Document:

Series 2006-1 Indenture Supplement

 Exhibit 10.3 
 EXECUTION COPY 
 SERIES 2006-1 INDENTURE SUPPLEMENT 

between 
 JAMAICA
DIVERSIFIED PAYMENT RIGHTS COMPANY 
 and 
 THE BANK OF NEW YORK, 
 as Indenture Trustee 

Dated as of March 22, 2006 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	 ARTICLE I DEFINITIONS
	  	 	1	  
		
	 SECTION 1.1 Defined Terms
	  	 	1	  
	 SECTION 1.2 Rules of Construction
	  	 	8	  
		
	 ARTICLE II ISSUANCE OF THE SERIES 2006-1 NOTES
	  	 	9	  
		
	 SECTION 2.1 Creation and Designation
	  	 	9	  
	 SECTION 2.2 Execution and Authentication of Notes
	  	 	10	  
	 SECTION 2.3 Initial Form of Notes
	  	 	10	  
	 SECTION 2.4 Notices to Depositary
	  	 	12	  
	 SECTION 2.5 Restrictions on Transfer of Global Notes
	  	 	12	  
	 SECTION 2.6 Restrictive Legends
	  	 	15	  
	 SECTION 2.7 Issuance of Definitive Notes
	  	 	18	  
	 SECTION 2.8 Persons Deemed Owners
	  	 	18	  
	 SECTION 2.9 Conditions to Issuance of Additional Series
	  	 	19	  
	 SECTION 2.10 Representations, Warranties and Covenants of the SPC
	  	 	19	  
	 SECTION 2.11 ERISA Representations of Investors
	  	 	20	  
		
	 ARTICLE III APPLICATION OF FUNDS
	  	 	21	  
		
	 SECTION 3.1 Series 2006-1 Series Account
	  	 	21	  
	 SECTION 3.2 Method of Distribution
	  	 	22	  
	 SECTION 3.3 Coverage Reserve Account
	  	 	22	  
	 SECTION 3.4 Securities Account
	  	 	22	  
		
	 ARTICLE IV NOTEHOLDERS’ LISTS AND REPORTS BY THE SPC
	  	 	22	  
		
	 SECTION 4.1 Access to Register
	  	 	22	  
	 SECTION 4.2 Reports by the SPC
	  	 	23	  
		
	 ARTICLE V MISCELLANEOUS
	  	 	23	  
		
	 SECTION 5.1 Successors and Assigns
	  	 	23	  
	 SECTION 5.2 Governing Law
	  	 	23	  
	 SECTION 5.3 No Waiver; Cumulative Remedies
	  	 	23	  
	 SECTION 5.4 Modification of Agreement
	  	 	24	  
	 SECTION 5.5 Severability
	  	 	24	  
	 SECTION 5.6 Notices
	  	 	24	  
	 SECTION 5.7 Counterparts
	  	 	24	  
	 SECTION 5.8 Entire Agreement
	  	 	24	  
	 SECTION 5.9 Submission to Jurisdiction; Waivers
	  	 	24	  

  
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	 SECTION 5.10 Waivers of Jury Trial
	  	 	25	  
	 SECTION 5.11 Headings and Table of Contents
	  	 	26	  
	 SECTION 5.12 Use of English Language
	  	 	26	  
	 SECTION 5.13 Termination
	  	 	26	  
	 SECTION 5.14 Limited Recourse
	  	 	26	  
	 SECTION 5.15 Third Party Beneficiary
	  	 	26	  

 EXHIBITS 
  

			
	Exhibit A	  	Form of Series 2006-1 Note
	Exhibit B	  	Form of Certificate for Exchange or Transfer from Rule 144A Note to Temporary Regulation S Note
	Exhibit C	  	Form of Certificate for Exchange or Transfer from Rule 144A Note to Permanent Regulation S Note
	Exhibit D	  	Form of Certificate for Exchange or Transfer from Temporary Regulation S Note to Rule 144A Note

  
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 SERIES 2006-1 INDENTURE SUPPLEMENT, dated as of March 22, 2006 (this “Indenture
Supplement”), between JAMAICA DIVERSIFIED PAYMENT RIGHTS COMPANY, an exempted limited liability company incorporated under the laws of the Cayman Islands (the “SPC”), and THE BANK OF NEW YORK, a New York banking
corporation, as indenture trustee and collateral agent under the Indenture (in such capacity, the “Indenture Trustee”). 
 W I T N E S S E T H: 
 WHEREAS, the Indenture Trustee has entered into the
Indenture referred to below and accepted the trust established thereunder for the exclusive benefit of the Secured Parties; 

WHEREAS, Section 2.2(a) of the Indenture provides that the SPC may issue from time to time one or more Notes (or Series of Notes);

 WHEREAS, Section 2.2(b)(ii) of the Indenture provides that the Principal Terms of any new Note (or Series of Notes) are
to be set forth in a supplement to the Indenture executed by the Indenture Trustee and the SPC; 
 WHEREAS, the Indenture
Trustee and the SPC desire to enter into this Indenture Supplement pursuant to which a Series of Notes will be issued in accordance with the Indenture; and 
 WHEREAS, such Series of Notes will be sold in the United States pursuant to and in reliance upon the private placement provisions of (including Rule 144A under) the United States Securities Act of 1933,
as amended (the “Securities Act”), and in sales outside the United States in reliance upon Regulation S under the Securities Act. 
 NOW, THEREFORE, in consideration of the mutual agreements herein contained, and of other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto
agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 SECTION 1.1 Defined Terms. Terms defined in the Indenture and
not otherwise defined herein shall have the meanings ascribed to them in (including by reference in) the Indenture, and the following terms, as used herein, shall have the following meanings (such meanings to be equally applicable to both the
singular and plural forms of the terms defined): 
 “Applicable Procedures” shall have the meaning specified in
Section 2.5(b). 

