Document:

Exhibit 10.2

 

EXECUTION
COPY

 

 

 

German
Receivables Sale Agreement

 

 

 

dated 27 January 2020

 

between

 

Arrow
Central Europe GmbH

as Seller and Original Servicer

 

and

 

Arrow
Emea Funding Corp B.V.

as Buyer

 

    	 	 	 

     

    

 

Contents

 

	Clause	Page
	 	 	 
	1.	Definitions	3
	2.	Sale and Purchase of Receivables	10
	3.	Consideration and Payment	16
	4.	Administration and Collection	17
	5.	Representations and Warranties	21
	6.	Covenants	26
	7.	Term and Termination	32
	8.	Indemnification	33
	9.	Costs, Expenses and Taxes	38
	10.	Remedies and Waivers	38
	11.	Further Assurances	38
	12.	Amendments and Waivers	38
	13.	Notices and Payments	38
	14.	Severability and Partial Invalidity	39
	15.	Successors and Assigns; Binding Effect	39
	16.	Disclosure	39
	17.	No Proceeding; Limited Recourse	40
	18.	Swiss tax law provisions	41
	19.	Conclusion	41
	20.	Entire Agreement	42
	21.	Governing Law	42
	22.	Enforcement/Jurisdiction	42

 

Schedules

 

	1.	Form of Obligor Trial Balance Report
	2.	Form of Notice of Assignment
	3.	VAT Certificate
	4.	Form of Offered Receivables List
	5.	Form of Swiss Declaration of Assignment

 

    	 	 	 

     

    

 

THIS GERMAN RECEIVABLES SALE AGREEMENT
(this "Agreement") is dated 27 January 2020 and made between:

 

		(1)	ARROW CENTRAL EUROPE GMBH,
a limited liability company incorporated under the laws of Germany as seller and servicer (the "Seller" and "Original
Servicer"); and

 

		(2)	ARROW EMEA FUNDING CORP B.V.,
a special purpose vehicle incorporated as a limited liability company under the laws of the Netherlands
whose registered number is 74299069 and whose registered office is at Prins Bernhardplein 200, 1097 JB Amsterdam, the Netherlands
as buyer (the "Buyer");

 

each a "Party"
and collectively, the "Parties".

 

BACKGROUND:

 

		(A)	Subject to the terms and conditions of this Agreement:

 

		(1)	the Seller intends to sell, assign, transfer or otherwise convey to the Buyer, all of its respective
rights, title and interest in and to Receivables together with their Related Security; and

 

		(2)	the Buyer desires to irrevocably acquire from the Seller from time to time, the Seller's rights,
title and interest in and to such Receivables together with their Related Security.

 

		(B)	The Seller and the Buyer intend to enter into, and consummate, true sales of the Receivables from
the Seller to the Buyer providing the Buyer with the full benefits of ownership of the Receivables and their Related Security and
to provide the Seller with a purchase price which remains with the Seller irrespective of the respective Obligor's unwillingness
or inability to pay the amounts due under the Receivables and their Related Security.

 

IT IS AGREED that:

 

		1.	Definitions

 

		1.1	Terms defined in Master Framework Agreement

 

In this Agreement, unless otherwise
defined herein or the context otherwise requires, capitalised terms have the meanings set forth in the Master Framework Agreement
dated on or about the date hereof and signed by, among others, the parties hereto (as amended from time to time) (the "Master
Framework Agreement").

 

    	 	- 3 -	 

     

    

 

		1.2	Terms defined herein

 

As used in this Agreement, unless
otherwise defined herein or the context otherwise requires, the following terms shall have the following meanings:

 

"Accepted Receivables"
means together the Accepted EUR Receivables, the Accepted GBP Receivables, the Accepted USD Receivables and the Accepted Other
Receivables.

 

"Accepted EUR Receivables"
means in respect of each Purchase Date,

 

		(a)	in the order of delivery of Offered Receivables Lists starting with the oldest Offered Receivables
List which contains EUR Receivables which have not yet been sold and purchased pursuant to Clause 2.1 (Sale and Purchase of
Receivables); and

 

		(b)	in ascending order of nominal amount of EUR Receivables in such Offered Receivables List

 

the EUR Receivables up to such
amount of EUR Receivables where (i) either the putative Aggregate EUR Purchase Price for such EUR Receivables equals the Available
EUR Collections Set-off Amount or (ii) where the putative Aggregate EUR Purchase Price for such EUR Receivables is (a) lower
than the Available EUR Collections Set-off Amount and (b) at the same time would be higher than the Available EUR Collections
Set-off Amount if one additional EUR Receivable was added to the pool of Accepted EUR Receivables; and provided always that if
a Set-off Stop Event exists, "Accepted EUR Receivables" means in respect of each Purchase Date, all EUR Receivables
which have not yet been sold and purchased pursuant to Clause 2.1 (Sale and Purchase of Receivables).

 

"Accepted GBP Receivables"
means in respect of each Purchase Date,

 

		(a)	in the order of delivery of Offered Receivables Lists starting with the oldest Offered Receivables
List which contains GBP Receivables which have not yet been sold and purchased pursuant to Clause 2.1 (Sale and Purchase of
Receivables); and

 

		(b)	in ascending order of nominal amount of GBP Receivables in such Offered Receivables List

 

the GBP Receivables up to such
amount of GBP Receivables where (i) either the putative Aggregate GBP Purchase Price for such GBP Receivables equals the Available
GBP Collections Set-off Amount or (ii) where the putative Aggregate GBP Purchase Price for such GBP Receivables is (a) lower
than the Available GBP Collections Set-off Amount and (b) at the same time would be higher than the Available GBP Collections
Set-off Amount if one additional GBP Receivable was added to the pool of Accepted GBP Receivables; and provided always that if
a Set-off Stop Event exists, "Accepted GBP Receivables" means in respect of each Purchase Date, all GBP Receivables
which have not yet been sold and purchased pursuant to Clause 2.1 (Sale and Purchase of Receivables).

 

"Accepted Other Receivables"
means in respect of each Purchase Date,

 

    	 	- 4 -	 

     

    

 

		(a)	in the order of delivery of Offered Receivables Lists starting with the oldest Offered Receivables
List which contains Other Receivables which have not yet been sold and purchased pursuant to Clause 2.1 (Sale and Purchase of
Receivables); and

 

		(b)	in ascending order of nominal amount of Other Receivables in such Offered Receivables List

 

the Other Receivables up to such
amount of Other Receivables where (i) either the putative Aggregate Other Purchase Price for such Other Receivables equals
the Available Other Collections Set-off Amount or (ii) where the putative Aggregate Other Purchase Price for such Other Receivables
is (a) lower than the Available Other Collections Set-off Amount and (b) at the same time would be higher than the Available
Other Collections Set-off Amount if one additional Other Receivable was added to the pool of Accepted Other Receivables; and provided
always that if a Set-off Stop Event exists, "Accepted Other Receivables" means in respect of each Purchase Date,
all Other Receivables which have not yet been sold and purchased pursuant to Clause 2.1 (Sale and Purchase of Receivables).

 

"Accepted USD Receivables"
means in respect of each Purchase Date,

 

		(a)	in the order of delivery of Offered Receivables Lists starting with the oldest Offered Receivables
List which contains USD Receivables which have not yet been sold and purchased pursuant to Clause 2.1 (Sale and Purchase of
Receivables); and

 

		(b)	in ascending order of nominal amount of USD Receivables in such Offered Receivables List

 

the USD Receivables up to such
amount of USD Receivables where (i) either the putative Aggregate USD Purchase Price for such USD Receivables equals the Available
USD Collections Set-off Amount or (ii) where the putative Aggregate USD Purchase Price for such USD Receivables is (a) lower
than the Available USD Collections Set-off Amount and (b) at the same time would be higher than the Available USD Collections
Set-off Amount if one additional USD Receivable was added to the pool of Accepted USD Receivables; and provided always that if
a Set-off Stop Event exists, "Accepted USD Receivables" means in respect of each Purchase Date, all USD Receivables
which have not yet been sold and purchased pursuant to Clause 2.1 (Sale and Purchase of Receivables).

 

"Aggregate EUR Purchase
Price" means in respect of Accepted EUR Receivables purchased by the Buyer from the Seller pursuant to Clause 2.1 (Sale
and Purchase of Receivables) of this Agreement on any Purchase Date, the aggregate amount of each Unpaid Balance of such Accepted
EUR Receivables minus the aggregate amount of Discount applicable to such Accepted EUR Receivables.

 

    	 	- 5 -	 

     

    

 

"Aggregate GBP
Purchase Price" means in respect of Accepted GBP Receivables purchased by the Buyer from the Seller pursuant to
Clause 2.1 (Sale and Purchase of Receivables) of this Agreement on any Purchase Date, the aggregate amount of each Unpaid
Balance of such Accepted GBP Receivables minus the aggregate amount of Discount applicable to such Accepted GBP
Receivables.

 

"Aggregate Other Purchase
Price" means in respect of Accepted Other Receivables purchased by the Buyer from the Seller pursuant to Clause 2.1 (Sale
and Purchase of Receivables) of this Agreement on any Purchase Date, the aggregate amount of each Unpaid Balance of such Accepted
Other Receivables minus the aggregate amount of Discount applicable to such Accepted Other Receivables.

 

"Aggregate USD Purchase
Price" means in respect of Accepted USD Receivables purchased by the Buyer from the Seller pursuant to Clause 2.1 (Sale
and Purchase of Receivables) of this Agreement on any Purchase Date, the aggregate amount of each Unpaid Balance of such Accepted
USD Receivables minus the aggregate amount of Discount applicable to such Accepted USD Receivables.

 

"Austrian Law Receivables"
means Receivables of the Seller set out in the section "Austrian Receivables" in the Offered Receivables List.

 

"Available Collections
Set-off Amount" means the Available USD Collections Set-off Amount, the Available EUR Collections Set-off Amount, the
Available GBP Collections Set-off Amount and the Available Other Collections Set-off Amount.

 

"Available EUR Collections
Set-off Amount" means for any Purchase Date during any Settlement Period:

 

		(a)	zero at the beginning of the Settlement Period;

 

		(b)	at any time after the beginning of the Settlement Period:

 

		(i)	the sum of all Collections received by the Seller or by another person on behalf of the Seller
(to the extent the Seller has a claim against such other person for surrender of such Collections), or deemed to be received by
the Seller in accordance with Clause 4.3 (Deemed Collections), on Accepted EUR Receivables purchased by the Buyer from the
Seller pursuant to Clause 2.1 (Sale and Purchase of Receivables) of this Agreement during such Settlement Period

 

less

 

		(ii)	the amount of any Purchase Price in EUR in respect of Accepted EUR Receivables purchased by the
Buyer from the Seller pursuant to Clause 2.1 (Sale and Purchase of Receivables) of this Agreement which has been discharged
by way of set-off pursuant to paragraph (c) of Clause 3.1 (Purchase Price) during such Settlement Period,

 

provided that if a Set-off Stop
Event exists, "Available EUR Collections Set-off Amount" means zero (0).

 

    	 	- 6 -	 

     

    

 

"Available GBP Collections
Set-off Amount" means for any Purchase Date during any Settlement Period:

 

		(a)	zero at the beginning of the Settlement Period;

 

		(b)	at any time after the beginning of the Settlement Period:

 

		(i)	the sum of all Collections received by the Seller or by another person on behalf of the Seller
(to the extent the Seller has a claim against such other person for surrender of such Collections), or deemed to be received by
the Seller in accordance with Clause 4.3 (Deemed Collections), on Accepted GBP Receivables purchased by the Buyer from the
Seller pursuant to Clause 2.1 (Sale and Purchase of Receivables) of this Agreement during such Settlement Period

 

less

 

		(ii)	the amount of any Purchase Price in GBP in respect of Accepted GBP Receivables purchased by the
Buyer from the Seller pursuant to Clause 2.1 (Sale and Purchase of Receivables) of this Agreement which has been discharged
by way of set-off pursuant to paragraph (c) of Clause 3.1 (Purchase Price) during such Settlement Period,

 

provided that if a Set-off Stop
Event exists, "Available GBP Collections Set-off Amount" means zero (0).

 

"Available Other Collections
Set-off Amount" means for any Purchase Date during any Settlement Period:

 

		(a)	zero at the beginning of the Settlement Period;

 

		(b)	at any time after the beginning of the Settlement Period:

 

		(i)	the sum of all Collections received by the Seller or by another person on behalf of the Seller
(to the extent the Seller has a claim against such other person for surrender of such Collections), or deemed to be received by
the Seller in accordance with Clause 4.3 (Deemed Collections), on Accepted Other Receivables theretofore purchased by the
Buyer from the Seller pursuant to Clause 2.1 (Sale and Purchase of Receivables) of this Agreement during such Settlement
Period

 

less

 

		(ii)	the amount of any Purchase Price in any currency other than EUR, GBP or USD in respect of Accepted
Other Receivables purchased by the Buyer from the Seller pursuant to Clause 2.1 (Sale and Purchase of Receivables) of this
Agreement which has been discharged by way of set-off pursuant to paragraph (c) of Clause 3.1 (Purchase Price) during
such Settlement Period,

 

provided that if a Set-off Stop
Event exists, "Available Other Collections Set-off Amount" means zero (0).

 

    	 	- 7 -	 

     

    

 

"Available USD Collections
Set-off Amount" means for any Purchase Date during any Settlement Period:

 

		(a)	zero at the beginning of the Settlement Period;

 

		(b)	at any time after the beginning of the Settlement Period:

 

		(i)	the sum of all Collections received by the Seller or by another person on behalf of the Seller
(to the extent the Seller has a claim against such other person for surrender of such Collections), or deemed to be received by
the Seller in accordance with Clause 4.3 (Deemed Collections), on Accepted USD Receivables theretofore purchased by the
Buyer from the Seller pursuant to Clause 2.1 (Sale and Purchase of Receivables) of this Agreement during such Settlement
Period

 

less

 

		(ii)	the amount of any Purchase Price in USD in respect of Accepted USD Receivables purchased by the
Buyer from the Seller pursuant to Clause 2.1 (Sale and Purchase of Receivables) of this Agreement which has been discharged
by way of set-off pursuant to paragraph (c) of Clause 3.1 (Purchase Price) during such Settlement Period,

 

provided that if a Set-off Stop
Event exists, "Available USD Collections Set-off Amount" means zero (0).

 

"Belgian Law Receivables"
means Receivables of the Seller set out in the section "Belgian Receivables" in the Offered Receivables List.

 

"Billing Invoices"
means any invoices issued by the Seller to any Obligor pursuant to a Contract or otherwise.

 

"Collection Account"
means any "Collection Account" as defined in the Master Framework Agreement held in the name of the Seller.

 

"Diluted Receivable"
means a Purchased Receivable which has become subject to a Dilution.

 

"Discount" means
30 basis points (0.30%).

 

    	 	- 8 -	 

     

    

 

"Dutch Law Receivables"
means Receivables of the Seller set out in the section "Dutch Receivables" in the Offered Receivables List.

 

"Effective Date"
means the date on which the Seller has provided the Buyer with the initial Obligor List pursuant to Clause 2.5 (Obligor List
and Offered Receivables List) or, if later, the date of this Agreement.

 

"EUR Receivables"
means the Offered Receivables set out in the section of the Offered Receivables List headed "EUR Receivables".

 

"German Law Receivables"
means Receivables of the Seller set out in the section "German Receivables" in the Offered Receivables List.

 

"German VAT Group Controlling
Entity" has the meaning specified in Clause 8.3(a) (Value Added Tax ("VAT")).

 

"GBP Receivables"
means the Offered Receivables set out in the section of the Offered Receivables List headed "GBP Receivables".

 

"Indemnified Amounts"
is defined in Clause 8.1(a) (Indemnities by the Seller).

 

"Indemnified Parties"
is defined in Clause 8.1(a) (Indemnities by the Seller).

 

"Obligor List"
means the list of names delivered pursuant to Clause 2.5 (Obligor List and Offered Receivables List) and any subsequent
list of names delivered pursuant to Clause 2.5 (Obligor List and Offered Receivables List).

 

"Obligor Trial Balance
Report" means a report setting out the details as described in Schedule 1 (Form of Obligor Trial Balance Report).

 

"Offered Receivables"
means the Receivables arising from Contracts with the Obligors the names of which are listed in the then-current Obligor List and
which are set out in an Offered Receivables List.

 

"Offered Receivables
List" means the list provided by the Seller substantially in the form set out in Schedule 4 hereto (Form of Offered
Receivables List), either in written form or in electronic form, to the Buyer.

