Document:

EX-10.12

 Exhibit 10.12 

Execution Version 
  

 
 PARENT
UNDERTAKING AGREEMENT 
 dated as of September 28, 2004, 

as amended as of 21 January 2010, 

and amended and restated as of 22 November 2011, 

by and among 

MAKHTESHIM AGAN INDUSTRIES LTD., 

as Parent, 
 DONEGAL
RECEIVABLES PURCHASING LIMITED, 
 as Purchaser 

and 

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

as Agent 
  

 

  

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	 ARTICLE I DEFINITIONS
	  	 	1	  
		
	 SECTION 1.1 Terms Defined in Schedule of Definitions
	  	 	1	  
		
	 SECTION 1.2 Interpretation
	  	 	1	  
		
	 ARTICLE II PERFORMANCE OF SUPPORTED OBLIGATIONS
	  	 	1	  
		
	 SECTION 2.1 Performance of Supported Obligations
	  	 	1	  
		
	 SECTION 2.2 Obligations Absolute
	  	 	2	  
		
	 SECTION 2.3 Waiver
	  	 	3	  
		
	 SECTION 2.4 No Subrogation or Set-off
	  	 	4	  
		
	 SECTION 2.5 Payments; Overdue Interest
	  	 	5	  
		
	 SECTION 2.6 Right of Set-off
	  	 	5	  
		
	 SECTION 2.7 Excess Capacity Event
	  	 	6	  
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES
	  	 	7	  
		
	 SECTION 3.1 Representations and Warranties of the Parent
	  	 	7	  
		
	 SECTION 3.2 Repetition of Representations and Warranties
	  	 	10	  
		
	 ARTICLE IV COVENANTS
	  	 	11	  
		
	 SECTION 4.1 Affirmative Covenants of the Parent
	  	 	11	  
		
	 SECTION 4.2 Negative Covenants of the Parent
	  	 	15	  
		
	 ARTICLE V INDEMNIFICATION AND EXPENSES
	  	 	18	  
		
	 SECTION 5.1 Indemnities by the Parent
	  	 	18	  
		
	 SECTION 5.2 Taxes
	  	 	21	  
		
	 SECTION 5.3 Other Costs and Expenses
	  	 	22	  
		
	 SECTION 5.4 Currency Indemnity
	  	 	22	  
		
	 ARTICLE VI MISCELLANEOUS
	  	 	23	  
		
	 SECTION 6.1 Term of Agreement
	  	 	23	  
		
	 SECTION 6.2 Waivers; Amendments
	  	 	23	  
		
	 SECTION 6.3 Notices; Payment Information
	  	 	23	  
		
	 SECTION 6.4 Governing Law; Submission to Jurisdiction; Appointment of Process Agent
	  	 	23	  
		
	 SECTION 6.5 Integration
	  	 	24	  
		
	 SECTION 6.6 Severability and Partial Invalidity
	  	 	24	  
		
	 SECTION 6.7 Counterparts; Facsimile Delivery
	  	 	25	  
		
	 SECTION 6.8 Successors and Assigns; Binding Effect
	  	 	25	  

  

 TABLE OF CONTENTS 

(continued) 
  

					
		  	 	Page	  
		
	 SECTION 6.9 Consent to Disclosure
	  	 	25	  
		
	 SECTION 6.10 Confidentiality
	  	 	25	  
		
	 SECTION 6.11 No Petition
	  	 	26	  
		
	 SECTION 6.12 Limited Recourse
	  	 	26	  
		
	 SECTION 6.13 Contracts (Rights of Third Parties) Act (1999)
	  	 	27	  

  
 MAI - Parent Undertaking Agreement
(New)(2011)(Execution Version) 

  

 PARENT UNDERTAKING AGREEMENT 

THIS PARENT UNDERTAKING AGREEMENT (this “Agreement”), dated as of September 28, 2004, as amended as of 21 January
2010, and amended and restated as of 22 November 2011, by and among MAKHTESHIM AGAN INDUSTRIES LTD., a limited company incorporated under the laws of the State of Israel (“MAI” or the “Parent”), DONEGAL
RECEIVABLES PURCHASING LIMITED, a limited company incorporated under the laws of the Republic of Ireland (the “Purchaser”), and COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. (trading as RABOBANK INTERNATIONAL), LONDON
BRANCH, of Thames Court, One Queenhithe, London EC4V 3RL (the “Agent”), as Agent. 
 ARTICLE I 

DEFINITIONS 
 SECTION 1.1 Terms
Defined in Schedule of Definitions 
 In this Agreement, unless otherwise defined herein or the context otherwise requires, capitalized
terms have the meanings set forth in the Master Schedule of Definitions, Interpretations and Construction, dated as of the Closing Date and signed by the parties hereto and others for the purposes of identification (the “Schedule of
Definitions”). 
 SECTION 1.2 Interpretation 

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

PERFORMANCE OF SUPPORTED OBLIGATIONS 

SECTION 2.1 Performance of Supported Obligations 

(a) The Parent hereby unconditionally and irrevocably undertakes and agrees, with and for the benefit of the Purchaser, the Agent and the
other Secured Parties (i) to cause the due and punctual performance and observance by each of the MAI Parties (other than the Parent) party to a Transaction Document (collectively, the “Supported Parties”) of all of the terms,
covenants, conditions, agreements and undertakings on the part of each of the Supported Parties to be performed or observed under each of the Transaction Documents to which any of the Supported Parties are or hereafter become a party and each of the
other agreements and other documents delivered from time to time by any one or more of the Supported Parties pursuant thereto or in connection therewith (collectively, the “Supported Documents”), in accordance with the terms
thereof, including any agreement of any Supported Party to pay any money or deposit Collections under the Supported Documents (all such terms, covenants, conditions, agreements and undertakings on the part of the Supported Parties to be performed or
observed being collectively called the “Supported Obligations”), and (ii) to pay any and all expenses (including reasonable fees and expenses of counsel) incurred by the Purchaser, the Agent or any other Secured Party in
connection with the Supported Documents and the Supported Obligations and the enforcement thereof. 

  

 (b) In the event that any Supported Party shall fail in any manner whatsoever to perform or
observe any Supported Obligation when the same shall be required to be performed or observed under the Supported Documents, then the Parent will, on first demand, itself duly and punctually perform or observe, or cause to be duly and punctually
performed or observed, such Supported Obligation, and it shall not be a condition to the obligation of the Parent hereunder to perform or observe any Supported Obligation (or to cause the same to be performed or observed) that the Purchaser, the
Agent or any other Secured Party shall have first made any request of or demand upon or given any notice to the Parent, any Supported Party or any other Person, or have instituted any action or proceeding against the Parent, any Supported Party, or
any other Person in respect of any such Supported Obligation. 
 (c) The Purchaser or the Agent (on behalf of the Secured Parties or any of
them) may proceed to enforce the obligations of the Parent under this Section 2.1 without first pursuing or exhausting any right or remedy which the Purchaser, the Agent or any other Secured Party may have against any Supported Party,
any other Person, any Receivables, any related other Affected Assets, any other assets, or any collateral for any or all of the Supported Obligations. 

SECTION 2.2 Obligations Absolute 

(a) The Parent will perform its obligations under this Agreement regardless of any law, rule, regulation or order now or hereafter in effect
in any jurisdiction affecting any of the terms of the Supported Documents or the rights of the Purchaser, the Agent or any other Secured Party with respect thereto. 

(b) The obligations of the Parent under this Agreement shall be absolute and unconditional irrespective of: 

(i) any lack of validity or enforceability of any Supported Document or any other Transaction Document; 

(ii) any change in the time, manner or place of performance of, or in any other term of, all or any of the Supported
Obligations, or any other amendment or waiver of or any consent to departure from any Supported Document or any other Transaction Document; 

(iii) any exchange, release or non-perfection of any collateral, or any release or amendment or waiver of or consent to
departure from any other guaranty or surety agreement, for all or any of the Supported Obligations; 
 (iv) any failure to
obtain any authorization or approval from or other action by, or to notify or file with, any governmental authority or regulatory body required in connection with the performance of any of the Supported Obligations by any Person; or 

(v) any other circumstance which might constitute a defense available to, or a discharge of, any Supported Party or the Parent,
or any other circumstance, event or happening whatsoever, whether foreseen or unforeseen and whether similar or dissimilar to anything referred to above in this Section 2.2. 

  
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 (c) This Agreement shall continue to be effective or be reinstated, as the case may be, if at any
time any payment by any Supported Party or any Obligor is rescinded or must otherwise be returned by the Purchaser, the Agent or any other Secured Party upon the insolvency, bankruptcy or reorganization of any Supported Party or any Obligor or
otherwise, all as though such payment had not been made. 
 (d) The obligations of the Parent under this Agreement shall not be subject to
reduction, termination or other impairment by reason of any set-off, recoupment, counterclaim or defense or for any other reason, and shall not be discharged except by performance as herein provided. 

(e) Without modifying or limiting in any way the obligations of the Parent under this Agreement or any other Transaction Document and/or
modifying or limiting in any way the rights of the Purchaser, the Agent or any other Secured Party or the agreement of the parties set forth herein, including the absolute, unconditional and irrevocable nature of the Parent’s obligations
hereunder and/or the waiver of set-off, recoupment, counterclaim and defenses by the Parent, each of the parties hereto acknowledges and agrees that (i) nothing herein or in any other Transaction Document (except as otherwise specifically
provided herein or therein) shall prevent the Parent or any Supported Party from seeking to enforce (except to the extent that the manner of enforcement is prohibited hereby) its rights under the Transaction Documents as a result of a breach by the
Purchaser, the Agent or any other Secured Party of its obligations, if any, hereunder or under any other Transaction Document, and (ii) the occurrence of any such breach shall in no way constitute a defense or otherwise terminate, relieve or
release the Parent from its obligations hereunder, preclude the exercise by the Purchaser, the Agent and/or any other Secured Party of their rights hereunder or otherwise affect this Agreement in anyway. 

(f) The undertaking of the Parent in Section 2.1 shall be continuing and shall extend to the payment of all amounts set out in
Section 2.1 and to the performance in full of all of the Supported Obligations, regardless of any intermediate payment or discharge in whole or in part or performance in part. 

SECTION 2.3 Waiver 
 (a)
The Parent hereby waives promptness, diligence, notice of acceptance and any other notice with respect to any of the Supported Obligations and the Supported Documents and any requirement that the Purchaser, the Agent or any other Secured Party
exhaust any right or take any action against any Supported Party, any Obligor or any other Person or any collateral. The Purchaser and the Agent hereby agree that they will use reasonable efforts to give the Parent notice of any intention to make
any claim or demand hereunder; provided that the Parent hereby acknowledges and agrees that no failure or delay on the part of the Purchaser and/or the Agent to give the Parent any such notice shall relieve or otherwise release the Parent
from its obligations hereunder, preclude the exercise by the Purchaser and/or the Agent of its rights hereunder or otherwise affect this Agreement in any way or afford the Parent any recourse against the Purchaser or the Agent in respect of such
failure or delay. 
 (b) The Parent also irrevocably waives all defenses that at any time may be available in respect of the Supported
Obligations by virtue of any statute of limitations, valuation, stay, moratorium law or other similar law now or thereafter in effect. 

  
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 (c) The Parent agrees that the validity and enforceability of this Agreement, including the
provisions of this Section 2.3, shall not be impaired or affected by any of the following: 
 (i) an amendment or
modification of, or supplement to, any Supported Document, including any extension, modification or renewal of, or indulgence with respect to, or substitution for, the Supported Obligations or any part thereof at any time; 

(ii) any waiver, consent, extension, granting of time, forbearance, indulgence or other action or inaction under or in respect
of any Supported Document or any Supported Obligation (including with respect to any Event of Default or Servicer Default (so long as the Parent is the Servicer)) or any right, power or remedy with respect thereto; 

(iii) any insolvency proceeding with respect to the Parent or any Supported Party; 

(iv) any exercise or non-exercise of any right, power or remedy with respect to the Supported Obligations or any of them, or
any Supported Document, or any collateral securing the Supported Obligations or any part thereof; 
 (v) any Law or order of
any jurisdiction affecting any term of any Supported Obligation or the rights of the Parent with respect thereto; 
 (vi) any
release, surrender, compromise, settlement, waiver, subordination or modification, with or without consideration, of any other obligation of any person or entity with respect to the Supported Obligations or any of them; 

(vii) any invalidity or any unenforceability of, or any misrepresentation, irregularity or other defect in, any Supported
Document or any Supported Obligation; 
 (viii) the existence of any claim, setoff or other rights that any Person may have
at any time against the Parent, whether or not in connection with any Supported Document or transaction contemplated thereby; 

(ix) any failure on the part of any Supported Party to perform or comply with any term of any Supported Document; or 

(x) any other circumstance that might otherwise constitute a defense (other than payment and performance) available to, or a
discharge of, a guarantor or a primary obligor, all whether or not the Parent shall have had notice or knowledge of any event or circumstance referred to in the clauses above. 

SECTION 2.4 No Subrogation or Set-off 

(a) The Parent will not exercise or assert any rights which it may acquire by way of subrogation or set-off under this Agreement in respect of
any Supported Obligations unless and until all of the Supported Obligations shall have been paid and performed finally and in full. If any payment shall be made to the Parent on account of any such subrogation rights or set-off at any time when all
of the Supported Obligations shall not have been paid and 

  
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performed finally and in full, then each and every amount so paid will be held in trust for the benefit of the Purchaser, the Agent and the other Secured Parties as their interests appear and
forthwith be paid to the Agent to be credited and applied to the Supported Obligations to the extent then unsatisfied, in accordance with the terms of the Transaction Documents. 

(b) In the event that the Parent shall have satisfied any of the Supported Obligations and all of the Supported Obligations shall have been
paid and performed finally and in full, then the Purchaser and the Agent will, at the Parent’s request and expense, execute and deliver to the Parent appropriate documents, without recourse and without representation or warranty of any kind,
necessary to evidence or confirm the transfer by way of subrogation to the Parent of the rights of the Purchaser or the Agent (on behalf of the Secured Parties or any of them) with respect to the Supported Obligations to which the Parent shall have
become entitled by way of subrogation, and thereafter the Purchaser, the Agent and the other Secured Parties shall have no responsibility to the Parent or any other Person with respect thereto. 

SECTION 2.5 Payments; Overdue Interest 

(a) Notwithstanding anything contained herein or any other Transaction Document to the contrary, all amounts to be paid or deposited by the
Parent hereunder shall be paid in a manner such that the amount to be paid or deposited is actually received by the Person to which such amount is to be paid or on behalf of which such amount is to be deposited, in accordance with the terms hereof
(and of the Servicing Agreement, as applicable), no later than 11:00 a.m. (local time where such receiving Person is located) on the day when due in immediately available funds. If such amounts are payable to the Purchaser or any Secured Party, they
shall be paid or deposited in the account indicated under the heading “Payment Information” in Schedule 1.6 (Address and Payment Information) to the Schedule of Definitions for such Person, until otherwise notified by such
Person. If such amounts are payable to the Agent (whether on behalf of the Agent or the Purchaser, any other Secured Party or otherwise) they shall be paid or deposited in the account indicated under the heading “Payment Information” in
Schedule 1.6 (Address and Payment Information) to the Schedule of Definitions for the Agent, until otherwise notified by the Agent. 

(b) The Parent shall, to the extent permitted by applicable Law, pay to the relevant Secured Party at the direction of the Agent, upon demand,
interest on all amounts in any Currency not paid or deposited when due hereunder at a rate equal to two percent (2.00%) per annum, plus the Base Rate applicable to the Currency in which such amounts are denominated. 

SECTION 2.6 Right of Set-off 

Without limiting any rights which the Purchaser, the Agent or the other Secured Parties may have hereunder or under the Transaction Documents
and applicable Law, each of the Purchaser, the Agent and each Secured Party may (but is not obligated to), and is hereby authorized, at any time to set-off, appropriate and apply (without presentment, demand, protest or other notice which are hereby
expressly waived) any deposits and any other indebtedness held or owing by the Purchaser, the Agent or such Secured Party for the account of, or to, the Parent against any amount owing hereunder by the Parent to such Person or to the Agent on behalf
of such Person (even if contingent or unmatured). 

  
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 SECTION 2.7 Excess Capacity Event 

(a) If an Excess Capacity Event shall have occurred and be continuing, the Parent may (i) designate a date to be the Purchase Termination
Date under all of the Purchase and Sale Agreements at any time following ninety (90) days prior written notice to the Agent and each of the parties to the Purchase and Sale Agreements, or (ii) subject to Section 2.7(b),
designate a date to be the Purchase Termination Date under one or more (but less than all) of the Purchase and Sale Agreements at any time following ninety (90) days prior written notice to the Agent and each of the parties to the Purchase and
Sale Agreements affected thereby. 
 (b) The Parent shall only be entitled to designate a date to be the Purchase Termination Date under one
or more (but less than all) of the Purchase and Sale Agreements if, after giving effect to Section 2.7(c), each of the following conditions shall have been satisfied: 

(i) the Agent shall have reasonably determined that such designation by the Parent would not (after giving effect to such
designation) be reasonably likely to have a Material Adverse Effect; 
 (ii) no Event of Default shall have occurred and be
continuing at such time; 
 (iii) any other actions (including one or more amendments to the Transaction Documents)
reasonably determined by the Agent to be necessary as a result of, or otherwise in connection with, the occurrence of such designation by the Parent shall have been taken; and 

(iv) the Facility Limit would not (as a result of such designation) be reduced below one hundred million Dollars
($100,000,000). 
 (c) In the event that the Parent designates a date to be the Purchase Termination Date under one or more Purchase and
Sale Agreements: 
 (i) all of the Receivables originated by any Supported Party which is a party to any such Purchase and
Sale Agreements shall cease to be Eligible Receivables; 
 (ii) the Aggregate Facility Limit and each applicable Aggregate
Currency Facility Limit shall be automatically reduced to an amount determined by the Agent (in good faith and in a manner generally consistent with the basis used to determine the Facility Limit and any such applicable Aggregate Currency Facility
Limit as of the Closing Date, taking into account any additional risk assumed by the Agent and the Facility Lenders as result of any such designation by the Parent); and 

(iii) the principal amount of the Advances, together with any interest thereon shall become immediately due and payable to the
extent that (after giving effect to clauses (c)(i) and (c)(ii)) any of the conditions set forth in Section 2.1(b) of the Receivables Funding Agreement are not satisfied. 

  
 6 

 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

SECTION 3.1 Representations and Warranties of the Parent. 

The Parent represents and warrants to and for the benefit of the Purchaser, the Agent and the other Secured Parties that, on the dates set
forth in Section 3.2 (with reference to the circumstances existing on each such date): 
 (a) Corporate Existence and
Power. It (i) is a limited company duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, (ii) has all corporate power and all licenses, authorizations, consents, approvals and
qualifications of and from all Official Bodies and other third parties required to carry on its business in each jurisdiction in which its business is now and proposed to be conducted (except where the failure to have any such licenses,
authorizations, consents, approvals and qualifications would not individually, or in the aggregate, have a Material Adverse Effect), and (iii) is duly qualified to do business in and in good standing in every other jurisdiction in which the
nature of its business requires it to be so qualified, except where the failure to be so qualified or in good standing would not have a Material Adverse Effect. 

(b) Corporate and Governmental Authorization; Contravention. The execution, delivery and performance by it of this Agreement and the
other Transaction Documents to which it is a party (i) are within its corporate powers, (ii) have been duly authorized by all necessary corporate and shareholder action, (iii) require no action by or in respect of, or filing with, any
Official Body or official thereof or third party, (iv) do not contravene or constitute a default under (A) its Organic Documents, (B) any Law applicable to it, (C) any contractual restriction binding on or affecting it or its
property or (D) any order, writ, judgment, award, injunction, decree or other instrument binding on or affecting it or its property and (v) do not result in the creation or imposition of any Adverse Claim upon or with respect to its
property or the property of any of its Subsidiaries (except as contemplated by the Transaction Documents). 
 (c) Binding Effect.
Each of this Agreement and each of the other Transaction Documents to which it is a party has been duly executed and delivered and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, subject to
applicable bankruptcy, insolvency, moratorium or other similar laws affecting the rights of creditors generally. 
 (d) Accuracy of
Information. All information heretofore furnished by it or on its behalf or by or on behalf of any Supported Party to the Purchaser, the Agent or any other Secured Party for purposes of or in connection with the Transaction Documents is, and all
such information hereafter furnished by it or any Supported Party to the Purchaser, the Agent or any other Secured Party will be, true, complete and accurate in every material respect, on the date such information is stated or certified, and no such
item contains or will contain any untrue statement of a material fact or omits or will omit to state a material fact necessary in order to make the statements contained therein, in the light of the circumstances under which they were made, not
misleading. 
 (e) Good Title. Immediately prior to the sale of each Receivable and the related other Affected Assets by each
Originator to the Purchaser pursuant to the relevant Purchase and Sale Agreement, such Originator was the owner of such Receivable and such Affected Assets, free and clear of any Adverse Claim (other than any Adverse Claim arising under the
Transaction Documents). 

  
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 (f) Outright Transfer. Each Purchase and Sale Agreement is effective to transfer to the
Purchaser, on (i) the Monthly Reporting Date immediately following the creation of each Receivable (in the case of French Receivables and any related other Affected Assets), (ii) the delivery date of the relevant Purchase and Sale Notice
(in the case of Receivables and any related other Affected Assets transferred pursuant to the Israeli Purchase and Sale Agreements) and (iii) the creation of each Receivable (in the case of all other Receivables and the related other Affected
Assets), the complete and outright legal and beneficial ownership of, and good and marketable title to, each Receivable and all of the related other Affected Assets, free and clear of any Adverse Claim (other than any Adverse Claim arising under the
Transaction Documents). 
 (g) No Voidability. The purchase price for the Receivables and related other Affected Assets payable
pursuant to each Purchase and Sale Agreement constitutes reasonably equivalent value and adequate consideration for the relevant Originator for its transfer to the Purchaser of the Receivables and related other Affected Assets, each such transfer
shall not have been made for or on account of an antecedent debt owed by such Originator to the Purchaser, and no such transfer is or may be voidable under any Insolvency Law. 

(h) Eligibility of Receivables. Each Receivable purchased by the Purchaser that is treated as an Eligible Receivable for purposes of
any Servicer Report is in fact an Eligible Receivable as of the date of such Servicer Report, and each Receivable which is included in the calculation of any Net Receivables Balance as of the date of any Servicer Report is in fact an Eligible
Receivable and not a Defaulted Receivable at such time. The Parent has no knowledge of any fact (including any defaults by the Obligor thereunder or under any other Receivable) that would cause it or should have caused it to expect any payments on
such Receivable not to be paid in full when due or that is reasonably likely to cause or result in any other Material Adverse Effect with respect to such Receivable. 

(i) Coverage Requirement. On each Settlement Date, the Currency Net Advances in each Currency do not exceed the Currency Borrowing Base
for such Currency. 
 (j) Supported Party Locations. The principal place of business and chief executive office of each Supported
Party and the offices where each Supported Party keeps all its Records are (and, with respect to the chief executive office of each of the US Originators, has been for the last five (5) years) located at the addresses specified in Schedule
1.6 (Address and Payment Information) to the Schedule of Definitions. 
 (k) Subsidiaries. Each of the Supported Parties
is a direct or indirect Subsidiary of the Parent. The Parent owns, directly or indirectly, free and clear of any Adverse Claim, more than fifty percent (50%) of all the issued and outstanding shares of each Supported Party. 