 “Bank” shall mean National Commercial Bank Jamaica Limited, a commercial
bank organized and existing under the laws of Jamaica, with its successors. 
 “Benefit Plan” shall mean
(i) any “employee benefit plan” as defined in Section 3(3) of ERISA, (ii) any “plan” or other arrangement (including an individual retirement account or Keogh Plan) within the meaning of Section 4975 of the
United States Internal Revenue Code of 1986, as amended, or (iii) any entity that would be deemed to be a “benefit plan investor” within the meaning of the Plan Assets Regulation or otherwise. 

“Calculation Agent” shall have the meaning specified in Section 2.1(i). 

“Clearstream, Luxembourg” shall mean Clearstream Banking, société anonyme, a corporation existing
under the laws of the Grand Duchy of Luxembourg. 
 “Controlling Party” shall mean the Indenture Trustee,
acting at the specific written direction of Series 2006-1 Noteholders holding more than 50% of the Series Balance of the Series 2006-1 Notes. 
 “Definitive Notes” shall have the meaning specified in Section 2.3(a). 
 “Designated Court” shall have the meaning specified in Section 5.9(b). 
 “Distribution Compliance Period” shall mean the period commencing on the later of (a) the day that the Series 2006-1 Notes are first offered to Persons other than
“distributors” (as defined in Rule 902 of the Securities Act) in reliance upon Regulation S of the Securities Act and (b) the Issuance Date of the Series 2006-1 Notes, and ending on the 40th day after such date (or such later or earlier date as is required or
permitted from time to time due to amendments to the Securities Act and the regulations thereunder after the date hereof). 

“DTC” shall mean The Depository Trust Company, a New York corporation. 

“Early Amortization Event” shall mean the occurrence of any of the following events: 

(a) subject to the Bank’s rights to cause the Coverage Reserve Account to be funded as set forth in Section 4.5
of the Indenture, any of the Series 2006-1 Debt Service Ratios shall be below its respective Series 2006-1 Trigger Level on any date of determination; 
 (b) the SPC shall have failed to make any payment, monetary transfer or deposit required to be made by it under the Transaction Documents and, except with respect to payments of principal or interest or
any payments due on the Expected Final Payment Date (for which no grace period applies), such failure shall have continued unremedied for at least three New York Business Days after the date such payment, monetary transfer or deposit is due (it
being understood  

  
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that any draws made from the Coverage Reserve Account for the purpose of making a payment on the Series 2006-1 Notes shall constitute such a failure by the SPC); 

(c) any of the Transaction Documents (other than the Acknowledgments) that relate to the Series 2006-1 Notes shall fail to
be in full force and effect, or either the Bank or the SPC shall so claim; 
 (d) during any Quarterly Period,
any Designated Depositary Bank shall set-off a claim against the Bank, the SPC, the Indenture Trustee or any Affiliate of any such Person against DDB Collections that, when aggregated with the amount of all other unremedied set-off claims against
such person, shall exceed 5% of the total DDB Collections for such Quarterly Period and such set-off claim shall remain unremedied for at least five Business Days following the earlier of (i) an Authorized Officer of the Bank obtaining Actual
Knowledge thereof and (ii) the date on which the Bank is notified thereof by the Indenture Trustee or any other Trustee; 
 (e) any Designated Depositary Bank shall fail to make any payment in respect of the Purchased Diversified Payment Rights in accordance with the applicable Acknowledgment or as directed by the Indenture
Trustee in accordance with such Acknowledgment and (i) the aggregate amount of such outstanding payments at any time shall exceed US$1,000,000 (excluding disputed amounts, if any), and (ii) such failure shall have continued unremedied for
at least five Business Days following the date of such failure; 
 (f) an Early Amortization Period is declared
to have commenced for any Additional Series of Notes; 
 (g) the occurrence of a Default (unless such Early
Amortization Event is waived by the Controlling Party); 
 (h) for any one Quarterly Period, less than 70% of
Collections received during such period shall have been deposited into the Concentration Accounts at Designated Depositary Banks that are parties to Enforceable Acknowledgments (without consideration of Collections deposited into a Concentration
Account by the Servicer pursuant to Section 2.2(a) of the Servicing Agreement); 
 (i) for each of two
consecutive Quarterly Periods: (i) the amount of DDB Collections is less than 70% of such flows for the comparable period in the prior year, and (ii) the Quarterly Debt Service Ratio for each such Quarterly Period is less than 12:1x, and

 (j) for each of two consecutive Quarterly Periods: (i) collections on Purchased Diversified Payment
Rights denominated in currencies other than Dollars shall exceed 35% of the total collections with respect to all Purchased Diversified Payment Rights during such Quarterly Period; provided that for the

  
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purposes of this determination, “Purchased Diversified Payment Rights” shall be determined as if they were not limited to Dollars, and (ii) the Debt Service Ratio for each such
Quarterly Period is less than 12:1x. 
 “ERISA” shall mean the U.S. Employee Retirement Income Security Act of
1974, as amended. 
 “Euroclear” shall mean Euroclear Bank S.A./N.V., as operator of the Euroclear System.

 “Expected Final Payment Date” shall mean March 15, 2013. 