 

"Other Receivables"
means the Offered Receivables set out in the section of the Offered Receivables List headed "Other Receivables".

 

"Outstanding Offered
Receivables" means the Offered Receivables listed on all Offered Receivables Lists delivered since the last Settlement
Date and which have not yet been sold and purchased pursuant to Clause 2.1 (Sale and Purchase of Receivables).

 

"Purchase Date"
means each Business Day on or following the Effective Date.

 

    	 	- 9 -	 

     

    

 

"Purchase Price"
has the meaning given to such term in paragraph (a) of Clause 3.1 (Purchase price).

 

"Purchased Receivable"
means an Offered Receivable which has been purchased by the Buyer from the Seller pursuant to Clause 2.1 (Sale and Purchase
of Receivables) of this Agreement.

 

"Receivables Representations"
means the representations and warranties set out in Clauses 5.2(a) (Good title), 5.2(c) (Identification of
Receivables) and 5.2(i) (No currency transfer limitation), in each case in respect of a Purchased Receivable.

 

"Servicer" means
the Original Servicer and any other Person that has been appointed as an Agent Servicer for the Purchased Receivables pursuant
to clause 2.1(a) (Appointment of Agent Servicers) of the Servicing Deed.

 

"Set-off Stop Event"
exists on any Purchase Date that occurs at any time (x) after the Termination Date, but prior to the Final Payout Date, (y) an
Event of Default, Potential Event of Default, Early Amortisation Event or Potential Early Amortisation Event has occurred and is
continuing or (z) on and after the Account Redirection Date.

 

"Swiss Declaration of
Assignment" is defined in Clause 2.2 (Assignment of Purchased Receivables).

 

"Swiss Receivables List"
means an unencrypted list, to be attached to each Swiss Declaration of Assignment, identifying each Swiss Receivable purchased
on the relevant Purchase Date(s), specifying the name, address and client number of the Obligor, the invoice date, the invoice
number, the maturity and the amount payable.

 

"USD Receivables"
means the Offered Receivables set out in the section of the Offered Receivables List headed "USD Receivables".

 

		1.3	Interpretation

 

The principles of interpretation
set out in clause 2.2 (Interpretation) of the Master Framework Agreement apply to this Agreement as if fully set out herein.

 

Furthermore,
the term "sale" of Receivables and their Related Security means "sale effected by means of assignment or transfer".

 

		2.	Sale and Purchase of Receivables

 

		2.1	Sale and Purchase of Receivables

 

		(a)	On each Purchase Date, the Seller shall submit to the Buyer an Offered Receivables List.

 

		(b)	On each Purchase Date which is not a Settlement Date, the Seller hereby agrees to sell, to the
Buyer and the Buyer hereby agrees to purchase, from the Seller all of the Seller's right, title and interest in and to all Accepted
Receivables for such Purchase Date and all Related Security relating to such Accepted Receivables.

 

    	 	- 10 -	 

     

    

 

		(c)	On each Purchase Date which is a Settlement Date, the Seller hereby agrees to sell, to the Buyer
and the Buyer hereby agrees to purchase, from the Seller all of the Seller's right, title and interest in and to all (i) Offered
Receivables for such Purchase Date and all Related Security relating to such Offered Receivables and (ii) Outstanding Offered
Receivables for such Purchase Date and all Related Security relating to such Outstanding Offered Receivables.

 

		2.2	Assignment of Purchased Receivables

 

		(a)	On each Purchase Date:

 

		(i)	the Seller hereby agrees to assign and hereby assigns in rem (tritt ab) to the Buyer
all of the Seller's right, title and interest in and to all German Law Receivables, and transfers all Related Security relating
to such German Law Receivables, which in each case constitute Accepted Receivables on such Purchase Date, and the Buyer accepts
(nimmt an) such assignment and transfer of the Seller's rights, title and interest in and to such German Law Receivables
constituting Accepted Receivables and such Related Security on such Purchase Date;

 

		(ii)	the Seller hereby agrees to assign and hereby assigns in rem (tritt ab) to the Buyer
all of the Seller's right, title and interest in and to all Austrian Law Receivables, and transfers all Related Security relating
to such Austrian Law Receivables, which in each case constitute Accepted Receivables on such Purchase Date, and the Buyer accepts
(nimmt an) such assignment and transfer of the Seller's rights, title and interest in and to such Austrian Law Receivables
constituting Accepted Receivables and such Related Security on such Purchase Date;

 

		(iii)	the Seller hereby agrees to assign and hereby assigns and transfers (Verfügungsgeschäft)
with immediate effect to the Buyer all Swiss Receivables, and transfers all Related Security relating to such Swiss Receivables,
which in each case constitute Accepted Receivables on such Purchase Date by way of assignment and transfer (Zession) pursuant
to article 164 et seq. of the Swiss Code of Obligations (CO) and the Buyer hereby accepts such assignment and transfer (Zession)
of the Seller's rights, title and interest in and to such Swiss Receivables constituting Accepted Receivables and such Related
Security on such Purchase Date; and

 

		(iv)	the Seller hereby agrees to assign and hereby assigns in rem (tritt ab) to the Buyer
all of the Seller's right, title and interest in and to all Accepted Receivables (other than German Law Receivables, Austrian Law
Receivables and Swiss Receivables) on such Purchase Date, and transfers all Related Security relating to such Accepted Receivables,
set out in such Offered Receivables List, and the Buyer accepts (nimmt an) such assignment and transfer, of the Seller's
rights, title and interest in and to such Offered Receivables and such Related Security on such Purchase Date.

 

    	 	- 11 -	 

     

    

 

		(b)	With respect to Swiss Receivables,

 

		(i)	the Seller shall deliver to the Buyer:

 

		(A)	(x) either on each Friday, or if such Friday is not a Purchase Date, on the next Purchase
Date and on each other Purchase Date when a Level II Rating Event exists, a PDF copy of the fully executed original of a declaration
of assignment substantially in the form as set out in Schedule 5 (Form of Swiss Declaration of Assignment) (the "Swiss
Declaration of Assignment") including the Swiss Receivables List containing all Swiss Receivables which constitute Accepted
Receivables for such Purchase Date and all prior Purchase Dates for which no Swiss Declaration of Assignment pursuant to this Clause
2.2(b) has been delivered and to promptly (but in any event not later than the immediately following Settlement Date prior
to a Level II Rating Event existing and on each Purchase Date when a Level II Rating Event exists) forward such original to the
Buyer; or

 

		(B)	on each Purchase Date a Swiss Declaration of Assignment, duly signed by the Seller by way of qualified
electronic signature associated with a qualified time stamp in the sense of article 14 para. 2bis of the Swiss Code of Obligations
(CO), including the Swiss Receivables List which constitute Accepted Receivables for such Purchase Date,

 

		(ii)	the Seller shall ensure that each Swiss Declaration of Assignment shall:

 

		(A)	be duly signed by the Seller, the Servicer or any other authorised signatories of the Seller; and

 

		(B)	include the Swiss Receivables List; and

 

		(iii)	each Swiss Declaration of Assignment shall constitute an irrevocable and unconditional transfer
and assignment of all Swiss Receivables as listed in the relevant Swiss Receivables List to the extent not previously assigned
and transferred.

 

		(c)	The Buyer hereby accepts the offers made in accordance with Clause 2.1 (Sale and Purchase of
Receivables) and expressly waives its right to receive the formal acceptance of any offer made pursuant to Section 151
of the German Civil Code (Bürgerliches Gesetzbuch).

 

    	 	- 12 -	 

     

    

 

		(d)	It is the intention of the Parties that each assignment of Purchased Receivables, and transfer
of Related Security relating to such Purchased Receivables under this Agreement shall constitute a true sale, which sale is absolute
and irrevocable and provides the Buyer with the full benefits of ownership of the Purchased Receivables and the Related Security
relating to such Purchased Receivables and the Seller with a purchase price which remains with the Seller irrespective of the respective
Obligor's unwillingness or inability to pay the amounts due under the Purchased Receivables.

 

		(e)	Notwithstanding the foregoing, the sale, assignment and transfer of each Austrian Law Receivable
shall constitute a true sale (Vollzession) pursuant to Sec. 1392 et seqq. of the Austrian Civil Code (Allgemeines
Bürgerliches Gesetzbuch – ABGB) and not a security assignment (Sicherungszession) and each such sale,
assignment and transfer of an Austrian Law Receivable shall constitute an in rem transfer (dingliche Übertragung)
of such Austrian Law Receivable (together with the Related Security).

 

		2.3	No recourse

 

Except as specifically provided
in this Agreement in Clause 4.3 (Deemed Collections), the purchase, sale and assignment of the Purchased Receivables and
their Related Security under this Agreement shall be without recourse to the Seller.

 

		2.4	No assumption of obligations

 

The Buyer shall not have
any obligation or liability with respect to any Receivable, Contract or other Related Security, whether to any Obligor or
other customer or client of the Seller or otherwise (including any obligation to perform any of the obligations of the Seller
under any Receivable, Contract or other Related Security).

 

		2.5	Obligor List and Offered Receivables List

 

		(a)	The Seller shall procure that each Offered Receivables List delivered pursuant to Clause 2.1(a) (Sale
and Purchase of Receivables) shall include all Receivables of the Seller (other than Excluded Receivables) not theretofore
sold to Buyer pursuant to this Agreement.

 

		(b)	The Seller shall procure that:

 

		(i)	each Offered Receivables List identifies, inter alia, in relation to each Receivable so
offered:

 

		(A)	the name, address and client number of the Obligor owing such Receivable;

 

		(B)	the respective invoice date and invoice number;

 

		(C)	the due date for such Receivable; and

 

    	 	- 13 -	 

     

    

 

		(D)	the Unpaid Balance of each such Receivable;

 

		(ii)	each Offered Receivable denominated in EUR is sorted into the section of the Offered Receivables
List headed "EUR Receivables", each Offered Receivable denominated in USD is sorted into the section of the Offered Receivables
List headed "USD Receivables" and each Offered Receivable denominated in GBP is sorted into the section of the Offered
Receivables List headed "GBP Receivables"; and

 

		(iii)	each Offered Receivable governed by German law is sorted into the section of the Offered Receivables
List headed "German Receivables", each Offered Receivable governed by Swiss law is sorted into the section of the Offered
Receivables List headed "Swiss Receivables", each Offered Receivable governed by Austrian law is sorted into the section
of the Offered Receivables List headed "Austrian Receivables", each Offered Receivable governed by Dutch law is sorted
into the section of the Offered Receivables List headed "Dutch Receivables" and each Offered Receivable governed by Belgian
law is sorted into the section of the Offered Receivables List headed "Belgian Receivables".

 

The Offered Receivables List
shall be used on the initial Purchase Date and each subsequent Purchase Date to determine in accordance with Clause
2.1(a) (Sale and Purchase of Receivables) which Receivables and their Related Security are sold and assigned and/or
transferred to the Buyer.

 

		(c)	On the Effective Date, the Seller shall provide the Buyer with an up to date Obligor List (with
a copy to the Administrative Agent). The Obligor List shall be used until the Seller provides the Buyer with an updated Obligor
List (with a copy to the Administrative Agent) pursuant to Clause 2.5(d). The Seller shall procure that each Obligor List sets
out the names of all Obligors with which the Seller has entered into Contracts in respect of which Receivables and their Related
Security arise.

 

		(d)	The Seller shall update the Obligor List from time to time to add all additional Obligors (other
than Obligors with which the Seller solely would have Excluded Receivables) prior to the Seller originating any Receivables with
such Obligors and may remove Obligors in respect of which it shall no longer originate any Receivables (other than Excluded Receivables);
provided that at any time any then-current Obligor List shall be deemed to remain unchanged until a new list is delivered by the
Seller to the Buyer (with a copy to the Administrative Agent). Any such updated Obligor List shall be used on each Purchase Date
thereafter until any further updated list of Obligors is received by the Buyer (with copy to the Administrative Agent).

 

		(e)	Each Obligor List shall at all times contain the names, addresses and client numbers of the then-current
Obligors and each update thereto shall be provided to the Buyer and the Administrative Agent by email in electronic form (including
excel or any other file type satisfactory to the Buyer and Administrative Agent) together with an Offered Receivables List.

 

    	 	- 14 -	 

     

    

 

		2.6	Transfer of Receivables and their Related Security which are Movable Assets

 

		(a)	To the extent that title to the Receivables and their Related Security cannot be transferred by
mere agreement but requires further acts, the Seller and the Buyer hereby agree that:

 

		(i)	any transfer of possession (Übergabe) necessary to transfer title to any Related Security
located in Germany, including in relation to any form of security title (Sicherungseigentum), shall be replaced:

 

		(A)	by the Seller agreeing to assign and hereby assigning to the Buyer all of the Seller's present
or future claims to request transfer of possession (Abtretung der Herausgabeansprüche) against any third party which
is in direct possession (unmittelbarer Besitz) or indirect possession (mittelbarer Besitz) of such assets pertaining
to such Receivables and their Related Security and the Buyer agreeing to accept and hereby accepting such assignment; and/or

 

		(B)	in the event that the Seller is in direct possession (unmittelbarer Besitz) of the relevant
asset over which the security has been created, by the Seller holding such assets on behalf of the Buyer and granting the Buyer
indirect possession (mittelbarer Besitz) of such assets by keeping them with gratuitous custody (als unentgeltlicher
Verwahrer) for the Buyer until revoked, which the Buyer hereby accepts;

 

		(ii)	in respect to Austrian Law Receivables and their Related Security any acts of publicity required
under Austrian law for the transfer of Related Security from the Seller to the Buyer shall be promptly performed by the Seller
upon becoming aware of them, and shall include at a minimum, (i) the notification of the relevant third party debtor in case
the Related Security attached to such Austrian Law Receivable qualifies as a pledge (Pfandrecht) or assignment by way of
security (Sicherungszession) and (ii) instruction to the relevant possessor to hold possession for the Buyer (Besitzanweisung)
in respect to any movable assets subject to a right of retention of title (Eigentumsvorbehalt);

 

		(iii)	in relation to Swiss Receivables and their Related Security, the Seller undertakes to promptly
perform any acts, upon becoming aware of them, which are required to legally perfect the in rem transfer of the relevant
Swiss Receivables and their Related Security, including in particular, the transfer of possession over the respective movable assets,
security papers (such as cheques) and/or qualified deeds to the Buyer; and

 

    	 	- 15 -	 

     

    

 

		(iv)	any other action to be performed or done or registration to be perfected required for the transfer
of title to any Receivables and their Related Security shall be promptly performed, done or perfected by the Seller, upon becoming
aware of them at its own costs. The Seller agrees that if it fails to perform such action or fails to perfect such registration,
the Buyer is hereby authorised to perform (or have someone to perform) such registration on behalf of the Seller whereby, in each
case, the Buyer shall be exempted from the restrictions pursuant to § 181 of the German Civil Code (Bürgerliches
Gesetzbuch).

 

		(b)	If payments on the Purchased Receivables and their Related Security are made by cheque (Scheck)
or bill of exchange (Wechsel), the ownership in such documents shall pass to the Buyer upon the Seller acquiring such ownership.
Physical delivery of cheques and bills of exchange to the Buyer is herewith replaced by an undertaking of the Seller to hold such
cheques and bills of exchange in gratuitous custody (unentgeltliche Verwahrung) for the Buyer or, if the Seller does not
obtain actual possession of such documents, the Seller agrees to assign and hereby assigns to the Buyer in advance all of its claims
for physical delivery thereof against third parties (Abtretung des Herausgabeanspruchs)
and the Buyer agrees to accept and hereby accepts such assignment.

 

		3.	Consideration and Payment

 

		3.1	Purchase price

 

		(a)	Subject to paragraph (c) below, the purchase price (the "Purchase Price")
for each Purchased Receivable and any Related Security on any day shall be an amount in the Currency in which the Purchased Receivable
is denominated equal to the Unpaid Balance of that Purchased Receivable, minus the Discount with respect to such Purchased Receivable.
The Buyer and the Seller hereby agree that the purchase price payable by the Buyer pursuant to, and in accordance with, this paragraph
(a) shall be inclusive of all VAT and comparable or similar Taxes and that (A) the Buyer shall have no responsibility
to pay any additional amount in respect of any such Taxes, and (B) in the event that any such Taxes are payable with respect
to the payment or receipt of any such purchase price, the Seller shall promptly pay such Taxes in full or, to the extent such Taxes
have already been paid by the Buyer, the Seller shall promptly reimburse the Buyer in the corresponding amount, whether out of
such Purchase Price received by it or otherwise. If the Seller has paid such Taxes or reimbursed the Buyer for such Taxes and the
Buyer is entitled to credit or repayment in respect of such Taxes from the relevant tax authority, the Buyer shall use reasonable
commercial endeavours to recover such credit or repayment and shall account for so much of such credit or repayment as the Buyer
reasonably and in good faith determines will leave it in no better nor worse a financial position than it would have been in if
such Taxes were not chargeable on the Purchase Price.