(l) Agent’s Interest. From (i) the Monthly Reporting Date immediately following the creation of each Receivable (in the case
of French Receivables and any related other Affected Assets), (ii) the delivery date of the relevant Purchase and Sale Notice (in the case of Receivables and any related other Affected Assets transferred pursuant to the Israeli Purchase and
Sale Agreements) and (iii) the creation of each Receivable (in the case of all 

  
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other Receivables and any related other Affected Assets) until the Final Payout Date, the Agent shall have, on behalf of the Secured Parties, a valid and enforceable first priority perfected
security interest, ranking ahead of any other security interest and the interest of any other creditor of the Purchaser and/or the Supported Parties, in each Receivable and all of the related other Affected Assets, free and clear of any Adverse
Claim. 
 (m) Perfection, Registration, etc. At all times on and after the Closing Date until the Final Payout Date (i) all
actions to be taken in order to perfect and protect the interests of the Agent and the other Secured Parties in the Receivables and related other Affected Assets against any Adverse Claim (other than any Adverse Claim arising under the Transaction
Documents) or the interest of any creditor of or purchaser from the Purchaser and/or any Supported Party will have been duly taken in each jurisdiction necessary for such purpose, (ii) all registrations, financing statements, notices,
instruments and documents required to be recorded or filed in order to perfect and protect the interests of the Agent and the other Secured Parties in the Receivables and related other Affected Assets against any Adverse Claim (other than any
Adverse Claim arising under the Transaction Documents) or the interest of any creditor of, or purchaser from, the Purchaser and/or any Supported Party will have been duly executed, filed or served in or on the appropriate filing office, Official
Body or other Person in each jurisdiction necessary for such purpose, and (iii) all fees and taxes, if any, payable in connection with such actions and filings shall have been paid in full. 

(n) Actions; Suits. It is not in violation of any order of Official Body or arbitrator, except to the extent that any such violation
would not, individually or in the aggregate, have a Material Adverse Effect. There are no actions, suits, litigation or proceedings pending, or to its knowledge, threatened, against or affecting it or any of its Affiliates or their respective
properties, in or before any Official Body or arbitrator, which would, individually or in the aggregate, have a Material Adverse Effect. 

(o) Tax Status. It has (i) timely filed all tax returns required to be filed, except to the extent that any failure to do so would
not, individually or in the aggregate, have a Material Adverse Effect, and (ii) paid or made adequate provision for the payment of all taxes, assessments and other governmental charges, except any such taxes, assessments or charges which are
being diligently contested in good faith by appropriate proceedings and for which adequate reserves in accordance with GAAP shall have been set aside on its books. Each German Originator has paid all German value added taxes then due and payable by
it. 
 (p) No Currency Convertibility and Transfer Limitation. No payment by any Obligor, no remittance of any Collections by any
Originator, the Servicer or the Purchaser, and no other payment by any Supported Party, is or will be affected by any Currency Convertibility and Transfer Limitation. 

(q) Credit and Collection Policy. Since December 31, 2010, there have been no material changes in any Originator’s Credit and
Collection Policy other than in accordance with the Transaction Documents. Since such date, no material adverse change has occurred in the overall rate of collection of the Receivables. Each Originator, and each of the Parent and each Affiliate of
the Parent acting as Servicer or Sub-Servicer, has at all times complied with the Credit and Collection Policy related to any Receivable. 

(r) Accounts. The names and addresses of all the Blocked Account Banks, together with the account numbers of the Blocked Accounts at
such Blocked Account Banks, 

  
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are as specified in Schedule 4.1(r) to the Receivables Funding Agreement (or at such other Blocked Account Banks and/or with such other Blocked Accounts as have been notified to the Agent
and for which Blocked Account Agreements have been executed and delivered to the Agent in accordance with Section 5.2(e) of the Receivables Funding Agreement). All Blocked Accounts are subject to Blocked Account Agreements. All of the
Obligors have been instructed to make payments of Collections only to Blocked Accounts. Only Collections are deposited into the Blocked Accounts. 

(s) Use of Proceeds. No portion of the purchase price of any Receivables sold by any Originator pursuant to the Purchase and Sale
Agreements, and no other funds, if any, received by any Supported Party from the Purchaser or the Agent pursuant to any of the Transaction Documents, will be used for any purpose other than general corporate purposes. 

(t) Bulk Sales. No transaction contemplated hereby or by any Purchase and Sale Agreement requires compliance with any bulk sales act or
similar law to which the Purchaser or any Supported Party is subject. 
 (u) Investment Company Act. Neither the Parent nor any
Supported Party (i) is, or is controlled by, an “investment company” within the meaning of the U.S. Investment Company Act of 1940; or (ii) is a “holding company,” or a subsidiary or affiliate of a “holding
company,” within the meaning of the U.S. Public Utility Holding Company Act of 1935. 
 (v) Material Adverse Effect. Since
December 31, 2010, there has been no Material Adverse Effect. 
 (w) No Event of Default. No event has occurred and is
continuing and no condition exists, or would result from any Advance or from the application of the proceeds therefrom, which constitutes or may reasonably be expected to constitute an Event of Default or a Potential Event of Default. 

(x) Supported Party Representations and Warranties. Each of the representations and warranties of the Supported Parties contained in
the Supported Documents is true, complete and correct in all respects, and the Parent hereby makes each such representation and warranty to, and for the benefit of, the Purchaser, the Agent and the other Secured Parties as if the same were set forth
in full herein. 
 SECTION 3.2 Repetition of Representations and Warranties 

The representations and warranties of the Parent given in Section 3.1 shall be given on the Closing Date and on each Advance Date
and each Settlement Date. 

  
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 ARTICLE IV 

COVENANTS 
 SECTION 4.1
Affirmative Covenants of the Parent 
 At all times from the date hereof to the Final Payout Date, unless the Agent shall otherwise
consent in writing: 
 (a) Reporting Requirements. The Parent shall maintain a system of accounting established and administered in
accordance with GAAP, and shall furnish (or cause to be furnished) to the Agent and to each Facility Lender: 
 (i) Annual
Reporting. Within one hundred (100) days after the close of each of its fiscal years, audited consolidated financial statements of the Parent and its Subsidiaries, prepared by an internationally recognized accounting firm in accordance with
GAAP, including a balance sheet as of the end of such period and the related statements of operations, shareholders’ equity and cash flows, accompanied by (A) an unqualified audit report certified by independent certified public
accountants acceptable to the Agent, prepared in accordance with GAAP, and (B) any management letter prepared by said accountants. 

(ii) Quarterly Reporting. Within seventy (70) days after the close of the first three (3) quarterly periods of
each of its fiscal years, an unaudited consolidated balance sheet of the Parent and its Subsidiaries as at the close of each such period and related statements of operations, shareholder’s equity and cash flows for the period from the beginning
of such fiscal year to the end of such quarter, all certified by its director of finance or chief financial officer. 
 (iii)
Compliance Certificate. Together with the financial statements required hereunder, a compliance certificate signed by the Parent’s director of finance or chief financial officer (A) stating that (I) the attached financial
statements have been prepared in accordance with GAAP and accurately reflect the consolidated financial condition of the Parent and its Subsidiaries, and (II) to the best of such Person’s knowledge, no Event of Default or Potential Event of
Default exists, or if any Event of Default or Potential Event of Default exists, stating the nature and status thereof and the action, if any, taken or proposed to be taken to remedy the same, and (B) showing the computation of, and compliance
with, the financial ratios set forth in Section 6.1 of the Receivables Funding Agreement. 
 (iv) Shareholders
Statements and Reports. Promptly upon the furnishing thereof to the shareholders of the Parent, copies of all financial statements, reports and proxy statements so furnished. 

(v) Stock Exchange or Securities Regulator Filings. Promptly upon the filing thereof, copies of each prospectus,
information memorandum, registration statement and annual, quarterly or other material report which the Servicer or any Subsidiary thereof files with any stock exchange on which such Person’s securities are listed or with any securities
regulator or other Official Body. 
 (vi) Notice of Events of Default, etc. As soon as possible and in any event
within two (2) Business Days after the Parent obtains actual knowledge of (A) the occurrence of any Event of Default or Potential Event of Default, a statement by its director of finance or chief financial officer or chief accounting
officer setting forth details of such Event of Default or Potential Event of Default and the action which it proposes to take with respect thereto, which information shall be updated promptly from time to time, (B) any litigation, investigation
or proceeding that may exist at any time between it and any Person that may result in a Material Adverse Effect or any litigation or proceeding relating to any Transaction Document, notice of such litigation, investigation or proceeding, and
(C) the existence of a Material Adverse Effect, notice of such Material Adverse Effect. 

  
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 (vii) Change in Debt Ratings. Within five (5) days after the date of
any change in the Parent’s or any Supported Party’s public or private debt ratings, if any, a written certification of such public and private debt ratings after giving effect to any such change. 

(viii) Credit and Collection Policy. Within ninety (90) days after the close of the Parent’s fiscal year, if
requested by the Agent, a complete copy of each Credit and Collection Policy then in effect. 
 (ix) Change in Accountants
or Accounting Policy. Promptly after the occurrence thereof, notice of any change in the accountants or accounting policy (as such policy relates to any Receivable or any related other Affected Assets or to any transaction contemplated by the
Transaction Documents) of the Parent or any Supported Party. 
 (x) Other Information. To the extent not prohibited by
applicable Law, such other information (including non-financial information) as the Agent may from time to time reasonably request with respect to the Parent or the Receivables and related other Affected Assets. 

(b) Conduct of Business, etc. The Parent shall, and shall cause each Supported Party to (i) carry on and conduct its business in
substantially the same manner and in substantially the same fields of enterprise (including any substantial line of business) as it is presently conducted, unless (A) any such change in such conduct or fields of enterprise would not,
individually or when taken together with any other changes in such conduct and/or fields of enterprise after the Closing Date, have a Material Adverse Effect, (B) the Parent has given the Purchaser and the Agent at least thirty (30) days
prior written notice of such change, and (C) after giving effect to such change, such change would not result in the Currency Net Advances in any Currency exceeding the Currency Borrowing Base for such Currency, (ii) do all things
necessary to remain duly organized, validly existing and in good standing in its jurisdiction of organization, and (iii) maintain all requisite authority to conduct its business in each jurisdiction in which its business is conducted. 

(c) Compliance with Laws, etc. The Parent shall, and shall cause each Supported Party to, comply with all Laws to which it or its
respective properties may be subject, and preserve and maintain its corporate existence, licenses, rights, franchises, qualifications and privileges, except to the extent that any failure to so comply or preserve or maintain the same would not,
individually or in the aggregate, have a Material Adverse Effect. 
 (d) Furnishing of Information and Inspection of Records. The
Parent shall, and shall cause each Supported Party to, furnish or cause to be furnished to the Agent from time to time such information with respect to the Receivables and related other Affected Assets as the Agent may reasonably request, including
listings identifying the Obligor and the Unpaid Balance (and Currency) of each Receivable. Upon reasonable advance notice by the Agent to the Parent, the Parent shall, and shall cause each Supported Party to, at any time and from time to time during
regular business hours, as requested by the Agent, permit the Agent and the Facility Lenders, and their agents and representatives, at the expense of the Parent or such Supported Party (i) to examine and make copies of and take abstracts from
all books, records 

  
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and documents (including computer tapes and disks) reasonably related to the Receivables or related other Affected Assets, including any related Contract, and (ii) to visit the offices and
properties of the Parent or such Supported Party, as the case may be, for the purpose of examining such materials described in clause (i) above, and to discuss matters reasonably related to the Receivables and related other Affected
Assets or the Parent’s or such Supported Party’s performance under the Supported Documents to which it is a party, or under the Contracts, if any, with any of the officers, directors, relevant employees or independent public accountants of
such Person having knowledge of such matters; provided that, unless an Event of Default shall have occurred and be continuing or following an audit report indicating an audit deficiency, only one such examination and visit in any calendar
year shall be at the expense of the Parent. Subject to Section 6.9, such agents and representatives shall be bound to treat any information received pursuant to this clause (d) as confidential. 

(e) Keeping of Records and Books of Account. The Parent shall maintain and implement administrative and operating procedures (including
an ability to recreate records evidencing Receivables and any related Contract in the event of the destruction of the originals thereof), and keep and maintain, all documents, books, computer tapes, disks, Records and other information reasonably
necessary or advisable for the collection and administration of all Receivables (including records adequate to permit the daily identification of each new Receivable and all Collections of and adjustments to each existing Receivable). The Parent
shall, and shall cause each Supported Party to, give the Agent prompt notice of any material change in its administrative and operating procedures referred to in the previous sentence. 

(f) Contracts and Credit and Collection Policy. The Parent shall, and shall cause each Originator to (i) at its own expense,
timely and fully perform and comply with all provisions, covenants and other promises, if any, required to be observed by it under any Contract related to the Receivables (save to the extent that any failure to so perform or comply would not,
individually or in the aggregate, have a Material Adverse Effect), and (ii) timely and fully comply with the applicable Credit and Collection Policy. 

(g) Notice of Agent’s Interest. In the event that any Originator shall sell or otherwise transfer any interest in accounts
receivable or any other financial assets relating to any Receivable, any Contract or any related other Affected Asset (other than as contemplated by the Transaction Documents), any computer tapes or files or other documents or instruments provided
in connection with any such sale or transfer shall disclose the Purchaser’s ownership of the Receivables and the related other Affected Assets and the Agent’s and the other Secured Parties’ interest therein. 

(h) Collections. The Parent shall (or shall cause the Servicer and the Originators to) instruct all Obligors to cause all Collections
to be deposited directly to a Blocked Account or to post office boxes to which only Blocked Account Banks have access. The Parent shall (or shall cause the Servicer and the Originators to) cause all items and amounts relating to such Collections
received in such post office boxes to be removed and deposited into a Blocked Account on a daily basis. 
 (i) Collections Received.
The Parent shall, and shall cause each Originator to, hold in trust, and deposit, immediately, but in any event not later than two (2) Business Days after its receipt thereof, to a Blocked Account or, if required by Section 2.8 of
the Receivables Funding Agreement, to the Collection Account, all Collections, if any, received by it from time to time. 

  
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 (j) Accounts. The Parent shall, and shall cause each Originator to, procure that
(i) each Blocked Account at all times shall be maintained at a Blocked Account Bank and shall be subject to a Blocked Account Agreement and (ii) only Available Funds are received in such Blocked Account. 

(k) Sale Treatment. The Parent shall not, and shall not permit any Originator to, account for, or report, or otherwise treat, the
transactions contemplated by each Purchase and Sale Agreement in any manner other than as a sale of Receivables and related other Affected Assets by the relevant Originator to the Purchaser; provided that such transactions may be treated
(i) as a financing for tax and accounting purposes by the Parent, (ii) except with respect to the US Originators, as debt of the relevant Originator for tax purposes, and (iii) as a financing on the financial statements of an
Originator if required by GAAP applicable to such Originator; and provided, further, that each party hereto hereby acknowledges and agrees that, to the extent required by GAAP, (i) the derecognition of French Receivables may be
delayed until the Monthly Reporting Date immediately following their sale and (ii) the derecognition of Receivables and any related other Affected Assets transferred pursuant to the Israeli Purchase and Sale Agreements may be delayed until the
delivery date of the relevant Purchase and Sale Notice relating thereto. In addition, the Parent shall, and shall cause each Originator to, disclose (in a footnote or otherwise) in all of its financial statements the existence and nature of the
transaction contemplated hereby and by each Purchase and Sale Agreement to which it is a party and the interest of the Purchaser and the Agent, on behalf of the Originators, in the Receivables and related other Affected Assets. 

(l) Compliance with Supported Documents. The Parent shall cause each Supported Party to comply with and perform all of its covenants
and obligations contained in the Supported Documents. 
 (m) Insurance. In the event that the Parent or any of its Affiliates
procures insurance relating to the Receivables sold pursuant to the Transaction Documents then the Parent will procure that: 

(i) the Purchaser is named as an additional insured or co-insured along with the relevant Originator each in accordance with
its interest; 
 (ii) the Purchaser and such Originator will share the insurance premiums each in accordance with its
interest; and 
 (iii) payments received in respect of insured losses will be paid into a Blocked Account. 

(n) Personal Data. Notwithstanding anything in any Transaction Document to the contrary, the Parent shall ensure that no personal or
other information in, or otherwise relating to, any Contract, Receivable, any Collection related thereto, or any related other Affected Asset or any Record (“Relevant Personal Data”) is transmitted or delivered to, or otherwise
received by, the Purchaser, the Agent or any other Indemnified Party if such transmission, delivery or receipt would result in the violation by such Person of any legislation or regulation relating to data protection; provided that, upon the
request of the Agent at any time after an Event of Default has occurred and is continuing, the Parent shall, 

  
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and shall cause each of the Originators to, in each case, at its own expense, co-operate, assist and otherwise take all necessary actions as may be required to ensure that all Relevant Personal
Data is transferred to the Agent (or such other Person as the Agent may direct) in accordance with all applicable Law, including entering into any further deeds or documents which may be required to comply with any such legislation or regulations
relating to data protection. 
 (o) Undrawn Commitments and Cash Balances, etc. 

(i) The Parent and Affiliates of the Parent controlled by it (“Controlled Affiliates”) shall at all times
maintain cash balances at banks and/or committed undrawn bank loan facilities having a legal maturity falling on or after the Commitment Termination Date in an aggregate amount equal to or in excess of two-hundred fifty million Dollars
($250,000,000). 
 (ii) The Parent shall ensure that (A) the financial covenants (namely a net worth covenant, a net
debt to net worth covenant, and a net debt to EBITDA covenant, or covenants having a comparable effect) in the bank loan facilities referred to in sub-clause (o)(i) are no more restrictive than the
financial covenants set forth in clauses (i) and (j) of Section 6.1 of the Receivables Funding Agreement, and (B) the net debt to EBITDA covenant in any indebtedness of the Parent is no more restrictive than
the net debt to EBITDA covenant set forth in clause (j)(ii) of Section 6.1 of the Receivables Funding Agreement. 

(iii) The Parent shall (A) on the date on which each Servicer Report is due to be delivered, concurrently deliver to the
Purchaser and the Agent a written report summarizing (in a manner reasonably satisfactory to the Purchaser and the Agent) the undrawn commitments and cash balances described in sub-clause (o)(i), and (B) on each date on which its
financial performance is due to be reported for purposes of determining compliance with clause (j) of Section 6.1 of the Receivables Funding Agreement, concurrently deliver to the Agent a written summary in reasonable detail
of all of the financial covenants to which the Parent (and, if committed undrawn bank loan facilities of Controlled Affiliates are included in sub-clause (o)(i), its Controlled Affiliates) are subject, together with the related definitions
and a determination of the Parent’s (and each such Controlled Affiliate’s, if include as aforesaid) performance with respect to such covenants on the most recent reporting date then occurring with respect to such covenants. 

SECTION 4.2 Negative Covenants of the Parent 

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

(a) No Sales, Liens, etc. Except as otherwise provided herein or in any Supported Document, the Parent shall not, and shall not permit
any Originator to, (i) sell, assign (by operation of law or otherwise) or otherwise dispose of, or create or suffer to exist any Adverse Claim upon or with respect to any of the Receivables and related other Affected Assets, including any
Adverse Claim arising from an Adverse Claim on inventory or goods, or (ii) assign any right to receive income in respect thereof. 

  
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 (b) No Extension or Amendment of Receivables. The Parent shall not, and shall not permit
any Originator to (i) extend, amend or otherwise modify the terms of any Receivable, or (ii) amend, modify or waive any term or condition of any Contract related thereto. 

(c) No Change in Business or Credit and Collection Policy. The Parent shall not (i) make any change in the general nature of its
business, unless (A) any such change would not, individually or when taken together with any other such change after the Closing Date, have a Material Adverse Effect, (B) the Parent has given the Purchaser and the Agent at least thirty
(30) days prior written notice of such change, and (C) after giving effect to such change, such change would not result in the Currency Net Advances in any Currency exceeding the Currency Borrowing Base for such Currency, or (ii) make
any change in any Credit and Collection Policy. 
 (d) No Mergers, etc. The Parent shall not, and shall not permit any Supported
Party to, consolidate or merge with or into, or sell, lease or transfer all or substantially all of its assets to, any other Person, unless (i) the Parent has given the Purchaser and the Agent at least thirty (30) days prior written notice
of such transaction, (ii) the Person surviving such transaction (the “Surviving Party”) is either (A) already a party to the Transaction Documents organized in the same jurisdiction as the merging or transferring party or
(B) executes and delivers to the Purchaser and the Agent, for the benefit of the Purchaser, the Agent and the other Secured Parties, an agreement by which such Person assumes the obligations of the Parent or such Supported Party, as the case
may be, under the Transaction Documents to which it is a party, or confirms in writing that such obligations remain enforceable against such Person (in each case, in form and substance reasonably satisfactory to the Agent), together with such
certificates and opinions of counsel as the Purchaser or the Agent may reasonably request, (iii) the Surviving Party confirms in writing to the Purchaser and the Agent that (A) no Event of Default or Material Adverse Effect would occur or
be reasonably likely to occur as a result of such transaction, (B) each of its representations and warranties as a party to the relevant Transaction Documents remains true and correct, (C) each of its obligations with respect to Blocked
Accounts and Blocked Account Agreements set forth in the Transaction Documents (if any) have been fulfilled, and (D) after giving effect to such transaction, such transaction would not result in the Currency Net Advances in any Currency
exceeding the Currency Borrowing Base for such Currency, and (iv) except in the case of a merger of one Originator with another Originator as provided in clause (d)(ii)(A), the prior written consent of the Agent has been obtained (not to
be unreasonably withheld). 
 (e) No Change in Payment Instructions to Obligors. The Parent shall not, and shall not permit any
Originator to, add or terminate any bank as a Blocked Account Bank or any account as a Blocked Account to or from those listed in Schedule 4.1(r) to the Receivables Funding Agreement or make any change in the instructions to Obligors
regarding payments to be made to any Blocked Account, unless (i) such instructions are to deposit such payments to another existing Blocked Account or to the Collection Account, or (ii) (A) the Agent shall have received written notice of such
addition, termination or change at least thirty (30) days prior thereto, (B) the Agent shall have received a Blocked Account Agreement executed by each new Blocked Account Bank or an existing Blocked Account Bank with respect to each new
Blocked Account, as applicable and (C) the Agent shall have consented (such consent not to be unreasonably withheld) to each new Blocked Account Bank and each new Blocked Account Agreement. 

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

(g) No Impairment of Security. The Parent shall not, and shall not permit any Supported Party to, take any action or permit any action
to occur or suffer any circumstance to exist which would result in any security or security interest granted, or charge or security agreement or document entered into or registered or filed, in connection with any Transaction Document becoming
impaired or unenforceable in any material respect. 
 (h) No Amendment of Transaction Documents or Supported Documents. The Parent
shall not, and shall not permit any Supported Party to (i) amend, modify, or supplement any Transaction Document or Supported Document to which the Parent or such Supported Party is a party, respectively, or (ii) take any other action
under any Transaction Document or Supported Document that could have a Material Adverse Effect or which is inconsistent with the terms of this Agreement or any other Transaction Document or Supported Document. 

(i) No Deductions. The Parent shall not, and shall not cause or permit or suffer any of its Affiliates to, deduct the deferred purchase
price of Receivables (if any) sold pursuant to a Purchase and Sale Agreement for purposes of determining its taxable income in any jurisdiction. The Parent shall, and shall permit its Affiliates to deduct only charges for interest, bad debts and
other related costs and expenses incurred, in accordance with GAAP, in determining such taxable income. 
 (j) Supported Parties. The
Parent shall not permit any of its Subsidiaries or Affiliates, to sell, transfer or otherwise dispose of any of the outstanding shares of voting stock of any Supported Party, unless (A) the Parent shall have given the Agent at least thirty
(30) days prior written notice of such proposed sale, transfer or other disposal, (B) such sale, transfer or other disposal would not, individually or when taken together with all other sales, transfers and other disposals of such
Supported Party’s voting stock after the Closing Date, have a Material Adverse Effect, (C) after giving effect to such sale, transfer or other disposal, the Parent continues to (I) have the right, directly or indirectly, to elect a
majority of the board of directors (or other Persons performing similar functions) of such Supported Party, or (II) control such Supported Party (the Parent shall be deemed to control an Supported Party if the Parent possesses, directly or
indirectly, the power to direct or cause the direction of the management or policies of such Supported Party, whether through the ownership of voting securities or membership interests, by contract, or otherwise), and (D) if, after giving
effect to such sale, transfer or other disposal, the Parent would cease to own, directly or indirectly, free and clear of any Adverse Claim and on a fully diluted basis, more than seventy-five percent (75%) of the outstanding shares of voting
stock of such Supported Party, the Agent shall have given its prior written consent to such sale, transfer or other disposal (such consent not to be unreasonably withheld). 

