elects to make any Permitted Payment use
such available funds (i) first, for the payment or provision of payment when due of accrued interest pursuant to, and in accordance with, Section 3.1, and (ii) second, to the payment of the outstanding principal
amount of the Subordinated Loans. 
 SECTION 7.3 No Exercise of Remedies 

Prior to the full and final payment in cash of the Senior Obligations, the Subordinated Lender shall have no right to sue for or otherwise
exercise any remedies with respect to any Permitted Payment, or otherwise take any action against the Purchaser or the Purchaser’s property with respect to any Permitted Payment. 

SECTION 7.4 Turnover 

Should any payment or distribution be received by the Subordinated Lender upon or with respect to the Subordinated Obligations (other than
Permitted Payments) prior to the full and final payment in cash of the Senior Obligations, the Subordinated Lender shall receive and hold the same in trust, as trustee, for the benefit of the holders of the Senior Obligations, and shall forthwith
deliver the same directly to the Agent (in the form received, except where endorsement or assignment by the Subordinated Lender is necessary in which case the Subordinated Lender shall provide such endorsement or assignment without delay), for
application to the Senior Obligations, whether or not then due. 
 SECTION 7.5 Claims, etc. 

In the event of any Event of Bankruptcy with respect to the Purchaser (a) the Subordinated Lender shall promptly file a claim or claims,
in the form required in such Event of Bankruptcy, for the full outstanding amount of the Subordinated Obligations, and shall use commercially reasonable efforts to cause such claim or claims to be approved and all payments or other distributions in
respect thereof to be made directly to the Agent (for the benefit of the holders of Senior Obligations) until all Senior Obligations shall have been fully and finally paid in cash, and (b) the Subordinated Lender shall not be subrogated to the
rights of any such holder to receive payments or distributions from the Purchaser until two (2) years and one (1) day after the full and final payment in cash of all Senior Obligations. 

SECTION 7.6 Reinstatement 

If at any time any payment (in whole or in part) made with respect to any Senior Obligation is rescinded or must be restored or returned
(whether in connection with any Event of Bankruptcy or otherwise), the subordination provisions contained in this Article VII shall continue to be effective or shall be reinstated, as the case may be, as though such payment had not been
made. 

  
 7 

 SECTION 7.7 Continuing Obligations 

The subordination provisions contained in this Article VII shall not be impaired by amendment or modification to the Transaction
Documents or any lack of diligence in the enforcement, collection or protection of, or realization on, the Senior Obligations or any security therefor. 

ARTICLE VIII 
 MISCELLANEOUS 

SECTION 8.1 Term of Agreement 

This Agreement shall terminate two (2) years and one (1) day after the Final Payout Date; provided that (a) the rights
and remedies of the Agent and the other Secured Parties with respect to any representation and warranty made or deemed to be made by the Subordinated Lender pursuant to this Agreement, and (b) the agreements set forth in Sections 8.9,
8.10, 8.11 and 8.12, shall be continuing and shall survive any termination of this Agreement. 
 SECTION 8.2
Waivers; Amendments 
 (a) No failure or delay on the part of any party hereto in exercising any power, right or remedy under this
Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or remedy preclude any other further exercise thereof or the exercise of any other power, right or remedy. The rights and remedies herein
provided shall be cumulative and nonexclusive of any rights or remedies provided by law. 
 (b) Any provision of this Agreement may be
amended or waived if, but only if, such amendment or waiver is in writing and is signed by the Purchaser, the Subordinated Lender and the Agent. 

SECTION 8.3 Notices 
 All
communications and notices provided for hereunder shall be provided in the manner described in Section 1.6 of the Schedule of Definitions. 

SECTION 8.4 Governing Law; Submission to Jurisdiction; Appointment of Service Agent 

(a) This Agreement and any non-contractual obligations arising out of or in connection with it and the rights and obligations of the parties
hereto shall be governed by and construed in accordance with English law. 
 (b) The Subordinated Lender agrees that the courts of England
shall have jurisdiction to hear and determine any suit, action or proceeding, and to settle any dispute, which may arise out of or in connection with this Agreement, any other Transaction Document or the transactions contemplated hereby or thereby
and, for such purposes, irrevocably submits to the non-exclusive jurisdiction of such courts. 

  
 8 

 (c) The Subordinated Lender for itself irrevocably waives any objection which it might now or
hereafter have to the courts referred to in clause (b) being nominated as the forum to hear and determine any suit, action or proceeding, and to settle any dispute, which may arise out of or in connection with this Agreement, any other
Transaction Document or the transactions contemplated hereby or thereby and agrees not to claim that any such court is not a convenient or appropriate forum. 

(d) The Subordinated Lender agrees that the process by which any suit, action or proceeding is begun may be served on it by being delivered in
connection with any suit, action or proceeding in England to the English Process Agent. 
 (e) The submission to the jurisdiction of the
courts referred to in clause (b) shall not (and shall not be construed so as to) limit the right of the Agent to take proceedings against the Subordinated Lender or any of its property in any other court of competent jurisdiction nor
shall the taking of proceedings in any other jurisdiction preclude the taking of proceedings in any other jurisdiction, whether concurrently or not. 

(f) The Subordinated Lender hereby consents generally in respect of any legal action or proceeding arising out of or in connection with this
Agreement, any other Transaction Document or the transactions contemplated hereby or thereby, to the giving of any relief or the issue of any process in connection with such action or proceeding including the making, enforcement or execution against
any property whatsoever (irrespective of its use or intended use) of any order or judgment which may be made or given in such action or proceeding. Without limiting the foregoing, the Subordinated Lender agrees to reimburse any successful claimant
the costs of any legal action or proceeding brought against the Subordinated Lender pursuant to this Section 8.4, including the cost of all stamp duties (if any) payable in connection therewith. 

SECTION 8.5 Integration 

This Agreement contains the final and complete integration of all prior expressions by the parties hereto with respect to the subject matter
hereof and shall constitute the entire Agreement among the parties hereto with respect to the subject matter hereof superseding all prior oral or written understandings. 

SECTION 8.6 Severability and Partial Invalidity 

(a) Any term or provision of this Agreement that is invalid or unenforceable in any situation in any jurisdiction shall not affect the
validity or enforceability of the remaining terms and provisions hereof or the validity or enforceability of the offending term or provision in any other situation or in any other jurisdiction. 

(b) If a court of competent jurisdiction determines that any term or provision of this Agreement as written is invalid or unenforceable, the
parties agree that the court making the determination of invalidity or unenforceability shall reduce the scope, duration, or area of the term or provision, delete specific words or phrases, or replace any invalid or unenforceable term or provision
with a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision, and this Agreement shall be enforceable as so modified after the expiration of the time
within which the court’s judgment may be appealed. 

  
 9 

 SECTION 8.7 Counterparts; Facsimile Delivery 

This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which when taken together shall constitute one and the same Agreement. Delivery by facsimile of an executed signature page of this Agreement shall be effective as delivery of an executed
counterpart hereof. 
 SECTION 8.8 Successors and Assigns; Binding Effect 

(a) This Agreement shall be binding on the parties hereto and their respective successors and assigns; provided that the Subordinated
Lender may not assign or otherwise transfer any of its rights or delegate or otherwise transfer any of its duties or obligations hereunder or under any of the other Transaction Documents to which it is a party without the prior written consent of
the Agent and the Servicer. 
 (b) The Subordinated Lender acknowledges and consents to the provisions of Section 9.8 of the
Receivables Funding Agreement regarding certain permitted assignments by the Facility Lenders. 
 SECTION 8.9 Consent to Disclosure

 The Subordinated Lender hereby consents to the disclosure of any Non-Public Information with respect to it received by the Agent or any
other Secured Party to (i) the Agent, (ii) any Facility Lender, (iii) any potential Facility Lender or Conduit Assignee, (iv) any Conduit, any Administrator, any Conduit Support Provider or any Conduit CP Funding Provider of any
Facility Lender or potential Facility Lender, (v) any nationally recognized statistical rating organization rating any Commercial Paper issued to fund any Advance, (vi) any dealer or placement agent of or depositary for any Commercial
Paper issued to fund any Advance, (vii) any of such Person’s legal counsel, accountants or other professional advisers in relation to this Agreement or any other Transaction Document or (viii) any Person appointed from time to time to
conduct due diligence in respect of the transactions contemplated by the Transaction Documents, in each case provided that (A) such disclosure is, in the reasonable opinion of the Person making such disclosure, appropriate in the context of the
transactions contemplated herein and in the other Transaction Documents or otherwise required in connection with such Person’s Commercial Paper program or other securitization program or any transaction contemplated thereby, and (B) the
recipient of such information has been informed of its confidential nature and receives such information on the basis that it is to be held in confidence. 

SECTION 8.10 Confidentiality 

(a) The Subordinated Lender hereby agrees that it will not disclose the contents of this Agreement or any other Transaction Document or any
other proprietary or confidential information of or with respect to the Agent or any other Secured Party to any other Person except (i) its auditors and attorneys, employees or financial advisors (other than any commercial bank) and any
nationally recognized statistical rating organization, provided such auditors, attorneys, employees, financial advisors or rating agencies are informed of the highly confidential nature of such information, (ii) an alternative commercial source
of financing in connection with a potential refinancing of the Advances in the event that a Conduit Termination Date shall have been declared, or (iii) as otherwise required by applicable Law, the applicable rules of any stock exchange or
similar body or order of a court of competent jurisdiction. 

  
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 (b) Subject to Section 8.9, the Agent hereby agrees that it will not disclose this
Agreement or any other Transaction Document or the terms thereof or any confidential information of or with respect to the Subordinated Lender to any other Person except as otherwise required by applicable Law or order of a court of competent
jurisdiction. 
 (c) Notwithstanding anything in this Agreement, any party to any of the Transaction Documents (and each employee, agent or
representative of any such party) may disclose to any and all persons without limitation of any kind, the tax treatment and tax structure of the transactions contemplated by the Transaction Documents and all materials of any kind (including opinions
or other tax analyses) that are provided to any such party relating to such tax treatment and tax structure except to the extent maintaining such confidentiality is necessary to comply with any applicable securities laws. 