 

    	 	- 16 -	 

     

    

 

 

		(b)	The Seller and the Buyer acknowledge and agree that the full Purchase Price for the purchase hereunder
of any Purchased Receivable and its Related Security shall be due and payable on the same Purchase Date on which the Purchased
Receivable has been purchased pursuant to Clause 2.1 (Sale and Purchase of Receivables).

 

		(c)	The Purchase Prices due on any given Purchase Date shall be paid and settled in the following order
of priority:

 

		(i)	First, the Purchase Prices for all Purchased Receivables denominated in the same currency
shall be set-off to the extent there is Available Collections Set-off Amount available in such currency on such Purchase Date;

 

		(ii)	Second, the amount of the Purchase Prices which have not been set-off pursuant to paragraph
(i) above shall be paid in cash by the Buyer to the Seller on such Purchase Date to a bank account over which no security
has been granted for the benefit of the Secured Parties. Purchase Prices denominated in EUR, USD and GBP
shall be paid in such respective currency. Purchase Prices denominated in other currencies, shall either be paid in the currency
of denomination or, at the election of the Buyer, paid (from a source other than from Collections denominated in EUR, GBP or USD)
in another currency converted at the Applicable Exchange Rate for such currency on such date.

  

		(d)	The parties agree that the Purchase Price is payable in accordance with the provisions hereof irrespective
of the performance of the Purchased Receivables.

 

		(e)	Each of the Seller and the Servicer represent that they have access to all information necessary
to calculate the purchase price for each Purchased Receivable and its Related Security and will cooperate to provide all information
necessary forthwith to Buyer and all other relevant parties to ensure timely calculation and payment of the purchase price for
each Purchased Receivable and its Related Security. Each of the Seller and the Servicer shall provide detailed information regarding
the calculation of the purchase price for each Purchased Receivable and its Related Security to each of the Buyer, the Administrative
Agent and the Purchasers promptly following receipt of a reasonable request.

 

		4.	Administration and Collection

 

		4.1	Servicing of Purchased Receivables

 

		(a)	The enforcement, servicing, administration and collection of the Purchased Receivables and Related
Security shall be conducted by the Servicer, all on the terms set out in (and subject to any rights to terminate the initial Servicer
as servicer, any replacement Servicer or any sub-servicer pursuant to) the Servicing Deed.

 

    - 17 -

     

    

 

		(b)	In order to facilitate and/or expedite the servicing, administration and collection of the Purchased
Receivables, it may be necessary or otherwise reasonably desirable (in the opinion of the Buyer) for the Buyer and/or any Person
designated by the Buyer (including the Administrative Agent, the Security Trustee and the Servicer) to act under a power of attorney
from the Seller. Accordingly, the Seller hereby grants to the Buyer and each Person designated from time to time by the Buyer (including
the Administrative Agent and the Servicer) a power of attorney, to (i) sign any assignment declaration pursuant to Clause
2.2(b) (Assignment of Purchased Receivables) (ii) take any action described in Clauses 4.4(b) and 4.4(c) (Certain
actions and rights), and (iii) take any and all steps in its name and on behalf of it as are necessary or reasonably desirable
(in the opinion of the Buyer) to collect all amounts due under any and all Purchased Receivables or Related Security, including
endorsing the name of the Seller on cheques and other instruments representing Collections and enforcing such Purchased Receivables,
Related Security and any related Contracts. With regard to Swiss Receivables and any Related Security, the Buyer hereby appoints
the Seller and the Servicer to exercise all enforcement measures against Obligors (including, but not limited to sue Obligors)
as set forth in this Agreement as an attorney in fact. Nothing in this Clause 4.1(b) shall subject
such attorney to any liability if such attorney elects in its sole discretion not to take any such action or if any action taken
by it shall prove to be inadequate or invalid. To further such end and upon execution of this Agreement, the Seller shall on or
about the date of this Agreement execute and deliver to the Buyer and the other Persons identified therein a power of attorney
in form and substance satisfactory to the Administrative Agent.

 

		(c)	The Seller hereby agrees, for the benefit of the Buyer and its assigns, that it will cooperate
with and assist each Servicer (including any successor Servicer appointed pursuant to the Servicing Deed) in any manner such Servicer
reasonably determines will facilitate the performance of its duties under the Servicing Deed (and, in the case of a successor Servicer,
its transition). Such cooperation shall include (i) the endorsement of any cheque or other instrument representing Collections
or Purchased Receivables or Related Security, (ii) the execution of any power of attorney or other similar instrument necessary
or reasonably required by the Buyer in connection with the enforcement, servicing, administration and/or collection of the Purchased
Receivables and other Related Security, and (iii) access to, transfer of, and use by, the new Servicer of any records, licences,
hardware or software necessary or reasonably desirable (in the opinion of the Buyer) to collect the Purchased Receivables and otherwise
enforce, service, administer and/or collect the Purchased Receivables and Related Security.

 

		(d)	The Seller hereby irrevocably agrees to act as the data-processing agent of the Servicer and, in
such capacity, the Seller shall conduct the data processing functions of the enforcement, servicing, administration and/or collection
of the Purchased Receivables and the Collections thereon.

 

    - 18 -

     

    

 

		(e)	To the extent required under applicable law for the enforcement of the Receivables and Related
Security and any other claims and receivables to be collected and enforced by the Servicer in accordance with the Transaction Documents
before a court of law, the Buyer shall assign (or, as the case may be, re-assign) such claims and receivables to the Servicer for
enforcement, and the Servicer shall accept such assignment or re-assignment, as the case may be.

 

		4.2	Collections

 

The Seller shall surrender any
Collections (other than Deemed Collections) it has received to the Buyer.

 

		4.3	Deemed Collections

 

		(a)	If on any day after the relevant Purchase Date a Purchased Receivable (or any part thereof) becomes
a Diluted Receivable, the Seller shall be deemed to have received on such day a Collection of such Purchased Receivable in (i) if
such Purchased Receivable is cancelled, the full amount of the Unpaid Balance (as determined immediately prior to such Dilution)
of such Purchased Receivable or (ii) otherwise, in the full amount of such Dilution.

 

		(b)	If on any Purchase Date in relation to a Purchased Receivable the Unpaid Balance of such Purchased
Receivable on such Purchase Date is less than the Unpaid Balance on the basis of which the purchase price for such Purchased Receivable
has been determined pursuant to Clause 3.1(a) (Purchase price), then the Seller shall be deemed to have received, on
such Purchase Date, a Deemed Collection equal to such reduction.

 

		(c)	If on any day it is determined that any of the Receivables Representations was or becomes untrue
with respect to any Purchased Receivable, the Seller shall be deemed to have received on such day a Collection of such Purchased
Receivable in the full amount of the Unpaid Balance of such Purchased Receivable.

 

		(d)	Following full payment of any Deemed Collection in respect of a Purchased Receivable, and solely
to the extent that the Buyer subsequently receives Collections with respect to such Purchased Receivable, the Buyer shall, or shall
cause the Servicer to, remit to the Seller such Collections.

 

		(e)	Not later than the next Settlement Date after the Seller is notified in writing or otherwise becomes
aware that it has been deemed pursuant to this Clause 4.3 to have received a Deemed Collection, the Seller (i) shall pay to
the Servicer an amount (in the currency in which such Purchased Receivable is denominated) equal to such Deemed Collection and
(ii) such amount shall be applied by the Servicer as a Collection in accordance with clause 4.1 (Allocation and Distribution
of Available Funds) of the Servicing Deed (which payment shall be satisfied to the extent such amount is included in the Available
Collections Set-off Amount in the applicable currency).

 

    - 19 -

     

    

 

		4.4	Certain actions and rights

 

		(a)	Upon the occurrence of a purchase under this Agreement, the Seller shall mark the Purchased Receivables
in its accounting records in accordance with applicable accounting laws as having been sold under this Agreement. In addition,
the Seller agrees that from time to time, at its expense, it shall promptly execute and deliver all further instruments, notices
and other documents, and take all further action as may be necessary or the Buyer or its assignees may reasonably request in order
to perfect, protect or more fully evidence the purchases of the Purchased Receivables and Related Security hereunder, or to enable
the Buyer or its assigns to exercise or enforce any of their respective
rights arising under this Agreement or any other Transaction Document or existing at law. Without limiting the generality of the
foregoing, the Seller shall upon the request of the Buyer or its designee execute such further agreements, instruments and powers
of attorney, and to make such filings, deliver such notices and take such other actions, as may be necessary or appropriate to
give full effect to the transactions contemplated hereunder.

 

		(b)	Notwithstanding anything herein or in any other Transaction Document to the contrary, the Seller
hereby acknowledges and agrees that, at any time on and after the Account Redirection Date:

 

		(i)	the Buyer and/or its assigns and the Administrative Agent will have the right to instruct any Obligor
that the payment of all amounts payable in respect of the Receivables and their Related Security be made directly to an SPV Account;
and

 

		(ii)	at the Administrative Agent's request and at the Seller's expense, the Seller shall (A) instruct
any Obligor that the payment of all amounts payable in respect of the Receivables and their Related Security be made directly to
an SPV Account, and (B) otherwise segregate all cash, cheques and other instruments received by it from time to time constituting
Collections in respect of the Receivables and their Related Security in a manner reasonably acceptable to the Administrative Agent
and shall, promptly upon receipt, remit all such cash, cheques and instruments, duly endorsed or with duly executed instruments
of transfer, to an SPV Account.

 

		(c)	Notwithstanding anything herein or in any other Transaction Document to the contrary, the Seller
hereby acknowledges and agrees that, at any time on and after the Account Redirection Date:

 

		(i)	the Buyer or the Administrative Agent (and/or each of their assigns) will have the right to notify
any Obligor of the Buyer's, the Administrative Agent's or the Purchasers' (and/or each of their assigns') ownership of the Receivables
and their Related Security and the Secured Parties' interest therein by sending to any such Obligor a written notice in the form
set out in Schedule 2 (Form of Notice of Assignment);

 

    - 20 -

     

    

 

		(ii)	at the Administrative Agent's request and at the Seller's expense, the Seller shall (A) give
notice of the Buyer's ownership of the Receivables and their Related Security and the Secured Parties' interest therein to each
Obligor, and (B) execute any power of attorney or other similar instrument and/or take any other action necessary or reasonably
requested by the Buyer to give effect to such notice and directions, including any action required to be taken so that the obligations
or other indebtedness of such Obligor in respect of any Receivables and their Related Security may no longer be legally satisfied
by payment to the Seller or any Person designated by the Seller; and

 

		(iii)	at the Administrative Agent's request, the Seller shall at its own expense assemble all of the
Records and shall make the same available to the Administrative Agent at the addresses specified in schedule 1 (Address and
Payment Information) to the Master Framework Agreement or at any other place agreed to in writing by the Seller and the Administrative
Agent.

 

		(d)	In respect of the Swiss Receivables (including their Related Security), each of the Buyer, the
Administrative Agent or any of their assigns is entitled to notify any Obligor of the sale, transfer and assignment of the Swiss
Receivables (including their Related Security) without the participation of the Seller, the Servicer or any third party at any
time if, in the reasonable discretion of the Buyer, the Administrative Agent or any of their assigns such notification is necessary
or reasonably desirable in order to protect the sale, transfer and assignment of the Swiss Receivables and the Related Security
relating to such Swiss Receivables to pursue the rights conferred on the Buyer under this Agreement in relation to the Swiss Receivables
and the Related Security relating to such Swiss Receivables.

 

		5.	Representations and Warranties

 

		5.1	Seller's Representations and warranties

 

The Seller hereby represents
and warrants to the Buyer that on each respective Purchase Date and on each Investment Date and Settlement Date:

 

		(a)	Corporate existence; Compliance with Law. The Seller (i) is duly organised and validly
existing under the laws of the jurisdiction of its organisation, (ii) has all corporate power and all licenses, authorizations,
consents and approvals of all Official Bodies required to perform its obligations under the Transaction Documents and to carry
on its business in each jurisdiction in which its business is now and proposed to be conducted (except where such failure to have
any such licenses, authorizations, consents and approvals would not individually or in the aggregate have a Material Adverse Effect),
and (iii) is in compliance with all requirements of Law except to the extent that the failure to comply therewith could not,
in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

    - 21 -

     

    

 

		(b)	Corporate power; Authorization; Enforceable Obligations.

 

		(i)	The Seller has the corporate or other power and authority, and the legal right, to make,
                                                             deliver and perform the Transaction Documents to which it is a party and has taken all necessary corporate action to
                                                             authorize the execution, delivery and performance
of its obligations under the Transaction Documents to which it is a party.

 

		(ii)	No consent, authorization of, filing with, notice to or other act by or in respect of, any Official
Body or any other Person is required in connection with its execution, delivery, performance, validity or enforceability of the
Transaction Documents.

 

		(iii)	This Agreement has been duly executed and delivered on behalf of the Seller.

 

		(iv)	This Agreement constitutes, and each other Transaction Document to which the Seller is a party
when executed and delivered will constitute, a legal, valid and binding obligation of the Seller enforceable against the Seller
in accordance with its terms, except as enforceability may be limited by applicable Insolvency Laws.

 

		(c)	No Legal Bar. The execution, delivery and performance of the Transaction Documents to which
the Seller is a party will not violate (i) any Law except to the extent that the failure to comply therewith could not, in
the aggregate, be expected to have a Material Adverse Effect or a material adverse effect on the condition (financial or otherwise),
business or properties of the Parent and the Originators, taken as a whole, (ii) any agreement or instrument binding on or
affecting any of its assets, except for such violations which, individual or in the aggregate, could not reasonably be expected
to have a Material Adverse Effect, (iii) any writ, order, judgment, award, injunction, decree or other instrument binding
on or affecting it or any of its assets, or (iv) its Organic Documents.

 

		(d)	Preference; Voidability. The Buyer shall have given reasonably equivalent value to the Seller
in consideration for the transfer to the Buyer of the Receivables and Related Security by the Seller, and each such transfer shall
not have been made for or on account of an antecedent debt owed by the Seller to the Buyer and no such transfer is or may be voidable
under any Insolvency Law.

 

		(e)	Registered office and location of records. Its principal place of management, centre of
main interests, registered office and the offices where it keeps all its Records are located at the address(es) specified in schedule
4 (Location of certain offices) to the Receivables Transfer Agreement.

 

		(f)	Data protection. Either (i) no Data Protection Law is applicable to the Purchased Receivables
or (ii) it is in compliance in all material respects with any applicable Data Protection Law applicable to it or its business
or assets.

 

    - 22 -

     

    

 

		(g)	Centre of Main Interest. For the purpose of the EU Insolvency Regulation, its centre of
main interest (as that term is used in Article 3(1) of the EU Insolvency Regulation) is situated in the jurisdiction
of its registered office.

 

		(h)	Anti-Corruption Laws and Sanctions. The Seller has implemented and maintains in effect policies
and procedures designed to ensure compliance by the Seller and its subsidiaries, directors and officers, and, to the extent commercially
reasonable, affiliates, employees or agents, with Anti-Corruption Laws and applicable Sanctions. The Seller and its subsidiaries,
directors and officers and, to the best knowledge of the Seller, its affiliates, employees and agents, are in compliance with Anti-Corruption
Laws and applicable Sanctions in all material respects. None of (i) the Seller and its subsidiaries, directors or officers,
or, to the best knowledge of the Seller, its affiliates and employees, or (ii) to the knowledge of the Seller, any advisor
or agent of the Seller or any Affiliate thereof that will act in any capacity in connection with or benefit from the transactions
contemplated by the Transaction Documents,  is a Sanctioned Person. The transactions contemplated by the Transaction Documents
will not violate Anti-Corruption Laws or applicable Sanctions. With respect to the Seller and each Arrow Party incorporated in
Germany, the provisions set out in this Clause 5.1(h) shall only be applicable to the extent that in each case compliance
with such laws would not result in a violation of, or conflict with, section 7 of the German Foreign Trade Ordinance (Außenwirtschaftsverordnung),
Council Regulation (EC) 2271/96 or any similar applicable anti-boycott law or regulation.