(k) No Tax Consolidation. Unless required to do so by applicable Law, the Parent shall not, and shall not permit or suffer any of its
Affiliates to, consolidate or include the Purchaser with any tax group of the Parent or any such Affiliate. Without limiting the foregoing, the Parent shall promptly (and, in any event within two (2) Business Days) notify the Agent and each
Facility Lender of it becoming aware that it or any of its Affiliates becomes or will become obligated under applicable Law to consolidate or include the Purchaser with any tax group of the Parent or any such Affiliate. 

  
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 (l) Restricted Payments. The Parent shall not, and shall ensure that none of its
Affiliates on its behalf shall: 
 (i) declare, make or pay any dividend, charge, fee or other distribution (or interest on
any unpaid dividend, charge, fee or other distribution) (whether in cash or in kind) on or in respect of the Parent’s share capital (or any class of its share capital); 

(ii) repay or distribute any dividend or share premium reserve to any of the shareholders of the Parent; 

(iii) pay any management, advisory or other fee to or to the order of any of the shareholders of the Parent or any of its
Affiliates, other than fees to shareholders or Affiliates for services or transactions in the ordinary course of business and at arms length, it being understood and agreed that payments made in the ordinary course to members of the Parent’s
board of directors shall not be limited by this clause (1)(iii); or 
 (iv) redeem, repurchase, defease, retire or
repay any of the Parent’s share capital or resolve to do so; 
 in each case unless and until the ratio of the Net Debt of MAI as of the last day of
any fiscal quarter of the Parent to the average quarterly EBITDA of the Parent for the four consecutive fiscal quarters ending on such last day shall be equal to or less than 3.30 to 1.00. 

ARTICLE V 
 INDEMNIFICATION AND
EXPENSES 
 SECTION 5.1 Indemnities by the Parent 

Without limiting any other rights which the Indemnified Parties may have hereunder or under the other Transaction Documents or applicable Law,
the Parent hereby agrees to indemnify the Purchaser, the Agent and the other Secured Parties, their respective officers, directors, employees, counsel and other agents, and the other Indemnified Parties referred to in the Receivables Funding
Agreement (all such Persons being herein collectively called the “Indemnified Parties”) from and against any and all Indemnified Amounts, excluding, however, (i) Indemnified Amounts to the extent resulting from gross negligence
or willful misconduct on the part of such Indemnified Party, as finally determined by a court of competent jurisdiction, or (ii) recourse (except as otherwise specifically provided in the Supported Documents) for uncollectible Receivables.
Without limiting the generality of the foregoing (and subject to sub-clauses (i) and (ii)), the Parent shall indemnify each Indemnified Party for Indemnified Amounts relating to or resulting from: 

(a) any representation or warranty made by the Parent or any MAI Party or any officers of the Parent or any MAI Party under or in connection
with this Agreement, any Purchase and Sale Agreement, any of the other Transaction Documents, any of the other Supported Documents, any Servicer Report, or any other information or report delivered by the Parent or any MAI Party pursuant to any of
the Transaction Documents or any Supported Document which shall have been incomplete, false or incorrect in any respect when made or deemed made; 

  
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 (b) the failure by the Parent or any MAI Party to comply with any applicable Law with respect to
any Receivable or any Contract related thereto, or the nonconformity of any Receivable or any Contract related thereto with any such applicable Law; 

(c) (i) the failure for any reason (A) to vest and maintain (or cause to be vested and maintained) in the Purchaser complete and outright
legal and beneficial ownership of, and good and marketable title to, each Receivable and related other Affected Assets which is valid and enforceable against Obligors and other third parties and is free and clear of any Adverse Claim (other than any
Adverse Claim arising hereunder or under the other Transaction Documents) and the interest of any other creditor of the Purchaser and the Supported Parties, or (B) to vest and maintain in the Agent, on behalf of the Secured Parties, a valid and
enforceable perfected security interest ranking ahead of any other security interest and the interest of any other creditor of the Purchaser and the Supported Parties, in each Receivable and related other Affected Assets, free and clear of any
Adverse Claim (other than any Adverse Claim arising hereunder or under any other Transaction Document), or (ii) the creation of any Adverse Claim in favor of any Person with respect to the Receivables or related other Affected Assets; 

(d) the occurrence of any Event of Default; 

(e) any dispute, claim, offset or defense (other than discharge in bankruptcy) of any Obligor to the payment of any Receivable (including a
defense based on such Receivable or any Contract related thereto not being the legal, valid and binding obligation of such Obligor enforceable against it in accordance with its terms), or any other claim resulting from the sale of merchandise or
services related to such Receivable or the furnishing or failure to furnish such merchandise or services, or from any breach or alleged breach of any provision of the Receivables or any Contracts related thereto restricting assignment of any
Receivables; 
 (f) any failure of the Servicer to perform its duties or obligations in accordance with the Servicing Agreement; 

(g) any product liability claim or personal injury or property damage suit or other similar or related claim or action of whatever sort
arising out of or in connection with merchandise or services which are the subject of any Receivable or related other Affected Asset or any Contract; 

(h) any lawsuit, order, consent decree, judgment, claim or other action of whatever sort relating to, or otherwise in connection with, any
environmental, health, safety or hazardous material law, rule, regulation, ordinance, code, policy or rule of common law now or hereinafter in effect; 

(i) the failure by the Parent or any MAI Party to comply with any term, provision or covenant contained in this Agreement or any of the other
Transaction Documents to which it is a party or to perform any of its respective duties or obligations under the Receivables or any Contracts related thereto; 

(j) the Currency Net Advances in any Currency exceeding the Currency Borrowing Base for such Currency at any time; 

  
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 (k) the failure of the Parent or any MAI Party to pay when due any Taxes (other than Excluded
Taxes) payable in connection with the sale of any Receivable or related other Affected Asset or any Contract or in connection with any Transaction Document or other Supported Document or the transactions contemplated thereby; 

(l) any repayment by any Indemnified Party of any amount previously distributed to such Indemnified Party which such Indemnified Party
believes in good faith is required to be made; 
 (m) at any time when MAI or any Affiliate of MAI is the Servicer or a Sub-Servicer, the
commingling by the Parent or any MAI Party of Collections of Receivables with any other funds; 
 (n) any investigation, litigation or
proceeding related to this Agreement or any of the other Transaction Documents, except to the extent that such investigation, litigation or proceeding relates solely to such Indemnified Parties’ participation in securitization transactions;

 (o) failure of any Blocked Account Bank to remit any amounts held in the Blocked Accounts or any related lock-boxes pursuant to the
instructions of the Servicer, the Purchaser or the Agent (to the extent such Person is entitled to give such instructions in accordance with the terms hereof and of any applicable Blocked Account Agreement) whether by reason of the exercise of
set-off rights or otherwise; 
 (p) any inability to obtain any judgment in or utilize the court or other adjudication system of, any state
or country in which an Obligor may be located as a result of the failure of the Parent or any MAI Party to qualify to do business or file any notice of business activity report or any similar report; 

(q) except for recourse for uncollectible Receivables (other than as otherwise specifically provided in the Transaction Documents and other
Supported Documents), any attempt by any Person to void, rescind or set-aside any transfer by any Originator to the Purchaser of any Receivable or related other Affected Asset under statutory provisions or common law or equitable action, including
any provision of any Insolvency Law; or 
 (r) any action taken by the Parent or any Sub-Servicer in the enforcement or collection of any
Receivable. 
 In respect of any Indemnified Amounts payable to any Indemnified Party which is not a party to this Agreement in accordance with the
indemnity set out in this Section 5.1, the Parent (A) agrees to pay such Indemnified Party directly at the direction of the Agent and (B) acknowledges and agrees that the Agent shall have the right to enforce the indemnity set
out in this Section 5.1 on behalf of such Indemnified Party in respect of any Indemnified Amounts payable to such Indemnified Party, notwithstanding that no Indemnified Amounts are payable to the Agent itself. In the event that the Agent
receives or recovers from the Purchaser pursuant to the indemnity set out in this Section 5.1 any Indemnified Amounts payable to or for the benefit of any Indemnified Party, the Agent agrees that it will promptly (and in any event no
later than the Business Days following receipt thereof) pay all such Indemnified Amounts to such Indemnified Party. 

  
 20 

 SECTION 5.2 Taxes 

(a) All payments and distributions made under the Transaction Documents and the other Supported Documents by the Parent, the Servicer, any
Supported Party or the Purchaser (each a “payor”) to or for the account of the Purchaser, the Agent or any other Secured Party (each, a “recipient”) shall be made free and clear of and without deduction for any
present or future income, excise, stamp or franchise taxes and any other taxes, fees, duties, withholdings or other charges of any nature whatsoever imposed by any taxing authority on any recipient (or any assignee of such parties) (such
non-excluded items being called “Taxes”), other than Excluded Taxes, except to the extent required by applicable Law or practice. In the event that any withholding or deduction from any payment made by any payor hereunder is
required in respect of any Taxes, then the Parent shall, or shall cause the applicable payor to: 
 (i) withhold or deduct
the required amount from the covered payment; 
 (ii) pay directly to the relevant authority the full amount required to be
so withheld or deducted; 
 (iii) promptly forward to the recipient, with a copy to the Agent, an official receipt or other
documentation satisfactory to the recipient and the Agent evidencing such payment to such authority; and 
 (iv) except in
the case of Excluded Taxes, pay to the recipient 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) Moreover, if any Taxes (other than Excluded Taxes) are directly asserted against any recipient with
respect to any payment or income earned or received by such recipient hereunder or under any other Transaction Documents or Supported Documents, the Parent shall, or shall cause the applicable payor to, promptly pay such Taxes and such additional
amounts (including any penalties, interest or expenses) 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
such recipient would have received had such Taxes not been asserted. 
 (c) If the Parent or any payor fails to pay any Taxes when due to
the appropriate taxing authority or fails to remit to the recipient the required receipts or other required documentary evidence, then the Parent shall, or shall cause the applicable payor to, indemnify the recipient for any incremental Taxes,
interest, or penalties that may become payable by any recipient as a result of any such failure. 
 (d) In the event that the Parent pays an
additional amount or amounts pursuant to clause (a)(iv) (an “additional tax payment”), and in the event that the recipient thereof determines (in its sole, good faith opinion) that, as a result of such additional tax payment,
it is effectively entitled to obtain and retain a refund of any Taxes or a tax credit in respect of Taxes which reduces the tax liability of such recipient (a “tax savings”), then such recipient shall, to the extent it can do so
without prejudice to the amount of any other deduction, credit or relief, upon effective receipt of such tax savings reimburse to the Parent such amount as such recipient shall determine (in its sole, good faith opinion) to be the proportion of the
tax 

  
 21 

 
savings as will leave such recipient (after such reimbursement) in no better or worse position than it would have been in had the payment by the Parent in respect of which the foregoing
additional tax payment was made not been subject to any withholding or deduction on account of Taxes. If the Parent shall have received from any recipient any amount described in the preceding sentence and it is subsequently determined that such
recipient was not entitled to obtain or retain the amount of the tax savings claimed, then the Parent shall repay such amount to such recipient. Each recipient shall have sole discretion to arrange its affairs (including its tax affairs) without
regard to this clause (d) and no recipient shall be obligated to disclose any information regarding its affairs (including its tax affairs) or computations to the Parent. 

SECTION 5.3 Other Costs and Expenses 

(a) The Parent agrees, upon receipt of a written invoice, to pay or cause to be paid, and to save the Agent and the other Secured Parties
harmless against liability for the payment of, all reasonable out-of-pocket expenses (including attorneys’, accountants’ and other third parties’ fees and expenses, any filing fees and expenses incurred by officers or employees of any
Facility Lender and/or the Agent) or intangible, documentary or recording taxes incurred by or on behalf of any Facility Lender or the Agent (i) in connection with the preparation, negotiation, execution and delivery of this Agreement, the
other Transaction Documents, the other Supported Documents and each other document and instrument delivered pursuant thereto and the transactions contemplated hereby and thereby, and (ii) from time to time (A) relating to each amendment,
waiver and consent under this Agreement, the other Transaction Documents and the other Supported Documents, (B) arising in connection with any Facility Lender’s or the Agent’s enforcement or preservation of rights under this
Agreement, the other Transaction Documents and the other Supported Documents, and (C) arising in connection with each audit, dispute, disagreement, litigation or preparation for litigation involving this Agreement, each of the other Transaction
Documents and each of the other Supported Documents. 
 (b) The Parent hereby agrees to pay on demand all stamp and other 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 any sale of Receivables), filing and recording of this
Agreement, any other Transaction Document or any other instrument, document or agreement filed or delivered in connection therewith. 

SECTION 5.4 Currency Indemnity 

If under any applicable law or regulation, or pursuant to a judgment or order being made or registered against the Parent or any Supported
Party, or the liquidation of any of the Parent or any Supported Party or for any other reason, any payment under or in connection with this Agreement or any Transaction Document is made (including any payment pursuant to Article II or this
Article V) or fails to be satisfied, in a currency (the “payment currency”) other than the currency in which such payment is expressed to be due under or in connection with this Agreement or any Transaction Document or,
in the event no currency is specified, a currency determined by the Person (in its reasonable good faith opinion) to whom such payment is owed or otherwise payable (the “contractual currency”), then, to the extent that the amount of
such payment actually received by the Agent or any other Secured Party (the “payee”), when converted into the contractual currency at the rate of exchange falls short of 

  
 22 

 
such amount due, the Parent as a separate and independent obligation, shall, or shall cause the relevant Supported Party to indemnify and hold harmless the payee against the amount of such
shortfall. For the purposes of this Section 5.4 “rate of exchange” means the rate at which the payee is able on or about the date of such payment to purchase, in accordance with its normal practice (provided that
such normal practice is not unreasonable), the contractual currency with the payment currency and shall take into account (and the payor shall be liable for) any premium and other costs of exchange including any taxes or duties incurred by reason of
any such exchange. 
 ARTICLE VI 

MISCELLANEOUS 
 SECTION 6.1
Term of Agreement 
 This Agreement shall terminate two (2) years and one (1) day after the Final Payout Date;
provided that (a) the rights and remedies of the Purchaser, the Agent and the other Secured Parties with respect to any representation and warranty made or deemed to be made by the Parent pursuant to this Agreement, (b) the
indemnification and payment provisions of Article V in favor of the Indemnified Parties, and (c) the agreements of the parties set forth in Sections 2.2(c), 6.9, 6.10, 6.11, 6.12 and 6.13 shall
be continuing and shall survive any termination of this Agreement. 
 SECTION 6.2 Waivers; Amendments 

(a) No failure or delay on the part of any party hereto in exercising any power, right or remedy under this Agreement shall operate as a
waiver thereof, nor shall any single or partial exercise of any such power, right or remedy preclude any other further exercise thereof or the exercise of any other power, right or remedy. The rights and remedies herein provided shall be cumulative
and nonexclusive of any rights or remedies provided by law. 
 (b) Any provision of this Agreement may be amended or waived if, but only if,
such amendment or waiver is in writing and is signed by the Parent, the Purchaser and the Agent. 
 SECTION 6.3 Notices; Payment
Information 
 All communications and notices provided for hereunder shall be provided in the manner described in
Section 1.6 of the Schedule of Definitions. 
 SECTION 6.4 Governing Law; Submission to Jurisdiction; Appointment of Process
Agent 
 (a) This Agreement and any non-contractual obligations arising out of or in connection with it and the rights and obligations
of the parties hereto shall be governed by and construed in accordance with English law. 
 (b) The Parent agrees that the courts of England
shall have jurisdiction to hear and determine any suit, action or proceeding, and to settle any dispute, which may arise out of or in connection with this Agreement, any other Transaction Document or the transactions contemplated hereby or thereby
and, for such purposes, irrevocably submits to the nonexclusive jurisdiction of such courts. 

  
 23 

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

(d) The Parent agrees that the process by which any suit, action or proceeding is begun may be served on it by being delivered in connection
with any suit, action or proceeding in England to the English Process Agent. 
 (e) The submission to the jurisdiction of the courts
referred to in clause (b) shall not (and shall not be construed so as to) limit the right of the Agent to take proceedings against the Parent or any of its property in any other court of competent jurisdiction, nor shall the taking of
proceedings in any other jurisdiction preclude the taking of proceedings in any other jurisdiction, whether concurrently or not. 
 (f) The
Parent hereby consents generally in respect of any legal action or proceeding arising out of or in connection with this Agreement, any other Transaction Document or the transactions contemplated hereby or thereby, to the giving of any relief or the
issue of any process in connection with such action or proceeding including the making, enforcement or execution against any property whatsoever (irrespective of its use or intended use) of any order or judgment which may be made or given in such
action or proceeding. Without limiting the foregoing, the Parent agrees to reimburse any successful claimant the costs of any legal action or proceeding brought against the Parent pursuant to this Section 6.4, including the cost of all
stamp duties (if any) payable in connection therewith. 
 SECTION 6.5 Integration 

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

SECTION 6.6 Severability and Partial Invalidity 

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

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

  
 24 

 SECTION 6.7 Counterparts; Facsimile Delivery 

This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which when taken together shall constitute one and the same Agreement. Delivery by facsimile of an executed signature page of this Agreement shall be effective as delivery of an executed
counterpart hereof. 
 SECTION 6.8 Successors and Assigns; Binding Effect 

(a) This Agreement shall be binding on the parties hereto and their respective successors and assigns; provided that the Parent may not
assign or otherwise transfer any of its rights or delegate or otherwise transfer any of its duties or obligations hereunder or (except as provided in the Servicing Agreement) under any of the other Transaction Documents to which it is a party
without the prior written consent of the Agent. 
 (b) The Parent acknowledges and consents to the provisions of Section 9.8 of
the Receivables Funding Agreement regarding certain permitted assignments by the Facility Lenders. 
 SECTION 6.9 Consent to
Disclosure 
 The Parent hereby consents to the disclosure of any Non-Public Information with respect to it received by the Agent or any
other Secured Party to (i) the Agent, (ii) any Facility Lender, (iii) any potential Facility Lender or Conduit Assignee, (iv) any Conduit, any Administrator, any Conduit Support Provider or any Conduit CP Funding Provider of any
Facility Lender or potential Facility Lender, (v) any nationally recognized statistical rating organization rating any Commercial Paper issued to fund any Advance, (vi) any dealer or placement agent of or depositary for any Commercial
Paper issued to fund any Advance, (vii) any of such Person’s legal counsel, accountants or other professional advisers in relation to this Agreement or any other Transaction Document or (viii) any Person appointed from time to time to
conduct due diligence in respect of the transactions contemplated by the Transaction Documents, in each case provided that (A) such disclosure is, in the reasonable opinion of the Person making such disclosure, appropriate in the context of the
transactions contemplated herein and in the other Transaction Documents or otherwise required in connection with such Person’s Commercial Paper program or other securitization program or any transaction contemplated thereby, and (B) the
recipient of such information has been informed of its confidential nature and receives such information on the basis that it is to be held in confidence. 

SECTION 6.10 Confidentiality 

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

  
 25 

 (b) Subject to Section 6.9, the Agent hereby agrees that it will not disclose this
Agreement or any other Transaction Document or the terms thereof or any confidential information of or with respect to the Parent or any MAI Party to any other Person except as otherwise required by applicable Law, the applicable rules of any stock
exchange or similar body or order of a court of competent jurisdiction. 
 (c) Notwithstanding anything in this Agreement, any party to any
of the Transaction Documents (and each employee, agent or representative of any such party) may disclose to any and all persons without limitation of any kind, the tax treatment and tax structure of the transactions contemplated by the Transaction
Documents and all materials of any kind (including opinions or other tax analyses) that are provided to any such party relating to such tax treatment and tax structure except to the extent maintaining such confidentiality is necessary to comply with
any applicable securities laws. 
 SECTION 6.11 No Petition 

The Parent hereby covenants and agrees that: 

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

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

SECTION 6.12 Limited Recourse 

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

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

  
 26 

 SECTION 6.13 Contracts (Rights of Third Parties) Act (1999) 

Except in respect of the Purchaser, the Agent and the other Secured Parties, which Persons (including, for the avoidance of doubt, their
respective successors and permitted assigns) are intended to have the benefit of this Agreement pursuant to the Contracts (Rights of Third Parties) Act (1999), the parties hereto do not intend any term of this Agreement to be enforceable pursuant to
the Contracts (Rights of Third Parties) Act (1999). 
 [Signatures Follow] 

  
 27 

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

									
	 MAKHTESHIM AGAN INDUSTRIES LTD.,
 as
Parent
	 		 		 	
					
	By:	 	 /s/ Moshe Kuperberg        /s/ Aviram Lahav
	 		 		 	
		 	  
	 		 		 	
					
	Name:	 	 Moshe Kuperberg        Aviram Lahav
	 		 		 	
					
	Title:	 	 Financial Manager       Group CFO
	 		 		 	
				
	 DONEGAL RECEIVABLES PURCHASING LIMITED,

as Purchaser
	 		 		 	
					
	By:	 	/s/ Eimir McGrath	 		 		 	
		 	  
	 		 		 	
					
	Name:	 	 Eimir McGrath
	 		 		 	
					
	Title:	 	 Alternate Director
	 		 		 	
				
	 COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. (trading as RABOBANK INTERNATIONAL), LONDON BRANCH,

as Agent
	 		 		 	
					
	By:	 	/s/ Donna Kunzig	 		 	By:	 	/s/ Sarah Mason
		 	  
	 		 		 	  

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

  
 S-1EX-10.13

 Exhibit 10.13 

Execution Version 
  

 
 LIQUIDITY
AGREEMENT 
 dated as of 22 November 2011, 

by and among 
 NIEUW
AMSTERDAM RECEIVABLES CORPORATION, 
 as Borrower, 

THE FINANCIAL INSTITUTIONS 

FROM TIME TO TIME PARTIES HERETO, 

as Liquidity Banks, 
 and 

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

as Agent and Administrator 
  

 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	 ARTICLE I Definitions
	  	 	1	  
		