SECTION 8.11 No Petition 

The Subordinated Lender hereby covenants and agrees that: 

(a) prior to the date which is two (2) years and one (1) day after the Final Payout Date, it will not institute any proceeding of a
type referred to in the definition of Event of Bankruptcy against, or join any other Person in instituting such a proceeding against, any Conduit or any Conduit CP Funding Provider that acts as, or that provides funding to, a Facility Lender; and

 (b) prior to the date which is two (2) years and one (1) day after the Final Payout Date, it will not institute any proceeding
of a type referred to in the definition of Event of Bankruptcy against, or join any other Person in instituting such a proceeding against, the Purchaser. 

SECTION 8.12 Limited Recourse 

(a) Notwithstanding anything to the contrary contained in this Agreement, the obligations of each Facility Lender under each of the
Transaction Documents to which it is a party are solely the corporate obligations of such Facility Lender and shall be payable solely to the extent of funds received from the Purchaser in accordance with the Transaction Documents or from any party
to any Transaction Document in accordance with the terms thereof in excess of funds necessary to pay matured and maturing Commercial Paper issued to fund the acquisition of Receivables. 

(b) Notwithstanding anything to the contrary contained in this Agreement, the obligations of the Purchaser under each of the Transaction
Documents to which it is a party are solely the corporate obligations of the Purchaser and shall be payable solely to the extent of funds received by the Purchaser and available for application thereto in accordance with the terms of the Servicing
Agreement and the other Transaction Documents. 
 SECTION 8.13 Contracts (Rights of Third Parties) Act (1999) 

Except in respect of the Purchaser, the Agent and the other Secured Parties, which Persons (including, for the avoidance of doubt, their
respective successors and permitted 

  
 11 

 
assigns) are intended to have the benefit of this Agreement pursuant to the Contracts (Rights of Third Parties) Act (1999), the parties hereto do not intend any term of this Agreement to be
enforceable pursuant to the Contracts (Rights of Third Parties) Act (1999). 
 [Signatures Follow] 

  
 12 

 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the date
first written above. 
  

									
	MAKHTESHIM AGAN INDUSTRIES LTD., as Subordinated Lender	 		 		 	
					
	By:	 	/s/ Moshe Kuperberg                    /s/ Aviram Lahav	 		 		 	
		 	  
	 		 		 	
					
	Name:	 	Moshe Kuperberg                          Aviram Lahav	 		 		 	
					
	Title:	 	Financial Manager                         Group CFO	 		 		 	
				
	DONEGAL RECEIVABLES PURCHASING LIMITED, as Purchaser	 		 		 	
					
	By:	 	/s/ Eimir McGrath	 		 		 	
		 	  
	 		 		 	
					
	Name:	 	Eimir McGrath	 		 		 	
					
	Title:	 	Alternate Director	 		 		 	
				
	MAKHTESHIM AGAN INDUSTRIES LTD., as Servicer	 		 		 	
					
	By:	 	/s/ Moshe Kuperberg                /s/Aviram Lahav	 		 		 	
		 	  
	 		 		 	
					
	Name:	 	Moshe Kuperberg                      Aviram Lahav	 		 		 	
					
	Title:	 	Financial Manager                     Group CFO	 		 		 	
				
	COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. (trading as RABOBANK INTERNATIONAL), LONDON BRANCH, as Agent	 		 		 	
					
	By:	 	/s/ Donna Kunzig	 		 	 By:
	 	/s/ Sarah Mason
		 	  
	 		 		 	  

					
	Name:	 	Donna Kunzig	 		 	 Name:
	 	Sarah Mason
					
	Title:	 	Executive Director	 		 	 Title:
	 	Executive Director

  
 S-1 

 EXHIBIT A 

Form of Subordinated Loan Borrowing Request 

DONEGAL RECEIVABLES PURCHASING LIMITED (the “Purchaser”), pursuant to Section 2.2 of the Subordinated Loan
Agreement, dated as of September 28, 2004, as amended as of December 19, 2005, 11 August 2008, and 8 September 2009, and amended and restated as of      November 2011, (as amended, modified, or supplemented
from time to time, the “Agreement”), among the Purchaser, as borrower, Makhteshim Agan Industries Ltd. (the “Subordinated Lender”). Makhteshim Agan Industries Ltd., as Servicer, and Coöperatieve Centrale
Raiffeisen-Boerenleenbank B.A. (trading as Rabobank International), London Branch, as Agent, hereby requests that a Subordinated Loan be made pursuant to the Agreement. Capitalized terms used herein and not otherwise defined herein have the meaning
assigned to them in the Agreement. 
 The Purchaser hereby requests that: 

 

					
	(1)	  	The Loan Date of the Subordinated Loan will be:	  	—
			
	(2)	  	The amount of the Subordinated Loan will be:	  	—
			
	(3)	  	The Currency of the Subordinated Loan will be:	  	[Dollars] [Euro] [Shekels] [Sterling] [Australian Dollars] [Zloty];1 and
			
	(4)	  	The Account into which the Subordinated Loan shall be paid:	  	[insert account details, specifying whether Purchaser Account or Servicer Account (for and on behalf of the Purchaser)]

 The Purchaser hereby certifies that the Subordinated Loan will be applied to [the payment of Aggregate Unpaids
pursuant to Article IV (Allocation, Deposit and Distribution of Available Funds) of the Servicing Agreement] [the payment of the purchase price of Receivables transferred (or to be transferred) to the Purchaser by the Originators identified
in the annex to this Subordinated Loan Borrowing Request] [the payment of amounts described in Section 3.1(b) (or any corresponding Section) of any Purchase and Sale Agreement].2 

The Purchaser hereby certifies as of the date hereof that the conditions precedent to such Subordinated Loan set forth in the Agreement have
been satisfied, and that all of the representations and warranties made in Article IV (Representations) of the Agreement are true and correct on and as of the Loan Date, both before and after giving effect to such Subordinated Loan.

  

	1	Include relevant option. 

	2 	Include relevant opinion or options. 

			
	Dated:	 	
	
	DONEGAL RECEIVABLES PURCHASING LIMITED
		
	By:	 	  

		
	Name:	 	
		
	Title:	 	

  
 Exhibit A-1EX-10.15

 Exhibit 10.15 

EXECUTION COPY 
  

 
 DEED
OF CHARGE AND ASSIGNMENT 
 dated September 28, 2004 

between 
 DONEGAL
RECEIVABLES PURCHASING LIMITED, 
 as the Company 

and 

COöPERATIVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.
(TRADING AS RABOBANK INTERNATIONAL), LONDON BRANCH, 

as Agent 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
			
	 1.
	  	 DEFINITIONS
	  	 	1	  
			
	 2.
	  	 THE COMPANY COVENANTS TO PAY
	  	 	5	  
			
	 3.
	  	 NETHERLANDS SECURITY
	  	 	6	  
			
	 4.
	  	 GERMAN SECURITY
	  	 	7	  
			
	 5.
	  	 GENERAL SECURITY
	  	 	8	  
			
	 6.
	  	 REDEMPTION AND RELEASE
	  	 	9	  
			
	 7.
	  	 RESTRICTIONS ON EXERCISE OF CERTAIN RIGHTS; BANK ACCOUNTS
	  	 	10	  
			
	 8.
	  	 UPON ENFORCEMENT
	  	 	10	  
			
	 9.
	  	 CONTINUANCE OF SECURITY
	  	 	11	  
			
	 10.
	  	 EXPENSES
	  	 	12	  
			
	 11.
	  	 THE AGENT’S POWERS
	  	 	13	  
			
	 12.
	  	 RECEIVER
	  	 	15	  
			
	 13.
	  	 PROTECTION OF THIRD PARTIES
	  	 	16	  
			
	 14.
	  	 PROTECTION OF AGENT AND RECEIVER
	  	 	16	  
			
	 15.
	  	 FURTHER ASSURANCE AND POWER OF ATTORNEY
	  	 	17	  
			
	 16.
	  	 OTHER SECURITY
	  	 	18	  
			
	 17.
	  	 WARRANTIES AND COVENANTS
	  	 	19	  
			
	 18.
	  	 APPLICATION TO COURT
	  	 	21	  
			
	 19.
	  	 MISCELLANEOUS
	  	 	21	  
			
	 20.
	  	 NOTICES
	  	 	21	  
			
	 21.
	  	 LIMITED RECOURSE
	  	 	22	  
			
	 22.
	  	 PERPETUITY PERIOD
	  	 	22	  
			
	 23.
	  	 GOVERNING LAW
	  	 	23	  

  

			
	SCHEDULE 1:	  	Notification in Respect of Charged Obligations Documents
		
	SCHEDULE 2:	  	Notice of Assignment of Blocked Accounts

  
 i 

 THIS DEED OF CHARGE AND ASSIGNMENT is entered into on September 28, 2004 

BETWEEN 
  

	(1)	DONEGAL RECEIVABLES PURCHASING LIMITED whose registered number is 346837 and whose registered office is at 5 Harbourmaster Place, IFSC, Dublin 1 (the “Company”); 

 

	(2)	COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. (trading as RABOBANK INTERNATIONAL), LONDON BRANCH, of Thames Court, One Queenhithe, London EC4V 3RL (the “Agent” which expression shall include
such company and all of its successors and assigns as agent); 

 WHEREAS 

 

	(A)	The Company has entered into or shall enter into certain Transaction Documents (such and other capitalised terms being used herein with the meanings provided in Clause 1). 

 

	(B)	It is a precondition to the effectiveness of the Receivables Funding Agreement that the Company enters into this Agreement and grants security to the Agent for the benefit of the Secured Parties upon the terms and
conditions set out herein in relation to certain of the Company’s obligations arising under certain of the Transaction Documents. 

 NOW
THIS DEED WITNESSES AND IT IS HEREBY AGREED AND DECLARED AS FOLLOWS: 
  

	1.	DEFINITIONS 

  

	1.1.	In this Deed (which expression shall include the Schedules hereto) except so far as the context otherwise requires: 

“Act” means the Conveyancing and Law of Property Act, 1881; 

“Antilles Blocked Account Agreement” means the Blocked Account Agreement dated on or about the date hereof by and among
(1) the Company, as owner, (2) the Agent, (3) MAI and (4) the Antilles Blocked Account Bank; 
 “Antilles Blocked
Account Bank” means ING Bank Curacao branch; 
 “Antilles Purchase and Sale Agreements” means the Purchase and Sale
Agreements by and among each of (i) Irvita Plant Protection N.V., (ii) Quena Plant Protection N.V., (iii) Celsius Property B.V., acting through Irvita Plant Protection, its branch in the Netherlands Antilles and (iv) Fahrenheit
Holding B.V., acting through Quena Plant Protection, its branch in the Netherlands Antilles, on the one hand and the Company on the other. 