 

		5.2	Seller's additional representations and warranties

 

The Seller hereby further represents
and warrants to the Buyer that on the respective Purchase Date:

 

		(a)	Good title. Immediately preceding each purchase hereunder, it is the owner of all of the
Receivables and their Related Security to be sold by it or is entitled to sell and dispose of them (including under extended retention
of title arrangements), free and clear of all Adverse Claims (other than any Adverse Claim created pursuant to the Transaction
Documents), including the interest of any creditor of or purchaser from the Seller. This Agreement constitutes a valid sale, transfer
and assignment of the Purchased Receivables and their Related Security to the Buyer and, upon each purchase, the Buyer shall acquire
a valid and enforceable ownership interest in each Purchased Receivable and their Related Security that exists on the date of such
purchase, free and clear of any Adverse Claim (other than any Adverse Claim created pursuant to the Transaction Documents).

 

		(b)	Accuracy of information. No document furnished or statement made in writing to the Administrative
Agent, the Security Trustee or any other Secured Party in connection with the negotiation, preparation or execution of this Agreement
or any of the other Transaction Documents contains any untrue statement of a material fact, or omits to state any such material
fact necessary in order to make the statements contained therein not misleading, in either case which has not been corrected, supplemented
or remedied by subsequent documents furnished or statements made in writing to
the Administrative Agent, the Security Trustee and the other Secured Parties.

 

    - 23 -

     

    

 

		(c)	Identification of Receivables. The Seller, or the Servicer on its behalf, has the ability
to unequivocally identify each Receivable sold and assigned hereunder.

 

		(d)	Tax status. It has (i) timely filed all material tax returns required to be filed,
and (ii) paid or made adequate provision for the payment of all taxes, assessments and other governmental charges due under
applicable law other than those, which individually or in the aggregate, would not result in liability in excess of €5,000,000.

 

		(e)	Action, suits. No litigation, investigation or proceeding of or before any arbitrator or
Official Body that if adversely determined could have a Material Adverse Effect is pending or, to its knowledge, threatened, by
or against the Seller or against any of its assets or with respect to any of the Transaction Documents or any of the transactions
contemplated thereby.

 

		(f)	Credit and Collection Policy. Since the Effective Date, there have been no material changes
in its Credit and Collection Policy other than changes not in violation of, and for which the Administrative Agent has received
notice or provided consent, as applicable, in accordance with this Agreement and the other Transaction Documents. It has at all
times complied with its Credit and Collection Policy in all material respects.

 

		(g)	Material Adverse Effect. Since the Effective Date, there has been no Material Adverse Effect
with respect to the Seller.

 

		(h)	Accounts. The names and addresses of all the Collection Account Banks, together with the
account numbers of the Collection Accounts at such Collection Account Banks, are as specified in schedule 3 (Accounts) to
the Receivables Transfer Agreement or at such other Collection Account Bank and/or with such other Collection Account as have been
notified to the Buyer and the Administrative Agent and for which an Account Agreement has been executed and delivered to the Security
Trustee in accordance herewith. Except as provided in Clause 6.2(h) (Accounts), all Collection Accounts are subject
to a valid and enforceable Account Agreement and the Security Trustee has a valid and perfected security interest or trust in each
Collection Account, free and clear of any Adverse Claim (other than any Adverse Claim created pursuant to the Transaction Documents).

 

		(i)	No currency transfer limitation. No payment by any Obligor on a Purchased Receivable or
the Seller under this Agreement nor remittance of any Collection is or will be affected by any currency exchange control regulations
of any Official Body.

 

    - 24 -

     

    

 

		(j)	Tax. Under the laws of its jurisdiction of incorporation, (a) it is not necessary that
any stamp, registration or similar tax be paid on or in relation to any Transaction Document, and (b) it is not required to
make any tax withholding or deduction from any payment it may make under any Transaction Document.

 

		(k)	Tax residence. It is resident for tax purposes solely in Germany and it does not carry on
a trade or business in the Netherlands through a branch or agency with which any payment under this Agreement or any other Transaction
Document is connected.

 

		(l)	Subordinated Loan. The Seller has no commercial or other interest in the Subordinated Loan.

 

		5.3	Buyer's representations and warranties

 

		(a)	The Buyer hereby represents and warrants to the Seller that on each respective Purchase Date:

 

		(i)	Corporate existence; Compliance with Law. The Buyer (i) is duly organised and validly
existing under the laws of the jurisdiction of its organisation, (ii) has the corporate power and authority, and the legal
right, to perform its obligations under the Transaction Documents and to carry on its business in each jurisdiction in which its
business is now and proposed to be conducted, (iii) is duly qualified as a foreign corporation or other entity and in good
standing under the laws of each jurisdiction where its ownership of property or the conduct of its business requires such qualification
except where the failure to be duly qualified or in good standing could not reasonably be expected to have a Material Adverse Effect,
and (iv) is in compliance with all requirements of Law except to the extent that the failure to comply therewith could not,
in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

		(ii)	Tax residence. The Buyer is managed and controlled in the Netherlands, is resident for tax
purposes solely in the Netherlands, and is not and will not be resident or liable to tax on its net income, gross receipts or turnover
elsewhere.

 

		(iii)	Corporate power; Authorization; Enforceable Obligations.

 

		(A)	The Buyer has the corporate or other power and authority, and the legal right, to make, deliver
and perform the Transaction Documents to which it is a party and has taken all necessary corporate action to authorize the execution,
delivery and performance of its obligations under the Transaction Documents to which it is a party.

 

		(B)	No consent, authorization of, filing with, notice to or other act by or in respect of, any Official
Body or any other Person is required in connection with the Buyer's execution, delivery, performance, validity or enforceability
of the Transaction Documents.

 

    - 25 -

     

    

 

		(C)	This Agreement has been, and each other Transaction Document to which it is a party will be, duly
executed and delivered on behalf of the Buyer.

 

		(D)	This Agreement constitutes, and each other Transaction Document to which the Buyer is a party when
executed and delivered will constitute, a legal, valid and binding obligation of the Buyer enforceable against the Buyer in accordance
with its terms, except as enforceability may be limited by applicable Insolvency Laws.

 

		(iv)	No Legal Bar. The execution, delivery and performance of the Transaction Documents to which
the Buyer is a party will not violate (i) any Law, (ii) any agreement or instrument binding on or affecting any of its
assets, except for such violations which, individual or in the aggregate, could not reasonably be expected to have a Material Adverse
Effect, (iii) any writ, order, judgment, award, injunction, decree or other instrument binding on or affecting it or any of
its assets, or (iv) its Organic Documents.

 

		(b)	Notwithstanding anything to the contrary in this Agreement, the failure of any representation or
warranty in this Clause 5.3 to be true and correct shall not prohibit or limit the sale and assignment of any Receivables and Related
Security hereunder.

 

		(c)	For the avoidance of doubt, Clause 16.2 (Confidentiality) shall apply to this Clause 5.3
as if set out in full herein.

 

		6.	Covenants

 

		6.1	Covenants

 

At all times from the Effective
Date to the Final Payout Date, unless the Administrative Agent consents in writing otherwise, the Seller shall:

 

		(a)	Compliance with Laws, etc. Comply with, and cause each of its Subsidiaries to comply
with, all Laws to which it or its assets may be subject, except to the extent that failure to comply therewith could not, in the
aggregate, reasonably be expected to have a Material Adverse Effect. The Seller will keep all personal data (as such term is defined
under applicable Data Protection Laws) it receives (if any) pursuant to this Agreement confidential from all Parties (save where
disclosure is required to be made to a Party under applicable Data Protection Laws) and shall ensure that all personal data is
at all times processed in accordance with applicable Data Protection Laws and in a manner
so as not to put the Buyer in breach of any applicable Data Protection Laws. The Seller shall ensure that it has all the necessary
rights, permissions, registrations and consents to disclose any personal data it discloses pursuant to this Agreement, so that
the recipients may lawfully use, process and transfer such personal data in accordance with this Agreement and Data Protection
Laws.

 

    - 26 -

     

    

 

		(b)	Reporting requirements. Promptly provide (i) in respect of the Seller (A) to the
Buyer and the Administrative Agent within ten (10) Business Days after the date of any material change in or amendment to
its Credit and Collection Policy is made, a copy of such Credit and Collection Policy then in effect indicating such change or
amendment; and, within ninety (90) days after the close of each of its fiscal years a complete copy of its Credit and Collection
Policy then in effect, (B) to the Buyer and the Administrative Agent, within five (5) days after the date of any change
in its public or private debt ratings, if any, a written certification of such public and private debt ratings after giving effect
to any such change, (C) to the Servicer, Parent and the Buyer any periodic financial statements, reports, records, documents
or other information with respect to itself required to be delivered by the Servicer, the Parent or the Buyer pursuant to any Transaction
Document, (D) to the Administrative Agent, on each Reporting Date, an Obligor Trial Balance Report, and (ii) any other
reports, notices, information or other document as reasonably requested by the other party or the Administrative Agent. All such
statements, information and reports shall be true, complete and accurate in all material respects.

 

		(c)	Change of business. The Seller shall procure that no substantial change is made to the general
nature of the business of the Seller from that carried on at the Effective Date.

 

		(d)	Centre of Main Interest. For the purpose of the EU Insolvency Regulation, it shall have
and maintain its centre of main interest (as that term is used in Article 3(1) of the Insolvency Regulation) situated
in the jurisdiction of its registered office.

 

		6.2	Affirmative covenants of the Seller

 

At all times from the Effective
Date to the Final Payout Date, unless the Administrative Agent consents in writing otherwise:

 

		(a)	Inspection of records. The Seller shall furnish to the Buyer and Administrative Agent from
time to time such information with respect to the Purchased Receivables and their Related Security as the Buyer or the Administrative
Agent may reasonably request. The Seller shall, at any time and from time to time during regular business hours, upon reasonable
notice under the circumstances, permit the Buyer, the Administrative Agent and any Purchaser Agents that want to participate, or
their respective agents or representatives, to (i) examine and make copies of and take abstracts from all books,
records and other documents (including computer tapes and disks) relating to the Purchased Receivables and their Related Security,
including any related Contracts in its possession, and (ii) to visit the offices of the Seller, for the purpose of examining
such materials.

 

    - 27 -

     

    

 

		(b)	Performance discussions. The Seller shall, upon ten (10) Business Days' prior written
notice from the Buyer, the Administrative Agent and any Purchaser Agents that want to participate, permit such Persons at any time
during regular business hours to visit the offices of the Seller to discuss any information or records delivered pursuant to paragraph
(a) (Inspection of records) above and other matters relating to the Receivables originated by the Seller and their
Related Security or the Seller's performance hereunder, under the Contracts and under the other Transaction Documents with any
of the officers, directors, relevant employees or auditors of the Seller having knowledge of such matters.

 

		(c)	Keeping of records and books of account. The Seller shall maintain and implement administrative
and operating procedures (including an ability to recreate records evidencing Receivables originated by the Seller and their Related
Security and any related Contract in the event of the destruction of the originals thereof), and keep and maintain, all books,
computer tapes, disks, records, information and other documents reasonably necessary or advisable for the collection of all Receivables
and their Related Security originated by it (including records adequate to permit the daily identification of each new Receivable
originated by the Seller and all Collections of and adjustments to each existing Receivable originated by the Seller). The Seller
shall give the Buyer and the Administrative Agent prompt notice of any material change in its administrative and operating procedures
referred to in the previous sentence.

 

		(d)	Performance and compliance with Receivables and Credit and Collection Policy. The Seller
shall (i) at its own expense, fully and in a timely manner, perform and comply with all provisions, covenants and other obligations,
if any, required to be observed by it under any Contract related to the Receivables originated by it; and (ii) fully and in
a timely manner, comply with its Credit and Collection Policy in all material respects.

 

		(e)	Notice of the Buyer's interest. In the event the Seller shall sell or otherwise transfer
any interest in (i) accounts receivable or (ii) any financial asset related to any Receivable originated by the Seller
or its Related Security or any Contract (other than as contemplated by the Transaction Documents), any computer tapes or files
or other documents or instruments provided by it in connection with any such sale or transfer shall disclose the assignment or
transfer of such Receivable and its Related Security hereunder, the Buyer's or the Purchasers' (or their assigns') ownership of
such Receivables and their Related Security.

 

		(f)	Collections. (i) Prior to the Account Redirection Date, the Seller shall instruct all
relevant Obligors to cause all Collections to be deposited directly to a Collection Account or an SPV Account; and (ii) on
and after the Account Redirection Date, the Seller shall instruct, in a manner satisfactory to the Administrative Agent, all relevant
Obligors to cause all Collections to be deposited directly to an SPV Account.

 

    - 28 -

     

    

 

		(g)	Collections received. The Seller shall hold all Collections (including, in the case of paragraph
(ii) below, all Collections received or deposited into any Collection Account) received by it from time to time on trust for
the benefit of the Buyer and (i) at any time prior to the Account Redirection Date, deposit such Collections immediately to
a Collection Account or an SPV Account (unless those Collections have already been paid into a Collection Account or an SPV Account),
and (ii) at any time on and after the Account Redirection Date, deposit such Collections immediately to an SPV Account (unless
those Collections have already been paid into an SPV Account).

 

		(h)	Accounts. The Seller shall procure that (i) on or prior to the ninetieth (90th) day
after the Closing Date each Collection Account that is not subject to an Account Agreement shall be subject to an Account Agreement
in form and substance satisfactory to the Administrative Agent and the Security Trustee each in its sole discretion and (ii) except
as provided for in clause (i) above, each Collection Account shall at all times be subject to an Account Agreement and that
only Collections are received into any of the Collection Accounts.

 

		(i)	Sale treatment. Subject to applicable GAAP, the Seller shall not account for, or otherwise
treat, the transactions contemplated hereby in any manner other than as a sale of the Purchased Receivables and their Related Security
by it to the Buyer. In addition, the Seller shall disclose (in a footnote or otherwise) in all of its financial statements (including
any such financial statements consolidated with any other Persons' financial statements) the existence and nature of the transaction
contemplated hereby.

 

		(j)	Ownership interest, etc. The Seller shall, at its expense, take (or cause to be taken)
all action necessary or reasonably desirable (in the opinion of the Buyer) to (a) establish and transfer and maintain (i) valid
and enforceable ownership in each Purchased Receivable and its Related Security in favour of the Buyer as sold, assigned and transferred
under this Agreement, in each case free and clear of any Adverse Claim (other than any Adverse Claim created pursuant to the Transaction
Documents), including promptly executing and delivering all documents and taking any other such actions which are required or reasonably
requested by the Buyer, to perfect, protect or more fully evidence the interests of the Buyer, and (b) perfect and protect
the assignment of the Purchased Receivables and the transfer of the Related Security sold, assigned
and transferred pursuant to this Agreement or to enable the Buyer to exercise or enforce any of its rights under this Agreement.

 

		(k)	Notification. The Seller shall as soon as possible but in any event within two (2) Business
Days notify the Administrative Agent and the Buyer if the Seller becomes aware of any Event of Default, Potential Event of Default,
Early Amortisation Event, Potential Early Amortisation Event, any breach of the representations and warranties under Clause 5 (Representations
and warranties) of this Agreement, any breach of any undertaking given by the Seller in any Transaction Document, or if any
legal proceedings are instituted against it by any of its creditors that could reasonably be likely to result in a Material Adverse
Effect.

 

    - 29 -

     

    

 

		(l)	Join in legal proceedings. If the Buyer, the Security Trustee or the Administrative Agent
so requires, the Seller shall participate in or join in and lend its name to, and take such other steps as may be required by the
Buyer, the Security Trustee or the Administrative Agent (as the case may be) in relation to any legal proceedings in relation to
the Purchased Receivables and their Related Security or the Transaction Documents brought by the Buyer, the Security Trustee or
the Administrative Agent.

 

		(m)	Filings. The Seller shall effect all required filings in respect of the Seller and file,
record or enroll each Transaction Document required to be filed, recorded or enrolled with any court or other authority in the
Netherlands and ensure that such required filings and such other filings, recordings or enrolments are at all times maintained
in accordance with any applicable requirement of Law.