	 SECTION 1.1 Certain Defined Terms
	  	 	1	  
		
	 SECTION 1.2 Interpretations and Construction
	  	 	14	  
		
	 ARTICLE II Advances and Payments
	  	 	15	  
		
	 SECTION 2.1 Advance Facility and Commitments
	  	 	15	  
		
	 SECTION 2.2 Borrowing Procedures
	  	 	16	  
		
	 SECTION 2.3 Payment of Principal and Interest
	  	 	17	  
		
	 SECTION 2.4 Determination of Interest and Interest Periods
	  	 	18	  
		
	 SECTION 2.5 Fees and Other Costs and Expenses
	  	 	19	  
		
	 SECTION 2.6 Payments; Overdue Interest
	  	 	19	  
		
	 SECTION 2.7 Right of Set-off
	  	 	19	  
		
	 SECTION 2.8 Sharing of Payments, etc.
	  	 	19	  
		
	 SECTION 2.9 Downgrade of Liquidity Bank
	  	 	20	  
		
	 SECTION 2.10 Non-Renewing Liquidity Banks
	  	 	21	  
		
	 SECTION 2.11 Defaulting Liquidity Bank
	  	 	22	  
		
	 SECTION 2.12 Transfers
	  	 	22	  
		
	 SECTION 2.13 Enforcement
	  	 	22	  
		
	 SECTION 2.14 Use of Proceeds
	  	 	22	  
		
	 ARTICLE III Conditions Precedent
	  	 	23	  
		
	 SECTION 3.1 Conditions Precedent to Closing
	  	 	23	  
		
	 SECTION 3.2 Conditions Precedent to All Advances
	  	 	23	  
		
	 ARTICLE IV Representations and Warranties
	  	 	24	  
		
	 SECTION 4.1 Representations and Warranties of the Borrower
	  	 	24	  
		
	 SECTION 4.2 Repetition of Representations and Warranties
	  	 	24	  
		
	 ARTICLE V Covenant of the borrower
	  	 	24	  
		
	 ARTICLE VI Events of Default
	  	 	25	  
		
	 SECTION 6.1 Events of Default
	  	 	25	  
		
	 SECTION 6.2 Remedies
	  	 	25	  
		
	 ARTICLE VII Indemnification; Expenses; Related Matters
	  	 	26	  
		
	 SECTION 7.1 Indemnities by the Borrower
	  	 	26	  
		
	 SECTION 7.2 Indemnity for Taxes, Reserves and Expenses
	  	 	26	  
		
	 SECTION 7.3 Taxes
	  	 	28	  

 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	Page	 
		
	 SECTION 7.4 Other Costs and Expenses
	  	 	29	  
		
	 SECTION 7.5 Breakage Costs
	  	 	30	  
		
	 SECTION 7.6 Currency Indemnity
	  	 	30	  
		
	 ARTICLE VIII The Agent
	  	 	30	  
		
	 SECTION 8.1 Appointment and Authorization of Agent
	  	 	30	  
		
	 SECTION 8.2 Delegation of Duties
	  	 	31	  
		
	 SECTION 8.3 Liability of Agent
	  	 	31	  
		
	 SECTION 8.4 Reliance by Agent
	  	 	31	  
		
	 SECTION 8.5 Notice of Default
	  	 	32	  
		
	 SECTION 8.6 Credit Decision; Disclosure of Information by the Agent
	  	 	32	  
		
	 SECTION 8.7 Indemnification of the Agent
	  	 	33	  
		
	 SECTION 8.8 Agent in Individual Capacity
	  	 	33	  
		
	 SECTION 8.9 Resignation of Agent
	  	 	33	  
		
	 SECTION 8.10 Payments by the Agent
	  	 	34	  
		
	 ARTICLE IX Miscellaneous
	  	 	34	  
		
	 SECTION 9.1 Term of Agreement
	  	 	34	  
		
	 SECTION 9.2 Waivers; Amendments
	  	 	34	  
		
	 SECTION 9.3 Governing Law; Submission to Jurisdiction; Appointment of Process Agent
	  	 	35	  
		
	 SECTION 9.4 Integration
	  	 	36	  
		
	 SECTION 9.5 Severability and Partial Invalidity
	  	 	36	  
		
	 SECTION 9.6 Counterparts; Facsimile Delivery
	  	 	36	  
		
	 SECTION 9.7 Successors and Assigns; Binding Effect
	  	 	36	  
		
	 SECTION 9.8 Consent to Disclosure
	  	 	38	  
		
	 SECTION 9.9 Confidentiality
	  	 	38	  
		
	 SECTION 9.10 No Petition
	  	 	39	  
		
	 SECTION 9.11 No Recourse
	  	 	39	  
		
	 SECTION 9.12 Contracts (Rights of Third Parties) Act (1999)
	  	 	39	  
		
	 SECTION 9.13 Notices; Payment Information
	  	 	39	  
		
	 SECTION 9.14 Good Faith
	  	 	39	  

  

 TABLE OF CONTENTS 

(continued) 
  

					
	 	 	 	  	Page
	 Schedules
	 	 	  	 
			
	 Schedule 1
	 	Commitments and Currency Commitments	  	
			
	 Schedule 2
	 	Address and Payment Information	  	
			
	 Exhibits
	 	 	  	 
			
	 Exhibit A
	 	Form of Borrowing Request	  	
			
	 Exhibit B
	 	Form of Assignment and Assumption Agreement	  	

  

 LIQUIDITY AGREEMENT 

THIS LIQUIDITY AGREEMENT (this “Agreement”), dated as of 22 November 2011, by and among NIEUW AMSTERDAM RECEIVABLES
CORPORATION, a Delaware Corporation (the “Borrower”, THE FINANCIAL INSTITUTIONS FROM TIME TO TIME PARTIES HERETO (the “Liquidity Banks”), COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. (trading as
RABOBANK INTERNATIONAL), LONDON BRANCH, of Thames Court, One Queenhithe, London EC4V 3RL (the “Agent”). 
 ARTICLE I 

DEFINITIONS 
 SECTION 1.1
Certain Defined Terms 
 In this Agreement, unless otherwise defined herein or the context otherwise requires, capitalized terms have
the meanings set forth in the Master Schedule of Definitions, Interpretations and Construction, dated as of the Closing Date and signed by the Borrower and the Agent and others for the purposes of identification (the “Schedule of
Definitions”). In addition, the following terms used in this Agreement shall have the following meanings: 

“Administrator” means Rabobank or an Affiliate thereof as Administrator for the Borrower. 

“Advance” is defined in Section 2.1(a). 

“Advance Date” is defined in Section 2.2(a). 

“Agent-Related Persons” means the Agent, together with its Affiliates, and the officers, directors, employees, agents and
attorneys-in-fact of such Persons and their respective Affiliates. 
 “Alternate Rate” means, for any Advance in any
Currency, for each day in any applicable Interest Period: 
 (a) except as provided in clauses (b) and
(c), an interest rate per annum equal to the sum of (i) the Offshore Rate for such Interest Period for such Currency, plus (ii) the Applicable Margin; 

(b) except as provided in clause (c) below, in the case of (i) any Interest Period of one (1) day to (and
including) fourteen (14) days, or (ii) any Interest Period relating to a Advance which is less than two million US Dollars ($2,000,000) (or its Currency Equivalent in any other Currency), an interest rate per annum equal to the sum of
(A) the Base Rate for such Currency in effect on such day, plus (B) the Applicable Margin; 
 (c) in relation to
Advances in any Currency, on any day in any Interest Period falling on or after the date of any declaration or automatic occurrence of the Termination Date pursuant to Section 6.2, a rate per annum equal to the Default Rate for such
Currency. 

  
 1 

 “Applicable Exchange Rate” means, at any time in relation to the determination
of an amount denominated in one Currency (the “first Currency”) on the basis of an amount denominated in any other Currency (the “second Currency”), the rate determined by the Agent as the currency exchange rate at which the
relevant amount in the second Currency could be converted into the relevant amount in the first Currency (a) if applicable, under a Forward Contract entered into by the Borrower if providing for delivery to the Borrower of the first Currency
against delivery by the Borrower of the second Currency on the appropriate date, and (b) otherwise, under a Spot Contract for delivery to the Borrower of the first Currency against delivery by the Borrower of the second Currency on the
appropriate date. 
 “Applicable Margin” is defined in the Fee Letter. 

“Asset Balance” means, at any time, an amount equal to the lesser of: 

(a) the Dollar Equivalent of the CP Value of all outstanding Related Commercial Paper; and 

(b) the Dollar Equivalent of the sum of (i) the aggregate Unpaid Balance of all Receivables denominated in all Currencies
at such time that were Eligible Receivables at the time of the Purchaser’s purchase or purported purchase thereof, plus (ii) the aggregate amount of all Collections at such time that have not been applied in accordance with
Article IV of the Servicing Agreement, plus (iii) the aggregate amount of all Collections that have been received since the date of the last advance made in accordance with Section 2.1 of the Receivables Funding
Agreement and that have been applied in accordance with Article IV of the Servicing Agreement other than to payment of amounts owing to the Borrower or toward the purchase of Asset Interests, plus (iv) all claims of the Purchaser
against the Servicer under the Servicing Agreement, plus (v) the amount (if any) of repayments of advances under the Receivables Funding Agreement that the Borrower has been required to return for any reason, plus (vi) the
amount of Yield to accrue on the relevant maturity dates of all outstanding Related Commercial Paper, minus (vii) the Dollar Equivalent of the aggregate Unpaid Balance of all Defaulted Receivables that that were Eligible Receivables at
the time of the Purchaser’s purchase or purported purchase thereof. 
 “Asset Interest” means the right, title and
interest of the Facility Lenders in and to the Advances and the security created over the Purchaser’s assets pursuant to the Security Documents, including in the Receivables and related other Affected Assets and in the Receivables Funding
Agreement and the other Transaction Documents. 
 “Assignment and Assumption Agreement” means an Assignment and Assumption
Agreement substantially in the form of Exhibit B to this Agreement. 
 “Australian Dollars” or
“AUD” means the lawful currency of Australia. 
 “Australian Dollars Base Rate” means, for any day, a
fluctuating rate per annum determined by the Agent as being equal to the base rate of interest (prior to including any margin) at which prime banks in Sydney generally make advances in Australian Dollars available to commercial borrowers in amounts
and for periods comparable to the applicable amount of the Advance for which such rate is being determined for the remainder of the Rate Period applicable thereto. 

  
 2 

 “Australian Dollars Overnight Rate” means the Interbank Overnight Cash Rate as
calculated by the Reserve Bank of Australia and appearing on the Reuters page designated RBA30/RBA36 or the Telerate Service on the page designated 1590/1596, or any equivalent successor to either such page, or if no such rate is available for the
relevant Rate Period, the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Agent at its request quoted by the Reference Banks to leading banks in the Australian market. 

“Australian Dollar Offshore Rate” means the Australian Dollar Base Rate. 

“Base Rate” means for any Advance funded (a) in Dollars, the Dollar Base Rate, (b) in Euro, the Euro Base Rate,
(c) in Sterling, the Sterling Base Rate, (d) in Shekels, the Shekel Base Rate, (e) in Australian Dollars, the Australian Dollars Base Rate, and (f) in Zloty, the Zloty Base Rate. 

“Borrower” is defined in the preamble. 

“Borrowing Base” means, at any time, an amount equal to (a) the Net Receivables Balance at such time, times
(b) one hundred percent (100%) minus the Total Reserve Percentage at such time. 
 “Borrowing Request” means each
request substantially in the form of Exhibit A. 
 “Brussels Banking Day” means any day, other than a Saturday or
Sunday, on which dealings in interbank deposits in Dollars and Euro and in foreign exchange are carried on in the Brussels, Belgium interbank market. 

“Business Day” means any day excluding Saturday, Sunday and any day on which banks in New York, New York, London, England or
Tel Aviv, Israel are authorized or required by law to close, and, when used with respect to the determination of any Offshore Rate for any Currency or any notice or Yield Payment Date with respect thereto, any such day which is also a day for
trading by and between banks in deposits in such Currency in the London, European or other applicable interbank market. 

“Calculation Period” means the period from the Closing Date until the first Settlement Date thereafter and each subsequent
period from a Settlement Date until the next Settlement Date; provided that (i) each reference in this definition to any Settlement Date, whether before or after the Termination Date, shall mean and be a reference to the Settlement Date
determined as provided in clause (a) of the definition thereof, and (ii) the last Calculation Period shall end on the Final Payout Date. 

“Closing Date” means     November 2011. 

“Commercial Paper” means the promissory notes issued or to be issued by the Borrower in the U.S. or European commercial paper
markets. 
 “Commitment” means, with respect to each Liquidity Bank, as the context requires, (a) the commitment of
such Liquidity Bank to make Advances in accordance with this Agreement in one or more Currencies such that after giving effect to any such Advances the portion of the Advances funded by such Liquidity Bank will not exceed the amount described in
clause (b), and (b) an amount equal to (i) the Dollar amount set forth opposite such Liquidity Bank’s name on Schedule 1 under the heading “Commitments” (or in the case of a

  
 3 

 
Liquidity Bank which becomes a party to this Agreement pursuant to an Assignment and Assumption Agreement, as set forth in such Assignment and Assumption Agreement), plus (ii) the
Dollar amount of any increase to such Liquidity Bank’s Commitment consented to by such Liquidity Bank, minus (iii) the Dollar amount of any Commitment or portion thereof assigned by such Liquidity Bank pursuant to an Assignment and
Assumption Agreement, minus (iv) upon any reduction of the Aggregate Facility Limit, an amount equal to the product of (A) the amount of such reduction of the Aggregate Facility Limit, times (B) a fraction the numerator
of which is the Commitment of such Liquidity Bank and the denominator of which is the Aggregate Facility Limit in each case before giving effect to such reduction, minus (v) the Participant Reduction Amount (if any) at such time;
provided that any reduction in the Commitment as a result of sub-clause (v) shall only take effect commencing on the Settlement Date occurring in the calendar month immediately following the month in which the relevant Participant Event
occurs and on each Settlement Date thereafter until the full amount of the Participant Reduction Amount has been deducted, in each case in accordance with the following formula: 

 

					
	Reduction	 	=	  	(CE + ORA) x 102%

 where: 
  

					
	CE	 	=	  	“Commitment Excess”, which means, on the first Settlement Date only on which the Commitment shall be reduced pursuant to this clause (v), the amount (if any) by which the Maximum Net Advances immediately prior to
such Settlement Date exceeds the sum of the Advances under the Receivables Funding Agreement and the Advances under this Agreement on such Settlement Date.
			
	 ORA
	 	=	  	“Outstandings Reduction Amount”, which means, on any Settlement Date, the amount by which the Advances under the Receivables Funding Agreement and the Advances under this Agreement are paid down on such
Settlement Date;

 and provided, further, that no such reduction shall take place that would result in the total Commitment being
less than the Matured Value of the outstanding Commercial Paper at such time. 
 “Commitment Termination Date” means
27 February 2012 or such later date to which the Commitment Termination Date has been extended pursuant to Section 2.10. 

“CP Repayment Event” means the occurrence and continuation of any Event of Default under (and as defined in) the Receivables
Funding Agreement. 
 “CP Value” means, at any time with respect to the outstanding Related Commercial Paper at any time,
the aggregate of: 
 (a) with respect to any such Related Commercial Paper issued in a currency other than the currency in
which the advances under the Receivables Funding Agreement funded by such Related Commercial Paper are denominated, the aggregate Forward Amounts to be delivered by the Borrower to each Hedge Counterparty under each Forward Contract related to such
Related Commercial Paper, 

  
 4 

 
other than a Forward Contract relating to such Related Commercial Paper in respect of which, as of the determination date of the CP Value thereof, the Borrower has issued or sold further Related
Commercial Paper and has entered into a related Spot Contract the proceeds of which will be used to repay the Forward Amount due under such Forward Contract; and 

(b) with respect to any such Related Commercial Paper issued in the same currency as the currency in which the advances under
the Receivables Funding Agreement funded by such Related Commercial Paper are denominated, the aggregate Face Amount thereof. 

“Currency” means Dollars, Euro, Sterling, Shekels, Australian Dollars and Zloty. 

“Currency Borrowing Base” means, for any Currency at any time, an amount in such Currency equal to the Currency Equivalent of
the product of (a) the Borrowing Base at such time, times (b) a fraction, the numerator of which is the Dollar Equivalent of the Currency Net Receivables Balance for such Currency at such time and the denominator of which is the Net
Receivables Balance at such time. 
 “Currency Commitment” means, for any Currency with respect to each Liquidity Bank, as
the context requires, (a) the commitment of such Liquidity Bank to make Advances in accordance with the Liquidity Agreement in such Currency such that after giving effect to any such Advances the portion of the Currency Net Liquidity Advances
funded by such Liquidity Bank will not exceed the amount described in the following clause (b), and (b) an amount equal to (i) the amount in such Currency set forth opposite such Liquidity Bank’s name on Schedule 1 under
the heading “Currency Commitments” (or in the case of an Liquidity Bank which becomes a party to this Agreement pursuant to an Assignment and Assumption Agreement, as set forth in such Assignment and Assumption Agreement),
plus (ii) the amount of any increase to such Liquidity Bank’s Currency Commitment in such Currency consented to by such Liquidity Bank, minus (iii) the amount of any Currency Commitment in such Currency or any portion
thereof assigned by such Liquidity Bank pursuant to an Assignment and Assumption Agreement, and minus (iv) upon any reduction of the Aggregate Currency Facility Limit in such Currency, an amount equal to the product of (A) the
amount of such reduction of the Aggregate Currency Facility Limit in such Currency, times (B) a fraction the numerator of which is the Currency Commitment of such Liquidity Bank and the denominator of which is the Aggregate Currency
Facility Limit for such Currency in each case before giving effect to such reduction; minus (v) for any Currency, the product of (A) the Participant Reduction Amount (if any) at such time times (B) a fraction the
numerator of which is the Aggregate Currency Facility Limit for such Currency at such time and the denominator of which is the Aggregate Facility Limit for such Currency at such time, times (C) the Currency Fraction, in each case before
giving effect to such reduction; provided that any reduction in the Currency Commitment as a result of sub-clause (v) shall only take effect commencing on the Settlement Date occurring in the calendar month immediately following the
month in which the relevant Participant Event occurs and on each Settlement Date thereafter until the full amount of the Participant Reduction Amount has been deducted, in each case in accordance with the following formula: 

 

					
	Reduction	 	=	  	[(CE + ORA) x CF] x 102%

  
 5 

 where: 
  

					
	CE	 	=	  	“Commitment Excess”, which means, on the first Settlement Date only on which the Currency Commitment shall be reduced pursuant to this clause (v), the amount (if any) by which the Maximum Net Advances immediately
prior to such Settlement Date exceeds the sum of the Advances under the Receivables Funding Agreement and the Advances under this Agreement on such Settlement Date.
			
	CF	 	=	  	“Currency Fraction”, which means, on any Settlement Date, a fraction the numerator of which is the Currency Commitment of such Liquidity Bank and the denominator of which is the Commitment at such time.
			
	ORA	 	=	  	“Outstandings Reduction Amount”, which means, on any Settlement Date, the amount by which the Advances under the Receivables Funding Agreement and the Advances under this Agreement are paid down on such Settlement
Date.

 “Currency Equivalent” means, at any time in relation to any amount denominated in any
Currency and any other Currency, the equivalent of such first amount in such other Currency, determined by the Agent or the Servicer, as applicable, on the basis of the Applicable Exchange Rate. 

“Currency Net Liquidity Advances” in any Currency at any time means (a) the aggregate of the principal amounts of the
Advances in such Currency made to the Borrower by the Liquidity Banks pursuant to Sections 2.1 and 2.2, less (b) the aggregate amount received on or prior to such time and applied by the Agent as payments of the principal
amount of Advances in such Currency pursuant to Section 2.3; provided that the Currency Net Liquidity Advances shall be restored and reinstated to the extent any such payment of principal is rescinded or must otherwise be returned for
any reason. 
 “Currency Net Receivables Balance” means, for any Currency at any time, an amount in such Currency equal to
the sum of (a) the aggregate Unpaid Balance of all Eligible Receivables denominated in such Currency at such time, less (b) the Dollar Equivalent of the aggregate Unpaid Balance of Defaulted Receivables denominated in such Currency
at such time, less (c) the portion of the Total Excess Concentration Amount denominated in such Currency at such time. 

“Default Rate” means, in relation to any Advance or any other amount payable under the Transaction Documents and denominated
in any Currency, a rate per annum equal to the rate of interest otherwise in effect under the Transaction Documents plus two percent (2%) per annum. 

“Defaulting Liquidity Bank” is defined in Section 2.11. 

“Dollar” or “$” means the lawful currency of the United States. 

“Dollar Base Rate” means, for any day, a fluctuating rate per annum equal to the higher of (a) the Federal
Funds Rate for such day, and (b) the rate of interest in effect for such day as publicly announced from time to time by the Agent as its “prime rate”. The “prime rate” is a rate set by the Agent based upon various factors
including the Agent’s costs and 

  
 6 

 
desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in
the prime rate announced by the Agent shall take effect at the opening of business on the day specified in the public announcement of such change. 

“Dollar Equivalent” means, (a) with respect to any amount denominated in Dollars, such amount, and (b) with respect
to any amount denominated in a Currency other than Dollars, the equivalent amount in Dollars determined by the Agent or the Servicer, as applicable, on the basis of the Applicable Exchange Rate. 

“Downgrade Collateral Account” is defined in Section 2.9(a)(ii). 

“Downgrade Draw” is defined in Section 2.9(a)(ii). 

“Eligible Investments” means any demand or time deposits or certificates of deposit or bearer securities or commercial paper
rated at least A-1 by S&P and P-1 by Moody’s which mature prior to the date and time for any payments to be made on the Advances and which are held with or issued by any person whose short term unsecured and unsubordinated debt obligations
are rated at least A-1 by S&P and P-1 by Moody’s. 
 “English Process Agent” means the Law Debenture Group, with
offices located on the Closing Date at 100 Wood Street, Fifth Floor, London EC2V 7EX. 
 “EURIBOR” means, in relation to
any Advance denominated in Euro for any Interest Period: 
 (a) the rate per annum determined by the Agent to be equal to the
arithmetic mean (rounded upwards to five decimal places) of the offered rates (if any) appearing on Reuters Page EURIBOR 01 and any equivalent successor to such page for deposits in Euro for such Interest Period at or about 11.00 a.m. (Brussels
time) on the date which is two TARGET Settlement Days before the first day of such Interest Period; 
 provided that, in the event: 

(i) no such rates appear on Reuters Page EURIBOR 01 or other applicable page of that service; 

(ii) the applicable page is not on display; or 

(iii) Reuters is not operating; then 

(b) the rate per annum determined by the Agent to be equal to the arithmetic mean (rounded upwards to five decimal places) of
the rates (as notified to the Agent) at which the Agent was offering to prime banks in the Euro-zone interbank market deposits in Euro and for such Rate Period at or about 11.00 a.m. (Brussels time) on the date which is two TARGET Settlement Days
before the first day of such Interest Period. 
 “Euro” means the lawful currency of the Participating Member States. 

  
 7 

 “Euro Base Rate” means, for any day, a fluctuating rate per annum
determined by the Agent as being equal to the base rate of interest (prior to including any margin) at which prime banks in the Participating Member States generally make advances in Euro available to commercial borrowers in amounts and for periods
comparable to the applicable amount of the Advance for which such rate is being determined for the remainder of the Rate Period applicable thereto. 

“Euro Overnight Rate” means the Euro Over Night Index Average as calculated by the European Central Bank and appearing on the
Telerate Service on the page designated 247 or, if no such rate is available for the relevant Interest Period, the arithmetic mean of the rates (rounded upwards to four (4) decimal places) as supplied to the Agent at its request, quoted by
leading banks in the European interbank market. 
 “Event of Default” is defined in Section 6.1. 

“Excluded Taxes” is defined in Section 7.3. 

“Face Amount” means, with respect to the outstanding Related Commercial Paper at any time (a) with respect to any such
Related Commercial Paper issued on a discount basis, the face amount thereof, and (b) with respect to any such Related Commercial Paper issued on an interest-bearing basis, the principal amount thereof plus the amount of all interest then
accrued on such Related Commercial Paper and which will accrue thereon (which in the case of any Related Commercial Paper with a variable rate of interest shall be such amount as reasonably determined by the Agent in good faith) from the date of
calculation to its stated maturity date. 
 “Federal Funds Rate” means, for any day, the rate per annum
(rounded upwards, if necessary, to the nearest one hundredth of one percent (0.01%) equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on
such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided, that (a) if such day is not a New York Business Day, the Federal Funds Rate for such day shall be such rate on such
transactions on the next preceding New York Business Day as so published on the next succeeding New York Business Day, and (b) if no such rate is so published on such next succeeding New York Business Day, the Federal Funds Rate for such day
shall be the average rate charged to the Agent on such day on such transactions as determined by it. 
 “Fee Letter” means
the confidential letter agreement dated as of the Closing Date and among MAI, the Purchaser, the Facility Lenders under the Receivables Funding Agreement and the Agent, with respect to certain fees to be paid in connection with transactions
contemplated by the Transaction Documents. 
 “Final Payout Date” means the date, after the Termination Date, on which all
Aggregate Unpaids have been fully and finally paid. 
 “Forward Amount” means, at any time, any amount payable by the
Borrower to a Hedge Counterparty pursuant to a Forward Contract at such time. 
 “Forward Contract” means a forward
currency exchange contract entered into between the Borrower and the relevant Hedge Counterparty pursuant to which the Borrower will be entitled to receive a fixed amount of funds in Dollars in exchange for delivering to the relevant Hedge
Counterparty a fixed amount of funds in another Currency. 