“Global Notes” shall mean the Series 2006-1 Notes that are in global form (such as the Restricted Notes, the Temporary
Regulation S Notes and the Permanent Regulation S Notes), transfers of beneficial interests in which shall be made through book entries by DTC as described in Section 2.3. For example, if there occurs a condition whereupon book-entry
registration and transfer of the Global Notes are no longer permitted and Definitive Notes are to be issued to the Note Owners holding interests in the Global Notes, then such Series 2006-1 Notes shall no longer be Global Notes. 

“Indenture” shall mean the Indenture, dated as of the date hereof, between the SPC and the Indenture Trustee, as the
same may be amended, supplemented or otherwise modified from time to time. 
 “Indenture Supplement” shall have
the meaning specified in the preamble hereto. 
 “Indenture Trustee” shall have the meaning specified in the
preamble hereto. 
 “Initial Series Balance” shall have the meaning specified in Section 2.1(b).

 “Interest-Only Period” shall mean the period from and including the Issuance Date to but excluding the
earliest of (a) the June 2008 Payment Date, (b) the first Payment Date of the Early Amortization Period for the Series 2006-1 Notes and (c) the date that the SPC redeems all or a portion of the Series 2006-1 Notes pursuant to
Section 5.1 or 5.2 of the Indenture. 
 “Interest Rate” shall mean the rate of 1.80% per annum
above LIBOR; provided that (a) the Interest Rate for the first Interest Period will be the rate of 1.80% per annum above LIBOR determined as of the London Business Day immediately prior to the Closing Date, (b) with
respect to each Interest Period commencing after the Series 2006-1 Expected Final Payment Date, the Interest Rate for the Series 2006-1 Notes will be an additional 2.00% per annum above the then current rate, and (c) with respect to
each Interest Period commencing after either Moody’s or Fitch lowers its then current rating of the Series 2006-1 Notes to below “Baa3” or “BBB-” respectively, the Interest Rate for the Series 2006-1 Notes will be an
additional 0.50% per annum above the then current rate until such time as the Series 2006-1 Notes are rated at or above “BBB-” by Fitch and “Baa3” by Moody’s (at which time the Interest Rate for the Series 2006-1
Notes will decrease by 0.50% per annum). 

  
 4 

 “Issuance Date” shall mean the date hereof. 

“LIBOR” shall mean, with respect to any Interest Period, the posted rate for 90-day deposits in U.S. Dollars, rounded to
the nearest one-one hundredth of one percent, that appears on Telerate Page 3750 at approximately 11:00 a.m. (London time) on the LIBOR Determination Date. If such reference is not available, then the Calculation Agent shall request each Reference
Bank to provide a quotation of its rate for 90-day U.S. Dollar-denominated deposits to commence on the first day of that Interest Period and in an amount that is representative for a single transaction in that market at approximately 11:00 a.m.
(London time) on the LIBOR Determination Date. If at least two such quotations are provided, LIBOR shall mean the arithmetic mean, rounded to the nearest one-one hundredth of one percent, of such quotations. If LIBOR cannot be determined by either
of the foregoing methods, then LIBOR for such Interest Period shall be LIBOR as in effect during the previous Interest Period. 

“LIBOR Determination Date” shall mean, with respect to any Interest Period, the second London Business Day immediately
preceding the day on which such Interest Period commences. 
 “London Business Day” shall mean any day on which
commercial banks in London, England are open for business (including currency exchange and foreign currency deposits). 

“Make-Whole Premium” shall mean, with respect to any optional redemption of the Series 2006-1 Notes, the present value
of the remaining scheduled payments of interest on the Series 2006-1 Notes (assuming LIBOR through maturity would remain constant as of the Redemption Date), exclusive of accrued but unpaid interest to the Redemption Date, discounted to the
Redemption Date on a bond-equivalent yield basis (using the same interest rate convention as that used in computing interest on the Notes) and at a rate per annum equal to LIBOR as of the Redemption Date plus 40 basis points, plus accrued and unpaid
interest thereon to the Redemption Date. 
 “Originally Scheduled Payment Date” shall mean
the 15th day of each March, June, September and December
and the Expected Final Payment Date. 
 “Participants” shall have the meaning specified in Section 2.3(b).

 “Permanent Regulation S Note” shall have the meaning specified in Section 2.3(c). 

“Plan Assets Regulation” shall mean the regulations regarding plan assets promulgated by the Department of Labor at 29
C.F.R. 2510.3-101. 
 “Pro Forma Debt Service Ratio” shall mean, on any date of determination, the ratio of:
(a) the average quarterly amount of DDB Collections during the four (4)

  
 5 

 
Quarterly Periods immediately preceding (or ending on) such date excluding DDB Collections from banks that are not as of such date still Designated Depositary Banks (or, if such date is before
the completion of four (4) Quarterly Periods after the Closing Date, the average quarterly amount of the DDB Collections for each Quarterly Period after the Closing Date) to (b) the Maximum Quarterly Debt Service (calculated, with respect
to consideration of the issuance of a Series of Senior Notes, as if no Subordinated Note existed) scheduled to be paid on any Payment Date after such date of determination. 
 “Quarterly Amortization Amount” shall mean, with respect to the Series 2006-1 Notes and the Payment Dates set forth below, a quarterly principal amortization amount equal to: 

 