 

		(n)	Securitisation Regulation. Upon request by a Purchaser or the Subordinated Lender, the Seller
shall promptly provide each Purchaser or the Subordinated Lender, as applicabale, with such information relating to the Purchased
Receivables and the transactions under the Transaction Documents as any Purchaser or the Subordinated Lender may from time to time
reasonably request in order to enable such Purchaser (in its capacity as Purchaser or as a sponsor) or the Subordinated Lender,
as applicable, to comply with any and all applicable requirements of Article 5 and/or Article 7 of the Securitisation
Regulation and any other due diligence provision or transparency provision of the Securitisation Regulation Requirements. The Seller
shall make available all the information that an originator is required to make available in accordance with article 7 of the Securitisation
Regulation.

 

		(o)	Eligible Account Banks. If any Account Bank ceases to be an Eligible Account Bank, the Seller
shall, within ninety (90) days after such Account Bank ceases to be an Eligible Account Bank, move the applicable Account to a
replacement Account Bank that is an Eligible Account Bank.

 

		(p)	Anti-Corruption Laws and Sanctions. The Seller shall maintain in effect and enforce policies
and procedures designed to ensure compliance by the Seller and its subsidiaries, directors, officers, and, to the extent commercially
reasonable, affiliates, employees or agents, with Anti-Corruption Laws and applicable Sanctions.

 

    - 30 -

     

    

 

		6.3	Negative covenants of Seller

 

At all times from the date of
this Agreement to the Final Payout Date, unless the Administrative Agent shall consent otherwise:

 

		(a)	No adverse claims, etc. Except as otherwise provided herein or in any other Transaction
Document, the Seller shall not sell, assign (by operation of law or otherwise), lease, charge or otherwise dispose of, or create
or suffer to exist any Adverse Claim (other than any Adverse Claim created pursuant to the Transaction Documents or arising under
extended retention of title arrangements) upon, or with respect to, any of the Purchased Receivables or their Related Security.

 

		(b)	No extension or amendment of Receivables. The Seller shall not, without the prior written
consent of the Administrative Agent (acting on the instructions of the Majority Purchasers), (i) (x) extend or (y) materially
amend or otherwise modify, in each case, the terms of any Purchased Receivable, or (ii) amend, modify or waive any term or
condition of any Contract related thereto, unless (A) such extension, amendment, modification or waiver is in accordance with
the Credit and Collection Policy, (B) such Purchased Receivable is a Defaulted Receivable or a Delinquent Receivable, and
(C) such extension, amendment, modification or waiver will maximize Collections with respect to such Purchased Receivable;
provided that such extension, amendment, modification or waiver would not, individually or in the aggregate, have a Material Adverse
Effect.

 

		(c)	No change in Credit and Collection Policy. The Seller shall not make any change to the Credit
and Collection Policy, which change would, in either case, impair the collectability of any Purchased Receivables or otherwise
have a Material Adverse Effect.

 

		(d)	No mergers, etc. The Seller shall not consolidate or merge with or into, or sell, lease
or otherwise dispose of all or substantially all of its assets to any other Person, unless (i) no Event of Default, Potential
Event of Default, Early Amortisation Event, Potential Early Amortisation Event or Material Adverse Effect would occur or be reasonably
likely to occur as a result of such transaction, (ii) unless the Seller is the surviving entity, such Person executes and
delivers to the Buyer and the Administrative Agent (on behalf of the Purchasers) an agreement by which such Person assumes the
obligations of the Seller under the Transaction Documents, or confirms in writing that such obligations remain enforceable against
such Person (in each case, in form and substance
satisfactory to the Buyer and the Administrative Agent), together with such other documents and certificates, amendments to the
Transaction Documents and opinions of counsel as the Buyer or the Administrative Agent may reasonably request, and (iii) after
giving effect to such transaction the Coverage Test would be satisfied.

 

		(e)	Change in payment instructions to Obligors. The Seller shall not add or terminate any bank
as an Account Bank or any account as an Account to or from those listed in schedule 3 (Accounts) to the Receivables Transfer
Agreement or make any change, except to the extent permitted or required by the Transaction Documents, in its instructions to Obligors
regarding payments for a Purchased Receivable to be made to any Account, unless (i) such instructions are to deposit such
payments to another existing Account, (ii) (A) the Buyer and the Administrative Agent has received written notice of
such addition, termination or change at least thirty (30) days prior thereto, (B) the Buyer and the Administrative Agent (acting
on the instructions of the Majority Purchasers) have consented to each new Account Bank, and (C) the Security Trustee has
received an Account Agreement executed by each new Account Bank or an existing Account Bank with respect to each new Account, as
applicable, or (iii) on and after the Account Redirection Date, such instructions are to deposit payments to an SPV Account
(it being agreed that, at any time on and after the Account Redirection Date, the Seller and the Buyer or its assigns shall jointly
instruct all Obligors to make all payments in respect of the Purchased Receivables and their Related Security (other than any Receivable
originated prior to such date) to an SPV Account).

 

    - 31 -

     

    

 

 

		(f)	Deposits to Accounts. The Seller shall not deposit or otherwise credit, or cause or permit
to be so deposited or credited, to any Account cash or cash proceeds other than Collections.

 

		(g)	Negotiable instruments. The Seller shall not take any action to cause any Receivable not
evidenced by a negotiable instrument upon origination to become evidenced by a negotiable instrument, except in connection with
the enforcement or collection of a Defaulted Receivable or a Delinquent Receivable.

 

		(h)	No impairment of security. The Seller shall not take any action or permit any action to
occur or suffer any circumstance to exist which would result in any security interest granted, or charge or security agreement
or document entered into or registered or filed, in connection with this Agreement or any other Transaction Document becoming impaired
or unenforceable in any respect.

 

		(i)	Business Activities in the United States. The Seller shall not be located in, or own any
property or any bank account in the United States.

 

		7.	Term and Termination

 

		7.1	Stop-Purchase Date

 

The Seller may, with the prior
written consent of the Buyer, upon thirty (30) days' prior written notice to the Buyer and the Administrative Agent (a "German
Originator Stop-Purchase Notice") terminate its obligation to sell Receivables and their Related Security to the Buyer
pursuant to this Agreement, in which case the "German Originator Stop-Purchase Date" shall occur with respect
to the Seller on the date specified by the Seller in the German Originator Stop-Purchase Notice (subject to compliance with the
requisite notice period and any required consent); provided that no such consent of the Buyer shall be required if (a)(i) the
Seller’s Originator Stop Purchase Percentage is less than 5.0% on the German Originator Stop-Purchase Date and (ii) the
aggregate Originator Stop Purchase Percentage for all Originators who have (A) terminated their obligation to sell Receivables
on a “Originator Stop Purchase Date” in the immediately preceding twelve-month period or (B) are currently terminating
their obligation to sell Receivables on the German Originator Stop-Purchase Date is less than 5.0% on the German Originator Stop-Purchase
Date, or (b)(i) the aggregate Originator Stop Purchase Percentage for all Originators who have (A) terminated their obligation
to sell Receivables on a “Originator Stop Purchase Date” in the immediately preceding twelve-month period or (B) are
currently terminating their obligation to sell Receivables on the German Originator Stop-Purchase Date is greater than or equal
to 5.0% but less than or equal to 10.0% on the German Originator Stop-Purchase Date and (ii) on or prior to the German Originator
Stop-Purchase Date the Seller shall have provided to the Administrative Agent and each Purchaser Agent a Monthly Servicer Report
which excludes the aggregate Unpaid Balance of the Receivables originated by the Seller and transferred to the Buyer hereunder
in the immediately preceding twenty-four month period (as determined as of the most recent Settlement Date) evidencing that no
violation of Clause 6.1(f) of the Receivables Transfer Agreement would have occurred in the absence of such Receivables. For
the avoidance of doubt, no termination by the Seller pursuant to this Clause 7.1 or otherwise shall be deemed to waive or otherwise
relieve the Seller or any other Arrow Party from its obligations under the Transaction Document if such termination causes an Event
of Default, Potential Event of Default, Early Amortization Event or Potential Early Amortization Event.

 

    	 	- 32 -	 

     

    

 

		7.2	Term of Agreement

 

This Agreement shall commence
as of the Effective Date and shall continue to be in full force and effect until the Final Payout Date; provided, that the
rights and remedies of the Buyer with respect to any representation and warranty made or deemed to be made by the Seller pursuant
to this Agreement, (ii) the indemnification and payment provisions of Clause 8 (Indemnification), and (iii) the
agreements set forth in Clauses 2.3 (No recourse), 2.4 (No assumption of obligations), 16.1 (Consent to disclosure)
and 17 (No proceeding; limited recourse) shall survive any termination of this Agreement.

 

		7.3	Effect of Final Payout Date and Stop-Purchase Date

 

Following the occurrence of the
Final Payout Date or the German Originator Stop-Purchase Date, as applicable, the Seller's obligation to sell, and the Buyer's
obligation to purchase, any Receivables or Related Security shall end.

 

		8.	Indemnification

 

		8.1	Indemnities by the Seller

 

		(a)	Without limiting any other rights which the Indemnified Parties may have under any Transaction
Document or under applicable Law, the Seller shall indemnify and hold harmless the Buyer and its successors, transferees and assigns
and all officers, directors, employees, counsel and other agents of any of the foregoing (collectively, the "Indemnified
Parties") from and against any and all damages, losses, claims, liabilities, out-of-pocket costs and expenses, including
interest, penalties, amounts paid in settlement and reasonable attorneys' fees and disbursements (all of the foregoing being collectively
referred to as "Indemnified Amounts") awarded against or incurred by any of them (including in connection with
or relating to any investigation by an Official Body, litigation or lawsuit (actual or threatened) or order, consent decree, judgment,
claim or other action of whatever sort (including the preparation of any defence with respect thereto)) in any action or proceeding
between the Seller or any Subsidiary thereof and any of the Indemnified Parties or between any of the Indemnified Parties and any
third party or otherwise arising out of or as a result of this Agreement, the other Transaction Documents, or any of the transactions
contemplated hereby or thereby, excluding, however, Indemnified Amounts to the extent (i) resulting from gross negligence
or wilful misconduct on the part of such Indemnified Party, as finally determined by a court of competent jurisdiction, (ii) the
same has been fully and finally paid to such Indemnified Party pursuant to any other provision of this Agreement or any other Transaction
Document, (iii) relating to Receivables that are uncollectable due to an Obligor's insolvency or an Obligor's unwillingness
or inability to pay any amount due and payable by it due to its creditworthiness or (iv) relating to Excluded Taxes.

 

    	 	- 33 -	 

     

    

 

		(b)	Notwithstanding any other provision of this Clause 8.1, except as otherwise specifically provided
in this Agreement, no Indemnified Party shall have any recourse to the Seller for any cost, loss or liability incurred by it as
a result of any Purchased Receivable or Related Security being uncollectable due to an Obligor's insolvency or an Obligor's unwillingness
or inability to pay any amount due and payable by it due to its creditworthiness.

 

		8.2	Taxes

 

		(a)	All payments and distributions made or deemed made by the Seller to the Buyer or any other Person
to whom a payment is owing by the Seller pursuant to the Transaction Documents (each a "recipient")
(all of the foregoing "covered payments"), whether pursuant hereto or to any other Transaction Document, shall
be made free and clear of and without deduction for any Taxes, except as required by Law. In the event that any withholding or
deduction from any covered payment is required in respect of any Taxes, then the Seller shall:

 

		(i)	pay (or procure the payment of) directly to the relevant authority the full amount required to
be so withheld or deducted;

 

		(ii)	promptly forward to the recipient an official receipt or other documentation satisfactory to such
recipient evidencing such payment to such authority; and

 

		(iii)	other than any Excluded Taxes, pay (or procure the payment of) to the recipient, out of funds other
than Collections, such additional amount or amounts as is necessary to ensure that the net amount actually received by the recipient
will equal the full amount such recipient would have received had no such withholding or deduction been required.

 

		(b)	Each party to this Agreement shall, to the extent that it is legally entitled to do so, cooperate
with each other party to complete any reasonable procedural formalities necessary for either party to obtain authorisation to make
a payment without a Tax deduction; provided, however, that the recipient shall not be required to prepare or furnish any documentation
or information that it determines in its reasonable judgment could subject the recipient to any material unreimbursed cost or expense
or could prejudice the legal or commercial position of the recipient.

 

    	 	- 34 -	 

     

    

 

		(c)	Moreover, if any Taxes other than Excluded Taxes are directly asserted against the recipient with
respect to any payment or income earned or received by the recipient from a Seller or in respect of a Receivable hereunder or under
any other Transaction Document, the Seller will promptly pay such additional amounts (including any penalties, interest or expenses
to the extent not attributable to the recipient's wilful misconduct) as shall be necessary in order that the net amounts received
and retained by the recipient after the payment of such Taxes (including any Taxes on such additional amount) shall equal the amount
the recipient would have received had such Taxes not been asserted, it being understood that the Seller shall not be obliged to
pay such additional amounts (including any penalties, interest or expenses) if and to the extent they are already compensated for
under Clause 8.2(a)(iii) or would have been compensated for under Clause 8.2(a)(iii) but were not so compensated solely
because one of the exclusions of the respective provision under this Agreement applied. The recipient shall use its reasonable
endeavours to effect all required elections and filings, or otherwise take reasonable steps, in each case as reasonably required
by the Seller, to mitigate any such additional amount, other than where, in the reasonable
judgment of the recipient, to do so might be prejudicial to it.

 

		(d)	If the Seller fails to pay (or procure the payment of) any Taxes when due to the appropriate taxing
authority or fails to remit to the recipient the required receipts or other required documentary evidence, the Seller shall indemnify
the recipient for any incremental Taxes, interest, or penalties that may become payable by any recipient as a result of any such
failure

 

		(e)	If an additional payment is made under Clauses 8.2(a), (c) or (d) (Taxes) for
the account of any recipient and such recipient, in its sole discretion (exercising good faith), determines that it has finally
and irrevocably received or been granted a credit against or release or remission for, or repayment of, any Tax paid or payable
by it giving rise to such payment or in respect of or calculated with reference to the deduction or withholding giving rise to
such payment, such recipient shall, to the extent that it determines that it can do so without prejudice to the retention of the
amount of such credit, relief, remission or repayment, pay to the Seller such amount as the recipient shall, in its sole discretion
(exercising good faith), have determined to be attributable to such deduction or withholding or additional payment and which will
leave such recipient (after such payment) in the same after-Tax position that it would have been in if the Seller had not been
required to make (or procure the making of) the additional payment. Nothing herein contained shall interfere with the right of
a recipient to arrange its tax affairs in whatever manner it thinks fit nor oblige any recipient to claim any tax credit or to
disclose any information relating to its tax affairs or any computations in respect thereof or require any recipient to do anything,
in each case, that would prejudice its ability to benefit from any other credits, reliefs, remissions or repayments to which it
may be entitled.

 

    	 	- 35 -	 

     

    

 

		(f)	Notwithstanding anything to the contrary in this Agreement, the Seller shall not have any obligation
to indemnify any recipient for Excluded Taxes or to otherwise satisfy the obligation of any recipient to pay such Excluded Taxes.
In addition, the Seller shall have no obligation to indemnify or to otherwise compensate or satisfy the obligation of any recipient
for any withholding Taxes that arise as a result of such recipient's failure to deliver to the Seller, at the time or times reasonably
requested by the Seller, such properly completed and executed documentation reasonably requested by the Seller (including in respect
of FATCA) as will permit any payment to be made without withholding or at a reduced rate of withholding; provided, however, that
a recipient shall not be required to complete, execute or deliver any documentation if, in such recipient's reasonable judgment,
such completion, execution or delivery would subject such recipient to any material unreimbursed cost or expense or would materially
prejudice the legal or commercial position of such recipient. Without prejudice to the generality of the foregoing, the Seller
shall have no obligation to indemnify or to otherwise compensate or satisfy the obligation of any recipient for a UK Tax Deduction
(as defined for the purposes of the
Receivables Transfer Agreement) on payments of Yield except to the extent that the Buyer has a corresponding obligation to do so
under the Receivables Transfer Agreement and has failed to discharge that obligation.

 

		8.3	Value Added Tax

 

		(a)	The Seller or, in case that the Seller is part of a tax group for German VAT purposes (Umsatzsteuerorganschaft),
the controlling company within such VAT group (Organträger) (the "German VAT Group Controlling Entity")
will make and file with the competent tax authorities, all German VAT advance tax returns (Umsatzsteuervoranmeldungen) to
be made or filed by it, will fulfil all other German VAT related duties and obligations which it has vis-à-vis the German
tax authorities pursuant to applicable German law (including applicable statements by the German tax authorities) related thereto
and will pay any VAT balance (Umsatzsteuerzahllast) owing and payable when due to the competent German tax authorities in
accordance with applicable German law (including applicable statements by the German tax authorities) or in accordance with "best
practice" as being accepted by the competent German tax authority. If the relevant German VAT Group Controlling Entity is
not a party to this Agreement, the Seller will procure that the German VAT Group Controlling Entity performs its above obligations.