  
 8 

 “Hedge Counterparty” means the party other than the Borrower to a Forward
Contract or a Spot Contract, as the case may be, which may include Rabobank. 
 “Indemnified Amounts” is defined in
Section 7.1. 
 “Indemnified Parties” is defined in Section 7.1. 

“Initial Advance Date” means the date on which the initial Advance is made hereunder. 

“Interest” means, for any Advance during any Interest Period: 

 

			
		 	 D 
	AR x PA x	 	DY

 where: 
  

					
	AR	 	=	  	the applicable Alternate Rate for such Advance for such Interest Period,
			
	 D
	 	=	  	the actual number of days during such Interest Period (including the first day but excluding the last day (or in the case of interest on overdue amounts or during the continuance of an Event of Default, also including the last
day)),
			
	PA	 	=	  	the principal amount of such Advance during such Interest Period, expressed in the Currency in which the Advance (related to such Advance) was made to the Purchaser, and
			
	DY	 	=	  	in the case of Advances denominated in Dollars or Euro, a number of days per year equal to three hundred and sixty (360), and in the case of Advances denominated in Sterling or Shekels, a number of days per year equal to three
hundred and sixty-five (365);

 provided that no provision of the Agreement shall require the payment or permit the collection of Interest in excess of
the maximum permitted by applicable Law. 
 “Interest Payment Date” means, for any Advance during any Interest Period, the
last day of such Interest Period for such Advance. 
 “Interest Period” means, with respect to any Advance at any time, the
funding period then in effect with respect to such Advance determined in accordance with Section 2.4; provided that: 

(a) any Interest Period with respect to any Advance which would otherwise end on a day which is not a Business Day shall be
extended to the next 

  
 9 

 
succeeding Business Day; provided that, if Interest in respect of such Interest Period is computed by reference to (i) LIBOR and such Interest Period would otherwise end on a day which is
not a London Banking Day, and there is no subsequent London Banking Day in the same calendar month as such day, such Interest Period shall end on the next preceding London Banking Day, (ii) EURIBOR and such Interest Period would otherwise end
on a day which is not a Brussels Banking Day, and there is no subsequent Brussels Banking Day in the same calendar month as such day, such Interest Period shall end on the next preceding Brussels Banking Day; and 

(b) in the case of any Interest Period for any Advance which commences before the Termination Date and would otherwise end on a
date occurring after the Termination Date, such Interest Period shall end on such Termination Date and the duration of each Interest Period which commences on or after the Termination Date shall be of such duration as shall be selected by the Agent.

 “LIBOR” means, in relation to any Advance denominated in Dollars or Sterling and any Rate Period: 

(a) a rate per annum determined by the Agent to be equal to the applicable Screen Rate (rounded upwards to five
decimal places), or 
 (b) in the event no such Screen Rate is available, the rate per annum determined by the
Agent to be the arithmetic mean (rounded upwards to five decimal places) of the rates offered by the Agent to prime banks in the London interbank market for deposits in the relevant Currency and with a term equivalent to such Rate Period, 

(c) in each case, at or about 11.00 a.m. (London time) on (i) in relation to Sterling, the first day of the relevant Rate
Period, or (ii) in relation to Dollars, two (2) London Banking Days prior to the first day of the relevant Rate Period. 

“London Banking Day” means any day, other than a Saturday or Sunday, on which dealings in interbank deposits in Dollars and
Euro and in foreign exchange are carried on in the London interbank market. 
 “Majority Liquidity Banks” means, at any
time, those Liquidity Banks holding Commitments aggregating in excess of fifty percent (50%) of the Commitments as of such date (or, if the Commitments shall have been terminated, one (1) or more Liquidity Banks whose aggregate pro
rata shares of the Net Liquidity Advances exceed fifty percent (50%) of the Net Liquidity Advances). 
 “Maturity
Date” means the earlier of: 
 (a) the Commitment Termination Date; and 

(b) the date on which the Advances are declared or automatically become due and payable pursuant to Section 6.2 or
6.3. 
 “Moody’s” means Moody’s Investors Service, Inc., or any successor that is a nationally recognized
statistical rating organization. 

  
 10 

 “Net Liquidity Advances” means, at any time, an amount in Dollars equal to the
sum of the Dollar Equivalents at such time of the Currency Net Liquidity Advances in each Currency. 
 “Net Receivables
Balance” means, at any time, an amount equal to (a) the Dollar Equivalent of the aggregate Unpaid Balance of all Eligible Receivables denominated in all Currencies at such time, less (b) the Dollar Equivalent of the
aggregate Unpaid Balance of Defaulted Receivables at such time less (c) the Total Excess Concentration Amount at such time. 

“New York Business Day” means any day other than a Saturday or Sunday or a day on which banks in New York City are authorized
or required by law to close. 
 “Non-Defaulting Liquidity Bank” is defined in Section 2.11. 

“Offshore Rate” means for any Advance funded (a) in Dollars or Sterling, LIBOR, and (b) in Euro, EURIBOR,
(c) in Shekels, the Shekel Offshore Rate, (d) in Australian Dollars, the Australian Dollar Offshore Rate, and (e) in Zloty, the Zloty Offshore Rate. 

“Overnight Rate” means, for any Advance funded (a) in Dollars, the Federal Funds Rate, (b) in Euro, the Euro
Overnight Rate, (c) in Sterling, the Sterling Overnight Rate, (d) in Shekels, the Shekel Overnight Rate, (e) in Australian Dollars, the Australian Dollars Overnight Rate, and (f) in Zloty, the Zloty Overnight Rate. 

“Person” means an individual, partnership, limited liability company, corporation, joint stock company, trust (including a
business trust), unincorporated association, joint venture, firm, enterprise, Official Body or any other entity. 
 “Potential Event
of Default” means an event which but for the lapse of time or the giving of notice, or both, would constitute an Event of Default. 

“Pro Rata Share” means, with respect to an Liquidity Bank and any Currency, the Currency Commitment of such Liquidity Bank in
such Currency, divided by the sum of the Currency Commitments of all Liquidity Banks in such Currency (or, if such Currency Commitments shall have been terminated, its pro rata share of the Liquidity Bank Currency Percentage of
the Currency Net Liquidity Advances in such Currency). 
 “Program Support Agreement” means and includes any agreement
entered into by any Program Support Provider providing for the issuance of one or more letters of credit for the account of the issuer of the Commercial Paper used to fund any advance under the Receivables Funding Agreement, the issuance of one or
more surety bonds for which such issuer is obligated to reimburse the applicable Program Support Provider for any drawings thereunder, the sale by such issuer to any Program Support Provider of the Asset Interest (or portions thereof or
participations therein) and/or the making of loans and/or other extensions of credit to such issuer in connection with its commercial paper program, together with any letter of credit, surety bond or other instrument issued thereunder. 

“Program Support Provider” means and includes any Person now or hereafter extending credit or having a commitment to extend
credit to or for the account of, or to make purchases from, the Borrower or issuing a letter of credit, surety bond or other instrument to support any obligations arising under or in connection with the program to issue Commercial Paper used to fund
any advance under the Receivables Funding Agreement. 

  
 11 

 “Purchaser” means Donegal Receivables Purchasing Limited, a limited company
incorporated under the laws of the Republic of Ireland. 
 “Rabobank” means Coöperatieve Centrale
Raiffeisen-Boerenleenbank B.A. (trading as Rabobank International), London Branch, and each of its successors and assigns. 

“Rating Agency” means Moody’s and Standard & Poor’s. 

“Receivables Funding Agreement” means the Receivables Funding Agreement, dated as of the Closing Date, by and among the
Purchaser, as borrower, the Facility Lenders described therein, as lenders, and Rabobank, as agent. 
 “Related Commercial
Paper” means, at any time of determination, Commercial Paper the proceeds of which are then allocated by the Administrator as the source of funding the acquisition or maintenance of the Asset Interest and, for any Currency, the portion of
such Commercial Paper then allocated by the Administrator as the source of funding for the Advances denominated in such Currency. 

“Required Downgrade Assignment Period” is defined in Section 2.10(a)(ii). 

“Schedule of Definitions” is defined in this Section 1.1. 

“Screen Rate” means, with respect to any Currency and any Interest Period, the offered rate that appears on the page of the
Telerate Screen that displays an average British Bankers Association Interest Settlement Rate (such page currently being page 3750) for deposits in such Currency (for delivery on the first day of such Interest Period) with a term equivalent to
such Rate Period; provided that, in the event such offered rate does not appear on such page or service or such page or service shall cease to be available, the offered rate per annum (rounded upwards to five (5) decimal places)
equal to the offered rate determined by the Agent to be the offered rate on such other page or other service that displays an average British Bankers Association Interest Settlement Rate for deposits in such Currency (for delivery on the first day
of such Interest Period) with a term equivalent to such Interest Period. 
 “Settlement Date” means (a) prior to the
Termination Date (i) the nineteenth (19th) day of each calendar month (or, if such day is not a Business Day, the immediately succeeding Business Day or (ii) such other day as the
Purchaser and the Agent may from time to time mutually agree, and (b) for any Advance on and after the Termination Date, each day selected from time to time by the Agent (it being understood that the Agent may select Settlement Dates to occur
as frequently as daily) or, in the absence of any such selection, the date which would be the Settlement Date for such Advance pursuant to clause (a)(i) of this definition. 

“Shekel” or “NIS” means the lawful currency of the State of Israel. 

“Shekel Base Rate” means, for any day, a rate of interest per annum (rounded upwards, if necessary, to the nearest
1/100 of 1%) equal to the average of the nominal rates of interest in effect for such day as publicly announced from time to time by each of Bank 

  
 12 

 
Leumi and Bank Hapoalim as its “prime rate”. The “prime rate” is a rate of interest per annum announced by such Israeli Participants as their “nominal prime daily
rate” of interest per annum on debit balances in current debit accounts maintained at each of Bank Leumi and Bank Hapoalim. Any change in the prime rate announced by all or any of Bank Leumi or Bank Hapoalim shall take effect at the opening of
business on the day specified in the public announcement of such change. 
 “Shekel Offshore Rate” means the Shekel Base
Rate. 
 “Shekel Overnight Rate” means, for any day, a rate of interest per annum (rounded upwards, if necessary, to the
nearest 1/100 of 1%) equal to the average of the rates of interest per annum fixed by Bank Leumi and Bank Hapoalim from time to time as the rate applicable to all of its commercial customers for Shekel transactions on that day (prior to the addition
of any margin). 
 “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill
Companies, Inc., or any successor that is a nationally recognized statistical rating organization. 
 “Spot Contract” means
a spot currency exchange contract entered into between the Borrower and the relevant Hedge Counterparty pursuant to which the Borrower will deliver a fixed amount of funds in Dollars and receive from the relevant Hedge Counterparty a fixed amount of
funds in another Currency. 
 “Sterling” and “£” means the lawful currency of the United Kingdom.

 “Sterling Base Rate” means, for any day, a fluctuating rate per annum determined by the Agent as being
equal to the base rate of interest (prior to including any margin) at which prime banks in London generally make advances in Sterling available to commercial borrowers in amounts and for periods comparable to the applicable amount of the Advance for
which such rate is being determined for the remainder of the Rate Period applicable thereto. 
 “Sterling Overnight Rate”
means the Sterling Over Night Index Average as calculated by the Bank of England and appearing on the Telerate Service on the page designated 3937 or the Reuters page designated SONIA 1 and if no such rate is available for the relevant Interest
Period, the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Agent at its request quoted by the Reference Banks to leading banks in the London interbank market. 

“TARGET Settlement Day” means any day on which TARGET (the Trans-European Automated Real-Time Gross settlement Express
Transfer System) is open. 
 “Taxes” is defined in Section 7.3. 

“Transaction Costs” is defined in Section 7.4. 

“United Kingdom” and “UK” means the United Kingdom of Great Britain and Northern Ireland. 

“Unpaid Advance” is defined in Section 2.11. 

  
 13 

 “Unpaid Balance” means, with respect to any Receivable at any time, the unpaid
amount of such Receivable at such time. 
 “U.S.” or “US” or “United States” means the
United States of America. 
 “WIBOR” means, in relation to any Advance denominated in Zloty and any Rate Period: 

(a) a rate per annum determined by the Agent to be equal to the WIBOR Screen Rate (rounded upwards to five decimal places); or

 (b) in the event that no such WIBOR Screen Rate is available, the rate per annum determined by the Agent to be the
arithmetic mean (rounded upwards to five decimal places) of the rates offered by prime banks in the Warsaw interbank market for deposits in the relevant Currency and with a term equivalent to such Rate Period, 

in each case, at or about 11 a.m. (Warsaw time) on the first day of the relevant Rate Period. 

“WIBOR Screen Rate” means the percentage rate per annum determined by the Polish Association of Banking Dealers
(Stowarzyszenie Dealerow Bankowych ACI Polska), as displayed on the appropriate page of the Reuters screen (and, if such page is replaced or service ceases to be available, the Agent may specify another page or service displaying the
appropriate rate). 
 “Zloty” or “PLN” means the lawful currency of Poland. 

“Zloty Base Rate” means the “Polish 7 Day Market Rate” as determined by the National Bank of Poland or, if the
Polish 7 Day Market Rate is not available, such other rate per annum determined by the Agent as being equal to the rate at which prime banks in Warsaw generally make advances in Zloty to commercial borrowers. 

“Zloty Offshore Rate” means the Zloty Base Rate. 

“Zloty Overnight Rate” means in relation to WIBOR, the overnight WIBOR Screen Rate. 

SECTION 1.2 Interpretations and Construction 

For purposes of this Agreement and all such certificates and other documents, unless the context otherwise requires: 

(a) accounting terms not otherwise defined in this Agreement, and accounting terms partly defined in this Agreement to the extent not defined,
shall have the respective meanings given to them under, and shall be construed in accordance with, GAAP; 
 (b) terms used in Article 9 of
the UCC in the State of New York, and not specifically defined in this Agreement, are used herein as defined in such Article 9; 
 (c) the
words “hereof,” “herein” and “hereunder” and words of similar import used in this Agreement refer to this Agreement (or any certificate or other document delivered pursuant hereto) as a whole and not to any particular
provision of this Agreement (or such certificate or document); 

  
 14 

 (d) references to any Section, Schedule or Exhibit are references to Sections, Schedules and
Exhibits in or to this Agreement (or any certificate or other document delivered pursuant hereto) and references to any paragraph, subsection, clause or other subdivision within any Section or definition refer to such paragraph, subsection, clause
or other subdivision of such Section or definition; 
 (e) the term “including” means “including without limitation”;

 (f) references to any Law refer to that Law as amended from time to time and include any successor Law; 

(g) references to any Person’s Organic Documents refer to such Organic Documents as amended and otherwise in effect as of the Closing
Date; 
 (h) references to any agreement or other document refer to that agreement or other document as from time to time amended or
supplemented or as the terms of such agreement are waived or modified in accordance with its terms; 
 (i) references to any Person include
that Person’s successors and permitted assigns; 
 (j) headings in this Agreement are for purposes of reference only and shall not
otherwise affect the meaning or interpretation of any provision of this Agreement; 
 (k) unless otherwise specifically provided with
respect to any computation of a period of time, in the computation of a period of time from a specified date to a later specified date, the word “from” means “from and including”, the words “to” and “until”
each means “to but excluding”, and the word “within” means “from and excluding a specified date and to and including a later specified date”; and 

(l) unless otherwise defined or unless the context otherwise requires, capitalized terms defined in this Agreement in the singular form shall
have a corresponding meaning when used in the plural form, and vice versa. 
 ARTICLE II 

ADVANCES AND PAYMENTS 
 SECTION
2.1 Advance Facility and Commitments 
 (a) Advances. Subject to the terms and conditions hereof, including those set forth in
Article III, the Liquidity Banks shall make advances to the Borrower from time to time (each an “Advance”) in any Currency during the period from the Closing Date to the Termination Date. Subject to the terms of this
Agreement and the other Transaction Documents, during the period from the Closing Date to the Termination Date, Advances shall be borrowed, reborrowed and/or repaid in accordance herewith. The Borrower may request Advances hereunder for the purposes
of funding its obligations to make advances under the Receivables Funding Agreement or to fund its obligation to pay maturing Commercial Paper, or pay an amount under a Forward Contract the proceeds of which will be used to pay maturing Commercial
Paper. 

  
 15 

 (b) General Rules Relating to Advances. Notwithstanding any other provision of this
Agreement: 
 (i) No Advance shall be made on or after the Commitment Termination Date. 

(ii) No Liquidity Bank shall be obligated to fund its Pro Rata Share of any Advance on any date in any Currency if, after
giving effect to such Advance and the application of the proceeds thereof on the date of such Advance to repay other Advances, to purchase Receivables or otherwise in accordance with this Agreement: 

(A) the Pro Rata Share of such Liquidity Bank in the Net Liquidity Advances would exceed the Commitment of such Liquidity Bank
at such time; 
 (B) the Pro Rata Share of such Liquidity Bank in the Currency Net Liquidity Advances in any Currency would
exceed the Currency Commitment of such Liquidity Bank for such Currency at such time; or 
 (C) the Net Liquidity Advances
would exceed the Asset Balance at such time. 
 (c) Limit on Commercial Paper Issuance/Allocation. The Borrower hereby covenants with
the Liquidity Banks that the Borrower shall not issue or allocate Commercial Paper that is Related Commercial Paper if after giving effect to such issuance or allocation, as applicable, the Face Value of all Related Commercial Paper would exceed the
aggregate Commitments of the Liquidity Banks, it being understood that, when making any such determination, if such Related Commercial Paper is subject to a Forward Contract, the Face Value of such Commercial Paper shall be converted into Dollars
using the rates of conversion applicable to such Forward Contract. 
 (d) Mandatory Advance Request. The Administrator shall be
obliged for and on behalf of the Borrower to request an Advance in accordance with this Section 2.1 immediately upon the occurrence of a CP Repayment Event. Such request shall be for an Advance in an amount equal to the Asset Balance in
effect on the date of such request for an Advance Date to be made on the next Business Day. 
 (e) Advance Currencies. Subject to the
terms and conditions hereof, each Advance shall be made (i) in the Currency of the relevant advance to be made under the Receivables Funding Agreement if used for that purpose, and (ii) in the Currency of the Related Commercial Paper or
the relevant Forward Contract if used for that purpose. 
 SECTION 2.2 Borrowing Procedures 

(a) Notice of Borrowing. The Borrower shall (and the Administrator on the Borrower’s behalf may) request an Advance to be made
hereunder by delivering (or causing to be delivered) to the Agent (with a copy to each Liquidity Bank) by facsimile a Borrowing Request no later than 10:00 a.m. (New York City time) on the proposed Advance Date of any Advance (including the initial
Advance). Each such Borrowing Request shall, in accordance with Section 2.1(a), specify (i) the date of such Advance (the “Advance Date”) which shall be a Business Day, (ii) the Currency of such Advance,
(iii) subject to Section 2.1(b), the amount of such Advance, and (iv) all other information specified in Exhibit A. 

  
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 (b) Borrowing Request Irrevocable. Each Borrowing Request shall be irrevocable and binding
on the Borrower, and the Borrower shall indemnify the Agent and the Liquidity Banks against any loss or expense incurred by the Agent or the Liquidity Banks, either directly or indirectly as a result of any failure by the Borrower to borrow any
Advance, including any loss or expense incurred by the Agent or the Liquidity Banks, either directly or indirectly by reason of the liquidation or reemployment of funds acquired by the Liquidity Banks or any of them (including funds obtained by
obtaining deposits or loans from third parties) in order to fund such Advance. 
 (c) Making of Advances. On each Advance Date, each
Liquidity Bank shall remit its Pro Rata Share of the aggregate amount of each Advance to be made on such Advance Date to the Agent by wire transfer of same day funds in the applicable Currency to the account of the Agent specified therefor from time
to time by the Agent by notice to the Liquidity Banks no later than two (2) hours following such Liquidity Bank’s receipt of the Borrowing Request therefor pursuant to Section 2.1 (or, if the Borrowing Request is delivered
prior to the proposed Advance Date, not later than 12.00 noon, London Time, on such Advance Date). Following the Agent’s receipt of funds from the Liquidity Banks as aforesaid, the Agent shall without delay remit such funds received by wire
transfer of same day funds to the Borrower’s account specified in the applicable Borrowing Request or to any other account specified by the Borrower. 

(d) Nature of Commitments. The obligation of each Liquidity Bank to remit its Pro Rata Share of any Advance shall be several from that
of each other Liquidity Bank, and the failure of any Liquidity Bank to so make such amount available to the Agent shall not relieve any other Liquidity Bank of its obligation hereunder. 

SECTION 2.3 Payment of Principal and Interest 

(a) The Borrower shall repay the principal amount of the Advances in each Currency to the Agent for the account of the Liquidity Banks: 

(i) on each Settlement Date prior to the Termination Date, to the extent that, absent such repayment: 

(A) after giving effect to any repayments on such Settlement Date in each other Currency (I) the Pro Rata Share of any
Liquidity Bank in the Net Liquidity Advances would exceed the Commitment of such Liquidity Bank or (II) the Pro Rata Share of any Liquidity Bank in the Currency Net Liquidity Advances in any Currency would exceed such Bank’s Currency Commitment
for such Currency; or 
 (B) the Net Liquidity Advances would exceed the Asset Balance at such time; 

(ii) in full on the Maturity Date. 

(b) The Borrower shall pay Interest to the Agent for the account of the Liquidity Banks on the Net Liquidity Advances from time to time
outstanding, on each Interest Payment Date, calculated as provided in Section 2.4. 

  
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 SECTION 2.4 Determination of Interest and Interest Periods 

(a) Interest Periods. Each Interest Period shall be one (1) month, running from (and including) a Settlement Date to (but
excluding) the next succeeding Settlement Date; provided that, following the due date of any Advance, each Interest Period applicable to such Advance shall be a period of one (1) day. 

(b) Rate Protection; Illegality 

(i) If the Agent is unable to obtain on a timely basis the information necessary to determine the Offshore Rate for any
Currency for any proposed Interest Period, then: 
 (A) the Agent shall forthwith notify the Liquidity Banks and the Borrower
that the Offshore Rate for such Currency cannot be determined for such Interest Period; and 
 (B) while such circumstances
exist, Interest shall be calculated by reference to the Base Rate. 
 (ii) If, with respect to any outstanding Interest
Period, any Liquidity Bank notifies the Agent that it is unable to obtain matching deposits in the applicable interbank market to fund its purchase or maintenance of such Advance or that the Offshore Rate for the Currency applicable to such Advance
will not adequately reflect the cost to it of funding or maintaining such Advance for such Interest Period, then (A) the Agent shall forthwith so notify the Borrower and (B) Interest shall be calculated by reference to the Base Rate. 