“Charged Property” means the property secured pursuant to Clauses 3, 4 and 5; 

“Charged Obligation Documents” has the meaning provided in Clause 1.3; 

  
 1 

 “Charged Obligors” means all parties to any of the Charged Obligation Documents
having obligations whether present, future, actual or contingent to the Company, pursuant to any such document; 
 “Enforcement
Notice” means a written notice denominated as such delivered by the Agent to the Company following the occurrence of an Event of Default pursuant to Section 6.1 of the Receivables Funding Agreement; 

“German Purchase and Sale Agreement” means the Receivables Purchase and Sale Agreement by and between Feinchemie Shebda GmbH
(the “German Originator”), as seller, and the Company, as purchaser; 
 “German Security” has the meaning
provided in Clause 4.1; 
 “German Security Assets” has the meaning provided in Clause 4.1; 

“MAI” means Makhteshim Agan Industries Ltd., a company incorporated in the State of Israel; 

“Master Definitions Schedule” has the meaning provided in Clause 1.9; 

“powers” in relation to the Agent and any Receiver, means their respective powers, discretions, authorities and rights under
these presents or the general law; 
 “purchaser” has the meaning given to it by Section 2 of the Act and includes any
person dealing (including any person acquiring, for money or money’s worth, any Security Interest over, or any other interest or right whatsoever in relation to, the Charged Property) in good faith; 

“Receiver” means any receiver appointed by the Agent pursuant to Clause 12.1 or 12.2; 

“Receivables Funding Agreement” means that certain Receivables Funding Agreement dated as of September 28, 2004 by and
among the Company, as Borrower, Erasmus Capital Corporation, as CP Lender, and Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (trading as Rabobank International), London Branch, as Agent and Administrator; 

“Security Interest” means any mortgage, sub-mortgage, charge, sub-charge, assignment by way of security, pledge, lien, right
of set-off or encumbrance or security interest whatsoever, howsoever created or arising or other right or claim in, of or on any Person’s assets or properties in favour of any other Person including any instrument filed against such persons,
assets or properties; 
 “these presents” and “this Deed” means this Deed and any deed executed in
accordance with this Deed or expressed to be supplemental hereto; and 
 “Transaction Documents” has the meaning provided in
the Master Definitions Schedule (as defined below). 

  
 2 

	1.2.	References herein to the Company, the Agent, the Receiver and each of the Secured Parties include references to their successors and persons deriving title under or through them respectively. 

 

	1.3.	Where reference is made in this Deed to: 

  

	 	(a)	the Receivables Funding Agreement; 

  

	 	(b)	the Liquidity Agreement; 

  

	 	(c)	the Parent Undertaking Agreement; 

  

	 	(d)	the Subordinated Loan Agreement; 

  

	 	(e)	the Servicing Agreement; 

  

	 	(f)	the Deed of Release and Termination; 

  

	 	(g)	the Purchase and Sale Agreement dated September 28, 2004 between the Purchaser and Agan Aroma and Fine Chemicals, Ltd; 

  

	 	(h)	the Purchase and Sale Agreement dated September 28, 2004 between the Purchaser and Agan Chemical Marketing, Ltd; 

  

	 	(i)	the Purchase and Sale Agreement dated September 28, 2004 between the Purchaser and Agan Chemical Manufacturers, Ltd; 

  

	 	(j)	the Purchase and Sale Agreement dated September 28, 2004 between the Purchaser and Makhteshim Chemical Works, Ltd; 

  

	 	(k)	the Purchase and Sale Agreement dated September 28, 2004 between the Purchaser and Prizma Industrial, Ltd; 

  

	 	(l)	the Purchase and Sale Agreement dated September 28, 2004 between the Purchaser and Quena Plant Protection N.V.; 

  

	 	(m)	the Purchase and Sale Agreement dated September 28, 2004 between the Purchaser and Irvita Plant Protection N.V.; 

  

	 	(n)	the Purchase and Sale Agreement dated September 28, 2004 between the Purchaser and Celsius Property B.V. trading through Irvita Plant Protection, its Netherlands Antilles branch; 

 

	 	(o)	the Purchase and Sale Agreement dated September 28, 2004 between the Purchaser and Fahrenheit Holdings B.V. trading through Quena Plant Protection, its Netherlands Antilles branch; 

 

	 	(p)	the Purchase and Sale Agreement dated September 28, 2004 between the Purchaser and Aragonesas Agro S.A.; 

  

	 	(q)	the Purchase and Sale Agreement dated September 28, 2004 between the Purchaser and Makhteshim Agan Espana S.A.; 

  
 3 

	 	(r)	the Purchase and Sale Agreement dated September 28, 2004 between the Purchaser and Makhteshim Agan of North America, Inc.; 

  

	 	(s)	the Purchase and Sale Agreement dated September 28, 2004 between the Purchaser and Makhteshim Agan France; 

  

	 	(t)	the Purchase and Sale Agreement dated September 28, 2004 between the Purchaser and Feinchemie Schebda GmbH; 

  

	 	(u)	the Purchase and Sale Agreement dated September 28, 2004 between the Purchaser and Makhteshim-Agan (UK) Limited; 

  

	 	(v)	the Blocked Account Agreement dated September 28, the Purchaser, MAI, Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (trading as Rabobank International), London Branch and Bank Leumi Le Israel BM;

  

	 	(w)	the Blocked Account Agreement dated on or about September 28, the Purchaser, MAI, Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (trading as Rabobank International), London Branch and Banco Sabadell;

  

	 	(x)	the Blocked Account Agreement dated on or about September 28, 2004 between the Purchaser, MAI, Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (trading as Rabobank International), London Branch and La
Caixa; 

  

	 	(y)	the Blocked Account Agreement dated on or about September 28, 2004 between the Purchaser, MAI, Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (trading as Rabobank International), London Branch and
Banesto; 

  

	 	(z)	the Blocked Account Agreement dated on or about September 28, 2004 between the Purchaser, MAI, Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (trading as Rabobank International), London Branch and Banco
Bilbao Vizcaya Argentina; 

  

	 	(aa)	the Blocked Account Agreement dated September 28, 2004 between the Purchaser, MAI, Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (trading as Rabobank International), London Branch and ING Bank N.V.
Curacao Branch; 

  

	 	(bb)	the Blocked Account Agreement dated September 28, 2004 between the Purchaser, MAI, Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (trading as Rabobank International), London Branch and Bank Leumi USA;

  

	 	(cc)	the Blocked Account Agreement dated September 28, 2004 between the Purchaser, MAI, Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (trading as Rabobank International), London Branch and Bank Leumi (UK)
plc; 

  
 4 

	 	(dd)	the Blocked Account Agreement dated September 28, 2004 between the Purchaser, MAI, Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (trading as Rabobank International), London Branch and Dresdner Bank; and

  

	 	(ee)	the Blocked Account Agreement dated on or about September 28, 2004 between the Purchaser, MAI, Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (trading as Rabobank International), London Branch and
Société Générale. 

 (together the “Charged Obligation Documents”) the provisions
to which reference is made shall be deemed to be included in this Deed to the extent necessary to give effect thereto. 
  

	1.4.	The Clause headings in this Deed shall not affect its interpretation and references to Clauses and Schedules shall, unless the context otherwise requires, be to Clauses of and schedules to this Deed. 

 

	1.5.	Unless the context otherwise requires, words denoting the singular number only shall include the plural number also and vice versa; words denoting one gender only shall include the other genders and words denoting
persons only shall include firms and corporations and vice versa. 

  

	1.6.	For the avoidance of doubt, but subject to Clause 11, references to the Agent in this Deed are to it acting in its capacity as Agent under these presents for the Secured Parties and each of them, as the case may
require. 

  

	1.7.	Any reference herein to an enactment is a reference to it as already amended and includes a reference to any repealed enactment which it may re-enact, with or without amendment, and to any future re-enactment and/or
amendment of it. 

  

	1.8.	Any reference herein to any agreement or other document shall be deemed to refer to such agreement or document as modified, amended, restated, supplemented and/or replaced from time to time. 

 

	1.9.	Terms defined in a Master Schedule of Definitions, Interpretations and Construction of even date herewith and signed by, inter alia, the parties hereto (the “Master Definitions Schedule”) shall, unless
otherwise defined herein or the context requires otherwise, bear the same meanings herein. The principles of interpretation set forth in Sections 1.4 of the Schedule of Definitions shall also apply to this Agreement as if fully set forth
herein. 

  

	2.	THE COMPANY COVENANTS TO PAY 

 The Company acknowledges to the Agent the Company’s
liability in respect of the Secured Obligations and further covenants with and undertakes to the Agent (for its own account and on trust for the other Secured Parties) that it shall duly and punctually pay and discharge: 

 

	 	(a)	all monies and liabilities whatsoever which from time to time become due, owing or payable by the Company: 

  

	 	(i)	to the order of the Agent and/or any Receiver under this Deed or any of the other Transaction Documents, at the times and in the manner provided herein or therein; 

 

	 	(ii)	to the Agent on any account whatsoever, whether as principal or surety and whether or not directly with another; and 

  

	 	(b)	all monies and liabilities whatsoever which from time to time become due, owing or payable by the Company to each of the other Secured Parties in accordance respectively with each of the other Transaction Documents.

  
 5 

	3.	NETHERLANDS ANTILLES SECURITY 

  

	3.1.	The Company hereby agrees to create and hereby creates and the Agent hereby agrees to accept and hereby accepts, in accordance with Netherlands Antilles law a first priority disclosed right of pledge over all of the
Company’s present and future monetary claims (vorderingen tot betaling van een geldsom) vis-à-vis the Antilles Account Banks in respect of the Antilles Blocked Accounts, including for the avoidance of doubt all sums of money which
may now be or hereafter are from time to time standing to the credit of the Antilles Blocked Accounts together with all interest accruing from time to time thereon and the debts represented thereby, as security for the Secured Obligations in favour
of the Agent. The Account Banks will be notified of the pledge created hereby through the Antilles Blocked Account Agreements. 