 

		(b)	The Seller will indemnify the Buyer with respect to any VAT owing and payable by the Buyer vis-à-vis
the German tax authorities (including, without limitation, secondary liabilities (Haftungsschulden)) which arises as a result
of the transfer of Receivables and their Related Security contemplated in this Agreement.

 

    	 	- 36 -	 

     

    

 

		(c)	On the fifteenth (15th) Business Day of each month at the latest the Seller shall provide
or procure for the Buyer to be provided with a VAT statement, substantially in the form of Schedule 3 (VAT Certificate)
to this Agreement.

 

		(d)	Upon reasonable request of the Buyer, the Seller and, in case that the Seller is part of a tax
group for German VAT purposes (Umsatzsteuerorganschaft), the German VAT Group Controlling Entity shall inform the Buyer
or procure that the Buyer is informed of possible VAT claims against it or VAT notices by the German tax authorities received by
it without undue delay.

 

		(e)	Upon reasonable request (in case of doubt as to whether the Seller has paid VAT in accordance
                                                               with its legal obligations) of the Buyer, the Seller and, in case that the Seller is part of a tax group for German VAT
                                                               purposes (Umsatzsteuerorganschaft), the German VAT Group Controlling Entity shall in consultation with its tax
                                                               department procure that their accountants or, alternatively, a reputable accounting or tax firm confirms to the Buyer that
                                                               (i) the Seller or, in case that the Seller is a part of a tax group for German
VAT purposes (Umsatzsteuerorganschaft), the German VAT Group Controlling Entity, has made and filed with the competent tax
authorities all German VAT advance tax returns (Umsatzsteuervoranmeldungen), when due and in the required form and (ii) either
no payments in relation to VAT had to be made or, the respective VAT has been paid or if not yet paid, the due date and the amount
of such payments.

 

		(f)	Upon reasonable request (but only in the case that an accountant confirmation was not issued in
accordance with paragraph (e) above, or, if so issued, was not appropriate to satisfy the Buyer's information request) the
Seller and, in case that the Seller is part of a tax group for German VAT purposes (Umsatzsteuerorganschaft), the German
VAT Group Controlling Entity, shall provide or procure for the Buyer to be provided with the relevant parts of all German VAT advance
tax returns (Umsatzsteuervoranmeldungen) to be made or filed by it and evidence in relation to settlement of VAT resulting
from such German VAT advance tax return in respect of the Receivables generated in the calendar month ending one (1) month
prior to the month preceding such VAT payment date.

 

		(g)	Upon the Seller becoming aware that a Receivable sold by it becomes (partly or totally) uncollectable
within the meaning of Section 17 para. 2 no. 1 sent. 1 German VAT Act (Umsatzsteuergesetz), the Seller or,
in case that Seller is part of a tax group for German VAT purposes (Umsatzsteuerorganschaft), the German VAT Group Controlling
Entity, shall make the corresponding corrections pursuant to section 17 para. 1 German VAT Act (Umsatzsteuergesetz) in the
respective pre-assessment period (Voranmeldungszeitraum).

 

    	 	- 37 -	 

     

    

 

		9.	Costs, Expenses and Taxes

 

The Seller agrees to pay on demand:

 

		(a)	all costs and expenses incurred by the Buyer and its assigns in connection with the enforcement
of, or any actual or claimed breach of, this Agreement, including the reasonable fees and expenses of counsel to any such Persons
incurred in connection with any of the foregoing or in advising such Persons as to their respective rights and remedies under this
Agreement in connection with any of the foregoing; and

 

		(b)	all stamp and other similar Taxes (other than Excluded Taxes) and fees (including interest, late
payment fees and penalties) paid, payable or determined to be payable in connection with the execution, delivery, performance (including
the sale of Receivables hereunder), filing and recording of this Agreement, any other Transaction Document to which the Seller
is a party or any other instrument, document or agreement filed or delivered in connection therewith.

 

		10.	Remedies and Waivers

 

No failure or delay on the part
of any party to this Agreement in exercising any power, right or remedy under this Agreement shall operate as a waiver, nor shall
any single or partial exercise of any such right or remedy prevent any further or other exercise or the exercise of any other right
or remedy. The rights and remedies provided in this Agreement are cumulative and not exclusive of any rights or remedies provided
by law.

 

		11.	Further Assurances

 

The Buyer and the Seller agree
to do and perform, from time to time, any and all acts and to execute any and all further instruments required or reasonably requested
by the other or the Administrative Agent to more fully effect the purposes of this Agreement.

 

		12.	Amendments and Waivers

 

Any provision of this Agreement
may be supplemented, waived, modified or otherwise amended if, but only if, such amendment or waiver is in writing and is signed
by the Buyer and the Seller and is made with the prior written consent of the Administrative Agent.

 

		13.	Notices and Payments

 

Each communication, payment or
notice to be made or given under or in connection with this Agreement shall be made or given in the manner described in clause 4
(Notices and payments) of the Master Framework Agreement.

 

    	 	- 38 -	 

     

    

 

		14.	Severability and Partial Invalidity

 

		14.1	Partial invalidity

 

If, at any time, any provision
of this Agreement is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the
legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of that provision
under the law of any other jurisdiction will in any way be affected or impaired.

 

		14.2	Severability

 

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.

 

		15.	Successors and Assigns; Binding Effect

 

This Agreement shall constitute
a contract for the benefit of third parties (echter Vertrag zugunsten Dritter) to the extent representations are given to,
or rights are granted to the Administrative Agent and the Security Trustee, in the sense of section 328 of the German Civil Code
(Bürgerliches Gesetzbuch) for the benefit of the Administrative Agent and the Security Trustee. The Seller may not
assign its rights or obligations hereunder without the prior written consent of the Buyer and the Administrative Agent. The Seller
acknowledges the Buyer's rights under this Agreement may be assigned to the Administrative Agent or the Security Trustee and the
other Secured Parties and consents to such assignments and to the exercise of those rights directly by the Administrative Agent,
the Security Trustee or the other Secured Parties under the Security Documents and consents to such assignments and to the exercise
of those rights directly by the Administrative Agent or any other Secured Party, to the extent permitted by the Security Documents.

 

		16.	Disclosure

 

		16.1	Consent to disclosure

 

The Seller hereby consents to
the disclosure, subject to applicable Law (including Data Protection Laws) of any non-public information (other than any Customer
Information) with respect to it received by the Administrative Agent, the Buyer, the Security Trustee or any other Secured Party
to any potential Purchaser, the Administrative Agent, the Security Trustee, any other Secured Party, any nationally recognised
statistical rating organisation rating the Commercial Paper, any dealer or placement agent of or depositary for the Commercial
Paper, the trustee or collateral agent for any Purchaser, any Program Support Provider or any of such Person's counsel or accountants
in relation to this Agreement or any other Transaction Document; provided that, notwithstanding anything in this Agreement or any
other Transaction Document to the contrary, subject to the requirements of applicable Law (including Data Protection Laws), the
Seller hereby consents to the disclosure of any Customer Information in connection with the enforcement of any Receivable or its
Related Security or the exercise of any right of any Person under the Transaction Documents during the existence of an Event of
Default or Early Amortisation Event or following the Account Redirection Date.

 

    	 	- 39 -	 

     

    

  

		16.2	Confidentiality

 

No party to this Agreement
shall disclose the contents of this Agreement or any other Transaction Document or any other proprietary or confidential
information of or with respect to the Administrative Agent, the Security Trustee, the Buyer, any other Secured Party, the
trustee or collateral agent for any Purchaser or any Program Support Provider to any other Person except (a) its
auditors and attorneys, employees or financial advisors (other than any commercial bank) and any nationally recognised
statistical rating organisation, provided that such auditors, attorneys, employees, financial advisors or rating agencies are
informed of the highly confidential nature of such information, or (b) as otherwise required by applicable Law or an
order of a court of competent jurisdiction.

 

		17.	No Proceeding; Limited Recourse

 

		17.1	No proceeding

 

The Seller hereby covenants and
agrees that, prior to the date which is two (2) years and one (1) day after the Final Payout Date, it will not institute
against, or join any other person in instituting against, the Buyer any proceeding of the type referred to in the definition of
Event of Insolvency.

 

		17.2	Limited recourse

 

Notwithstanding anything to the
contrary contained in this Agreement or in any other Transaction Document, the obligations of the Buyer under this Agreement and
each of the other Transaction Documents to which it is a party are solely the corporate obligations of the Buyer and shall be payable
solely to the extent of funds available to the Buyer to satisfy such obligation in accordance with the Priority of Payments and
to the extent that such funds are insufficient, any undischarged claims shall be extinguished.

 

		17.3	Survival

 

The provisions of this Clause
17 will survive the termination of this Agreement and the termination of each Transaction Document.

 

    	 	- 40 -	 

     

    

 

		18.	Swiss tax law provisions

 

		(a)	Non-Bank Rules

 

		(i)	The Swiss Seller represents and warrants that the aggregate number of persons and legal entities
which are not Swiss Qualifying Banks to which it owes interest-bearing money under all interest bearing instruments including,
inter alia, this Agreement, taken together does not exceed 20 (twenty) at any time.

 

		(ii)	The Swiss Seller shall ensure that it is and that it will be in compliance with the Swiss Non-Bank
Rules at any time.

 

		(b)	The Swiss Seller and the Buyer acknowledge that the number of persons that are not Swiss Qualifying
Banks to which the Seller owes obligations under this Agreement (whether to the Buyer directly or to any Committed Purchaser or
any Conduit Purchaser indirectly under
the Receivable Transfer Agreement) may not at any time or under any circumstances exceed 10 (ten).

 

		(c)	Solely for the purposes of this Clause 18, any Discount under this Agreement shall be treated as
interest.

 

		19.	Conclusion

 

		(a)	This Agreement may be concluded by an exchange of telefaxes and/or pdf-copies by email.

 

		(b)	In relation to the necessary receipt of the signed copy of this Agreement (Zugang des Vertrags)
by each Party, it shall be sufficient that each Party transmits its signed signature pages plus a copy of this Agreement to
Mayer Brown LLP, Frankfurt office, +49 (0)69 79 41 100, email: alange@mayerbrown.com and kschuermann@mayerbrown.com (for the purposes
of this Clause 19 the "Recipient"). This Agreement shall be deemed concluded (i) with the receipt of the
last signature page (plus a copy of this Agreement) by the Recipient, or in the event of an escrow arrangement, with the later
of the receipt of the last signature page (plus a copy of this Agreement) by the Recipient and the release of the last signature
page (and copy of this Agreement) from escrow, and (ii) upon receipt of a fully executed copy of this Agreement by the
Parties (whether by telefax, pdf-copies by email or otherwise).

 

		(c)	For the purposes of clause (b) above, each Party authorizes the Recipient to receive on its
behalf the signature pages from all other Parties. For the avoidance of doubt, the Recipient shall have no further duties
in connection with its function as Recipient (in particular, but not limited to, the Recipient is under no obligation to check
the genuineness of the signatures or the authorization of the signatories).

 

		(d)	For purposes of proof and confirmation only, each Party may request that one or several copies
of this Agreement shall be originally signed by the Parties.

 

    	 	- 41 -	 

     

    

 

		20.	Entire Agreement

 

Subject to any terms implied
by law, this Agreement represents the entire agreement between the parties in relation to the subject matter of this Agreement
and supersedes any previous agreement (whether written or oral) between all the parties in relation to that subject matter. Accordingly,
all other terms, conditions, representations, warranties and other statements which would otherwise be implied (by law or otherwise)
shall not form part of this Agreement.

 

		21.	Governing Law

 

This Agreement (including Clause
22 (Enforcement-jurisdiction)) and any non-contractual obligations arising out of or in connection with it shall be governed
by and shall be construed in accordance with German law other than:

 

		(a)	Clauses 2.2(a)(ii), 2.2(e) (Assignment of Purchased Receivables) and 2.6(a)(ii) (Transfer
of Receivables and their Related Security which are Movable Assets), which shall be governed by and shall be construed in accordance
with Austrian law excluding its conflict of laws rules; and

 

		(b)	the assignment and transfer (Zession) of Swiss Receivables and Swiss Related Security (including
the in rem transfer of Swiss Related Security, as applicable), Clauses 2.2(a)(iii), 2.2(b) and 2.6(a)(iii) and Schedule
5 (Form of Swiss Declaration of Assignment), shall be governed by, and construed in accordance with the substantive
laws of Switzerland.

 

		22.	Enforcement/Jurisdiction

 

The Seller hereby submits to
the non-exclusive jurisdiction of the courts of Frankfurt am Main, Germany, for purposes of all legal proceeding arising out of
or relating to this Agreement (including Clause 21 (Governing law) and this Clause 22). Nothing in this Clause 22 shall
affect the right of the Buyer, the Administrative Agent or the other Secured Parties to bring any action or proceeding against
the Seller or any of its property in the courts of any other jurisdiction.

 

This Agreement has been entered into
on the date stated at the beginning of this Agreement.

 

    	 	- 42 -	 

     

    

 

Schedule
1

Form of Obligor Trial Balance Report

 

		1.	Legal name of Obligor: [●]

 

		2.	Obligor’s address: [●]

 

		3.	Obligor contact details, if reasonably available (email, phone number, contact person name): [●]

 

		4.	Obligor VAT number: [●]

 

    	 	- 43 -	 

     

    

 

Schedule
2

Form of Notice of Assignment

 

[On Arrow Central Europe GmbH's letterhead]

 

By Registered Mail

 

[Date]

 

To:      [Obligor]

 

cc.      [●]

 

Dear Sirs

 

Re: Arrow Central Europe GmbH

 

We are writing in connection with the arrangements
we currently have with you in relation to the purchase and sale of goods and services to you, pursuant to [the agreement(s) described
below between [Obligor Parent] and Arrow Central Europe GmbH (the "Contract(s)"): [List of Contract(s)]
/ the purchase orders from you (if any) and billing invoices from us from time to time for the purchase and sale of goods
and services and any future purchase orders and billing invoices or other agreements providing for the purchase and sale of goods
and services between you and us (the "Billing Invoices")].

 

We are writing to notify you of the transfer
and assignment of all our right, title and interest in existing and future amounts due to us and all related rights arising, from
and including the date of this letter, under the [Contract(s)/ Billing Invoices] (the "Receivables") to Arrow
EMEA Funding Corp B.V. (a special purpose vehicle incorporated as a limited liability company under the laws of the Netherlands
whose registered number is 74299069 and whose registered office is at Prins Bernhardplein 200, 1097 JB Amsterdam, the Netherlands),
pursuant to a German Receivables Sale Agreement dated 27 January 2020 entered into between Arrow EMEA Funding Corp B.V. as
buyer and us as seller. For the avoidance of doubt, a list of existing Receivables that are subject to the said transfer and assignment
at the date of this letter is attached to this letter. Please note that Arrow EMEA Funding Corp B.V. is entitled to further assign
the above mentioned receivables.

 

We will continue to administer and collect
the Receivables as agent for Arrow EMEA Funding Corp B.V., and you will continue to deal with us in regard to the matters relating
to the Receivables until further notice from Arrow EMEA Funding Corp B.V.

 

This notice and its terms set out in this
letter cannot be revoked or varied in any way without the consent in writing of Arrow EMEA Funding Corp B.V.

 

 

    	 	- 44 -	 

     

    

 

NONE OF OUR DUTIES OR OBLIGATIONS TOWARDS YOU WILL CHANGE
BY VIRTUE OF THE PROPOSED TRANSFER AND ASSIGNMENT.

 

This letter is governed by German law.

 

Yours faithfully

 

Arrow Central Europe GmbH

 

    	 	- 45 -	 

     

    

 

Schedule
3

VAT Certificate

 

Arrow Central Europe GmbH

 

Arrow Central Europe GmbH hereby confirms
that with regard to the period from [•] to [•] under any German VAT (Umsatzsteuer) advance tax returns (Umsatzsteuervoranmeldung)
either:

 

		1.	no VAT was payable by it to the German tax authorities, on the grounds of the input VAT claim exceeding
the output VAT obligation (Vorsteuerüberschuss) with respect to itself or the German VAT Group Controlling Entity (Organträger);
or

 

		2.	in relation to the VAT pre-assessment period (Voranmeldungszeitraum) of [insert the respective
calendar month], it/the German VAT Group Controlling Entity has (on behalf of itself/as German VAT Group Controlling Entity (Organträger))
(as the case may be) fully paid the respective VAT prepayment (Vorauszahlung) to the German tax authorities and the VAT
embedded in the Receivables generated in this pre-assessment period, if any, (Voranmeldungszeitraum) was included in the
VAT prepayment (Vorauszahlung) by the Seller or the German VAT Group Controlling Entity, as the case may be.