					
	 Payment Dates
	  	Quarterly Amortization
Amount (US$)	 
	 June 2008
	  	 	5,000,000	  
	 September 2008
	  	 	5,000,000	  
	 December 2008
	  	 	5,000,000	  
	 March 2009
	  	 	5,000,000	  
	 June 2009
	  	 	5,000,000	  
	 September 2009
	  	 	5,000,000	  
	 December 2009
	  	 	5,000,000	  
	 March 2010
	  	 	5,000,000	  
	 June 2010
	  	 	5,000,000	  
	 September 2010
	  	 	5,000,000	  
	 December 2010
	  	 	5,000,000	  
	 March 2011
	  	 	5,000,000	  
	 June 2011
	  	 	5,000,000	  
	 September 2011
	  	 	5,000,000	  
	 December 2011
	  	 	5,000,000	  
	 March 2012
	  	 	5,000,000	  
	 June 2012
	  	 	5,000,000	  
	 September 2012
	  	 	5,000,000	  
	 December 2012
	  	 	5,000,000	  
	 March 2013
	  	 	5,000,000	  

 “Quarterly Interest” shall, with respect to the Series 2006-1 Notes and each Payment
Date, be equal to the sum of: 
 (a) the product of (i) the Interest Rate, (ii) the Series Balance of
the Series 2006-1 Notes as of the preceding Payment Date (after giving effect to all distributions on such preceding Payment Date) (or, in the case of the first Payment Date, the Initial Series Balance thereof) and (iii) the actual number of
days in the related Interest Period divided by 360; 
 (b) the amount of any interest accrued pursuant to
clause (a) but not distributed on any prior Payment Date in respect of the Series 2006-1 Notes; and 

  
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 (c) the Series 2006-1 Capitalized Interest. 

“Rating Agencies” shall mean Fitch and Moody’s. 

“Reference Banks” shall mean four major banks in the London interbank market selected by the Servicer before 11:00 a.m.
(London time) on the applicable LIBOR Determination Date. 
 “Required Series Amount” shall mean, with respect
to each Payment Date, the amount necessary to make each of the payments under Section 3.1(a) through (e). 

“Restricted Notes” shall mean the Rule 144A Notes and all other Series 2006-1 Notes evidencing the obligations, or any
portion of the obligations, initially evidenced by such Rule 144A Notes, other than notes transferred or exchanged upon certification as provided in Section 2.5(b) or (c). 

“Rule 144A Note” shall have the meaning specified in Section 2.3(d). 

“Securities Act” shall have the meaning specified in the recitals to this Indenture Supplement. 

“Series 2006-1 Capitalized Interest” shall mean, to the extent permitted by Applicable Law, the product of (a) the
Interest Rate, (b) the amount of any Quarterly Interest accrued pursuant to clause (a) of the definition of “Quarterly Interest” but not distributed on any prior Payment Date in respect of the Series 2006-1 Notes and (c) the
actual number of days in the related Interest Period divided by 360. 
 “Series 2006-1 Debt Service
Ratios” shall mean, collectively, the Series 2006-1 Quarterly Debt Service Ratio and the Series 2006-1 Monthly Debt Service Ratio. The Series 2006-1 Debt Service Ratios shall be the “Debt Service Ratios” relating to the
Series 2006-1 Notes described in the Indenture. 
 “Series 2006-1 Monthly Debt Service Ratio” shall mean, on
any date of determination, the ratio of (A) the aggregate DDB Collections during the calendar month preceding (or ending on) such date to (B) one-third of the aggregate Maximum Quarterly Debt Service scheduled to be paid for all Series of
Senior Notes on any Payment Date after such date. 
 “Series 2006-1 Monthly Trigger Level” shall mean, on any
date of determination following June 30, 2006, 8.0:1x. 
 “Series 2006-1 Note Owner” shall mean a holder
of a beneficial interest in a Series 2006-1 Note. 
 “Series 2006-1 Noteholder” shall mean a Noteholder holding
a Series 2006-1 Note. 
 “Series 2006-1 Notes” shall have the meaning specified in Section 2.1(a).

  
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 “Series 2006-1 Quarterly Debt Service Ratio” shall mean, on any date of
determination, the ratio of (A) the aggregate DDB Collections over the Quarterly Period preceding (or ending on) such date to (B) the aggregate Maximum Quarterly Debt Service scheduled to be paid for all Senior Notes on any Payment Date
after such date. 
 “Series 2006-1 Quarterly Trigger Level” shall mean, on any date of determination following
August 31, 2006, 10.0:1x. 
 “Series 2006-1 Series Account” shall mean the Dollar-denominated segregated
non-interest bearing account (as of the Issuance Date, held at The Bank of New York, ABA No. 021 000 018; account #264077, ref: Jamaica Diversified Payment Rights Company (Series 2006-1 Series Account)), which account is an Eligible Account
held by and in the name of the Indenture Trustee and over which the Indenture Trustee shall have sole and exclusive dominion and control and sole and exclusive right of withdrawal. The Series 2006-1 Series Account shall be the “Series
Account” described in the Indenture relating to the Series 2006-1 Notes. 
 “Series 2006-1 Trigger Levels”
shall mean, collectively, the Series 2006-1 Quarterly Trigger Level and the Series 2006-1 Monthly Trigger Level. The Series 2006-1 Trigger Levels shall be the “Trigger Levels” relating to the Series 2006-1 Notes described in the Indenture.

 “SPC” shall have the meaning specified in the preamble hereto. 

“Telerate Page 3750” shall mean the display page currently designated on the Moneyline Telerate Service (or such other
page as may replace that page on that service (or any successor service) for the purpose of displaying comparable rates of interest). 
 “Temporary Regulation S Note” shall have the meaning specified in Section 2.3(c). 
 “Unrestricted Note” shall mean any Series 2006-1 Note (including a Permanent Regulation S Note) other than a Temporary Regulation S Note or a Restricted Note. 