(iii) Notwithstanding any other provision of this Agreement, if any Liquidity Bank shall notify the Agent that it has
determined that the introduction of or any change to or in the interpretation of any Law makes it unlawful, or any central bank or other Official Body asserts that it is unlawful for such Liquidity Bank to fund the purchases or maintenance of any
Advance accruing Interest calculated by reference to the Offshore Rate for any Currency, then (A) as of the effective date of such notice from such Liquidity Bank to the Agent, the obligation or ability of such Liquidity Bank to fund the making
or maintenance of any Advance accruing Interest calculated by reference to such Offshore Rate shall be suspended until such Liquidity Bank notifies the Agent that the circumstances causing such suspension no longer exist and (B) such Liquidity
Bank’s Pro Rata Share of such Advance shall either (I) if such Liquidity Bank may lawfully continue to maintain such Advance accruing Interest calculated by reference to such Offshore Rate until the last day of the applicable Interest
Period, Interest with respect to the Liquidity Bank’s Pro Rata Share of the Advances shall be determined by reference to the Offshore Rate until the last day of such Interest Period and thereafter Interest shall be determined by reference to
the Base Rate, or (II) if such Liquidity Bank shall determine that it may not lawfully continue to maintain such Advance accruing Interest calculated by reference to such Offshore Rate until the end of the applicable Interest Period, Interest with
respect to such Liquidity Bank’s Pro Rata Share of the Advances shall be determined by reference to the Base Rate from the effective date of such notice. 

(c) Computations. All computations of Interest, per annum fees and other amounts payable under this Agreement or any other Transaction
Document shall be made on the basis of a year of three hundred and sixty (360) days for the actual number of days 

  
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(including the first but excluding the last day) elapsed; provided that, in the case of Advances denominated in Sterling or Shekels, all computations shall be made on the basis of a year of three
hundred and sixty-five (365) days for the actual number of days (including the first but excluding the last day) elapsed. All computations by the Agent of such amounts payable shall be binding absent manifest error. 

SECTION 2.5 Fees and Other Costs and Expenses 

The Borrower shall pay, as and when due in accordance with this Agreement and its commercial paper program documents, as the case may be, all
fees hereunder and under such commercial paper program documents payable by it, all Interest, and all amounts payable by it pursuant to Article VII, if any. 

SECTION 2.6 Payments; Overdue Interest 

(a) Notwithstanding anything contained herein or in any other Transaction Document to the contrary, all amounts to be paid or deposited by the
Borrower hereunder shall be paid in a manner such that the amount to be paid or deposited is actually received by the Person to which such amount is to be paid or on behalf of which such amount is to be deposited, in accordance with the terms
hereof, no later than 11:00 a.m. (local time where such receiving Person is located) on the day when due in immediately available funds. If such amounts are payable to the Agent (whether on behalf of the Liquidity Banks or otherwise) they shall be
paid or deposited in the account indicated in Schedule 2, until otherwise notified by the Agent. 
 (b) The Borrower shall, to the
extent permitted by Law, pay to the Agent, for the benefit of the Liquidity Banks, upon demand, interest on all amounts in any Currency not paid or deposited when due hereunder at the Default Rate. 

SECTION 2.7 Right of Set-off 

Each of the Agent and the Liquidity Banks is hereby authorized (in addition to any other rights it may have) at any time after the occurrence
of the Termination Date due to the occurrence of an Event of Default or during the continuance of a Potential Event of Default to set-off, appropriate and apply (without presentment, demand, protest or other notice which are hereby expressly waived)
any deposits and any other indebtedness held or owing by the Agent or the Liquidity Banks to, or for the account of, the Borrower against the amount of the Aggregate Unpaids owing by the Borrower to the Agent or to the Liquidity Banks on behalf of
such Person (even if contingent or unmatured). 
 SECTION 2.8 Sharing of Payments, etc. 

If any Liquidity Bank (for purposes of this Section 2.8 only, being a “Recipient”) shall obtain any payment
(whether voluntary, involuntary, through the exercise of any right of setoff, or otherwise) of principal or of interest on any Advance in excess of its Pro Rata Share of payments on account of such Advance obtained by the Liquidity Banks entitled
thereto, such Recipient shall forthwith purchase from the Liquidity Banks entitled to a share of such amount participations in the portions of its Advances as shall be necessary to cause such Recipient to share the excess payment ratably with each
such other Person entitled thereto; provided that if all or any portion of such excess payment is thereafter recovered from such Recipient, such purchase from each such other Person shall be rescinded and each

  
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such other Person shall repay to the Recipient the purchase price paid by such Recipient for such participation to the extent of such recovery, together with an amount equal to such other
Person’s Pro Rata Share (according to the proportion of (a) the amount of such other Person’s required payment to (b) the total amount so recovered from the Recipient) of any interest or other amount paid or payable by the
Recipient in respect of the total amount so recovered. 
 SECTION 2.9 Downgrade of Liquidity Bank 

(a) Downgrades Generally 

(i) If at any time on or prior to the Commitment Termination Date the short term debt rating of any Liquidity Bank shall be
lower than “A-1” (or unrated) from S&P or lower than “P-1” (or unrated) from Moody’s, then such Liquidity Bank shall, within thirty (30) days after request by the Agent transfer its rights and obligations hereunder
to another financial institution (which institution shall have a short term debt rating of at least “A-1” from S&P and “P-1” from Moody’s, and shall be acceptable to the Administrator on behalf of the Borrower), if there
be any financial institution so qualified and willing to accept such assignment, and either arranged by the Agent or arranged by such Liquidity Bank in the exercise of its reasonable efforts. 

(ii) If any such Liquidity Bank shall not have transferred its rights and obligations under this Agreement within the
applicable time period described above (in either such case, the “Required Downgrade Assignment Period”), the Borrower (and the Administrator on behalf of the Borrower) shall have the right to require such Liquidity Bank, and each
Liquidity Bank hereby agrees in such event, to pay to the Agent upon one (1) Business Day’s notice at any time after the Required Downgrade Assignment Period an amount in each Currency equal to such Liquidity Bank’s unused Currency
Commitment for such Currency (provided that the sum of the Dollar Equivalents of such amounts in all Currencies shall not exceed such Liquidity Bank’s Commitment) (a “Downgrade Draw”), for deposit by the Agent into an account
denominated in such Currency, in the name of the Agent (a “Downgrade Collateral Account”), for application in accordance with Section 2.9(b). 

(b) Application of Funds in Downgrade Collateral Account. If any Liquidity Bank shall be required pursuant to
Section 2.9(a) to fund a Downgrade Draw, then the Agent shall apply the monies in the Downgrade Collateral Accounts in each Currency applicable to such Liquidity Bank to the payment of such Liquidity Bank’s Pro Rata Share of
Advances required to be made by the Liquidity Banks in such Currency at the times, in the manner and subject to the conditions precedent set forth in this Agreement. The deposit of monies in such Downgrade Collateral Account by any Liquidity Bank
shall not constitute an Advance (and such Liquidity Bank shall not be entitled to interest on such monies except as provided below in this Section 2.9(b)) unless and until (and then only to the extent that) such monies are used to fund
Advances pursuant to the first sentence of this Section 2.9(b). The amount on deposit in such Downgrade Collateral Account shall be invested by the Agent in Eligible Investments in the applicable Currency and such Eligible Investments
shall be selected by the Agent in its sole discretion. The Agent shall remit to such Liquidity Bank, on the last Business Day of each month, the income actually received thereon. Unless required to be released as provided below in this
Section 2.9(b), repayments of the Advances in each Currency received by the Agent in respect of such Liquidity Bank’s portion of the Advances 

  
 20 

 
in such Currency shall be deposited in the Downgrade Collateral Account in such Currency for such Liquidity Bank. Amounts in each Currency on deposit in such Downgrade Collateral Account shall be
released to such Liquidity Bank within one (1) Business Day after each Settlement Date following the Termination Date to the extent that, after giving effect to the distributions made and received by the Liquidity Banks on such Settlement Date,
the amount on deposit in such Downgrade Collateral Account would exceed such Liquidity Bank’s Pro Rata Share (determined as of the day prior to the Termination Date) of the sum of all Advances then funded by the Liquidity Banks in such
Currency, plus Interest thereon in such Currency. All amounts in each Currency remaining in such Downgrade Collateral Account shall be released to such Liquidity Bank no later than the Business Day immediately following the earliest of (i) the
effective date of any replacement of such Liquidity Bank or removal of such Liquidity Bank as a party to this Agreement, (ii) the date on which such Liquidity Bank shall furnish the Agent with confirmation that such Liquidity Bank shall have
short-term debt ratings of at least “A-1” from S&P and “P-1” from Moody’s, and shall not be on credit watch with negative implications from each such agency, and (iii) the Commitment Termination Date (or, if
earlier, the Commitment Termination Date in effect prior to any renewal pursuant to Section 2.10 to which such Liquidity Bank does not consent). Nothing in this Section 2.9 shall affect or diminish in any way any such
downgraded Liquidity Bank’s Commitment to the Borrower or such downgraded Liquidity Bank’s other obligations and liabilities hereunder and under the other Transaction Documents. 

SECTION 2.10 Non-Renewing Liquidity Banks 

The Borrower may request each year (which request shall be made not more than ninety (90) nor less than seventy-five (75) days prior
to the then-current Commitment Termination Date) that the Liquidity Banks renew their Commitments hereunder for a period of one additional year. If some but less than all the Liquidity Banks consent to such renewal within ten (10) days of such
request, the Borrower may arrange for a transfer to one or more financial institutions of all the rights and obligations hereunder of each such non-consenting Liquidity Bank in accordance with Section 9.7. Any such transfer shall become
effective on the then-current Commitment Termination Date. Each Liquidity Bank which does not so consent to any renewal shall cooperate fully with the Borrower in effectuating any such transfer. The Agent hereby agrees that, in the event that an
Liquidity Bank does not consent to any renewal requested by the Borrower pursuant to this Section 2.10, it will use all reasonable efforts to identify, or otherwise assist in identifying, a financial institution to whom such Liquidity
Bank’s rights and obligations hereunder may be transferred pursuant to this Section 2.10 and in accordance with Section 9.7; provided that (a) neither the Agent nor any other Liquidity Bank shall be under any
obligation to itself accept any such transfer or to otherwise increase its Currency Commitment in any Currency as a result of, or otherwise in connection with, any failure to identify such financial institution and/or for any financial institution
to accept such transfer, and (b) the failure of the Agent to identify any such financial institution or for any such financial institution to accept such transfer shall not give rise to any liability on the part of the Agent. If none or less
than all the Commitments of the non-renewing Liquidity Banks are so transferred as provided above, then (i) the extended Commitment Termination Date shall be effective with respect to the renewing Liquidity Banks, (ii) the Facility Limit
shall automatically be reduced to an amount (rounded downward to the nearest one thousand Dollars ($1,000)) equal to the aggregate of the Commitments of all renewing Liquidity Banks, (iii) the Currency Commitments in each Currency shall
automatically be reduced accordingly, and (iv) this Agreement and the Commitments of the renewing Liquidity Banks shall remain in effect in accordance with their terms notwithstanding the expiration of the Commitments of the non-renewing
Liquidity Banks. 

  
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 SECTION 2.11 Defaulting Liquidity Bank 

If, by 2:00 p.m. (local time where the account designated by the Agent for payment of any Advance is located) on any Advance Date, one or more
Liquidity Banks (each being a “Defaulting Liquidity Bank”, and each Liquidity Bank other than any Defaulting Liquidity Bank being a “Non-Defaulting Liquidity Bank”) fails to fund its Pro Rata Share of any Advance to
be made by it pursuant to Section 2.2 (the aggregate amount not so paid being herein called the “Unpaid Advance”), then the Agent shall, by no later than 2:30 p.m. (local time) on the applicable Advance Date,
instruct each Non-Defaulting Liquidity Bank to pay, by no later than 3:00 p.m. (local time), in immediately available funds, to the applicable account of the Agent provided in Schedule 2, an amount equal to the lesser of
(a) such Non-Defaulting Liquidity Bank’s proportionate share (based upon the relative Commitments of the Non-Defaulting Liquidity Banks) of the Unpaid Advance and (b) its unused Commitment. A Defaulting Liquidity Bank shall forthwith,
upon demand, pay to the Agent for the ratable benefit of the Non-Defaulting Liquidity Banks all amounts paid by each Non-Defaulting Liquidity Bank in respect of such Defaulting Liquidity Bank’s Unpaid Advance, together with interest thereon,
for each day from the date when such an amount was made by a Non-Defaulting Liquidity Bank in any Currency until the date such Non-Defaulting Liquidity Bank has been repaid such amounts in full, at a rate per annum equal to the sum of the Base Rate
for such Currency plus two percent (2.00%) per annum. In addition, if, after giving effect to the payments by the Non-Defaulting Liquidity Banks, any Unpaid Advance in any Currency continues to exist, then each Defaulting Liquidity Bank shall
pay interest to the Agent, for the account of the Non-Defaulting Liquidity Banks, on such Defaulting Liquidity Bank’s portion of such remaining Unpaid Advance, at a rate per annum equal to the sum of the Base Rate for such Currency plus two
percent (2.00%) per annum, for each day from the applicable Advance Date until the date such Defaulting Liquidity Bank shall pay its portion of such remaining Unpaid Advance in full to the Non-Defaulting Liquidity Banks. 

SECTION 2.12 Transfers 

All transfers required by this Article II shall occur by way of novation done in accordance with Section 9.7. All
parties agree to cooperate and to enter into all documentation reasonably necessary to give effect to such novation. 
 SECTION 2.13
Enforcement 
 Each assignee and transferee Liquidity Bank pursuant to this Article II shall be responsible for all costs of
enforcement (including stamp duties, if applicable) incurred by any other party hereto in connection with such Liquidity Bank’s obligations respect thereto. 

SECTION 2.14 Use of Proceeds 

The Borrower will use the proceeds of each Advance only for the purpose of (a) paying maturing Related Commercial Paper or paying amounts
under a Forward Contract the proceeds of which will be used to pay maturing Related Commercial Paper, or (b) advancing funds to the Purchaser pursuant to the Receivables Funding Agreement for the purpose of the Purchaser paying the purchase
price of Receivables and other Affected Assets. 

  
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 ARTICLE III 

CONDITIONS PRECEDENT 
 SECTION 3.1
Conditions Precedent to Closing 
 The occurrence effectiveness of the Commitments hereunder shall be subject to the fulfilment to
the satisfaction of the Agent of all of the conditions precedent described in Section 3.1 of the Receivables Funding Agreement. 

SECTION 3.2 Conditions Precedent to All Advances 

Each Advance hereunder (including the initial Advance) shall be subject to the conditions precedent that (a) the Closing Date shall have
occurred, (b) on the date of such Advance the Commitment Termination Date shall not have occurred, (c) the Agent shall have received a Borrowing Request, appropriately completed, within the time period required by Section 2.2,
and (d) on the date of such Advance the following additional conditions shall have been satisfied (and the Borrower by accepting the amount of such Advance shall be deemed to have certified that): 

(a) with respect to any Advance the proceeds of which will be used to repay maturing Related Commercial Paper: 

(i) an Event of Bankruptcy (other than an event of the nature described in clause (a)(ii) or (e) of the
definition of such term) with respect to the Borrower shall not have occurred; and 
 (ii) the making of such Advance shall
not violate any provision of Section 2.1(b)(ii); and 
 (b) with respect to any Advance the proceeds of which will be used to
advance funds to the Purchaser under the Receivables Funding Agreement: 
 (i) each of the conditions precedent set forth in
Article III of the Receivables Funding Agreement shall have been satisfied mutatis mutandis; 
 (ii) the representations and
warranties contained in Section 4.1 shall be true, complete and correct on and as of such day as though made on and as of such day and shall be deemed to have been made on such day; 

(iii) no Event of Default shall have occurred and be continuing; 

(iv) the Agent shall have received such approvals, documents, instruments, certificates and opinions as the Agent or any
Liquidity Bank, may reasonably and in good faith request; 
 (v) the Termination Date shall not have occurred; and 

(vi) the making of such Advance shall not violate any provision of Section 2.1. 

  
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 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 

SECTION 4.1 Representations and Warranties of the Borrower 

The Borrower represents and warrants to the Agent and the Liquidity Banks, that, on the dates set forth in Section 4.2 (with
reference to the circumstances existing on each such date): 
 (a) Corporate Existence and Power. It (i) is a corporation duly
organized, validly existing and in good standing under the laws of its jurisdiction of organization, (ii) has all corporate power and all licenses, authorizations, consents, approvals and qualifications of and from all Official Bodies and other
third parties required to carry on its business in each jurisdiction in which its business is now and proposed to be conducted (except where the failure to have any such licenses, authorizations, consents, approvals and qualifications would not
individually or in the aggregate have a Material Adverse Effect), and (iii) is duly qualified to do business in and in good standing in every other jurisdiction in which the nature of its business requires it to be so qualified, except where
the failure to be so qualified or in good standing would not individually or in the aggregate have a Material Adverse Effect. 
 (b)
Corporate and Governmental Authorization; Contravention. The execution, delivery and performance by it of this Agreement and the other Transaction Documents to which it is a party (i) are within its corporate powers, (ii) have been
duly authorized by all necessary corporate and shareholder action, (iii) require no action by or in respect of, or filing with, any Official Body or official thereof or third party (except for any filings in respect of the Agent’s security
interests pursuant to the Security Documents), (iv) do not contravene or constitute a default under (A) its Organic Documents, (B) any Law applicable to it, (C) any contractual restriction binding on or affecting it or its
property, or (D) any order, writ, judgment, award, injunction, decree or other instrument binding on or affecting it or its property, or (v) result in the creation or imposition of any Adverse Claim upon or with respect to its property
(except as contemplated hereby). 
 (c) Binding Effect. Each of this Agreement and the other Transaction Documents to which it is a
party has been duly executed and delivered and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, moratorium or other similar laws affecting the
rights of creditors generally. 
 SECTION 4.2 Repetition of Representations and Warranties 

The representations and warranties given in Section 4.1 shall be given on the Closing Date and on each Advance Date and each
Settlement Date. 
 ARTICLE V 

COVENANT OF THE BORROWER 
 At all
times from the date hereof to the Final Payout Date, the Borrower hereby agrees to act on the instructions of the Liquidity Banks in respect of any decisions to be made by the Borrower as Facility Lender under the Receivables Funding Agreement. 

  
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 ARTICLE VI 

EVENTS OF DEFAULT 
 SECTION 6.1
Events of Default 
 The occurrence of any one or more of the following events shall constitute an “Event of
Default”: 
 (a) the Borrower shall fail to make any payment or deposit required to be made by it hereunder or under any other
Transaction Document (i) on the date when due hereunder or thereunder in the case of any payment of Net Liquidity Advances or Interest, or (ii) within five (5) Business Days after the date when due hereunder or thereunder in the case
of expenses, indemnities or other amounts not covered by clause (a)(i); or 
 (b) any representation, warranty, certification or
statement made or deemed made by the Borrower in this Agreement, any other Transaction Document or in any other information, report or document delivered pursuant hereto or thereto shall prove to have been incorrect in any material respect when made
or deemed made or delivered; or 
 (c) the Borrower shall default in the performance of any covenant or undertaking (other than those
described in clauses (a)) to be performed or observed under this Agreement or any other Transaction Document to which it is a party and such default shall continue for thirty (30) days after the Borrower obtains actual knowledge thereof;
or 
 (d) an Event of Bankruptcy shall occur with respect to the Borrower; or 

(e) on any date, the Currency Net Liquidity Advances in any Currency shall exceed the Currency Borrowing Base for such Currency; or 

(f) any Material Adverse Effect shall have occurred; or 

(g) any material provision or provisions of this Agreement or any other Transaction Document to which the Borrower is a party shall cease to
be in full force and effect or the Borrower shall so state in writing, unless, in the opinion of the Agent, the ineffectiveness of such provision or provisions, individually or in the aggregate, could not reasonably be expected to have a Material
Adverse Effect; or 
 (h) any Event of Default under the Receivables Funding Agreement shall occur and be continuing. 

SECTION 6.2 Remedies 

(a) Upon the occurrence and during the continuation of any Event of Default other than an Event of Default of the type referred to in
Section 6.1(d), the Agent may, and at the direction of the Majority Liquidity Banks the Agent shall, by notice to the Borrower, with a copy to the Servicer, do any of the following: 

(i) declare the Termination Date to have occurred, and upon such declaration the Termination Date shall occur and no further
Advances may be made; and/or 
 (ii) declare the principal amount of the Advances, together with interest thereon and all
other Aggregate Unpaids, to be immediately due and payable, and upon such declaration all such amounts shall become and be immediately due and payable, 

  
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 in each case, without any further notice, demand or other further action of any kind, all of which the Borrower
hereby irrevocably waives. 
 (b) Upon the occurrence and during the continuation of any Event of Default of the type described in
Section 6.1(d): 
 (i) the Termination Date shall occur; and 

(ii) all Advances, together with interest accrued thereon and all other Aggregate Unpaids, shall become and be immediately due
and payable, 
 in each case, immediately and automatically without any notice, demand or other action of any kind, all of which the Borrower hereby
irrevocably waives. 
 (c) The Agent shall have and may exercise, in addition to its rights and remedies under this Agreement and the other
Transaction Documents, any and all other rights and remedies provided under the Laws of each applicable jurisdiction and other applicable Laws, all of which rights and remedies shall be cumulative. 

ARTICLE VII 
 INDEMNIFICATION;
EXPENSES; RELATED MATTERS 
 SECTION 7.1 Indemnities by the Borrower 

Without limiting any other rights which the Indemnified Parties may have hereunder, under any other Transaction Document or under applicable
Law, the Borrower hereby agrees to indemnify the Liquidity Banks, the Agent, the Administrator, each Program Support Provider and each of their respective officers, directors, employees, counsel and other agents (collectively, the
“Indemnified Parties”) from and against any and all damages, losses, claims, liabilities, costs and expenses, including reasonable attorneys’ fees and disbursements arising out of or as a result of the provision of the
Commitments and the making of the Advances under this Agreement, and the execution, delivery and performance of this Agreement, each Program Support Agreement and each other document and instrument entered into in connection herewith or therewith
(all of the foregoing being collectively referred to as the “Indemnified Amounts”), excluding, however Indemnified Amounts to the extent resulting from gross negligence or willful misconduct on the part of such Indemnified Party, as
finally determined by a court of competent jurisdiction. 
 SECTION 7.2 Indemnity for Taxes, Reserves and Expenses 

(a) If after the Closing Date, the adoption of any Law or bank regulatory guideline or any amendment or change in the administration,
interpretation or application of any existing or future Law or bank regulatory guideline by any Official Body charged with the administration, interpretation or application thereof, or the compliance with any directive of any Official Body (in the
case of any bank regulatory guideline, whether or not having the force of Law): 
 (i) subjects any Indemnified Party (or its
applicable lending office) to any tax, duty or other charge (other than Excluded Taxes) with respect to the execution, delivery and performance of this Agreement, each Program Support Agreement and each other document and instrument entered into in
connection herewith or therewith (collectively, the “Relevant Agreements”), or changes the basis of taxation of payments to any Indemnified Party of amounts payable in respect of the execution, delivery and performance of the
Relevant Agreements (except for changes in the rate of general corporate, franchise, net income or other income tax imposed on such Indemnified Party by the jurisdiction in which such Indemnified Party’s principal executive office is located);

  
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 (ii) imposes, modifies or deems applicable any reserve, special deposit or
similar requirement against assets of, deposits with or for the account of, or credit extended by, any Indemnified Party, or imposes on any Indemnified Party or on the United States market for certificates of deposit, the London interbank market or
any other market in which funds in any Currency are normally raised or deposited any other condition affecting any Relevant Agreement or the performance thereof; or 

(iii) imposes upon any Indemnified Party any other condition or expense (including any loss of margin, reasonable
attorneys’ fees and expenses, and expenses of litigation or preparation therefor in contesting any of the foregoing) with respect to the execution, delivery and performance of the Relevant Agreements; 

and the result of any of the foregoing is to increase the cost to or to reduce the amount of any sum received or receivable by such Indemnified Party with
respect to the Relevant Agreements and the performance thereof by an amount deemed by such Indemnified Party to be material, or to in any way restrict the free transferability or convertibility of any Currency, or restrict the consummation of any
spot, forward, hedging or other transaction involving such Currency, then (A) within ten (10) days after demand by such Indemnified Party through the Agent, the Borrower shall pay to the Agent, for the benefit of such Indemnified Party,
such additional amount or amounts as will compensate such Indemnified Party for such increased cost or reduction and (B) the Borrower shall take such other action as the Agent may reasonably require to enable it to comply with, or to mitigate
the effect on such Indemnified Party of, such restriction. 
 (b) If any Indemnified Party shall have determined that after the date hereof,
the adoption of any applicable Law or bank regulatory guideline regarding capital adequacy, or any change therein, or any change in the interpretation or administration thereof by any Official Body, or any request or directive regarding capital
adequacy (in the case of any bank regulatory guideline, whether or not having the force of law) of any such Official Body, has or would have the effect of reducing the rate of return on capital of such Indemnified Party (or its parent) as a
consequence of such Indemnified Party’s obligations hereunder or with respect hereto to a level below that which such Indemnified Party (or its parent) could have achieved but for such adoption, change, request or directive (taking into
consideration its policies with respect to capital adequacy) by an amount deemed by such Indemnified Party to be material, then from time to time, within ten (10) days after demand by such Indemnified Party through the Agent, the Borrower shall
pay to the Agent, for the benefit of such Indemnified Party, such additional amount or amounts as will compensate such Indemnified Party (or its parent) for such reduction. For the avoidance of doubt, any rule, regulation or interpretation issued by
any financial accounting standards board shall constitute an adoption, change, request or directive subject to this Section 7.2(b). 