 

[insert date]

 

By:

 

for and on behalf of Arrow Central Europe
GmbH

 

    	 	- 46 -	 

     

    

 

Schedule
4

FORM OF OFFERED RECEIVABLES LIST

 

[Attached.]

 

    	 	- 47 -	 

     

    

 

Schedule
5

FORM OF SWISS DECLARATION OF ASSIGNMENT

 

From: Arrow Central Europe GmbH (as "Seller")

 

To: Arrow EMEA Funding Corp B.V. (as "Buyer")

 

[Date]

 

Dear Sirs,

 

Reference is made to the German receivables
sale agreement dated on or about 27 January 2020 and entered into between Seller and Buyer (the "German Receivables
Sale Agreement") and to the master framework agreement dated on or about 27 January 2020 and entered into between,
inter alios, Seller and Buyer (the "MFA").

 

This is a Swiss Declaration of Assignment.

 

In accordance with the German Receivables
Sale Agreement, we hereby agree to assign and hereby assign and transfer (Verfügungsgeschäft) with immediate effect
to you as Buyer all our present and future rights, title, interest, benefit in the Swiss Receivables as set out in the attached
Swiss Receivables List by way of assignment and transfer (Zession) pursuant to art. 164 et seq. of the Swiss Code of Obligations
(CO).

 

The Seller hereby expressly and unconditionally
confirms to the Buyer all representations and warranties made under the German Receivables Sale Agreement. In addition to the representations
and warranties set out in the German Receivables Sale Agreement in favour of the Buyer, the Seller hereby additionally represents
and warrants that each Swiss Receivable which is identified in the Swiss Receivables List is an Eligible Receivable.

 

This Swiss Declaration of Assignment and
the assignment and transfer (Zession) of the Swiss Receivables pursuant to art. 164 et seq. CO thereunder shall in all respects
be governed by and construed in accordance with the substantive laws of Switzerland.

 

Yours faithfully

 

Arrow Central Europe GmbH as Seller

 

	 	 	 
	 	 	 
	Name:	 	Name:
	Function:	 	Function:

 

Attachment: Swiss Receivables List

 

    	 	- 48 -	 

     

    

 

Signatures

 

	Arrow
    Central Europe GmbH	 	 
	as Seller and Original
    Servicer	 	 
	 	 	 
	/s/  Lily Hughes	 	/s/
                                         Christopher Stansbury
	 	 	 
	Name: 	Lily Hughes	 	Name:	Christopher Stansbury
	 	 	 
	Title: 	Managing Director	 	Title:	Managing Director
	 	 	 
	 	 	 
	Arrow
    EMEA Funding Corp. B.V.	 	 
	as Buyer	 	 
	 	 	 
	 /s/
    P.C. van der Linden	 	 
	 	 	 
	Name:	P.C. van der Linden	 	Name:
	 	 	 
	Title:	 Proxyholder	 	Title:

 

[Signature
Page to German Receivables Sale Agreement]Exhibit 10.9

 

TOTAL GROW HOLDINGS, LLC

 

MEMBERSHIP
INTEREST Redemption Agreement

 

This Membership Interest
Redemption Agreement (this “Agreement”) dated as of January 24, 2020, is by and between Total Grow Holdings,
LLC, a Delaware limited liability company doing business as Total Grow Control, LLC (“TGH”), and urban-gro, Inc., a
Colorado corporation (“UG”). Each of TGH and UG may be referred to individually in this Agreement as a “Party”
and collectively as the “Parties.” The existing members of TGH other than UG are joining in this Agreement for the
sole purpose of agreeing to the proposed transfer and assignment of the Interest (defined below), the redemption of the Interest
as contemplated herein, and to join in the covenants set forth in Sections 8.2, 9.16 and 9.17 hereof.

 

Recitals

 

WHEREAS, pursuant to
that certain Membership Interest Purchase Agreement among TGH, UG and certain other parties thereto (collectively, the “Purchase
Agreement”), UG acquired and currently owns 24.4% of the outstanding membership interests in TGH (the “Interest”);

 

WHEREAS the Parties
are parties to that certain Amended and Restated Operating Agreement of TGH dated as of February 16, 2018 (the “Operating
Agreement”);

 

WHEREAS, the Parties
are also parties to a Voting Agreement and Indemnification Agreement each dated February 16, 2018 (the “Related Agreements”);

 

WHEREAS, TGH and UG
have reached an understanding with respect to the redemption by TGH of the Interest, and pursuant to which UG will assign, transfer,
convey and deliver to TGH, and TGH will redeem and accept from UG, all of UG’s right, title and interest in and to the Interest,
and TGH and UG desire to terminate all of UG’s obligations, rights and responsibilities arising out of, or in connection
with, the Purchase Agreement, the Operating Agreement and certain obligations under the Related Agreements, for the consideration
and upon the terms and conditions set forth in this Agreement; and

 

WHEREAS, pursuant to
that Written Consent of the Members and Managers of TGH dated as of January 23, 2020, the other members and managers of TGH have
consented to the transactions contemplated by this Agreement (“Prior Consent”).

 

AGREEMENT

 

NOW, THEREFORE, in
consideration of the premises, and the mutual covenants, agreements, representations and warranties of the Parties, the Parties,
intending to be legally bound, do hereby covenant, agree, represent and warrant as follows:

 

Section 1.               
Purchase and Redemption of UG’s Interest.

 

 

    	 	1	 

     

    

 

1.1             
Redemption of Interest. At the Closing (defined below), UG shall sell, transfer and assign to TGH, and TGH shall
purchase and redeem from UG, the Interest for:

 

(a)              
Cancellation and forgiveness of the amount due to TGH from UG in the amount of Thirty-three thousand nine hundred twenty
seven and 34/100 Dollars ($33,927.34) as evidenced by the account statement attached hereto as Exhibit A and incorporated
herein by reference such that the running account between the Parties shall be deemed paid in full;

 

(b)              
An unsecured, non-interest bearing promissory note in the amount of TWO HUNDRED THOUSAND and 00/100s Dollars ($200,000.00)
(“Short-Term Note”) executed by TGH in favor of UG and due and payable not later than the three month anniversary
of the Closing in the form attached hereto as Exhibit B and incorporated herein by reference; and

 

(c)              
An unsecured promissory note in the amount of ONE HUNDRED TEN THOUSAND and 00/100s Dollars ($110,000.00) (“Long-Term
Note”) executed by TGH in favor of UG, bearing interest at the rate of 4% per year, with interest payable annually on
the anniversary of the Closing and due and payable in full on the earlier of (i) the five year anniversary of the Closing, and
(ii) a “Change in Control,” as defined below, in the form attached hereto as Exhibit C and incorporated herein
by reference.

 

1.2             
Change in Control. For the purpose of Section 1.1(c), a “Change in Control” shall be defined as the occurrence
of one or more of the following events: (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by
any person, entity or “group” (within the meaning of the Securities Exchange Act of 1934, as amended, and the rules
of the SEC thereunder as in effect on the date hereof) of 50% or more of the outstanding membership interests of TGH, whether by
purchase or other acquisition from TGH or from the then-existing members of TGH, by merger or otherwise (b) a change in the managers
of TGH such that the managers at the date of Closing do constitute a majority of the managers following such change, (c) the sale
of all or substantially all of the assets of TGH, or (d) TGH ceasing its business operations.

 

1.3             
Purchase and Sale of TGH Systems. As additional consideration for the transfer and assignment of the Interest, TGH
shall purchase two demo TGH “Systems” currently held by UG (“Systems”) for a purchase price of SIXTY
THOUSAND and 00/100 Dollars ($60,000.00); the purchase and sale of the Systems shall be accomplished by the purchase order previously
issued by TGH to UG and by an invoice issued or to be issued by UG to TGH, which invoice shall be paid by TGH in full within 30
days of receipt. TGH hereby acknowledges receipt of the Systems from UG.

 

1.4             
Entire Interest. The Interest includes any and all rights associated with UG’s membership interest in TGH,
including without limitation any rights to participate in the management and governance of TGH and any economic interest therein.

 

 

 

    	 	2	 

     

    

 

1.5             
Appointment of Manager. Contemporaneous with the Closing, UG shall acknowledge that its right to appoint a manager
to TGH as set forth in the Operating Agreement shall be forfeited.

 

1.6             
Tax Information. Notwithstanding the redemption of the Interest as contemplated by this Agreement, TGH shall provide
UG with a K-1 for the operations of TGH during the 2019 calendar year on or before March 1, 2020, and for any portion of 2020 prior
to the Closing on or before March 1, 2021.

 

Section 2.               
Related Agreements.

 

2.1             
Cancellation of Related Agreements. Except as otherwise set forth herein, at the Closing, the Related Agreements
shall be deemed cancelled and of no further force and effect.

 

2.2             
TGH Warranties. The following warranties with respect to products manufactured or supplied by TGH and derived from
that certain Supply Agreement between the Parties dated as of February 15, 2018 are hereby continued in full force and effect with
regard to sales made to Windsor Township:

 

TGH
represents and warrants for a period of one year from the date of delivery that: (a) title to the products are and will be free
and clear at the time of delivery; (b) products are and will be free from defects in material, workmanship, and design; (c) products
do and will materially conform to specifications provided with the products; (d) no products, nor the manufacture, marketing, sale,
delivery or use of the products infringes on any third-party rights, including any intellectual property rights (e) UG has received
good and valid title to the products, free and clear of all encumbrances and liens of any kind; (f) the products are new and do
not contain used or reconditioned parts; (g) all parts of products, including, but not limited to parts that may be identified
as replacement units or spare parts, will not experience data integrity, undetected data loss or related issues; (h) to the extent
the Products include software and code, the products contain no harmful code; (i) the existence of any third-party code has been
disclosed to UG, including open source code, that is included in or is provided in connection with the products and that TGH and
the products are in compliance with all licensing agreements applicable to such third-party code; (j) all authors of TGH’s
proprietary software have agreed not to assert their moral rights (personal rights associated with authorship of a work under applicable
law), if any, in the products, to the extent permitted by law; and (j) UG may pass through to its customers all warranties granted
by TGH and any other manufacturers of the products.

 

2.3             
Non-Conforming Products. If, during the applicable warranty period, a product or any part thereof does not conform
to its warranty and UG provides TGH with written notice of such non-conformity, TGH will repair or replace any non-conforming components
or otherwise correct the non-conformity. If, for any reason, TGH does not conform a good to its warranty within a reasonable time
after notice, then UG may accept it “AS-IS” without further recourse, or, UG may return it to TGH, at TGH’s sole
cost, expense, and risk of loss, for a refund or credit of the amount paid to TGH for that good. Any refund or credit will be calculated
based on the price UG paid TGH.

 

 

 

 

    	 	3	 

     

    

 

2.4             
Third-Party Warranty. If TGH provides UG with products that are subject to warranty or support terms from a third-party,
such third-party’s warranties will apply in addition to TGH’s, and, unless specifically agreed in writing by TGH and
UG, TGH will provide full warranty and support for them or assign the manufacturer’s warranty to UG. Upon UG’s request,
TGH will give UG a copy of third-party warranty terms before UG orders any goods.

 

2.5             
TGH Property. TGH is, and will remain, the owner of all right, title, and interest in and to the intellectual property
rights inhering in the products, where such intellectual property rights were created, developed, or brought to practice on or
before April 15, 2018 (the “TGH Property”). Unless otherwise agreed to by the parties, UG shall not acquire
any ownership interest in any of the TGH Property. In addition, UG shall immediately cease all branding of products and all advertising
embodying the terms “TGH” and/or “Total Grow Control.”

 

2.6             
TG Marks and Intellectual Property. TGH grants to UG and its customers which have purchased products produced by
TGH a royalty-free, non-exclusive, non-transferable license to use the Total Grow marks imbedded in the products. TGH also agrees
to indemnify and defend at TGH’s expense any third party claim against UG or its customers which alleges that any product
produced and sold by TGH to UG infringes a U.S. patent, copyright, trademark or trade secret, and will pay all costs and damages
awarded in a final, non-appealable judgment.

 

2.7             
UG Branding and Trademarks. TGH shall immediately cease all branding of products and all advertising embodying
the terms “UG” and “Soleil®.”

 

Section 3.               
Closing.

 

3.1             
Date and Time. Subject to the terms and conditions contained herein, the closing of the transaction contemplated
by this Agreement shall occur at 10:00 a.m. Mountain Time on first business day following the satisfaction or waiver of all closing
conditions of TGH and UG contained in Section 6, or at such other time as the parties hereto may agree (the “Initial Closing”).
It is contemplated that the Closing will be handled remotely and that it shall not be necessary for the parties to be present at
the place of Closing on the closing date.

 

3.2             
Company’s Deliveries. At Closing, TGH shall deliver to UG the following:

 

(a)              
an executed copy of this Agreement;

 

(b)              
the Short Term Note;

 

(c)              
the Long Term Note; and

 

(d)              
any other documents related to the assignment as are reasonably required by TGH or TGH’s legal counsel.

 

3.3             
UG’s Deliveries. At Closing, UG shall deliver to TGH the following:

 

 

    	 	4	 

     

    

 

(a)              
an executed copy of this Agreement;

 

(b)              
any other documents related to the assignment as are reasonably required by TGH or TGH’s legal counsel.

 

(c)              
Within not more than three months following the Initial Closing, the Parties shall hold a subsequent closing (the “Subsequent
Closing”) at which TGH shall pay and satisfy the Short-Term Note in full and UG shall deliver an originally executed
copy of the assignment to TGH, substantially in the form attached hereto as Exhibit D (the “Assignment”).
Notwithstanding the execution and assignment of the Interest at the Subsequent Closing, TGH shall remain obligated on the Long-Term
Note, which shall be payable in accordance with its terms as et forth therein.

 

Section 4.               
UG’s Representations and Warranties. As a material inducement to TGH to enter into and consummate this Agreement,
UG hereby represents and warrants to TGH as of the date hereof and as of the Closing Date that: (i) UG is the sole owner of record
and the sole beneficial owner of the Interest; (ii) there are no restrictions upon the transfer of the Interest (other than under
the Operating Agreement); (iii) the Interest is not subject to any voting trust, or any other similar agreements, or to any security
interests, liens, pledges, claims, or encumbrances of any kind, nature or description (other than under the Operating Agreement);
(iv) UG is not the subject of any bankruptcy proceeding and is not contemplating the filing of any bankruptcy proceeding; and (v)
UG has been provided an opportunity to ask questions of, and UG has received answers thereto that are satisfactory to UG from TGH,
its managers and members, and their representatives regarding TGH, its business, its financial condition, and its prospects, and
all other matters pertaining to the transactions contemplated by this Agreement, and UG has obtained all additional information
requested from TGH that it deems necessary to make an investment decision.

 

Section 5.               
TGH’s Representations and Warranties. TGH hereby represents and warrants to UG as of the Closing Date that
(i) TGH is a limited liability company validly existing and in good standing under the laws of the State of Delaware with full
power to enter into this Agreement; (ii) this Agreement has been duly and validly authorized, executed and delivered by TGH and
no other action is required for the valid and binding execution, delivery and performance of this Agreement by TGH, and (iii) except
for the Prior Consent, no consents or waivers of or by any third party shall be necessary to permit the consummation by TGH of
the transactions contemplated pursuant to this Agreement.

 

Section 6.               
Covenants of the Parties.

 

6.1             
General. Each of the parties hereto will use such party’s commercially reasonable efforts to take all actions
and to do all things necessary, proper and advisable in order to consummate and make effective the transactions contemplated by
this Agreement (including satisfaction, but not waiver, of the conditions to Closing set forth in Section 6 below).

 

6.2             
Further Assurances. In case at any time after the Closing any further actions are necessary or desirable to carry
out the purposes of this Agreement, each of the parties hereto will take such further actions (including the execution and delivery
of such further instruments and documents) as the other party hereto may reasonably request, all at the sole cost and expense of
the requesting party.