  

	3.2.	In accordance with article 3:246(1) of the Netherlands Antilles Civil Code the Agent shall have the power and authority to collect all monies standing to the credit of such Antilles Blocked Accounts, now or in the
future for as long as the pledge created hereby is in place, all in accordance with the Antilles Blocked Account Agreements and the other Transaction Documents, provided however, that the Agent hereby authorises the Purchaser in accordance with
article 3:246(4) of the Netherlands Antilles Civil Code to collect all monies standing to the credit of such Antilles Blocked Accounts, until the Agent has notified the Blocked Account Banks and the Purchaser in accordance with Section 3.3(a)
of the Receivables Servicing Agreement. 

  

	3.3.	The Company hereby agrees to create and hereby creates and the Agent hereby agrees to accept and hereby accepts, in accordance with Netherlands Antilles law, a first priority non-disclosed right of pledge over all of
the Company’s present and future Antilles Receivables (including for the avoidance of doubt all Related Security and other Affected Assets sold and assigned to the Company under the Purchase and Sale Agreements and any transaction or agreement
contemplated thereby) as security for the Secured Obligations in favour of the Agent. The Company shall within ten (10) days of the date hereof register this document with the Unit for Registration and Succession (Eenheid voor registratie en
successie) of the relevant tax authority. 

  

	3.4.	As long as the pledge created pursuant to Clause 3.3 has not been notified to the obligors of the Antilles Receivables, the Company shall continue to collect all payments to be made by such obligors in connection
with the Antilles Receivables in accordance with and in the manner provided for in the other Transaction Documents, (which, for the avoidance of doubt, payment shall constitute a good discharge by the person making the payment) until receipt by such
Obligor of express written notice from the Agent notifying the obligor of the pledge created pursuant to Clause 3.3. 

  
 6 

	4.	GERMAN SECURITY 

  

	4.1.	The Company hereby assigns and transfers by way of security (Sicherungsabtretung) to the Agent for the benefit of the Secured Parties all present and future rights (including non-ancillary
(selbständige) and ancillary (unselbständige) rights to determine the legal relationship (Gestaltungsrechte), including termination rights (Kündigungsrechte)), claims and interests of the Company:

  

	 	(a)	in and to all present and future German Receivables (including, for the avoidance of doubt, all Related Security and other Affected Assets sold and assigned to the Company under the relevant Purchase and Sale
Agreements); and 

  

	 	(b)	against each German Originator pursuant to or in connection with the German Purchase and Sale Agreement and any transaction or operation contemplated thereby; 

(collectively, the “German Security” and the assets, rights, claims and interests of the Company therein, the “German
Security Assets”). 
  

	4.2.	The Agent hereby accepts the assignment and the transfer of the German Security hereunder. 

  

	4.3.	To the extent that the German Security is in existence on the date of this Agreement, the German Security shall pass over to the Agent on execution of this Agreement, and any future German Security shall directly pass
over to the Agent at the date such German Security arises. 

  

	4.4.	To the extent that title to any of the German Security Assets cannot be transferred by mere agreement between the Company and the Agent as effected in Clauses 4.1 to 4.4, the Company and the Agent agree
that: 

  

	 	(a)	any transfer of possession (Übergabe) necessary to transfer title in or to any German Security Assets, in particular, in relation to cheques or bills of exchange is hereby replaced by the Company holding
such instruments of debt or other movables in custody for the Agent free of charge (unentgeltliche Verwahrung) or, insofar as the Company has no direct possession (unmittelbaren Besitz) of any German Security Assets, by the Company
assigning hereby to the Agent all claims for return against the relevant persons who are in actual possession of such instrument or movable and, as the case may be, all other persons having indirect possession (mittelbaren Besitz) of such
German Security Assets; 

  

	 	(b)	any notice to be given in order to effect transfer of title in or to the German Security Assets shall immediately be given by the Company in such form as the Agent requires and the Company hereby agrees that if it fails
to give such notice, the Agent is hereby irrevocably authorised to give such notice on behalf of the Company but any notice may only be given upon the occurrence of an Event of Default; and 

  
 7 

	 	(c)	any other act or thing necessary or, in the opinion of the Agent, desirable (including any consent to be obtained or notification to be given or registration to be effected under any applicable law) to perfect a first
priority security interest of the Agent for the benefit of the Secured Parties in the German Security shall be immediately done and effected by the Company upon occurrence of an Event of Default at its own cost. 

 

	5.	GENERAL SECURITY 

  

	5.1.	Contractual and Other Rights 

 The Company, by way of a first fixed security for the
payment or discharge of the Secured Obligations, as beneficial owner and subject to the proviso for redemption hereinafter contained, HEREBY ASSIGNS AND AGREES TO ASSIGN to the Agent all its right, title, interest and benefit present and future in,
to and under the Charged Obligation Documents (except to the extent of the security created under the laws of the Netherlands and Germany by Clauses 3 and 4 above, respectively) and all other contracts, agreements, deeds and documents,
present and future, to which the Company is or may become a party, other than this Deed, including all rights to receive payment of any amounts which may become payable to the Company thereunder, all payments received by the Company thereunder, all
rights to serve notices and/or make demands thereunder and/or to take such steps as are required to cause payments to become due and payable thereunder and all rights of action in respect of any breach thereof and all rights to receive damages or
obtain other relief in respect thereof TO HOLD the same unto the Agent absolutely for the Agent on trust for itself, and subject to the terms of these presents, for the Secured Parties. 

Notwithstanding such assignment each of the parties hereto (other than the Company) agrees with the Company that the Charged Obligors may
continue to make all payments becoming due to the Company under any of the Charged Obligation Documents direct to the Company in the manner envisaged by the Transaction Documents (which payment shall constitute a good discharge by the person making
the payment) until receipt of express written notice from the Agent or the Receiver requiring such payments to be made elsewhere. 
  

	5.2.	Bank Accounts 

 The Company, by way of further first fixed security for the payment or
discharge of the Secured Obligations, as beneficial owner and subject to the proviso for redemption hereinafter contained, HEREBY CHARGES AND AGREES TO CHARGE to the Agent all the Company’s right, title, benefit and interest present and future
in, to and under each Blocked Account and all sums of money which may now be or hereafter are from time to time standing to the credit of each Blocked Account (except to the extent the Dutch Blocked Accounts have been charged pursuant to Clause
3), together with all interest accruing from time to time thereon and the debts represented thereby and the benefit of all covenants relating thereto and all powers and remedies for enforcing the same TO HOLD the same unto the Agent absolutely
for the Agent on trust, for itself and, subject to the terms of these presents, for the Secured Parties. 

  
 8 

	5.3.	Floating Charge 

 The Company, by way of further security for the payment or discharge of
the Secured Obligations, as beneficial owner and subject to the proviso for redemption hereinafter contained HEREBY CHARGES by way of first floating charge to the Agent, the whole of its undertaking and all its property and assets, except for the
assets specifically secured by means of fixed charge above or otherwise assigned by way of security by this Deed, present and future, TO HOLD the same unto the Agent absolutely for the Agent on trust, for itself and, subject to the terms of these
presents, for the Secured Parties. 
  

	5.4.	No Transfer of Obligations 

 Notwithstanding anything else in this Deed, it is hereby
agreed that the Agent does not assume, nor shall the Agent be obliged to perform, any obligations of any other party to this Deed and nothing herein shall be construed so as to transfer any of such obligations to the Agent. 

 

	5.5.	Notification of Assignment 

 Upon execution of this Deed, the Company shall deliver to
the Agent the notification letters substantially in the form of Schedule 1 in relation to each Charged Obligation Document and in the form of Schedule 2 in relation to each Blocked Account. The Company hereby irrevocably
authorises the Agent to deliver such notifications to the relevant addresses and to instruct the recipient thereof to act in accordance with the terms set out therein and acknowledge the receipt of such notifications in writing. 

 

	6.	REDEMPTION AND RELEASE 

 Upon proof being given to the satisfaction of the Agent as to the full
and final payment or discharge by the Company of all the Secured Obligations, the Agent will at the request and cost of the Company release, re-convey, re-transfer or re-assign (as appropriate) the Charged Property to the Company or other person
entitled thereto, of whom the Agent has notice, provided that no assurance, security, payment or other disposition which may be avoided or must be repaid under any enactment or provision relating to bankruptcy or under the Taxes Consolidation Act,
1997 and no release, settlement or discharge given or made by the Agent on the faith of any such assurance, security, payment or other disposition, shall prejudice or affect the right of the Agent to enforce the security constituted hereby or
pursuant hereto in respect of the full extent of the monies and liabilities hereby secured. It is hereby agreed that such security shall be deemed to have been and to have remained held by the Agent as and by way of security for the payment to or to
the order of the Agent of all or any sums which may become due and owing to or to the order of the Agent in respect of the monies and liabilities hereby secured. The cost of any release, re-assignment, re-assignation or re-transfer of the Charged
Property to the Company or such other person referred to herein shall be borne by the Company. 

  
 9 

	7.	RESTRICTIONS ON EXERCISE OF CERTAIN RIGHTS; BANK ACCOUNTS 

  

	7.1.	Each of the Secured Parties hereby agrees with the Agent that, subject to the proviso to this Clause 7.1: 

  

	 	(a)	such Secured Party shall not be entitled to take, and shall not take, any steps whatsoever to enforce the security created by or pursuant to Clauses 3, 4 and 5 or to direct the Agent to do so; and

  

	 	(b)	such Secured Party shall not be entitled to take, and shall not take, or join any other person in instigating against the Company any steps (including the exercise of any right of set-off or other right of deduction)
for the purpose of recovering any of the Secured Obligations owing to it or any other debts whatsoever owing to it by the Company or procuring the winding-up, arrangement, re-organisation, bankruptcy, insolvency, examination or liquidation of the
Company or the making of a court protection order in relation to the Company in respect of any of its liabilities whatsoever; 

provided that if the Agent, having become bound to do so, fails to take any steps or proceedings to enforce such security pursuant to
Section 6.2 or 6.3 of the Receivables Funding Agreement and Clause 11 or 12 hereof within a reasonable time, and such failure is continuing, the Secured Parties shall be entitled to take any such steps and
proceedings as they shall deem necessary to enforce the Charged Property, subject to Clause 21; and 
  

	7.2.	No payments may be made out of any of the Blocked Accounts without the prior written approval of the Agent, except as provided in the Blocked Accounts Agreements and the Servicing Agreement. 