  
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 (c) The Agent shall promptly notify the Borrower of any event of which it has knowledge,
occurring after the date hereof, which will entitle an Indemnified Party to compensation pursuant to this Section 7.2; provided that no failure to give or any delay in giving such notice shall affect the Indemnified Party’s right to
receive such compensation. A notice by the Agent or the applicable Indemnified Party claiming compensation under this Section 7.2 and setting forth the additional amount or amounts to be paid to it hereunder shall be conclusive in the
absence of manifest error. In determining such amount, the Agent or any applicable Indemnified Party may use any reasonable averaging and attributing methods. 

SECTION 7.3 Taxes 
 (a)
All payments and distributions made by the Borrower to any Liquidity Bank, the Agent or any other Person to whom a payment is owing by the Borrower pursuant to the Transaction Documents (each, a “recipient”) shall be made free and
clear of and without deduction for any present or future income, excise, stamp or franchise taxes and any other taxes, fees, duties, withholdings or other charges of any nature whatsoever imposed by any taxing authority on any recipient (or any
assignee of such parties) (such non-excluded items being called “Taxes”), but excluding franchise taxes and taxes imposed on or measured by the recipient’s net income or gross receipts (other than any such taxes imposed on the
recipient as a result of the transactions contemplated by the Transaction Documents) (“Excluded Taxes”), except to the extent required by applicable Law or practice. In the event that any withholding or deduction from any payment
made by the Borrower hereunder is required in respect of any Taxes, then the Borrower shall: 
 (i) withhold or deduct the
required amount from the covered payment; 
 (ii) pay (or procure the payment of) directly to the relevant authority the full
amount required to be so withheld or deducted; 
 (iii) promptly forward to such recipient an official receipt or other
documentation satisfactory to such recipient evidencing such payment to such authority; and 
 (iv) except in the case of
Excluded Taxes, pay (or procure the payment of) to the recipient 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) Moreover, if any Taxes (other than Excluded Taxes) are directly asserted against any
recipient with respect to any payment or income earned or received by such recipient hereunder or under any other Transaction Document, the payor will promptly pay such additional amounts (including any penalties, interest or expenses) 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 such recipient would have received had such Taxes not been
asserted. 
 (c) If the Borrower fails to pay 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 Borrower 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. 

  
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 (d) In the event that the Borrower pays any additional amount or amounts pursuant to
clause (a)(iv) (an “additional tax payment”), and in the event the recipient thereof determines (in its sole, good faith opinion) that, as a result of such additional tax payment, it is effectively entitled to obtain and
retain a refund of any Taxes or a tax credit in respect of Taxes which reduces the tax liability of such recipient (a “tax savings”), then such recipient shall, to the extent it can do so without prejudice to the amount of any other
deduction, credit or relief, upon effective receipt of such tax savings reimburse to the Borrower such amount as such recipient shall determine (in its sole, good faith opinion) to be the proportion of the tax savings as will leave such recipient
(after such reimbursement) in no better or worse position than it would have been in had the payment by the Borrower in respect of which the foregoing additional tax payment was made not been subject to any withholding or deduction on account of
Taxes. If the Borrower shall have received from any recipient any amount described in the preceding sentence and it is subsequently determined that such recipient was not entitled to obtain or retain the amount of the tax savings claimed, then the
Borrower shall repay such amount to such recipient; provided that the Borrower has received an equivalent payment from another source pursuant to the terms of one or more Transaction Documents; and provided, further, that the Borrower shall be
required to return only so much of such amount as shall leave the Borrower in no better or worse position than it would have been in had it not previously received any reimbursement of any portion of such tax savings. Each recipient shall have sole
discretion to arrange its affairs (including its tax affairs) without regard to this clause (d) and no recipient shall be obligated to disclose any information regarding its affairs (including its tax affairs) or computations to the
Borrower. 
 SECTION 7.4 Other Costs and Expenses 

(a) The Borrower agrees, upon receipt of a written invoice, to pay or cause to be paid, and to save the Liquidity Banks, the Agent, the
Administrator and each Program Support Provider harmless against liability for the payment of, all reasonable out-of-pocket expenses (including attorneys’, accountants’ and other third parties’ fees and expenses, any filing fees and
expenses incurred by officers or employees of each such Person) or intangible, documentary or recording taxes incurred by or on behalf of any such Person (i) in connection with the preparation, negotiation, execution and delivery of this
Agreement, the other Transaction Documents and any documents or instruments delivered pursuant hereto and thereto and the transactions contemplated hereby or thereby, and (ii) from time to time (A) relating to any amendments, waivers or
consents under this Agreement and the other Transaction Documents, (B) arising in connection with any Liquidity Bank’s or the Agent’s enforcement or preservation of rights, or (C) arising in connection with any audit, dispute,
disagreement, litigation or preparation for litigation involving this Agreement or any of the other Transaction Documents (all of such amounts, collectively, “Transaction Costs”). 

(b) The Borrower hereby agrees to pay on demand all stamp and other 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 any sale of Receivables), filing and recording of the Agreement, any other Transaction Document or any other
instrument, document or agreement filed or delivered in connection therewith. 

  
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 SECTION 7.5 Breakage Costs 

The Borrower shall pay the Agent for the account of each Liquidity Bank, on demand, such amount or amounts as shall compensate such Liquidity
Bank for any loss, cost or expense incurred by such Liquidity Bank (as reasonably determined by the Agent) as a result of any reduction of any Advance other than on the last day of the Interest Period relating thereto, such compensation to be
(i) limited to an amount equal to any loss or expense suffered by such Liquidity Bank during the period from the date of receipt of such repayment to (but excluding) such last day and (ii) net of the income, if any, received by the
recipient of such reductions from investing the proceeds of such reductions of such Advance. The determination by the Agent of the amount of any such loss or expense shall be set forth in a written notice to the Borrower in reasonable detail and
shall be conclusive, absent manifest error. 
 SECTION 7.6 Currency Indemnity 

If under any applicable law or regulation, or pursuant to a judgment or order being made or registered against the Borrower, or the
liquidation of any of the Borrower or for any other reason, any payment under or in connection with this Agreement or any Transaction Document is made (including any payment pursuant to this Article VII) or fails to be satisfied, in a
currency (the “payment currency”) other than the currency in which such payment is expressed to be due under or in connection with this Agreement or any Transaction Document or, in the event no currency is specified, a currency
determined by the Person (in its reasonable good faith opinion) to whom such payment is owed or otherwise payable (the “contractual currency”), then, to the extent that the amount of such payment actually received by any Indemnified
Party (the “payee”) when converted into the contractual currency at the rate of exchange falls short of such amount due, the Borrower (the “currency payor”) as a separate and independent obligation, shall indemnify
and hold harmless the payee against the amount of such shortfall. For the purposes of this Section 7.6, the term “rate of exchange” means the rate at which the payee is able on or about the date of such payment to
purchase, in accordance with its normal practice, the contractual currency with the payment currency and shall take into account (and the payor shall be liable for) any premium and other costs of exchange including any taxes or duties incurred by
reason of any such exchange. 
 ARTICLE VIII 

THE AGENT 
 SECTION 8.1
Appointment and Authorization of Agent 
 Each Liquidity Bank hereby irrevocably appoints, designates and authorizes the Agent to
take such action on its behalf under the provisions of this Agreement and each other Transaction Document and to exercise such powers and perform such duties as are expressly delegated to the Agent by the terms of this Agreement and any other
Transaction Document, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary contained elsewhere in this Agreement or in any other Transaction Document, the Agent shall not have any duties
or responsibilities, except those expressly set forth in this Agreement, nor shall the Agent have or be deemed to have any fiduciary relationship with any Liquidity Bank, and no implied covenants, functions, responsibilities, duties, obligations or
liabilities shall be read into this Agreement or any other Transaction 

  
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Document or otherwise exist against the Agent. Without limiting the generality of the foregoing sentence, the use of the term “agent” in this Agreement with reference to the Agent is
not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an
administrative relationship between independent contracting parties. 
 SECTION 8.2 Delegation of Duties 

The Agent may execute any of its duties under this Agreement or any other Transaction Document by or through agents, employees or
attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. The Agent shall not be responsible for the negligence or misconduct of any agent or attorney-in-fact that it selects with reasonable care.

 SECTION 8.3 Liability of Agent 

No Agent-Related Person shall (a) be liable for any action taken or omitted to be taken by any of them under or in connection with this
Agreement or any other Transaction Document or the transactions contemplated hereby (except for its own gross negligence or willful misconduct), or (b) be responsible in any manner to any Liquidity Bank for any recital, statement,
representation or warranty made by the Borrower or any MAI Party, or any officer thereof, contained in this Agreement or in any other Transaction Document, or in any certificate, report, statement or other document referred to or provided for in, or
received by the Agent under or in connection with, this Agreement or any other Transaction Document, or the validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Transaction Document, or for any failure
of the Borrower, any MAI Party or any other party to any Transaction Document to perform its obligations hereunder or thereunder. No Agent-Related Person shall be under any obligation to any Liquidity Bank to ascertain or to inquire as to the
observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Transaction Document, or to inspect the properties, books or records of the Borrower, any MAI Party or any of their respective Affiliates.

 SECTION 8.4 Reliance by Agent 

(a) The Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, resolution, notice, consent, certificate,
affidavit, letter, telegram, facsimile, telex or telephone message, statement or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by or on behalf of the proper Person or Persons, and upon
advice and statements of legal counsel (including counsel to the Borrower or any MAI Party), independent accountants and other experts selected by the Agent. The Agent shall be fully justified in failing or refusing to take any action under this
Agreement or any other Transaction Document unless it shall first receive such advice or concurrence of the Liquidity Banks as it deems appropriate and, if it so requests, it shall first be indemnified to its satisfaction by the Liquidity Banks
against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action. The Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any
other Transaction Document in accordance with a request or consent of the Liquidity Banks and such request and any action taken or failure to act pursuant thereto shall be binding upon the Liquidity Banks. 

  
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 (b) For purposes of determining compliance with the conditions specified in Article III on
the Closing Date or the date of any Advance, the Liquidity Banks shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter either sent by the Agent to the Liquidity Banks for consent, approval,
acceptance or satisfaction, or required thereunder to be consented to or approved by or acceptable or satisfactory to the Liquidity Banks. 

SECTION 8.5 Notice of Default 

The Agent shall not be deemed to have knowledge or notice of the occurrence of a Potential Event of Default, an Event of Default, a Servicer
Default or Potential Servicer Default, unless the Agent has received written notice from a Liquidity Bank or the Borrower describing such Potential Event of Default, Event of Default, Servicer Default or Potential Servicer Default and stating that
such notice is a “Notice of Event of Default or Potential Event of Default” or “Notice of Servicer Default or Potential Servicer Default” as applicable. The Agent will notify the Liquidity Banks of its receipt of any such notice.
The Agent shall (subject to Section 8.4) take such action with respect to such Potential Event of Default, Event of Default, Servicer Default or Potential Servicer Default as may be requested by the Liquidity Banks; provided that, unless
and until the Agent shall have received any such request, the Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Potential Event of Default, Event of Default or Servicer Default as it
shall deem advisable or in the best interest of the Liquidity Banks. 
 SECTION 8.6 Credit Decision; Disclosure of Information by the
Agent 
 Each Liquidity Bank acknowledges that none of the Agent-Related Persons has made any representation or warranty to it, and that
no act by the Agent hereinafter taken, including any consent to and acceptance of any assignment or review of the affairs of the Borrower, any MAI Party or any of their respective Affiliates, shall be deemed to constitute any representation or
warranty by any Agent-Related Person to such Liquidity Bank as to any matter, including whether the Agent-Related Persons have disclosed material information in their possession. Each Liquidity Bank represents to the Agent that it has, independently
and without reliance upon any Agent-Related Person and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, prospects, operations, property, financial and other
condition and creditworthiness of the Borrower, each MAI Party and their respective Affiliates, and all applicable bank regulatory laws relating to the transactions contemplated hereby, and made its own decision to enter into this Agreement and to
extend credit to the Borrower hereunder. Each Liquidity Bank also represents that it shall, independently and without reliance upon any Agent-Related Person and based on such documents and information as it shall deem appropriate at the time,
continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Transaction Documents, and to make such investigations as it deems necessary to inform itself as to the business,
prospects, operations, property, financial and other condition and creditworthiness of the Borrower and the MAI Parties. Except for notices, reports and other documents expressly herein required to be furnished to the Liquidity Banks by the Agent
herein, the Agent shall not have any duty or responsibility to provide any Liquidity Bank with any credit or other information concerning 

  
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the business, prospects, operations, property, financial and other condition or creditworthiness of the Borrower, any MAI Party or their respective Affiliates which may come into the possession
of any of the Agent-Related Persons. 
 SECTION 8.7 Indemnification of the Agent 

Whether or not the transactions contemplated hereby are consummated, each Liquidity Bank hereby agrees to indemnify upon demand each
Agent-Related Person (to the extent not reimbursed by or on behalf of the Borrower and without limiting the obligation of the Borrower to do so), pro rata, and hold harmless each Agent-Related Person from and against any and all
Indemnified Amounts incurred by it; provided that no Liquidity Bank shall be liable for the payment to any Agent-Related Person of any portion of such Indemnified Amounts resulting from such Person’s gross negligence or willful misconduct, as
finally determined by a court of competent jurisdiction; and provided, further, that no action taken in accordance with the directions of the Majority Liquidity Banks shall be deemed to constitute gross negligence or willful misconduct for purposes
of this Section 8.7. Without limitation of the foregoing, each Liquidity Bank shall reimburse the Agent upon demand for its Pro Rata Share of any costs or out-of-pocket expenses (including attorney’s fees) incurred by the Agent in
connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this
Agreement, any other Transaction Document, or any document contemplated by or referred to herein, to the extent that the Agent is not reimbursed for such expenses by or on behalf of the Borrower. The undertaking in this Section 8.7 shall
survive payment on the Final Payout Date and the resignation or replacement of the Agent. 
 SECTION 8.8 Agent in Individual Capacity

 Rabobank (and each successor acting as Agent) and its Affiliates may make loans to, issue letters of credit for the account of, accept
deposits from, acquire equity interests in and generally engage in any kind of banking, trust, financial advisory, underwriting or other business with the Borrower, the Servicer, any MAI Party or any of their Subsidiaries or Affiliates as though
Rabobank were not the Agent hereunder and without notice to or consent of the Liquidity Banks. Each Liquidity Bank acknowledges that, pursuant to such activities, Rabobank and its Affiliates may receive information regarding the Borrower, the MAI
Parties and their respective Affiliates (including information that may be subject to confidentiality obligations in favor of such Person) and acknowledge that the Agent shall be under no obligation to provide such information to it. With respect to
its Commitment or its Currency Commitment, Rabobank (and each successor acting as Agent) in its capacity as a Liquidity Bank hereunder shall have the same rights and powers under this Agreement as any other Liquidity Bank and may exercise the same
as though it were not the Agent, and the term “Liquidity Bank” or “Liquidity Banks” shall, unless the context otherwise indicates, include the Agent in its individual capacity. 

SECTION 8.9 Resignation of Agent 

The Agent may resign as Agent upon thirty (30) days’ notice to the Liquidity Banks. If the Agent resigns under this Agreement, the
Majority Liquidity Banks shall appoint from among them a successor agent for the Liquidity Banks. If no successor agent is appointed prior to the effective date of the resignation of the Agent, the Agent may appoint, after

  
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consulting with the Liquidity Banks, a successor agent from among the Liquidity Banks. Upon the acceptance of its appointment as successor agent hereunder, such successor agent shall succeed to
all the rights, powers and duties of the retiring Agent and the term “Agent” shall mean such successor agent and the retiring Agent’s appointment, powers and duties as Agent shall be terminated. After any retiring Agent’s
resignation hereunder as Agent, the provisions of this Section 8.9 and Section 8.3 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Agent under this Agreement. If no successor
agent has accepted appointment as Agent by the date which is thirty (30) days following a retiring Agent’s notice of resignation, the retiring Agent’s resignation shall nevertheless thereupon become effective and the Administrator
shall perform all of the duties of the Agent hereunder until such time, if any, as the Majority Liquidity Banks appoint a successor agent as provided for above. It is understood and agreed that any resignation of the Agent pursuant to this
Section 8.9 shall apply to all of such Agent’s rights, duties and obligations in its capacity as Agent and that under no circumstances may the Agent resign with respect to only a portion of such rights, duties and obligations,
including with respect to any Advance funded in any Currency. 
 SECTION 8.10 Payments by the Agent 

Unless specifically allocated to a Liquidity Bank pursuant to the terms of this Agreement, all amounts received by the Agent on behalf of the
Liquidity Banks shall be paid by the Agent to the Liquidity Banks (at their respective accounts specified in Schedule 2 or in their respective Assignment and Assumption Agreements) pro rata in accordance with their
respective outstanding funded portions of any Currency Net Liquidity Advance on the Business Day received by the Agent, unless such amounts are received after 11:00 a.m. (New York time) on such Business Day, in which case the Agent shall use its
reasonable efforts to pay such amounts to the Liquidity Banks on such Business Day but, in any event, shall pay such amounts to the Liquidity Banks not later than the following Business Day. 

ARTICLE IX 
 MISCELLANEOUS 

SECTION 9.1 Term of Agreement 

This Agreement shall terminate on the Final Payout Date; provided that (a) the rights and remedies of the Agent and the Liquidity Banks
with respect to any representation and warranty made or deemed to be made by the Borrower pursuant to this Agreement, (b) the indemnification and payment provisions of Article VII, and (c) the agreements set forth in
Sections 9.8, 9.9, 9.10 and 9.11 shall be continuing and shall survive any termination of this Agreement. 

SECTION 9.2 Waivers; Amendments 

(a) No failure or delay on the part of the Agent or the Liquidity Banks in exercising any power, right or remedy under this Agreement shall
operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or remedy preclude any other further exercise thereof or the exercise of any other power, right or remedy. The rights and remedies herein provided shall
be cumulative and nonexclusive of any rights or remedies provided by law. 

  
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 (b) Any provision of this Agreement may be amended or waived if, but only if, such amendment or
waiver is in writing and is signed by the Borrower and the Liquidity Banks (and, if Article VIII or the rights or duties of the Agent are affected thereby, by the Agent); provided that no such amendment or waiver shall, unless signed by
each Liquidity Bank directly affected thereby, (i) increase the Commitment of a Liquidity Bank, (ii) reduce the Net Liquidity Advances, the Currency Net Liquidity Advances or rate of Interest to accrue thereon or any fees or other amounts
payable hereunder, (iii) postpone any date fixed for the payment of any scheduled distribution in respect of the Net Liquidity Advances, the Currency Net Liquidity Advances or Interest with respect thereto or any fees or other amounts payable
hereunder or for termination of any Commitment or any Currency Commitment, (iv) change the percentage of the Commitments or the Currency Commitments of Liquidity Banks required for the Liquidity Banks or any of them to take any action under
this Section 9.2 or any other provision of this Agreement, (v) release all or substantially all of the property with respect to which a security or ownership interest therein has been granted hereunder to the Agent or the Secured
Parties, or (vi) extend or permit the extension of the Commitment Termination Date (it being understood that a waiver of an Event of Default shall not constitute an extension or increase in the Commitment or the Currency Commitments of any
Liquidity Bank. 
 (c) The Agent shall give each Rating Agency written notice of all amendments, waivers and other modifications to this
Agreement and each of the other Transaction Documents prior to the effectiveness of such amendments, waivers and other modifications. 

SECTION 9.3 Governing Law; Submission to Jurisdiction; Appointment of Process Agent 

(a) This Agreement and any non-contractual obligations arising out of or in connection with it and the rights and obligations of the parties
hereto shall be governed by and construed in accordance with English law. 
 (b) The Borrower and each Liquidity Bank agrees that the courts
of England shall have jurisdiction to hear and determine any suit, action or proceeding, and to settle any dispute, which may arise out of or in connection with this Agreement, any other Transaction Document or the transactions contemplated hereby
or thereby and, for such purposes, irrevocably submits to the non-exclusive jurisdiction of such courts. 
 (c) The Borrower and each
Liquidity Bank for itself irrevocably waives any objection which it might now or hereafter have to the courts referred to in clause (b) being nominated as the forum to hear and determine any suit, action or proceeding, and to settle any
dispute, which may arise out of or in connection with this Agreement, any other Transaction Document or the transactions contemplated hereby or thereby and agrees not to claim that any such court is not a convenient or appropriate forum. 

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

  
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 (f) The Borrower and each Liquidity Bank hereby consents generally in respect of any legal action
or proceeding arising out of or in connection with this Agreement, any other Transaction Document or the transactions contemplated hereby or thereby, to the giving of any relief or the issue of any process in connection with such action or
proceeding including the making, enforcement or execution against any property whatsoever (irrespective of its use or intended use) of any order or judgment which may be made or given in such action or proceeding. Without limiting the foregoing, the
Borrower and each Liquidity Bank agrees to reimburse any successful claimant the costs of any legal action or proceeding brought against it pursuant to this Section 9.3, including the cost of all stamp duties (if any) payable in
connection therewith. 
 SECTION 9.4 Integration 

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

SECTION 9.5 Severability and Partial Invalidity 

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

(b) If a court of competent jurisdiction determines that any term or provision of this Agreement as written is invalid or unenforceable, the
parties agree that the court making the determination of invalidity or unenforceability shall reduce the scope, duration, or area of the term or provision, delete specific words or phrases, or replace any invalid or unenforceable term or provision
with a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision, and this Agreement shall be enforceable as so modified after the expiration of the time
within which the court’s judgment may be appealed. 
 SECTION 9.6 Counterparts; Facsimile Delivery 

This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which when taken together shall constitute one and the same Agreement. Delivery by facsimile of an executed signature page of this Agreement shall be effective as delivery of an executed
counterpart hereof. 
 SECTION 9.7 Successors and Assigns; Binding Effect 

(a) This Agreement shall be binding on the parties hereto and their respective successors and assigns; provided that the Borrower may not
assign any of its rights or delegate any of its duties hereunder or under any of the other Transaction Documents to which it is a party without the prior written consent of the Agent. Except as provided in this

  
 36 

 
Section 9.7, no provision of this Agreement shall in any manner restrict the ability of any Liquidity Bank to assign, participate, grant security interests in, or otherwise transfer
any portion of, the Advances, Asset Interest or its other rights and interests under this Agreement and the other Transaction Documents. 