SECTION 1.2 Rules of Construction. (a) Words of the masculine, feminine or neuter gender shall be deemed and construed to
include correlative words of the other genders. 
 (b) References herein to specific Persons include their legal successors (or
their successors fulfilling the function specified herein) and permitted assigns, and references herein to specific laws, agreements and contracts include references to such laws, agreements and contracts as amended, supplemented or otherwise
modified from time to time, to the extent herein and therein permitted. 

  
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 (c) References herein to Sections, subsections, Articles and Exhibits are to this Indenture
Supplement, unless otherwise specified, and references to “hereof,” “herein” or “hereto” are to this Indenture as a whole and not any particular Section hereof. 

(d) The word “including” (and words of similar effect) shall not be exclusive and shall mean “including (without
limitation).” 
 ARTICLE II 
 ISSUANCE OF THE SERIES 2006-1 NOTES 
 SECTION 2.1 Creation and Designation.
(a) There is hereby created a Series of Notes to be issued under the Indenture pursuant to this Indenture Supplement and to be known as the “Series 2006-1 Floating Rate Notes Due 2013” (the “Series 2006-1 Notes”). The
Series 2006-1 Notes shall be issued in fully registered form, without interest coupons, with such applicable legends as are set forth in Section 2.6 and with such omissions, variations and insertions as are permitted by this Indenture
Supplement. Each Series 2006-1 Note shall be substantially in the form attached hereto as Exhibit A. The Series 2006-1 Notes may have such letters, numbers or other marks of identification and such legends or endorsements printed or
typewritten thereon as may be required to comply with any Applicable Law or to conform to general usage. 
 (b) The aggregate
principal amount of the Series 2006-1 Notes that may be authenticated and delivered under this Indenture Supplement is US$100,000,000 (the “Initial Series Balance”). All Series 2006-1 Notes shall be issued to the applicable
Noteholders on the Issuance Date, except Series 2006-1 Notes issued in connection with the transfer, exchange or replacement of existing Series 2006-1 Notes as provided in this Article. 

(c) Subject to the terms of the Indenture and this Indenture Supplement, no principal with respect to the Series 2006-1 Notes is
scheduled to be paid during the Interest-Only Period. So long as the Early Amortization Period with respect to the Series 2006-1 Notes shall not exist, on each Payment Date during the Controlled Amortization Period principal shall be payable in
respect of the Series 2006-1 Notes in an amount equal to the Quarterly Amortization Amount corresponding to such Payment Date. On each Payment Date during the Early Amortization Period with respect to the Series 2006-1 Notes, principal shall be
payable in the amount specified in Section 3.1. Once repaid, the Series 2006-1 Notes (or portions thereof) may not be reissued hereunder. 
 (d) The final distribution of principal, interest and Additional Amounts (if any) is expected to be made on the Expected Final Payment Date. 

  
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 (e) Interest payable with respect to the Series 2006-1 Notes shall be payable in arrears on
each Payment Date, commencing on the June 15, 2006 Payment Date, in an amount equal to the Quarterly Interest corresponding to such Payment Date. 
 (f) If any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Indenture, then the terms and provisions of this Indenture Supplement shall
govern with respect to the Series 2006-1 Notes. 
 (g) The Series 2006-1 Notes shall be issued in minimum authorized
denominations of US$100,000 and integral multiples of US$1,000 in excess thereof. 
 (h) Each Series 2006-1 Note represents the
right to receive pro rata payments of interest, principal and Additional Amounts (if any) with respect to the Series 2006-1 Notes. The Make-Whole Premium with respect to the Series 2006-1 Notes will only be payable pursuant to an optional
redemption of the Series 2006-1 Notes by the Bank. 
 (i) The calculation of Quarterly Interest with respect to the Series
2006-1 Notes shall be determined by the Calculation Agent. The SPC hereby appoints the Indenture Trustee to act as the initial calculation agent for the Series 2006-1 Notes, and in such capacity shall be referred to herein as the
“Calculation Agent.” 
 SECTION 2.2 Execution and Authentication of Notes. Upon the written order of the
SPC, and delivery by the SPC of sufficient executed Series 2006-1 Notes, the Indenture Trustee shall duly authenticate and deliver Series 2006-1 Notes in authorized denominations equaling in the aggregate the Initial Series Balance. 

SECTION 2.3 Initial Form of Notes. (a) The Series 2006-1 Notes issued pursuant to Rule 144A or Regulation S under the
Securities Act, upon original issuance, shall be issued in the form of a typewritten or printed Global Note registered in the name of DTC or its nominee and no Investor investing in such Series 2006-1 Notes shall receive a definitive note
representing such Investor’s interest in the Series 2006-1 Notes except to the extent that definitive, fully registered Series 2006-1 Notes (the “Definitive Notes”) have been issued to such Note Owners in accordance with
Section 2.7. Unless and until Definitive Notes are so issued in exchange for such Global Notes, DTC will make book-entry transfers among its Participants and receive and transmit distributions of principal and interest on such Global Notes to
its Participants. 
 (b) Neither any members of, nor participants in, DTC (the “Participants”) nor any other
Persons on whose behalf Participants may act (including Euroclear and Clearstream, Luxembourg, and accountholders and participants therein) shall have any rights under this Indenture Supplement with respect to any Global Note, and DTC or its
nominee, as the case may be, may be treated by the Bank, the SPC, the 