 

	8.	UPON ENFORCEMENT 

  

	8.1.	Notwithstanding the security rights created by or pursuant to this Deed, the Agent and each of the Secured Parties hereby agrees, and the Company concurs, that upon the occurrence or declaration (as the case may be) of
an Event of Default in accordance with Section 6 of the Receivables Funding Agreement: 

  

	 	(a)	no amount may be withdrawn from any of the Blocked Accounts, except to the extent that it is applied in accordance with the order of priorities set out in Clause 8.3 or as otherwise permitted by the provisions of
this Deed that are applicable after the occurrence or declaration (as the case may be) of an Event of Default in accordance with Section 6 of the Receivables Funding Agreement; and 

 

	 	(b)	if not already so converted, the Agent may, by notice in writing to the Company, for the benefit of itself and the Secured Parties convert any charge created by Clause 5 which is a floating charge into a specific
fixed charge of the assets then secured thereby. 

  

	8.2.	 Notwithstanding the security rights created by or pursuant to this Deed, the Agent and each of the Secured Parties hereby agrees, and the Company
concurs, that any monies 

  
 10 

	 	
whatsoever recovered by each of them or on their behalf whether by the Agent or otherwise after the occurrence or declaration (as the case may be) of an Event of Default in accordance with
Section 6.1 of the Receivables Funding Agreement, shall be applied in accordance with the order of priorities set out in Clause 8.3. 

  

	8.3.	The order of priorities referred to in Clauses 8.1 and 8.2 is as follows: 

  

	 	(a)	first, in or towards satisfaction of the remuneration then payable to any Receiver appointed by the Agent and any costs, charges, liabilities and expenses (including any VAT) then incurred by such Receiver;

  

	 	(b)	second, in or towards satisfaction of the remuneration then payable to the Agent and any costs, charges, liabilities and expenses (including any VAT) incurred by the Agent under this Deed or under the Receivables
Funding Agreement and/or any of the Transaction Documents or any of them together with interest as provided therein; 

  

	 	(c)	third, in or towards discharge of the Secured Obligations in the manner and pursuant to the order of priorities set forth in Article IV of the Servicing Agreement; and 

 

	 	(d)	finally, to the Company or any other person entitled thereto. 

  

	9.	CONTINUANCE OF SECURITY 

  

	9.1.	Without prejudice to the generality of the foregoing, the Security Interests created by and covenants and provisions contained in this Deed shall remain in force as a continuing security to the Agent (for itself and on
trust for the Secured Parties) notwithstanding any intermediate payment, settlement of account or any other act, event or matter whatsoever, except only the execution by or on behalf of the Agent under seal of an absolute and unconditional release
or the execution by or on behalf of the Agent of a receipt for all (and not part only) of the Secured Obligations, which receipt the Agent is hereby authorised to execute on behalf of all of the Secured Parties. 

 

	9.2.	In relation to the Agent’s duties, obligations and responsibilities as Agent of the Secured Creditors in relation to the Charged Property and under or in connection with these presents, the Agent and the other
Secured Parties hereby agree, and the Company concurs, that the Agent shall discharge these by performing and observing its duties, obligations and responsibilities as Agent of the Secured Parties in accordance with the provisions of, and subject to
the provisions in favour of the Agent contained in, these presents and the Transaction Documents and the Secured Parties shall accordingly be bound by, and deemed to have notice of, all of the provisions of these presents and the Transaction
Documents. 

  

	9.3.	All the provisions of the Receivables Funding Agreement relating to the exercise by the Agent of its powers, trusts, authorities, duties, rights and discretions shall apply, mutatis mutandis, to the discharge by the
Agent of its powers, trusts, authorities, duties, rights and discretions under this Deed. 

  
 11 

	9.4.	Each of the Secured Parties (other than the Agent) acknowledges that the Agent shall not be bound to take any steps or institute any proceedings after the occurrence or declaration (as the case may be) of an Event of
Default in accordance with Section 6 of the Receivables Funding Agreement or to take any other action to enforce the security constituted by this Deed unless the Agent shall have been indemnified to its satisfaction against all actions,
proceedings, claims and demands to which it may thereby render itself liable and all costs, interest charges, damages and expenses which it may incur by so doing. 

 

	10.	EXPENSES 

  

	10.1.	The Company further covenants with and undertakes to the Agent to reimburse, pay or discharge (on the basis of a full indemnity) all costs, charges, liabilities and expenses reasonably incurred by the Agent, the
Receiver or any attorney, manager, agent or delegate appointed by the Agent under this Deed, the Receivables Funding Agreement or any of the other Transaction Documents in connection with: 

 

	 	(a)	the preparation, execution, registration or perfecting of this Deed or any other document relating hereto; 

  

	 	(b)	the carrying out of the trusts and duties under or in connection with this Deed and the Receivables Funding Agreement or any other of the Transaction Documents; 

 

	 	(c)	the exercise, or the attempted or purported exercise, or the consideration of the exercise, by or on behalf of the Agent or the Receiver of any of the powers of the Agent or the Receiver; and 

 

	 	(d)	any other action taken by or on behalf of the Agent or the Receiver with a view to or in connection with the recovery of the Secured Obligations from the Company or any other person or the enforcement of the security
for the Secured Obligations, 

 together in each case with Value Added Tax or similar tax charged or chargeable in respect
thereof. 
  

	10.2.	the Company covenants with and undertakes to each of the Agent, the Secured Parties and the Receiver to pay the amounts payable under this Clause 10 or, in the case of remuneration and fees payable to the Agent
under the Receivables Funding Agreement, on the due dates for payment thereof, with interest as well after as before judgment at the rate of two per cent per annum above the Base Rate applicable to the Currency in which such amounts are denominated
from the date on which they were paid, charged or incurred by the Agent, any Secured Party or the Receiver (as the case may require) or, in the case of remuneration and fees payable to the Agent as aforesaid, the due date for payment thereof, until
payment, as well after as before any judgment in accordance with the provisions of Clause 8.2. 

  
 12 

	11.	THE AGENT’S POWERS 

  

	11.1.	Section 20 of the Act shall not apply to this Deed and forthwith after the occurrence or declaration (as the case may be) of an Event of Default in accordance with Section 6.1 of the Receivables Funding
Agreement the Security created by this Deed shall become immediately enforceable and the powers conferred by the Act and this Deed immediately exercisable without the restrictions contained in the Act. 

 

	11.2.	The provisions of the Act relating to the power of sale are hereby extended as if such extensions were contained in the Act and the exercise of the statutory power of sale conferred on mortgagees by the Act shall be
free from the restrictions imposed by Sections 19 and 20 of the Act which shall not apply to this Deed, but without limiting the Agent’s power to enter into possession of the Charged Property or into receipt of the income therefrom or the
Agent’s other rights, subject to compliance with any specific restrictions imposed on the Agent in these presents, to authorise the Agent at its absolute discretion, subject as aforesaid, and upon such terms as it may think fit:

  

	 	(a)	to dispose of the Charged Property, or any interest in the same, whether for cash or for shares, debentures or any other securities whatsoever, and whether for immediate payment or in consideration of an agreement to
pay all or part of the purchase price in respect of such disposal at a later date or dates, or an agreement to make periodical payments, whether or not any such agreement is secured by a Security Interest or a guarantee, or for such other
consideration whatsoever as the Agent may think fit, and also to grant any option to purchase, and to effect exchanges (and nothing shall preclude any such disposal being made to any person the Agent thinks fit, including the Secured Parties or any
person associated with any of them); 

  

	 	(b)	with a view to, or in connection with, the disposal of the Charged Property, to carry out any transaction, scheme or arrangement which the Agent may, in its absolute discretion, consider appropriate; 

 

	 	(c)	to take possession of, get in and collect the Charged Property; 

  

	 	(d)	to carry on and manage or concur in managing the business of the Company; 

  

	 	(e)	to appoint and engage employees, managers, agents and advisers (and nothing shall preclude the appointment or engagement by the Secured Parties or any person associated with any of them) upon such terms as to
remuneration and otherwise for such periods as it may determine, and to dismiss them; 

  

	 	(f)	in connection with the exercise, or the proposed exercise, of any of its powers or in order to obtain payment of its remuneration or reimbursement of its expenses (in each case, whether or not already due), to borrow or
raise money from any person, without security or on the security of the Charged Property (either in priority to this security or otherwise) and generally in such manner and on such terms as it may think fit; 

 

	 	(g)	to bring, defend, submit to arbitration, negotiate, compromise, abandon and settle any claims and proceedings concerning the Charged Property; 

  
 13 

	 	(h)	to transfer all or any of the Charged Property and/or of the liabilities of the Company to any other company or body corporate, whether or not formed or acquired for the purpose and whether or not a subsidiary or
associated company of the Agent, the Secured Parties or a company or body corporate in which the Agent, or any Secured Creditor has an interest; 

  

	 	(i)	to call up all or any portion of the uncalled capital (if any) for the time being of the Company; 

  

	 	(j)	generally to carry out, or cause or authorise to be carried out, any transaction, scheme or arrangement whatsoever, whether similar or not to any of the foregoing, in relation to the Charged Property which it may
consider expedient as effectually as if it were solely and absolutely entitled to the Charged Property; 

  

	 	(k)	in connection with the exercise of any of its powers, to execute or do, or cause or authorise to be executed or done, on behalf of or in the name of the Company or otherwise, as it may think fit, all documents, acts or
things which it may consider appropriate; and 

  

	 	(l)	to pay and discharge out of the profits and income of the Charged Property and the monies to be made by it in carrying on any such business as aforesaid the expenses incurred in and about the carrying on and management
of any such business as aforesaid or in the exercise of any of the powers conferred by this Clause 11.2 or otherwise in respect of the Charged Property and all outgoings which it shall think fit to pay and to apply the residue of the said
profits, income or monies in the manner provided by Clause 8.3. 

  

	11.3.	The Agent and any Receiver appointed by the Agent may delegate all or any of the powers hereby or by any statute conferred upon it or him to such person or persons as it or he may in its or his absolute discretion
(including the power to sub-delegate) think fit and will not be under any obligation to supervise such delegate or, provided that the Agent or Receiver shall have exercised care in the selection of such delegate, be responsible for any loss,
liability, cost, claim, action, demand or expense incurred by reason of any misconduct or default by any such delegate or sub-delegate. 

  

	11.4.	The powers conferred by this Deed in relation to the Security or any part thereof on the Agent or on any Receiver of the Charged Property or any part thereof shall be in addition to and not in substitution for the
powers conferred on mortgagees or receivers under the Act and where there is any ambiguity or conflict between the powers contained in the Act and those conferred by this Deed the terms of this Deed shall prevail. 