(b) Any Liquidity Bank may transfer all or any portion of its interest in the Net Liquidity Advances and the Currency Net Liquidity Advances
made by it to any Person, all without the prior written approval of the Borrower, any other Liquidity Bank, the Agent or the Administrator. Any Liquidity Bank may transfer all or any portion of its Commitment or Currency Commitments, its interest in
the Asset Interest and its other rights and obligations hereunder to any Person only with the prior written approval of the Agent and the Administrator on behalf of the Borrower (such approval not to be unreasonably withheld). In connection with any
such transfer, the assignor shall deliver to the assignee(s) an Assignment and Assumption Agreement, duly executed, transferring to such assignee a pro rata interest in such assignor’s Commitment or Currency Commitment and other
obligations hereunder and in the Net Liquidity Advances and the Currency Net Liquidity Advances, and the other rights hereunder, and such assignor shall promptly execute and deliver all further instruments and documents, and take all further action,
that the assignee may reasonably request, in order to protect, or more fully evidence the assignee’s right, title and interest in and to such interest and to enable the Agent, on behalf of such assignee, to exercise or enforce any rights
hereunder and under the other Transaction Documents to which such assignor is or, immediately prior to such transfer, was a party. Upon any such transfer, (i) the assignee shall have all of the rights and obligations of the assignor hereunder
and under the other Transaction Documents to which such assignor is or, immediately prior to such transfer, was a party with respect to such assignor’s Commitment or Currency Commitment and interest in the Net Liquidity Advances and the
Currency Net Liquidity Advances and the Asset Interest for all purposes of this Agreement and under the other Transaction Documents to which such assignor is or, immediately prior to such transfer, was a party, and (ii) the assignor shall have
no further obligations with respect to the portion of its Commitment or Currency Commitment which has been transferred and shall relinquish its rights with respect to the portion of its interest in the Net Liquidity Advances and the Currency Net
Liquidity Advances for all purposes of this Agreement and under the other Transaction Documents to which such assignor is or, immediately prior to such transfer, was a party. No such transfer shall be effective unless a fully executed copy of the
related Assignment and Assumption Agreement shall be delivered to the Agent and the Borrower. All costs and expenses of the Agent incurred in connection with any transfer hereunder shall be borne by the Borrower. 

(c) By executing and delivering an Assignment and Assumption Agreement, the assignor and assignee thereunder confirm to and agree with each
other and the other parties hereto as follows: (i) other than as provided in such Assignment and Assumption Agreement, the assignor makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or
representations made in or in connection with this Agreement, the other Transaction Documents or any other instrument or document furnished pursuant hereto or thereto or the execution, legality, validity, enforceability, genuineness, sufficiency or
value of this Agreement, the other Transaction Documents or any such other instrument or document; (ii) the assignor makes no representation or warranty and assumes no responsibility with respect to the financial condition of the Borrower or
the performance or observance by the Borrower of any of its obligations under this Agreement, the other Transaction Documents or any other instrument or document furnished pursuant hereto; (iii) such assignee confirms that it has received a
copy of this Agreement, each other Transaction 

  
 37 

 
Document and such other instruments, documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Assumption Agreement;
(iv) such assignee will, independently and without reliance upon the Agent, or any of its Affiliates, or the assignor and based on such agreements, documents and information as it shall deem appropriate at the time, continue to make its own
credit decisions in taking or not taking action under this Agreement and the other Transaction Documents; (v) such assignee appoints and authorizes the Agent to take such action as agent on its behalf and to exercise such powers under this
Agreement, the other Transaction Documents and any other instrument or document furnished pursuant hereto or thereto as are delegated to the Agent by the terms hereof or thereof, together with such powers as are reasonably incidental thereto and to
enforce its respective rights and interests in and under this Agreement, the other Transaction Documents and the Affected Assets; (vi) such assignee agrees that it will perform in accordance with their terms all of the obligations which by the
terms of this Agreement and the other Transaction Documents are required to be performed by it as the assignee of the assignor; and (vii) such assignee agrees that it will not institute against the Borrower any proceeding of the type referred
to in Section 9.10 prior to the date which is one (1) year and one (1) day in the case of the Borrower, after the payment in full of all obligations for borrowed money of the Borrower. 

SECTION 9.8 Consent to Disclosure 

The Borrower hereby consents to the disclosure of any non-public information with respect to it received by the Agent, any Liquidity Bank, the
administrator to any Liquidity Bank, any potential Liquidity Bank, the administrator to any Potential Liquidity Bank, or any of such Person’s counsel or accountants in relation to this Agreement or any other Transaction Document. 

SECTION 9.9 Confidentiality 

(a) The Borrower hereby agrees that it will not disclose the contents of this Agreement or any other Transaction Document or any other
proprietary or confidential information of or with respect to any Liquidity Bank, the Agent, the Administrator, or any Program Support Provider to any other Person except (i) its auditors and attorneys, employees or financial advisors (other
than any commercial bank) and any nationally recognized statistical rating organization, provided such auditors, attorneys, employees, financial advisors or rating agencies are informed of the highly confidential nature of such information or
(ii) as otherwise required by applicable Law or order of a court of competent jurisdiction. 
 (b) Subject to Section 9.8,
each of the Agent and each Liquidity Bank hereby agrees that it will not disclose this Agreement or any other Transaction Document or the terms thereof or any confidential information of or with respect to the Borrower to any other Person except as
otherwise required by applicable Law or order of a court of competent jurisdiction. 
 (c) Notwithstanding anything in this Agreement, any
party to any of the Transaction Documents (and each employee, agent or representative of any such party) may disclose to any and all persons without limitation of any kind, the tax treatment and tax structure of the transactions contemplated by the
Transaction Documents and all materials of any kind (including opinions or other tax analyses) that are provided to any such party relating to such tax treatment and tax structure except to the extent maintaining such confidentiality is necessary to
comply with any applicable securities laws. 

  
 38 

 SECTION 9.10 No Petition 

Each of the parties hereby covenants and agrees that, prior to the date which is one (1) year and one (1) day after the payment in
full of all of the Borrower’s obligations for borrowed money, it will not institute against, or join any other Person in instituting against, the Borrower any proceeding of a type referred to in the definition of Event of Bankruptcy. 

SECTION 9.11 No Recourse 

Notwithstanding anything to the contrary contained in this Agreement, the obligations of the Borrower under this Agreement and all other
Transaction Documents to which it is a party are solely the corporate obligations of the Borrower and shall be payable solely to the extent of funds received by the Borrower from any party to any Transaction Document in accordance with the terms
thereof. 
 SECTION 9.12 Contracts (Rights of Third Parties) Act (1999) 

No Person that is not a party to this Agreement shall be entitled to enforce any term of this Agreement pursuant to the Contracts (Rights of
Third Parties) Act (1999). 
 SECTION 9.13 Notices; Payment Information 

Except as provided below, all communications and notices provided for under this Agreement shall be in writing (including facsimile or
electronic transmission or similar writing) and shall be given to the other party at its address or facsimile number set forth in Schedule 2 or at such other address or facsimile number as such party may hereafter specify for the
purposes of notice to such party. Each such notice or other communication shall be effective (a) if given by facsimile, when such facsimile is transmitted to the facsimile number specified in this Section 9.13 and confirmation is
received, (b) if given by overnight courier, two (2) Business Days after deposit thereof with an international overnight courier service, or (c) if given by any other means, when received at the address specified in this
Section 9.13; provided that each Borrowing Request shall only be effective upon receipt by the Agent. Notwithstanding anything in this Section 9.13 to the contrary, the Borrower hereby authorizes the Agent and each Liquidity
Bank to make investments in Eligible Investments and to make Advances based on telephonic notices made by any Person which the Agent or such Liquidity Bank in good faith believes to be acting on behalf of the Borrower, and the Borrower agrees to
deliver promptly to the Agent a written confirmation of each telephonic notice signed by an authorized officer of the Borrower. However, the absence of such confirmation shall not affect the validity of such notice. If the written confirmation
differs in any material respect from the action taken by the Agent or any Liquidity Bank, the records of the Agent or such Liquidity Bank shall govern. 

SECTION 9.14 Good Faith 

Each of the parties hereto agrees to perform its obligations under this Agreement in good faith. 

  
 39 

 [Signatures Follow] 

  
 40 

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

									
	NIEUW AMSTERDAM RECEIVABLES CORPORATION as Borrower	 		 		 	
					
	By:	 	/s/ Damian Perez	 		 		 	
		 	  
	 		 		 	
	Name:	 	Damian Perez	 		 		 	
		 	  
	 		 		 	
	Title:	 	Vice President	 		 		 	
		 	  
	 		 		 	
				
	COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. (TRADING AS RABOBANK INTERNATIONAL), LONDON BRANCH, as Agent and Administrator	 		 		 	
					
	By:	 	/s/ Donna Kunzig	 		 		 	/s/ Sarah Mason
		 	  
	 		 		 	
	Name:	 	Donna Kunzig	 		 		 	Sarah Mason
		 	  
	 		 		 	
	Title:	 	Executive Director	 		 		 	Executive Director
		 	  
	 		 		 	
				
	COÖPERATIEVE CENTRALE RAIFFEISEN- BOERENLEENBANK B.A., as Liquidity Bank	 		 		 	
					
	By:	 	/s/ Donna Kunzig	 		 		 	/s/ Sarah Mason
		 	  
	 		 		 	
	Name:	 	Donna Kunzig	 		 		 	Sarah Mason
		 	  
	 		 		 	
	Title:	 	Executive Director	 		 		 	Executive Director
		 	  
	 		 		 	

  
 S-1 

 SCHEDULE 1 

Commitments and Currency Commitments 
  

													
	Liquidity Bank	  	Commitments	 	  	 Currency

Commitment for

Dollars
	 	  	 Currency

Commitment for
 Euro,
Shekels,
 Sterling,

Australian Dollars,

Zloty
	 
				
	 Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A.
	  	$	255,000,000	  	  	$	255,000,000	  	  	 
 
 	Currency
Equivalent of
$255,000,000	  
  
  
				
	 Totals
	  	$	255,000,000	  	  	$	255,000,000	  	  	 
 
 	Currency
Equivalent of
$255,000,000	  
  
  

  
 Schedule 1 

 SCHEDULE 2 

Address and Payment Information 
 If to
Nieuw Amsterdam Receivables Corporation: 
 Nieuw Amsterdam Receivables Corporation 

c/o Global Securitization Services, LLC 
 68 South Service Road,
Suite 120 
 Melville, New York 11747 
  

			
	Attention:	  	Bill Pierce
	Telephone:	  	+1 212 302 8330
	Facsimile:	  	+1 212 302 8767

 With a copy to Rabobank, as Administrator: 

Rabobank International, London Branch 
 Thames Court 

1 Queenhithe 
 London EC4V 3RL 

England 
  

			
	Attention:	  	Graeme Hattie
	Telephone:	  	+44 20 7809 3665
	Facsimile:	  	+44 20 7809 3523

 Payment Information: 
  

			
	If in Dollars:
		
	Pay to:	  	Rabobank International, London Branch (RABOGB2L)
	For Account of:	  	Nieuw Amsterdam Receivables Corporation - Client C
	Account Number:	  	 [Redacted]

	Cover to be paid through:	  	 [Redacted]

		
	If in Euro:	  	
		
	Pay to:	  	Rabobank International, London Branch (RABOGB2L)
	For Account of:	  	Nieuw Amsterdam Receivables Corporation - Client C
	Account Number:	  	[Redacted]
	Cover to be paid through:	  	 [Redacted]

  
 Schedule 2 

Page 1 

			
		
	If in Shekels:	  	
		
	Pay to:	  	Rabobank International, London Branch (RABOGB2L)
	Sort Code:	  	40 - 50 - 91
	For Account of:	  	Nieuw Amsterdam Receivables Corporation - Client C
	Account Number:	  	[Redacted]
	Cover to be paid through:	  	[Redacted]
		  	
		
	If in Sterling:	  	
		
	Pay to:	  	Rabobank International, London Branch (RABOGB2L)
	 Sort Code:
 For Account of:
	  	 40 - 50 - 91
 Nieuw Amsterdam Receivables
Corporation - Client C

	Account Number:	  	[Redacted]
	Cover to be paid through:	  	[Redacted]
		  	
		
	If in Australian Dollars:	  	
		
	Pay to:	  	Rabobank International, London Branch (RABOGB2L)
	For Account of:	  	Nieuw Amsterdam Receivables Corporation - Client G
	Account Number:	  	[Redacted]
	Cover to be paid through:	  	[Redacted]
		
	If in Zloty:	  	
		
	Pay to:	  	Rabobank International, London Branch
	For Account of:	  	Nieuw Amsterdam Receivables Corporation - Client G
	Account Number:	  	[Redacted]
	Cover to be paid through:	  	[Redacted]

 If to the Liquidity Bank: 

Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. 

Croeselaan 18 
 Utrecht 3521 CB 

The Netherlands 
 UC B315 

  
 Schedule 2 

Page 2 

 Payment Information: 

As notified to the Agent from time to time. 
 If to the
Administrator or the Agent: 
 Rabobank International, London Branch 

Thames Court 
 1 Queenhithe 

London EC4V 3RL 
 England 

 

			
	Attention:	  	Graeme Hattie
	Telephone:	  	+44 20 7809 3665
	Facsimile:	  	+44 20 7809 3523

 Payment Information: 
  

			
	If in Dollars:	  	
		
	Pay to:	  	Chase New York
	SWIFT ID:	  	CHASUS33
	For Account of:	  	Rabobank International, London Branch
	SWIFT ID:	  	RABOGB2L
		
	If in Euro:	  	
		
	Pay to:	  	Rabobank Nederland, Utrecht
	SWIFT ID:	  	RABONL2U
	For Account of:	  	Rabobank International, London Branch
	SWIFT ID:	  	RABOGB2L
		
	If in Shekels:	  	
		
	Pay to:	  	Bank Leumi Le-Israel B.M. Tel Aviv
	SWIFT ID:	  	LUMIILIT
	For Account of:	  	Rabobank International, London Branch
	SWIFT ID:	  	RABOGB2L
		
	If in Sterling:	  	
		
	Pay to:	  	HSBC Bank Plc, London
	SWIFT ID:	  	MIDLGB22
	For Account of:	  	Rabobank International, London Branch
	SWIFT ID:	  	RABOGB2L

  
 Schedule 2 

Page 3 

 EXHIBIT A 

Form of Borrowing Request 

NIEUW AMSTERDAM RECEIVABLES CORPORATION (the “Borrower”), pursuant to Section 2.2(a) of the Liquidity Agreement,
dated as of — 2011 (as amended, modified, or supplemented from time to time, the “Agreement”), among the Borrower, the Liquidity Banks from time to time party thereto and
Coöperatieve Centrale Raiffeisen- Boerenleenbank B.A. (trading as Rabobank International), London Branch, as Agent and as Administrator, hereby requests that an Advance be made pursuant to the Agreement. Capitalized terms used herein and not
otherwise defined herein have the meaning assigned to them in the Agreement. 
 The Borrower hereby requests: 

 

			
	 The Advance Date of such Advance will be:
	  	—
		
	 The amount of the Advance will be:
	  	—
		
	 The Currency of the Advance will be:
	  	[Dollars][Euro][Shekels]
[Sterling]

 The proceeds of the requested Advance should be credited to the following Account on the Advance Date: 

 

			
	[bank name]	  	
	ABA No.	  	[                                      
  ]
	Account No.	  	[                                      
  ]
	Reference No.	  	[                                      
  ]

 The Borrower hereby certifies as of the date hereof that the conditions precedent to such Advance set forth in
the Agreement have been satisfied, and that all of the representations and warranties to be given by it in Article IV of the Agreement are true and correct on and as of the Advance Date, both before and after giving effect to the Advance.

 Dated: 
 NIEUW AMSTERDAM RECEIVABLES CORPORATION 

By: 
 Name: 

Title: 

  
 Exhibit A 

Page 1 

 EXHIBIT B 

Form of Assignment and Assumption Agreement 

Reference is made to the Liquidity Agreement, dated as of — 2011 (as it may be amended or
otherwise modified from time to time, the “Agreement”), among Nieuw Amsterdam Receivables Corporation, a Delaware corporation (the “Borrower”), the financial institutions from time to time parties thereto, as
Liquidity Banks (the “Liquidity Banks”), and Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (trading as Rabobank International, London Branch, of Thames Court, One Queenhithe, London EC4V 3RL, as Agent for the Liquidity
Banks and Administrator on behalf of Erasmus Capital Corporation, a Delaware corporation (the “Agent” and the “Administrator”). Terms defined in the Agreement are used herein with the same meanings. 

[                    ] (the
“Assignor”) and [                    ] (the “Assignee”) hereby agree as follows: 

1. The Assignor hereby transfers to the Assignee by way of novation, without recourse and without representation and warranty other than as
provided in Section 3(i) below, and the Assignee hereby assumes from the Assignor, an interest in and to all of the Assignor’s rights and obligations under the Agreement and the other Transaction Documents, including the
Assignor’s rights in the Asset Interest. Such interest expressed as a percentage of all rights and obligations of the Liquidity Banks, shall be equal to the percentage equivalent of a fraction the numerator of which is
$[        ] and the denominator of which is $[        ]. [This amount should match Dollar amount of the total Commitments on the date of the Assignment and
Assumption Agreement.] After giving effect to such transfer, the Assignee’s Commitment and Currency Commitments will be as set forth on the signature page hereto. 

2. In consideration of the payment of [the Dollar Equivalent] of [            ],
being [    ]% of the existing Net Liquidity Advance, and of [the Dollar Equivalent] of [            ], being [    ]% of the aggregate unpaid accrued
Interest, receipt of which payment is hereby acknowledged, the Assignor hereby transfers to the Agent for the account of the Assignee, and the Assignee hereby assumes from the Assignor, a [    ]% interest in and to all of the
Assignor’s right, title and interest in and to the Net Liquidity Advances made by the undersigned under the Agreement. 
 3. The
Assignor (a) represents and warrants that it is the legal and beneficial owner of the interest being transferred by it hereunder and that such interest is free and clear of any Adverse Claim, (b) makes no representation or warranty and
assumes no responsibility with respect to any statements, warranties or representations made in or in connection with the Agreement, any other Transaction Document or any other instrument or document furnished pursuant thereto or the execution,
legality, validity, enforceability, genuineness, sufficiency or value of the Agreement or the Receivables, any other Transaction Document or any other instrument or document furnished pursuant thereto, and (c) makes no representation or
warranty and assumes no responsibility with respect to the financial condition of any of the Borrower or any other Person or the performance or observance by any of the Borrower or any other Person of any of its obligations under the Agreement, any
other Transaction Document, or any instrument or document furnished pursuant thereto. 

  
 Exhibit B 

Page 1 

 4. The Assignee (a) confirms that it has received a copy of the Transaction Documents
together with copies of the financial statements referred to in the Transaction Documents, to the extent delivered through the date of this Assignment and Assumption Agreement (this “Assignment”), and such other documents and
information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment, (b) agrees that it will, independently and without reliance upon the Agent, any of its Affiliates, the Assignor or any other
Liquidity Bank and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Agreement and any other Transaction Document, (c) appoints
and authorizes the Agent to take such action as agent on its behalf and to exercise such powers and discretion under the Agreement and the other Transaction Documents as are delegated to the Agent by the terms thereof, together with such powers and
discretion as are reasonably incidental thereto, (d) agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Agreement are required to be performed by it as an Liquidity Bank, (e) agrees
that it will not institute against the Borrower any proceeding of the type referred to in Section 9.10 of the Agreement prior to the date which is one year and one day after the payment in full of all obligations for borrowed money of
the Borrower, and (f) specifies as its address for notices and its account for payments the office and account set forth beneath its name on the signature pages hereof. 

5. The effective date for this Assignment shall be the later of (a) the date on which the Agent receives this Assignment executed by the
parties hereto and receives the consent of the Administrator, on behalf of the Borrower, and (b) the date of this Assignment (the “Effective Date”). Following the execution of this Assignment [and the consent of the
Administrator, on behalf of the Borrower,] this Assignment will be delivered to the Agent [for acceptance and] recording. 
 6. Upon such
acceptance and recording, as of the Effective Date, (a) the Assignee shall be a party to the Agreement and, to the extent provided in this Assignment, have the rights and obligations of a Liquidity Bank thereunder, and (b) the Assignor
shall, to the extent provided in this Assignment, relinquish its rights and be released from its obligations under the Agreement. 
 7. Upon
such acceptance and recording, from and after the Effective Date, the Agent shall make all payments under the Agreement in respect of the interest transferred hereby (including, without limitation, all payments in respect of such interest in Net
Liquidity Advances, Interest and fees) to the Assignee. The Assignor and Assignee shall make all appropriate adjustments in payments under the Agreement for periods prior to the Effective Date directly between themselves. 

8. The Assignor agrees to pay the Assignee its pro rata share of fees in an amount equal to the product of
(a) [            ] per annum and (b) the Commitment during the period after the Effective Date for which such fees are owing and paid by the Borrower pursuant to the Agreement.

 9. This Assignment and Assumption Agreement and the rights and obligations of the parties hereto shall be governed by and construed in
accordance with English law. 

  
 Exhibit B 

Page 2 

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

11. If any one or more of the covenants, agreements, provisions or terms of this agreement shall for any reason whatsoever be held invalid,
then such covenants, agreements, provisions, or terms shall be deemed severable from the remaining covenants, agreements, provisions, or terms of this agreement and shall in no way affect the validity or enforceability of the other provisions of
this agreement. 
 12. This agreement may be executed in any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. Delivery by facsimile of an executed signature page of this agreement shall be effective
as delivery of an executed counterpart hereof. 
 13. This agreement shall be binding on the parties hereto and their respective successors
and assigns. 
 IN WITNESS WHEREOF, the parties hereto have caused this Assignment and Assumption Agreement to be executed by their
respective officers thereunto duly authorized as of the date first above written. 
 [ASSIGNOR] 

By: 
 Name: 

Title: 
 [ASSIGNEE] 

By: 
 Name: 

Title: 
  

					
	COMMITMENT:	  	$            	 	
	
	CURRENCY COMMITMENT IN:
	 DOLLARS:
	  	$            ;	 	
	 EURO:
	  	€            ;	 	
	 SHEKELS:
	  	NIS            ;	 	and
	 STERLING:
	  	£            ;	 	

  
 Exhibit B 

Page 3 

							
	Address for notices and Account for payments:
		
	For Credit Matters:	 	For Administrative Matters:
		
	[NAME]	 	[NAME]
				
	Attention:	 		 	Attention:	 	
				
	Telephone:	 	[(    )      -         ]	 	Telephone:	 	[(    )      -         ]
				
	Telefax:	 	[(    )      -         ]	 	Telefax:	 	[(    )      -         ]
	
	Account for Payments:
				
	NAME	 		 		 	
				
	ABA Number:	 	[       -        -       ]	 		 	
				
	Account Number:	 	[                    ]	 		 	
				
	Attention:	 	[                    ]	 		 	
				
	Re:	 	[                    ]	 		 	
		
	[Consented to this [    ] day of	 	[Accepted this [    ] day of
		
	[            ], 20[    ]	 	[            ], 20[    ]
		
	COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. (TRADING AS RABOBANK INTERNATIONAL), LONDON BRANCH, as Administrator	 	COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. (TRADING AS RABOBANK INTERNATIONAL), LONDON BRANCH, as Agent
			
	By:	 		 	By:
			
	Name:	 		 	Name:
	Title: ]	 		 	Title: ]
			
	NIEUW AMSTERDAM RECEIVABLES CORPORATION, as Borrower	 		 	
				
	By:	 		 		 	
				
	Name:	 		 		 	
	Title:	 		 		 	

  
 Exhibit B 

Page 4

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