  
 10 

 
Indenture Trustee and any agent thereof as the absolute owner and holder of such Global Note for all purposes whatsoever. Unless and until Definitive Notes are issued in exchange for such Global
Notes pursuant to Section 2.7 (i) the Bank, the SPC, the Indenture Trustee and any agent thereof may deal with DTC and its nominee for all purposes (including the making of distributions on the Global Notes) as the authorized
representatives of Note Owners holding beneficial interests in such Global Notes and (ii) the rights of such Note Owners shall be exercised only through DTC and its nominee (or indirectly through Participants) and shall be limited to those
established by Applicable Law and agreements between such Note Owners and DTC and such nominee (or between Note Owners and Participants). Notwithstanding the foregoing, nothing herein shall prevent the Bank, the SPC or the Indenture Trustee from
giving effect to any written certification, proxy or other authorization furnished by the DTC or such nominee or impair, as between DTC, the Participants and any other Persons on whose behalf a Participant may act, the operation of the customary
practices of such Persons governing the exercise of the rights of a Series 2006-1 Noteholder. 
 (c) The Series 2006-1 Notes
offered and sold in reliance upon Regulation S under the Securities Act shall be issued in the form of a single, temporary Global Note in fully registered form, without interest coupons, registered in the name of DTC or its nominee and deposited
with the Indenture Trustee, as custodian of DTC, for credit to the respective accounts at DTC of Euroclear and Clearstream, Luxembourg. Until such time as the Distribution Compliance Period shall have terminated, a Series 2006-1 Note offered and
sold in reliance upon Regulation S under the Securities Act shall be referred to herein collectively as a “Temporary Regulation S Note.” After the expiration of the Distribution Compliance Period, Note Owners may transfer their
beneficial interests in the Temporary Regulation S Note for beneficial interests in an unrestricted note that shall be issued in the form of a single, permanent Global Note in fully registered form without interest coupons (the “Permanent
Regulation S Note”) upon certification that such Note Owner is not a “U.S. Person” within the meaning of Rule 902 of the Securities Act or upon certification that such Note Owner is a U.S. Person who purchased its interest in a
transaction that did not require registration under the Securities Act. The aggregate principal balance of the Temporary Regulation S Note or the Permanent Regulation S Note may from time to time be increased or decreased by adjustments made on the
records of the Indenture Trustee, as custodian for DTC, in connection with a corresponding decrease or increase in the aggregate principal balance of the Rule 144A Note, as provided in Section 2.5. 

(d) The Series 2006-1 Notes offered and sold in their initial distribution in reliance upon Rule 144A under the Securities Act shall be
issued in the form of a single, permanent Global Note in fully registered form, without interest coupons, registered in the name of DTC or its nominee and deposited with the Indenture Trustee, as custodian of DTC (the “Rule 144A
Note”). The aggregate principal balance of the Rule 144A Note may from time to time be increased or decreased by adjustments made on the records of the Indenture Trustee, as custodian for DTC, in connection with a corresponding decrease or
increase in the aggregate principal balance of the Temporary Regulation S Note or the Permanent Regulation S Note, as provided in Section 2.5. 

  
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 (e) The Indenture Trustee shall have no responsibility or obligation to any Note Owner that
is a member of (or a participant in) DTC or any other Person with respect to the accuracy of the records of DTC (or its nominee) or of any participant or member thereof, with respect to any ownership interest in the Series 2006-1 Notes or with
respect to the delivery of any notice (including any notice of redemption) or the payment of any amount or delivery of any Series 2006-1 Notes (or other security or property) under or with respect to the Series 2006-1 Notes. The Indenture Trustee
may rely (and shall be fully protected in relying) upon information furnished by DTC with respect to its members, participants and any beneficial owners. 
 SECTION 2.4 Notices to Depositary. Whenever notice or other communication to the Series 2006-1 Noteholders is required under the Indenture or this Indenture Supplement, the SPC and the Indenture
Trustee (subject to Sections 2.9 and 10.7 of the Indenture) shall be required to give all such notices and communications specified herein only to DTC (or its nominee) and other Series 2006-1 Noteholders. 

SECTION 2.5 Restrictions on Transfer of Global Notes. Notwithstanding any other provisions hereof to the contrary: 

(a) Except as provided in Section 2.7, a Global Note may not be transferred, in whole or in part, to any Person other
than DTC or a nominee thereof, and no such transfer to any such other Person may be registered; it being understood that this paragraph shall not prohibit any transfer of a beneficial interest in a Global Note effected in accordance with the
other provisions of this Section. Any transfer of a Global Note (or beneficial interests therein) shall be in the authorized denominations set forth in Section 2.1(g). 

(b) If the owner of a beneficial interest in the Rule 144A Note wishes at any time to exchange its beneficial interest
therein for a beneficial interest in the Temporary Regulation S Note, or to transfer such beneficial interest to a Person who wishes to take delivery thereof in the form of a beneficial interest in the Temporary Regulation S Note, then such exchange
or transfer may be effected, subject to the applicable rules and procedures of DTC, Euroclear and Clearstream, Luxembourg (the “Applicable Procedures”), only in accordance with this paragraph. Upon delivery of an interest in the
Rule 144A Note to the DTC account of the Indenture Trustee and receipt by the Indenture Trustee at the Corporate Trust Office of (i) written instructions given in accordance with the Applicable Procedures from a Participant directing the
Indenture Trustee to credit or cause to be credited to a specified Participant’s account a beneficial interest in the Temporary Regulation S Note, in a principal balance amount equal to that of the beneficial interest in the Rule 144A Note to
be so exchanged or transferred, (ii) a written order given in accordance with the Applicable Procedures containing information regarding the account of the Participant (and the Euroclear or Clearstream, Luxembourg account, as the case may be)
to be credited with, and 

  
 12 

 
the account of the Participant to be debited for, such beneficial interest, and (iii) an executed certificate in substantially the form set forth in Exhibit B given by the holder of
such beneficial interest in the Rule 144A Note, the Indenture Trustee shall reduce the balance of the Rule 144A Note, increase the balance of the Temporary Regulation S Note, by the amount of the beneficial interest in the Rule 144A Note so
exchanged or transferred, and credit or cause to be credited to the account of the Person specified in such instructions (which shall be the Participant for Euroclear or Clearstream, Luxembourg or both, as the case may be) a beneficial interest in
the Temporary Regulation S Note having a principal balance equal to the amount by which the principal balance of the Rule 144A Note was reduced upon such exchange or transfer. 