 

	11.5.	All provisions of the Transaction Documents relating to the exercise by the Agent of its powers, trusts, authorities, duties, rights and discretions shall apply, mutatis mutandis and subject to Clause
21.2, to the discharge by the Agent of its powers, trusts, authorities, duties, rights and discretions under this Deed. 

  
 14 

	12.	RECEIVER 

  

	12.1.	At any time after the Charged Property subject to this Deed becomes enforceable or after any application is made for the appointment of a liquidator or examiner in relation to the Company, the Agent may appoint such
person or persons (including an officer or officers of the Agent) as it thinks fit to be receiver or receivers of the Charged Property or any part or parts thereof. 

 

	12.2.	The Agent may remove the Receiver appointed by it whether or not appointing another in his place, and the Agent may also appoint another receiver if the Receiver resigns. 

 

	12.3.	The exclusion of any part of the Charged Property from the appointment of the Receiver shall not preclude the Agent from subsequently extending his appointment (or that of the Receiver replacing him) to that part.

  

	12.4.	The Receiver shall, so far as the law permits, be the agent of the Company and (subject to the Act and the Companies Act 1963 to 2003) the Company shall be solely responsible for his acts and defaults and liable on any
contracts or engagements made or entered into by him, and in no circumstances whatsoever shall the Agent, or any Secured Creditor be in any way responsible for any misconduct, negligence or default on the part of any Receiver. Notwithstanding the
generality of the foregoing, such Receiver shall in the exercise of his powers, authorities and discretions conform to the regulations from time to time made and given by the Agent. 

 

	12.5.	The remuneration of the Receiver may be fixed by the Agent (and may be or include a commission calculated by reference to the gross amount of all money received or otherwise) and the restrictions in Section 24
(6) and (8) of the Act shall not apply but such remuneration shall be payable by the Company alone, and the amount of such remuneration may be debited by the Agent from any account of the Company, but shall, in any event, form part of the
Secured Obligations and accordingly be secured on the Charged Property under the security created by this Deed. 

  

	12.6.	The Receiver may be invested by the Agent with such of the powers exercisable by the Agent under these presents as the Agent may think fit. 

 

	12.7.	The Receiver shall in the exercise of his powers conform to the regulations and directions from time to time made and given by the Agent. 

 

	12.8.	The Agent may from time to time and at any time require any such Receiver to give security for the due performance of his duties as such Receiver and may fix the nature and amount of the security to be so given but the
Agent shall not be bound in any case to require any such security. 

  

	12.9.	Save so far as otherwise directed by the Agent all monies from time to time received by such Receiver shall be paid over to the Agent to be held by it on trust for and on behalf of the Secured Parties and applied in
accordance with Clause 8.3. 

  

	12.10.	 The Agent may pay over to such Receiver any monies constituting part of the Charged Property to the intent that the same may be applied for the
purposes of this Deed by 

  
 15 

	 	
such Receiver and the Agent may from time to time determine what funds the Receiver shall be at liberty to keep in hand with a view to the performance of his duties as such Receiver.

  

	12.11.	Section 24 (6) and (8) of the Act (application of monies received by receiver) shall not apply in relation to the Receiver. 

 

	13.	PROTECTION OF THIRD PARTIES 

  

	13.1.	The Secured Obligations shall become due for the purposes of Section 19 of the Act and the statutory powers of sale and of appointing a receiver which are conferred upon the Agent as varied and extended by this
Deed and all other powers shall in favour of any purchaser be deemed to arise and be exercisable immediately after the execution of this Deed. 

  

	13.2.	No purchaser from or other person dealing with the Agent and/or the Receiver shall be concerned to enquire whether any of the powers which they have exercised or purported to exercise has arisen or become exercisable,
or whether the Secured Obligations remain outstanding, or whether any event has happened to authorise the Agent and/or the Receiver to act or as to the propriety or validity of the exercise or purported exercise of any such power; and the title and
position of such a purchaser or other persons shall not be impeachable by reference to any of those matters. 

  

	13.3.	The receipt of the Agent or the Receiver shall be an absolute and a conclusive discharge to a purchaser or such other person and shall relieve him of any obligation to see to the application of any monies paid to or by
the direction of the Agent or the Receiver or, if applicable, the Secured Parties. 

  

	14.	PROTECTION OF AGENT AND RECEIVER 

  

	14.1.	The Agent may act in relation to this Deed on the advice or opinion of or any information obtained from any lawyer, valuer, accountant, banker, broker or other appropriate expert whether obtained by the Company, the
Agent or otherwise and shall not be responsible for any loss occasioned by so acting. 

  

	14.2.	Notwithstanding any provision of this Deed or any other Transaction Document to the contrary, the Agent shall not in any event be liable for special, indirect, punitive or consequential loss or damage of any kind
whatsoever (including but not limited to lost profits) whether or not foreseeable, even if the Agent has been advised of the likelihood of such loss or damage and regardless of whether the claim for loss or damage is made in negligence, for breach
of contract, breach of trust or otherwise; provided that this Clause 14.2 shall not be deemed to apply in the event of a determination of fraud or wilful default on the part of the Agent in a judgment by a court having jurisdiction.

  

	14.3.	Neither the Agent, nor the Receiver, nor any Secured Creditor shall be liable in respect of any loss or damage which arises out of the exercise, or the attempted or purported exercise of, or the failure to exercise, any
of their respective powers, unless such loss or damage is caused by its or his gross negligence, wilful default or bad faith. 

  
 16 

	14.4.	The Agent shall accept without investigation, requisition or objection such right and title as the Company may have to the Charged Property and shall not be bound or concerned to examine or enquire into or be liable for
any defect or failure in the right or title of the Company to the Charged Property whether such defect or failure was known to the Agent or might have been discovered upon examination or enquiry and whether capable of remedy or not.

  

	14.5.	Neither the Agent nor the Receiver shall be under any obligation to insure any of the Charged Property or any certificate, note, bond or other evidence in respect thereof, or to require any other person to maintain any
such insurance. 

  

	14.6.	Neither the Agent nor the Receiver shall be responsible for any loss occasioned to the Charged Property, however caused, unless such loss is occasioned by the gross negligence, wilful default or bad faith of the Agent
or the Receiver respectively. 

  

	14.7.	Neither the Agent nor the Receiver shall be under any obligation to monitor or supervise the functions of the Company or any other person under any of the Transaction Documents and each of the Agent and the Receiver
shall be and is hereby entitled and authorised to assume without enquiry, in the absence of knowledge or express notice to the contrary, that each of the Company and the other parties hereto and thereto is duly performing and observing all the
covenants and provisions contained in the Transaction Documents relating to it and on its part to be performed and observed and that no event has happened which constitutes (and/or which, with the giving of notice and/or the lapse of time and/or the
Agent making any relevant determination and/or issuing any relevant certificate, would constitute) an Event of Default. 

  

	14.8.	Neither the Agent nor the Receiver shall have any responsibility whatsoever to any other party hereto or as regards any deficiency which might arise because the Agent or the Receiver is subject to any tax in respect of
the Charged Property or any part thereof or any income therefrom or any proceeds thereof. 

  

	14.9.	Without prejudice to the generality of the foregoing, entry into possession of the Charged Property shall not render the Agent or the Receiver liable to account as mortgagee or heritable creditor in possession or to be
liable for any loss on realisation or for any default or omission on realisation or for any default or omission for which a mortgagee or heritable creditor in possession might be liable unless such loss, default or omission is caused by its gross
negligence or wilful default; and if and whenever the Agent or the Receiver enters into possession of the Charged Property, it shall be entitled at any time at its pleasure to go out of such possession. 

 

	15.	FURTHER ASSURANCE AND POWER OF ATTORNEY 

  

	15.1.	If so requested by the Agent after the occurrence or declaration (as the case may be) of an Event of Default in accordance with Section 6 of the Receivables Funding Agreement, the Company shall execute in
favour of the Agent such documents in relation to the Charged Property and give or join in giving such notice thereof to the relevant Charged Obligors, insurers and other persons, and all in such form as the Agent or the Receiver may require at the
Company’s own cost. 

  
 17 

	15.2.	The Company further covenants with and undertakes to the Agent, and the Secured Parties, from time to time upon demand to execute, at the Company’s own cost, any document or to do any act or thing which the Agent
or the Receiver may reasonably specify with a view to perfecting or improving any security created or intended to be created by or pursuant to this Deed or facilitating the exercise, or the proposed exercise of any of their powers, provided that
this Clause 15.2 shall not extend to matters which are the subject of Clause 15.1. 

  

	15.3.	For good and valuable consideration, the Company irrevocably and as security for the interests of the Agent and every Receiver hereunder hereby appoints the Agent and every Receiver severally to be its attorney and its
agent (with full power to appoint substitutes and to delegate, including power to authorise the person so appointed to make further appointments) on behalf of the Company and in its name or otherwise, to execute any document with power to date the
same and to do any act or thing which the Agent or such Receiver (or such substitute or delegate) may, in its or his absolute discretion, consider appropriate in connection with the exercise of any of the powers of the Agent or the Receiver or which
the Company is obliged to execute or do whether under these presents or otherwise; and, without prejudice to Clause 11.2(e) or to the generality of the Agent’s its power to appoint substitutes and to delegate, the Agent may appoint the
Receiver as its substitute or delegate and any person appointed the substitute or delegate of the Agent shall, in connection with the exercise of the said power of attorney, be the agent of the Company. 

 

	15.4.	The Company hereby ratifies and confirms and agrees to ratify and confirm whatever any such attorney shall do or purport to do in the exercise or purported exercise of all or any of the powers, authorities and
discretions referred to in this Clause. 

  

	16.	OTHER SECURITY 

  

	16.1.	The security created hereby or pursuant hereto is in addition to, and shall neither be merged in, nor in any way exclude or prejudice, any other Security Interest, right of recourse or other right whatsoever which the
Agent, or any Secured Party may now or at any time hereafter hold or have (or would apart from this security hold or have) as regards the Company or any other person in respect of the Secured Obligations. 

 

	16.2.	The restriction on consolidation of mortgages contained in Section 17 of the Act shall not apply in relation to the security created by this Deed. 