 

 

 

    	 	5	 

     

    

 

6.3             
Resignation. Effective as of the Closing, UG and/or it representative(s) shall resign from any and all positions,
including but not limited to as a director, officer, employee, or manager (but not as a member pending completion of the Subsequent
Closing) with TGH and its affiliates. UG agrees that effective as of the Closing, UG shall not take any actions for or on behalf
of TGH, including as an agent.

 

Section 7.               
Conditions to Closing.

 

7.1             
Conditions to TGH’s Obligations. The obligations of TGH to consummate the transactions to be performed by it
in connection with the Closing are subject to satisfaction of the following conditions:

 

(a)              
the representations and warranties set forth in Section 3 above shall be true and correct as of the Closing;

 

(b)              
UG shall have performed and complied with all of its covenants hereunder in all respects through the Closing; and

 

(c)              
all actions to be taken by UG in connection with consummation of the transactions contemplated hereby and all instruments
and other documents required to effect the transactions contemplated hereby shall be satisfactory in form and substance to TGH.

 

TGH may waive any condition specified in this Section 6.1 if
it executes a writing so stating at or prior to the Closing.

 

7.2             
Conditions to UG’s Obligations. The obligation of UG to consummate the transactions to be performed by it in
connection with the Closing is subject to satisfaction of the following conditions:

 

(a)              
the representations and warranties set forth in Section 4 above shall be true and correct in all respects at and as of the
Closing;

 

(b)              
TGH shall have delivered executed originals of the Short-Term Note and the Long-Term Note to UG;

 

(c)              
TGH shall have performed and complied with all of its covenants hereunder in all respects through the Closing; and

 

(d)              
all actions to be taken by TGH in connection with consummation of the transactions contemplated hereby and all instruments
and other documents required to effect the transactions contemplated hereby shall be satisfactory in form and substance to UG.

 

 

 

    	 	6	 

     

    

 

UG may waive any condition specified in this Section 6.2 if
he executes a writing so stating at or prior to the Closing.

 

Section 8.               
Waiver of Claims.

 

8.1             
Waiver by UG. Effective upon the Subsequent Closing and the payment of the Long-Term Note, UG shall be deemed to
have waived and released any and all claims and causes of action that UG may then have against TGH and/or the members of TGH and
their respective officers, directors, managers, members, partners, shareholders, employees and agents in any way relating to TGH
and/or its operations or affairs, including pursuant to Operating Agreement, except for TGH’s obligations set forth in this
Agreement.

 

8.2             
Waiver by TGH. Effective upon the Closing, TGH, its managers and members shall be deemed to have waived and released
any and all claims and causes of action that TGH, its managers or members may then have against UG and/or its officers, directors,
shareholders, employees, or agents in any way relating to UG and/or its operations or affairs, including pursuant to the Operating
Agreement, except as otherwise set forth in this Agreement.

 

Section 9.               
Miscellaneous.

 

9.1             Notices.
All notices and other communications hereunder shall be in writing and shall be deemed given if delivered personally, the next
business day if delivered by commercial delivery service or by reputable overnight courier, costs prepaid, or upon receipt or
refusal of delivery if mailed by registered or certified mail (return receipt requested), postage prepaid, to the parties hereto
at the following addresses (or at such other address for a party as shall be specified by like notice):

 

	 	If to UG, to:	urban-gro, Inc.
	 	 	Attention: Brad Nattrass, Chief
Executive Officer
	 	 	1751 Panorama Point, Unit G
	 	 	Lafayette, Colorado 80026
	 	 	Brad@urban-gro. com
	 	 	 
	 	with a copy to:	Polsinelli PC
	 	 	Attention: David J. Babiarz
	 	(which shall not	1401 Lawrence
Street, Suite 2300
	 	constitute notice)	Denver,
Colorado 80202
	 	 	dbabiarz@polsinelli.com

 

 

 

 

    	 	7	 

     

    

 

	 	If to TGH, to:	Derek Oxford
	 	 	2190 Washington Ave.
	 	 	Alvin, TX 77511
	 	 	doxford@totalgrowcontrol.com

 

9.2             
Expenses. All costs and expenses, including fees and disbursements of counsel, financial advisors and accountants,
incurred in connection with the preparation and execution of this Agreement, or any amendment or waiver hereof, and the transactions
contemplated hereby shall be paid by the party incurring such costs and expenses.

 

9.3             
Waiver. No waiver by any party hereto of any of the provisions hereof shall
be effective unless explicitly set forth in writing and signed by the party so waiving. No waiver by any party shall operate or
be construed as a waiver in respect of any failure, breach or default not expressly identified by such written waiver, whether
of a similar or different character, and whether occurring before or after that waiver. No failure to exercise, or delay in exercising,
any right, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof, nor shall
any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof
or the exercise of any other right, remedy, power or privilege.

 

9.4             
Governing Law. All issues and questions concerning the application, construction, validity, interpretation and enforcement
of this Agreement shall be governed by and construed in accordance with the domestic laws of the State of Colorado without giving
effect to any choice or conflict of law provision or rule (whether of the State of Colorado or any other jurisdiction) that would
cause the application of the substantive laws of any jurisdiction other than the State of Colorado.

 

9.5             
Submission to Jurisdiction. Each party hereto submits to the jurisdiction of any state or federal court sitting in
the State of Colorado in any action or proceeding arising out of or relating to this Agreement and agrees that all claims in respect
of the action or proceeding may be heard and determined in any such court. Each party also agrees not to bring any action or proceeding
arising out of or relating to this Agreement in any other court. Each party hereto waives any defense of inconvenient forum to
the maintenance of any action or proceeding so brought and waives any bond, surety, or other security that might be required of
any other party with respect thereto. Any party may make service on any other party by sending or delivering a copy of the process
to the party to be served at the address and in the manner provided for the giving of notices in Section 8.1 above. Each party
agrees that a final judgment in any action or proceeding so brought shall be conclusive and may be enforced by suit on the judgment
or in any other manner provided by law or equity.

 

9.6             
Waiver of Jury Trial. Each party hereto hereby acknowledges and agrees that any controversy which may arise under
this Agreement is likely to involve complicated and difficult issues and, therefore, each such party irrevocably and unconditionally
waives any right it may have to a trial by jury in respect of any legal action arising out of or relating to this Agreement or
the transactions contemplated hereby.

 

 

 

    	 	8	 

     

    

 

9.7             
Equitable Remedy. Each party hereto acknowledges that a breach or threatened breach by such party of any of its obligations
under this Agreement may give rise to irreparable harm to the other parties, for which monetary damages would not be an adequate
remedy, and hereby agrees that in the event of a breach or a threatened breach by such party of any such obligations, each of the
other parties hereto shall, in addition to any and all other rights and remedies that may be available to them in respect of such
breach, be entitled to equitable relief, including a temporary restraining order ex parte, an injunction, specific performance
and any other relief that may be available from a court of competent jurisdiction (without any requirement to post bond).

 

9.8             
Attorneys’ Fees. In the event (a) a party institutes any suit, action, or proceeding in connection with any
controversy arising out of this Agreement, and whether involving contract or tort claims, and (b) such party is determined to be
the substantially prevailing party in such suit, action, or proceeding (the “Prevailing Party”), then the party
that is not the Prevailing Party (the “Non-Prevailing Party”) shall pay to the Prevailing Party all attorneys’
fees and costs and expenses of any type, without restriction by statute, court rule or otherwise, incurred by the Prevailing Party
in connection with such suit, action, or proceeding (including any appeal and the enforcement of any judgment or award), whether
or not the dispute is litigated or prosecuted to final judgment (collectively, the “Fees”). The Prevailing Party
shall be determined by the court, arbitrator, mediator, or other such similar person or group of persons presiding over the dispute,
based upon an assessment of which party’s major arguments or positions taken in the action or proceeding could fairly be
said to have prevailed (whether by compromise, settlement, abandonment by the other party of its claim or defense, final decision,
after any appeals, or otherwise) over the other party’s major arguments or positions on major disputed issues. Any Fees incurred
by the Prevailing Party in enforcing a judgment against the Non-Prevailing Party shall be recoverable separately from any other
amount included in the judgment and shall survive and not be merged in the judgment. If a party shall have commenced or instituted
a suit, action, or proceeding and shall dismiss or discontinue it without the concurrence of the other party, such other party
shall be deemed the Prevailing Party.

 

9.9             
Remedies Cumulative. The rights and remedies under this Agreement are cumulative and are in addition to and not in
substitution for any other rights and remedies available at law or in equity or otherwise.

 

9.10         
Assignment; Binding Effect. None of this Agreement or any right, interest or obligation under this Agreement may
be assigned by any party to this Agreement by operation of law or otherwise without the prior written consent of the other party
to this Agreement, and any attempt to do so will be void. Subject to the foregoing, this Agreement is binding upon, inures to the
benefit of and is enforceable by the Parties and their respective successors, heirs, legal representatives and permitted assigns.

 

9.11         
Survival. The representations and warranties of the Parties contained in this Agreement shall survive the Closing
for a period of three (3) years (but only if the damaged party did not know and in the exercise of reasonable care could not know
of any breach of any representation or warranty at the time of Closing). The covenants of the parties contained in this Agreement
shall survive the Closing hereunder.

 

 

 

    	 	9	 

     

    

 

9.12         
Interpretation. For purposes of this Agreement: (a) the words “include,”
“includes” and “including” shall be deemed to be followed by the words “without limitation”;
(b) the word “or” is not exclusive; and (c) the words “herein,” “hereof,” “hereby,”
“hereto” and “hereunder” refer to this Agreement as a whole. The definitions given for any defined terms
in this Agreement shall apply equally to both the singular and plural forms of the terms defined. Whenever the context may require,
any pronoun shall include the corresponding masculine, feminine and neuter forms. Unless the context otherwise requires, references
herein: (x) to Sections and Exhibits mean the Sections of, and Exhibits attached to, this Agreement; and (y) to an agreement, instrument
or other document means such agreement, instrument or other document as amended, supplemented and modified from time to time to
the extent permitted by the provisions thereof. This Agreement shall be construed without regard to any presumption or rule requiring
construction or interpretation against the party drafting an instrument or causing any instrument to be drafted. The Exhibits referred
to herein shall be construed with, and as an integral part of, this Agreement to the same extent as if they were set forth verbatim
herein.

 

9.13         
Invalid Provisions. If any provision of this Agreement is held to be illegal, invalid or unenforceable under present
or future laws effective during the term of this Agreement, such provision shall be fully severable; this Agreement shall be construed
and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Agreement; and the remaining
provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable
provision or by its severance from this Agreement. Furthermore, in lieu of each such illegal, invalid or unenforceable provision,
there shall be added automatically as a part of this Agreement a provision as similar in terms to such illegal, invalid, or unenforceable
provision as may be possible and be legal, valid, and enforceable.

 

9.14         
Complete Agreement. This Agreement and the Exhibits attached hereto constitute
the sole and entire agreement of the parties to this Agreement with respect to the subject matter contained herein, and supersede
all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral, with respect to
such subject matter.

 

9.15         
Counterparts. Any number of counterparts of this Agreement, including facsimiles and PDFs, may be executed by the
parties hereto. Each such counterpart shall be, and shall be deemed to be, an original instrument, but all such counterparts taken
together shall constitute one and the same agreement.

 

9.16         
Confidentiality. The Parties agrees they will keep the terms and substance of this Agreement in strict confidence,
and shall not divulge or furnish any information relating to the contents of this Agreement to any other person, or entity, except
to the extent required by law, rule or regulation or required in connection with the consummation hereof. This prohibition shall
not apply to disclosures to legal counsel or accounting and financial advisors or disclosures otherwise required by law, rule or
regulation, provided that such Parties shall be advised of the confidential nature of any information provided in advance of any
such disclosure and shall agree to maintain the confidentiality of the same. The Parties may disclose this Agreement to enforce
its terms. The Parties acknowledge and agree that a violation of the confidentiality obligations under this Agreement will seriously
and irreparably injure the other Party in a manner that cannot be adequately compensated through monetary damages, and the each
Party consents to and agrees to the entry of a temporary restraining order, a preliminary injunction, a permanent injunction and / or
other appropriate equitable relief sought by the other Party to enforce its rights hereunder and further agrees that the enforcing
Party shall not be required to post a bond in connection with seeking any of the foregoing relief.

 

 

 

    	 	10	 

     

    

 

9.17         
Non-Disparagement. The parties each agree they will not (a) make any negative, unflattering, accusatory, derogatory
or other disparaging remarks of any kind whatsoever about the other, or any of its products, services, or practices, or any their
respective directors, managers, officers, agents, representatives, members, equity holders, customers, suppliers affiliates, parents
or subsidiaries, either orally or in writing, at any time; provided, that the parties may confer in confidence with their respective
legal counsel or other professional advisors, testify truthfully in connection with any legal proceeding, and provide full legally
adequate and truthful disclosure in connection with the contemplated transactions or any subsequent transactions involving or relating
to the matters or Units addressed herein.

 

9.18         
Indemnification. In addition to other indemnification obligations contained herein,

 

(a)              
TGH agrees to defend, indemnify and hold harmless UG from and against (i) any and all loss, damage, liability, or expense
that UG may incur arising out of (x) any inaccuracy of any representation or warranty of TGH contained in this Agreement, (y) a
breach of any covenant or agreement made by TGH and contained herein or a failure to perform, observe or comply with any covenant
or agreement made by TGH and contained herein, (z) ownership of the Interest or any other association with TGH, and (ii) any and
all claims that may be made against UG by any creditor of TGH or any other third party with respect to UG’s ownership of
the Interest or position as a member of TGH.

 

(b)              
UG agrees to defend, indemnify and hold harmless each of TGH and the other members from and against any and all loss, damage,
liability or expense that the they may incur after the closing of the transactions contemplated by this Agreement based upon, arising
out of or resulting, directly or indirectly, (i) the inaccuracy of any of the representations or warranties made by UG in or pursuant
to this Agreement or in any certificate, document or instrument executed and delivered by UG in connection with this Agreement
or (iv) the breach by UG of any of the agreements or covenants made by UG in or pursuant to this Agreement, or the failure by UG
to perform, observe or comply with, any of his covenants or agreements contained in this Agreement.

 

9.19         
Advice of Counsel. TGH and UG acknowledge that they have had ample opportunity to consult with legal and other counsel
before entering into this Agreement.

 

 

 

    	 	11	 

     

    

 

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

 

TGH

 

TOTAL GROW HOLDINGS, LLC

a Delaware limited liability company

 

 

By: /s/ Derek Oxford                 

Name: Derek Oxford

Its: Chief Executive Officer

 

 

UG

 

Urban-gro, Inc.,

a Colorado corporation

 

 

By: /s/ Brad Nattrass                 

Name: Brad Nattrass

Its: CEO

 

 

 

MEMBERS:

 

 

/s/ Derek Oxford                      

Derek E. Oxford

 

 

/s/ Todd Lewis                        

Todd Lewis

 

 

/s/ Alan Waldheim                   

Alan Waldheim

 

 

[SIGNATURE PAGE TO MEMBERSHIP INTEREST REDEMPTION AGREEMENT]

 

 

    	 	12	 

     

    

 

 

exhibit
a

 

Statements of Account

 

(See attached Summary of accounts between
TGH and UG)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	13	 

     

    

 

exhibit
B

 

Short-Term Promissory Note

 

(See attached Form of Promissory Note
from TGH to UG)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	14	 

     

    

 

exhibit
C

 

Long-Term Promissory Note

 

(See attached Form of Promissory Note
from TGH to UG)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	15	 

     

    

 

exhibit
D

 

Assignment

 

(See attached Form of Assignment)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	16	 

     

    

 

BILL OF SALE AND ASSIGNMENT

 

For good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, urban-gro, Inc., a Colorado corporation (“UG”), hereby
transfers and assigns to TGH Holdings, LLC, a Delaware limited liability company (“TGH”), all of UG’s
right, title and interest as a member in TGH, consisting of 24.4% of the outstanding membership interests in TGH and the related
Capital Account balance and all other interests of UG in or claims against TGH and its assets;

 

To have and hold the same, unto TGH and
its successors and assigns, free and clear of all liens, claims and encumbrances.

 

Effective as of 1/24/2020.

 

 

	 	Urban-gro, Inc.
	 	 
	 	By: /s/ Brad Nattrass                
	 	Name: Brad Nattrass
	 	Its: CEO

 

 

 

 

 

 

 

 

 

    	 	17

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00303-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00303-of-00352.parquet"}]]