(c) If the owner of a beneficial interest in the Rule 144A Note wishes at any time to exchange its beneficial interest
therein for a beneficial interest in the Permanent Regulation S Note, or to transfer such beneficial interest to a Person who wishes to take delivery thereof in the form of a beneficial interest in the Permanent Regulation S Note, then such exchange
or transfer may be effected, subject to the Applicable Procedures, only in accordance with this paragraph. Upon delivery of an interest in the Rule 144A Note to the DTC account of the Indenture Trustee and receipt by the Indenture Trustee at its
Corporate Trust Office of (i) written instructions given in accordance with the Applicable Procedures from a Participant directing the Indenture Trustee to credit or cause to be credited to a specified Participant’s account a beneficial
interest in the Permanent Regulation S Note in a principal balance equal to that of the beneficial interest in the Rule 144A Note to be so exchanged or transferred, (ii) a written order given in accordance with the Applicable Procedures
containing information regarding the account of the Participant (and the Euroclear or Clearstream, Luxembourg account, as the case may be) to be credited with, and the account of the Participant to be debited for, such beneficial interest, and
(iii) an executed certificate in substantially the form of Exhibit C given by the holder of such beneficial interest in the Rule 144A Note, the Indenture Trustee shall reduce the balance of the Rule 144A Note, increase the balance of the
Permanent Regulation S Note, by the amount of the beneficial interest in the Rule 144A Note so exchanged or transferred, and credit or cause to be credited to the account of the Person specified in such instructions (which shall be the Participant
for Euroclear or Clearstream, Luxembourg or both, as the case may be) a beneficial interest in the Permanent Regulation S Note having a principal balance equal to the amount by which the principal balance of the Rule 144A Note was reduced upon such
exchange or transfer. 
 (d) If the owner of a beneficial interest in the Temporary Regulation S Note or the
Permanent Regulation S Note wishes at any time to exchange its beneficial interest therein for a beneficial interest in the Rule 144A Note, or to transfer such beneficial interest to a Person who wishes to take delivery thereof in the form of a
beneficial interest in the Rule 144A Note, then such exchange or transfer may be effected, subject to the Applicable Procedures, only in accordance with this paragraph. Upon delivery of an interest in the Temporary Regulation S

  
 13 

 
Note or the Permanent Regulation S Note to the DTC account of the Indenture Trustee and receipt by the Indenture Trustee at its Corporate Trust Office of (i) written instructions given in
accordance with the Applicable Procedures from a Participant directing the Indenture Trustee to credit or cause to be credited to a specified Participant’s account a beneficial interest in the Rule 144A Note in a principal balance equal to that
of the beneficial interest in the Temporary Regulation S Note or the Permanent Regulation S Note, as the case may be, to be so exchanged or transferred, (ii) a written order given in accordance with the Applicable Procedures containing
information regarding the account of the Participant (and the Euroclear or Clearstream, Luxembourg account, as the case may be) to be debited with, and the account of the Participant to be credited for, such beneficial interest, and (iii) with
respect to a transfer of a beneficial interest in the Temporary Regulation S Note (but not the Permanent Regulation S Note), an executed certificate in substantially the form set forth in Exhibit D given by the holder of such beneficial
interest in the Temporary Regulation S Note, the Indenture Trustee shall reduce the balance of the Temporary Regulation S Note or Permanent Regulation S Note, as the case may be, increase the balance of the Rule 144A Note, by the principal balance
of the beneficial interest in the Temporary Regulation S Note or the Permanent Regulation S Note so exchanged or transferred, and credit or cause to be credited to the account of the Person specified in such instructions (which shall be the
Participant for DTC) a beneficial interest in the Rule 144A Note having a principal balance equal to the amount by which the principal balance of the Temporary Regulation S Note or the Permanent Regulation S Note, as the case may be, was reduced
upon such exchange or transfer. 
 (e) If a Global Note or any portion thereof (or beneficial interest therein)
is exchanged for a Definitive Note, then such Definitive Note may in turn be exchanged (upon transfer or otherwise) for Series 2006-1 Notes that are not Global Notes or for a beneficial interest in a Global Note (if any is then outstanding) only in
accordance with such procedures, which shall be substantially consistent with the provisions of subsections (a) through (d) above and subsection (f) below (including the certification requirement intended to ensure that transfers and
exchanges of beneficial interests in a Global Note comply with Rule 144A or Regulation S under the Securities Act, as the case may be) and any Applicable Procedures, as may be adopted from time to time by the SPC and the Indenture Trustee.

 (f) Until the termination of the Distribution Compliance Period, interests in the Temporary Regulation S Note
may be held only through Participants acting for and on behalf of Euroclear and Clearstream, Luxembourg; provided that this paragraph shall not prohibit any transfer in accordance with subsection (d). 