 

	16.3.	The powers which this Deed confers on each of the Agent, the Receiver, and the Secured Parties are cumulative, without prejudice to their respective powers under the general law, and may be exercised as often as it or
he thinks appropriate; and it or he may, in connection with the exercise of its or his powers, join or concur with any person in any transaction, scheme or arrangement whatsoever, and the Company acknowledges that its or his respective powers shall
in no circumstances whatsoever be suspended, waived or otherwise prejudiced by anything other than an express waiver or variation in writing. 

  
 18 

	17.	WARRANTIES AND COVENANTS 

  

	17.1.	Save with the prior written consent of the Agent or as provided in or envisaged by these presents or any of the Transaction Documents, the Company hereby covenants with and represents, warrants and undertakes to the
Agent, for itself and with the Secured Parties and with each of them, that: 

  

	 	(a)	the Charged Property is not the subject of any prior Security Interest; 

  

	 	(b)	it will not create or permit to exist upon or to affect any of the Charged Property any Security Interest whatsoever other than as created by this Deed; 

 

	 	(c)	it will not transfer, sell, lend, part with or otherwise dispose of, or deal with, or grant any option, present or future, or right to acquire, any of the Charged Property or any interest, estate, right, title or
benefit therein or thereto or agree or attempt or purport to do so; 

  

	 	(d)	it shall ensure that save as permitted by these presents, no person other than the Company and the Agent shall have any equitable interest in the Charged Property; 

 

	 	(e)	it shall give such notices of assignment in relation to the Charged Property as may be required by the Agent in accordance with the terms of this Deed and the other Transaction Documents; 

 

	 	(f)	it shall not have an interest in any bank account other than the Blocked Accounts save as may be permitted by the Agent; 

  

	 	(g)	it shall, pursuant to Section 99 of the Companies Act 1963, lodge within 21 days a Form Cl with the Companies Registration Office in respect of the Security Interests created under this Deed and shall pay in a
timely manner any stamp duty payable on or in connection with this Deed and the other Transaction Documents; 

  

	 	(h)	it shall not: 

  

	 	(i)	engage in any activity which is not, or hold any capital assets the holding of which is not, reasonably incidental to any of the activities which the Transaction Documents provide or envisage that the Company will
engage in; 

  

	 	(ii)	open any account whatsoever with any bank or financial institution save where such account is immediately charged in favour of the Agent so as its forms part of the security; 

 

	 	(iii)	hold any shares or other interest in any company; 

  

	 	(iv)	act as a director of any company; or 

  

	 	(v)	have or form any subsidiaries (as defined in the Companies Act, 1963 (as amended) or subsidiary undertakings (as defined in the European Communities (Companies: Group Accounts) Regulation, 1992) of any nature or
employees or premises; 

  
 19 

	 	(i)	it shall not pay any dividend or make any other distribution to its shareholders or issue any further shares except in accordance with the Transaction Documents; 

 

	 	(j)	it shall not create, incur or suffer to exist any indebtedness in respect of borrowed money whatsoever or give any guarantee or indemnity in respect of any obligation of any person; 

 

	 	(k)	it shall not consolidate or merge with any other person or convey or transfer its properties or assets substantially as an entirety to any other person; 

 

	 	(l)	it shall not transfer, sell, lend, part with or otherwise dispose of, or deal with, or grant any option over, any present or future right to acquire, any of its assets or undertaking or any interest, estate, right,
title or benefit therein; 

  

	 	(m)	it shall not permit any of the Charged Obligation Documents or the priority of the security interests created thereby to be amended, invalidated, rendered ineffective, terminated or discharged, or consent to any
variation of, or exercise of any powers of consent or waiver pursuant to the terms of the Receivables Funding Agreement, or permit any party to any of the Charged Obligation Documents or any other person whose obligations form part of the Security
to be released from such obligations envisaged in the Transaction Documents; 

  

	 	(n)	it shall prepare its accounts in accordance with an accruals basis of accounting which conforms to normal accountancy practice, as followed in cases where such practice allows the use of such a basis, and which contains
proper provision for allocating payments to the accounting period to which they relate; 

  

	 	(o)	it has been, and shall be, resident for tax purposes solely in, and has had, and shall have, its usual place of abode in Ireland; and 

 

	 	(p)	it has not done any of the things specified in paragraphs (h) or (l), whether prior to or following its execution of this Deed. 

 

	17.2.	If the Company for any reason fails to observe or punctually to perform any of its obligations to the Agent, whether under this Deed, the Receivables Funding Agreement, any of the Transaction Documents or otherwise, the
Agent shall have power, on behalf of or in the name of the Company or otherwise, to perform the obligation and to take any steps which the Agent may (but shall not be obliged to do so), in its absolute discretion, consider appropriate with a view to
remedying, or mitigating the consequences of, the failure, but so that the exercise of this power, or the failure to exercise it, shall in no circumstances prejudice the Agent’s other rights under this Deed. 

  
 20 

	18.	APPLICATION TO COURT 

 The Agent may at any time after the giving of an Enforcement Notice apply
to the Court for an order that the terms of this Deed or the trusts of these presents or any of them be carried into execution under the direction of the Court and for the appointment of a Receiver of the Charged Property or any part thereof and for
any other order in relation to the administration of the terms of this Deed or the trusts of these presents or any of them as the Agent shall deem fit and it may assent to or approve any application to the Court made at the instance of any of the
Secured Parties and shall be indemnified by the Company against all the costs, charges and expenses incurred by it in relation to any such applications or proceedings. 
  

	19.	MISCELLANEOUS 

  

	19.1.	No failure on the part of the Agent, and the Secured Parties to exercise, and no delay on its, or their, part in exercising, any right or remedy under this Deed will operate as a waiver thereof, nor will any single or
partial exercise of any right or remedy preclude any other or further exercise thereof or the exercise of any other right or remedy. Subject as provided herein to the contrary, the rights and remedies provided in this Deed are cumulative and not
exclusive of any rights or remedies provided by law. 

  

	19.2.	Any waiver and any consent by the Agent, and the Secured Parties under this Deed must be in writing and may be given subject to any conditions thought fit by the Agent. Any waiver or consent shall be effective only in
the instance and for the purpose for which it is given. 

  

	19.3.	The Company will pay all stamp duties, filing and registration fees and other transaction taxes required in relation to or for the purpose of procuring the execution, validity, enforceability or carrying into effect of
this Deed and the security created hereby and keep the Agent and the Secured Parties indemnified against any failure or delay in paying the same. 

  

	19.4.	No variation of this Deed shall be effective unless it is made as a deed and executed by (or by some person duly authorised by) each of the parties hereto. 

 

	20.	NOTICES 

 Any notices to be given pursuant to this Agreement or to any of the parties shall be
sufficiently served if sent by prepaid post or by facsimile transmission and shall be deemed to be given (in the case of facsimile transmission) when dispatched or (in the case of post) when it would be received in the ordinary course of the post
and shall be sent: 
 If to the Company: 

Donegal Receivables Purchasing Limited 

5 Harbourmaster Place 
 IFSC

 Dublin 1, Ireland 

  
 21 

 If to the Agent: 

Rabobank International 
 Thames
Court 
 One Queenhithe 

London 
 EC4V 3RL 

England 
 or to such other
address or facsimile number as may from time to time be notified by any party to the other by written notice in accordance with the provisions of this Clause 20. 
  

	21.	LIMITED RECOURSE 

  

	21.1.	Each of the Agent and the Secured Parties acknowledges that the obligations and liabilities of the Company under this Deed are limited to the proceeds of enforcement of the Security. If upon enforcement of the Security
Interests the amount available from the amount realised from the Security Interests, after such amount has been applied in accordance with Clause 8.3, is less than the amount due to the Agent, or, as the case may be, any Secured Party under
this Deed any claim in respect of such shortfall shall be extinguished. 

  

	21.2.	Neither the Agent nor any Secured Party shall be entitled to institute against the Company any bankruptcy, reorganisation, arrangement, examination, insolvency or liquidation proceedings or other proceedings under any
applicable bankruptcy or similar law in connection with any obligations of the Company under this Deed, save for lodging a claim in the liquidation of the Company which is initiated by any other person. 

 

	21.3.	This Deed is a corporate obligation of the Company and no liability shall attach to, or be incurred by, the shareholders, officers, agents, or directors of the Company as such, or any of them, under or by reason of any
of the obligations, covenants and agreements of the Company contained in this Deed, or implied therefrom, and any and all personal liability for breach by the Company of any of such obligations, covenants or agreements, either at law or by statute
or certification, of every such shareholder, officer, agent or director is hereby expressly waived. 

  

	22.	PERPETUITY PERIOD 

 The perpetuity period applicable to this Deed under the rule against
perpetuities shall be the period ending twenty years after the death of the last survivor of the descendants living at the date of this Deed of His Britannic Majesty King George V 

  
 22 

 
and every power, authority or discretion to which the said rule applies which is conferred upon the Agent or any other person by this Deed shall only be exercisable during such period. 

 

	23.	GOVERNING LAW 

  

	23.1.	This Deed is governed by, and shall be construed in accordance with Irish law; provided that, notwithstanding anything herein to the contrary, Clause 3 insofar as it relates to Antilles Receivables is
governed by Netherlands Antilles law and Clause 4 insofar as it relates to German Receivables is governed by German law. 

  

	23.2.	The parties hereto irrevocably submit to the non-exclusive jurisdiction of the Courts of Ireland. 

  

	23.3.	Nothing in this Clause 23 shall prevent the Agent from taking proceedings in any other courts with jurisdiction. To the extent allowed by law, the Agent may take concurrent proceedings in a number of
jurisdictions. 

  
 23 

 IN WITNESS WHEREOF the parties hereto have caused this Deed to be executed and delivered on the day and year
first before written. 
  

							
	 PRESENT WHEN THE COMMON SEAL OF
 by
DONEGAL RECEIVABLES PURCHASING LIMITED as the Company
  
 WAS AFFIXED HERETO
	  	
		  		  		  
	Signature:	  	/s/ P. Connor	  	  
		  	  
	  	  
	  
 Name:
	  	  
 P. Connor
	  	  
		  	  
	  	  
		  		  	  
		  		  	  
		  		  		  
		  		  		  
		  		  		  

 EXECUTED AND DELIVERED by 

COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. (trading as RABOBANK INTERNATIONAL), LONDON BRANCH as Agent 

 

									
	By:	 	/s/ Sarah B Mason	 		 	By:	 	/s/ Alan Cameron
		 	  
	 		 		 	  

	Name:	 	Sarah B Mason	 		 	Name:	 	ALAN CAMERON
	Title:	 	Executive Director	 		 	Title:	 	MANAGING DIRECTOR

  
 Deed of Charge and
Assignment 
 S-1 

 SCHEDULE 1 

Notification in Respect of 

Charged Obligation Documents 
  

			
	From:	  	Donegal Receivables Purchasing Limited
		
	cc:	  	Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (trading as Rabobank International), London Branch
		
	To:	  	[Each Charged Obligor]
		
	Dated:	  	[—] 2004

 Dear Sirs, 
  

	1.	We hereby give you notice that pursuant to a Deed of Charge and Assignment entered into by us in favour of Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (trading as Rabobank International), London Branch, as
agent dated September 28, 2004 (the “Deed of Charge and Assignment”) (a copy of which is attached hereto) we have assigned to the Agent all our rights, title, interest and benefit present and future in and to the following
agreements: 

  

	 	(a)	the Receivables Funding Agreement; 

  

	 	(b)	the Liquidity Agreement; 

  

	 	(c)	the Parent Undertaking Agreement; 

  

	 	(d)	the Subordinated Loan Agreement; 

  

	 	(e)	the Servicing Agreement; 

  

	 	(f)	the Deed of Release and Termination dated September 28, 2004, by and between the Purchaser, Donegal Receivables Funding Limited, Kitty Hawk Funding Corporation, the Agent, MAI, the Subordinated Lender and other
parties thereto; 

  

	 	(g)	the Purchase and Sale Agreement dated September 28, 2004 between the Purchaser and Agan Aroma and Fine Chemicals, Ltd; 

  

	 	(h)	the Purchase and Sale Agreement dated September 28, 2004 between the Purchaser and Agan Chemical Marketing, Ltd; 

  

	 	(i)	the Purchase and Sale Agreement dated September 28, 2004 between the Purchaser and Agan Chemical Manufacturers, Ltd; 

  

	 	(j)	the Purchase and Sale Agreement dated September 28, 2004 between the Purchaser and Makhteshim Chemical Works, Ltd; 

  
 Deed of Charge and
Assignment 
 S-1 

	 	(k)	the Purchase and Sale Agreement dated September 28, 2004 between the Purchaser and Prizma Industrial, Ltd; 

  

	 	(l)	the Purchase and Sale Agreement dated September 28, 2004 between the Purchaser and Quena Plant Protection N.V.; 

  

	 	(m)	the Purchase and Sale Agreement dated September 28, 2004 between the Purchaser and Irvita Plant Protection N.V.; 

  

	 	(n)	the Purchase and Sale Agreement dated September 28, 2004 between the Purchaser and Celsius Property B.V. trading through Irvita Plant Protection, its Netherlands Antilles branch; 

 

	 	(o)	the Purchase and Sale Agreement dated September 28, 2004 between the Purchaser and Fahrenheit Holdings B.V. trading through Quena Plant Protection, its Netherlands Antilles branch; 

 

	 	(p)	the Purchase and Sale Agreement dated September 28, 2004 between the Purchaser and Aragonesas Agro S.A.; 

  

	 	(q)	the Purchase and Sale Agreement dated September 28, 2004 between the Purchaser and Makhteshim Agan Espana S.A.; 

  

	 	(r)	the Purchase and Sale Agreement dated September 28, 2004 between the Purchaser and Makhteshim Agan of North America, Inc.; 

  

	 	(s)	the Purchase and Sale Agreement dated September 28, 2004 between the Purchaser and Makhteshim Agan France; 

  

	 	(t)	the Purchase and Sale Agreement dated September 28, 2004 between the Purchaser and Feinchemie Schebda GmbH; 

  

	 	(u)	the Purchase and Sale Agreement dated September 28, 2004 between the Purchaser and Makhteshim-Agan (UK) Limited; 

  

	 	(v)	the Blocked Account Agreement dated September 28, 2004, between the Purchaser, MAI, Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (trading as Rabobank International), London Branch and Bank Leumi Le
Israel BM; 

  

	 	(w)	the Blocked Account Agreement dated on or about September 28, 2004, between the Purchaser, MAI, Coöperatieve Centrale Raiffeisen- Boerenleenbank B.A. (trading as Rabobank International), London Branch and
Banco Sabadell; 

  

	 	(x)	the Blocked Account Agreement dated on or about September 28, 2004, between the Purchaser, MAI, Coöperatieve Centrale Raiffeisen- Boerenleenbank B.A. (trading as Rabobank International), London Branch and La
Caixa; 

  
 2 

	 	(y)	the Blocked Account Agreement dated on or about September 28, 2004 between the Purchaser, MAI, Coöperatieve Centrale Raiffeisen- Boerenleenbank B.A. (trading as Rabobank International), London Branch and
Banesto; 

  

	 	(z)	the Blocked Account Agreement dated on or about September 28, 2004 between the Purchaser, MAI, Coöperatieve Centrale Raiffeisen- Boerenleenbank B.A. (trading as Rabobank International), London Branch and Banco
Bilbao Vizcaya Argentina; 

  

	 	(aa)	the Blocked Account Agreement dated September 28, 2004 between the Purchaser, MAI, Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (trading as Rabobank International), London Branch and ING Bank N.V.
Curacao Branch; 

  

	 	(bb)	the Blocked Account Agreement dated September 28, 2004 between the Purchaser, MAI, Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (trading as Rabobank International), London Branch and Bank Leumi USA;

  

	 	(cc)	the Blocked Account Agreement dated September 28, 2004 between the Purchaser, MAI, Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (trading as Rabobank International), London Branch and Bank Leumi (UK)
plc; 

  

	 	(dd)	the Blocked Account Agreement dated September 28, 2004 between the Purchaser, MAI, Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (trading as Rabobank International), London Branch and Dresdner Bank; and

  

	 	(ee)	the Blocked Account Agreement dated on or about September 28, 2004 between the Purchaser, MAI, Coöperatieve Centrale Raiffeisen- Boerenleenbank B.A. (trading as Rabobank International), London Branch and
Société Générale. 

  

	2.	Words and expressions defined in the Deed of Charge and Assignment shall have the same meaning when used in this Notice of Assignment. 

 

	3.	Please note that the Agent has been irrevocably appointed by us as our true and lawful attorney to do, inter alia, all acts and things which we could do and to act in relation to the administration or enforcement
or attempted enforcement of the Charged Obligation Documents and you are required to follow all instructions that the Agent may give to you in accordance with the terms of the Deed of Charge and Assignment. 

 

	4.	We hereby irrevocably authorise and instruct you: 

  

	 	a.	to disclose to the Agent without any reference to or further authority from us and without enquiry by you as to the justification for such disclosure, such information relating to the Charged Obligation Documents to
which you are a Party and the sums therein as the Agent may from time to time, request; 

  
 3 

	 	b.	to pay or release all of any part of the sums from time to time payable to us pursuant to the Charged Obligation Documents to which you are a party in accordance with the written instructions of the Agent at any time or
times; and 

  

	 	c.	to comply with the terms of any written notice or instructions in any way relating to, or purporting to relate to the Charged Obligation Documents to which you are a Party, which you receive at any time from the Agent
without any reference to or further authority from us and without any enquiry by you as to justification for a validity of such notice or instruction. 

  

	5.	Please note that these instructions may not be revoked or varied without the prior written consent of the Agent. 

  

	6.	This letter is governed by Irish law. 

  

	7.	Would you please confirm your agreement to the above in writing to the Agent with a copy to us. 

 Date: 

 

	
	Yours faithfully
	
	  

	For and on behalf of
	DONEGAL RECEIVABLES PURCHASING LIMITED

  
 4 

 SCHEDULE 2 

Notice of Assignment of Blocked Accounts 
  

			
	To:	  	[Each Blocked Account Bank]
		
	From:	  	Donegal Receivables Purchasing Limited
		
	cc:	  	Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (trading as Rabobank International), London Branch
		
	Dated:	  	[—]

 Dear Sirs, 
  

	1.	We hereby give you notice that by a Deed of Charge and Assignment dated September 28, 2004 (a copy of which is attached hereto) (the “Deed of Charge and Assignment”), we have assigned in favour of
Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (trading as Rabobank International), London Branch (the “Agent”) as agent, all our right, title, benefit and interest, present and future, in and to and under each Blocked
Account and all sums of money which may be or hereafter are from time to time standing to the credit of each Blocked Account together with, all interest accruing from time to time thereon, and the debts represented thereby, the benefit of all
covenants relating thereto and all powers and remedies for enforcing the same to the Agent absolutely for the Agent itself and on trust for the Secured Parties (as defined in the Deed of Charge and Assignment). 

 

	2.	Words and expressions defined in the Deed of Charge and Assignment shall have the same meaning when used in this Notice of Assignment. 

 

	3.	Please note that the Agent has been irrevocably appointed by us as our true and lawful attorney to do, inter alia, all acts and things which we could do and to act in relation to the administration or enforcement
or attempted enforcement of the Deed and you are required to follow all instructions that the Agent may give to you in accordance with the terms of the Deed. 

  

	4.	We hereby irrevocably authorise and instruct you: 

  

	 	a.	to disclose to the Agent without any reference to or further authority from us and without enquiry by you as to the justification for such disclosure, such information relating to each Blocked Account with you and the
sums therein as the Agent may at any time and from time to time, request; 

  

	 	b.	to hold all sums from time to time standing to the credit of each Blocked Account with you to the order of the Agent; 

  

	 	c.	to pay and release all or any part of the sums from time to time standing to the credit of each Blocked Account with you in accordance with the written instructions of the Agent at any time or times; and

	 	d.	to comply with the terms of the written notice or instructions in any way relating to, or purporting to relate to the Deed of Charge and Assignment, the sum standing to the credit of each Blocked Account with you from
time to time or the debts represented thereby which you receive at any time from the Agent without any reference to or further authority from us and without any enquiry by you as to the justification for or validity of such notice or instructions.

  

	5.	Please note that we are not permitted to withdraw any amount from each Blocked Account without the prior written consent of the Agent. 

 

	6.	Please also note that these instructions are not to be revoked or varied without the prior written consent of the Agent. 

  

	7.	This letter is governed by Irish law. 

  

	8.	Would you please confirm your agreement to the above in writing to the Agent with a copy to us. 

 Date: 

Yours faithfully 
  

	
	  

	For and on behalf of
	DONEGAL RECEIVABLES PURCHASING LIMITED

  
 2

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