  
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 SECTION 2.6 Restrictive Legends. (a) The Series 2006-1 Notes shall bear the
following legends to the extent indicated: 
 (i) The Restricted Notes shall bear the following legend:

 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES OF AMERICA, JAMAICA, THE CAYMAN ISLANDS OR ANY OTHER JURISDICTION. THE HOLDER HEREOF (OR OF A BENEFICIAL INTEREST
HEREIN) BY PURCHASING OR OTHERWISE ACQUIRING THIS NOTE (OR A BENEFICIAL INTEREST HEREIN) AGREES TO OFFER, SELL OR OTHERWISE TRANSFER THIS NOTE (OR A BENEFICIAL INTEREST HEREIN) BEFORE THE DATE (THE “RESALE RESTRICTION TERMINATION
DATE”) THAT IS TWO YEARS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH JAMAICA DIVERSIFIED PAYMENT RIGHTS COMPANY (THE “SPC”) OR ANY AFFILIATE THEREOF WAS THE OWNER OF THIS NOTE (OR A
BENEFICIAL INTEREST HEREIN OR ANY PREDECESSOR HERETO), ONLY: (a) TO THE SPC, (b) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (c) FOR SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE
PURSUANT TO RULE 144A (“RULE 144A”) UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER AS DEFINED IN RULE 144A (A “QIB”) THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF A QIB TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE UPON RULE 144A, (d) PURSUANT TO RULE 903 OR 904 OF REGULATION S UNDER THE SECURITIES ACT FOR OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES OR
(e) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND OTHER APPLICABLE SECURITIES LAWS, SUBJECT TO THE RIGHT OF THE SPC, NATIONAL COMMERCIAL BANK JAMAICA LIMITED (THE “BANK”)
AND THE BANK OF NEW YORK, AS INDENTURE TRUSTEE (THE “INDENTURE TRUSTEE”), BEFORE ANY SUCH OFFER, SALE OR OTHER TRANSFER PURSUANT TO CLAUSE (e), TO REQUIRE THE DELIVERY OF AN OPINION

  
 15 

 
OF COUNSEL, CERTIFICATIONS AND/OR OTHER INFORMATION SATISFACTORY TO THE SPC, THE BANK AND THE INDENTURE TRUSTEE. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER HEREOF AFTER THE RESALE
RESTRICTION TERMINATION DATE. 
 (ii) The Temporary Regulation S Notes shall bear the following legend:

 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES OF AMERICA, JAMAICA, THE CAYMAN ISLANDS OR ANY OTHER JURISDICTION. UNTIL THE EXPIRATION OF THE PERIOD ENDING 40
DAYS AFTER THE LATER OF THE COMMENCEMENT OF THE OFFERING AND THE ORIGINAL ISSUE DATE OF THIS NOTE (SUCH PERIOD, THE “DISTRIBUTION COMPLIANCE PERIOD”) IN CONNECTION WITH THE OFFERING OF THIS NOTE (AND BENEFICIAL INTERESTS HEREIN) IN
AND OUTSIDE OF THE UNITED STATES OF AMERICA, THE OFFER, SALE, PLEDGE OR OTHER TRANSFER OF THIS NOTE (OR A BENEFICIAL INTEREST HEREIN) IS SUBJECT TO CERTAIN CONDITIONS AND RESTRICTIONS. THE HOLDER HEREOF (OR OF A BENEFICIAL INTEREST HEREIN), BY
PURCHASING OR OTHERWISE ACQUIRING THIS NOTE (OR A BENEFICIAL INTEREST HEREIN), ACKNOWLEDGES THAT THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT AND AGREES THAT THIS NOTE (OR BENEFICIAL INTERESTS HEREIN) MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS OF THE STATES, TERRITORIES AND POSSESSIONS OF THE UNITED STATES OF AMERICA GOVERNING THE OFFER AND SALE OF SECURITIES, AND, BEFORE THE
EXPIRATION OF THE DISTRIBUTION COMPLIANCE PERIOD, ONLY: (a) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR 904 OF REGULATION S UNDER THE SECURITIES ACT, (b) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE
UNDER THE SECURITIES ACT, (c) TO A PERSON THAT THE SELLER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” (AS 

  
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DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF SUCH RULE OR (d) TO JAMAICA DIVERSIFIED PAYMENT RIGHTS COMPANY 

(iii) Each Global Note shall bear the following legend: 

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE SUPPLEMENT HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A
DEPOSITARY OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE
THEREOF EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE SUPPLEMENT. 
 (iv) Each Global Note with
respect to which DTC (or its nominee) is the Series 2006-1 Noteholder shall bear the following legend: 
 UNLESS THIS NOTE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE INDENTURE TRUSTEE FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SERIES 2006-1 NOTE ISSUED UPON
REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR, OR IN LIEU OF, THIS NOTE IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO.
OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO. (OR SUCH
OTHER ENTITY), HAS AN INTEREST HEREIN. 
 (b) The required legends set forth in subsection (a) shall not be removed from
the applicable Series 2006-1 Notes except as provided herein. The legend required for a Restricted Note may be removed from such Restricted Note if there is delivered to the SPC and the Indenture Trustee such satisfactory evidence, which may include
an Opinion of Counsel, as may reasonably be required by the SPC and the Indenture Trustee that neither such legend nor the restrictions on transfer set forth therein are required to ensure that transfers of such Series 2006-1 Note will not violate
the 

  
 17 

 
registration requirements of the Securities Act. Upon provision of such satisfactory evidence, the Indenture Trustee, at the direction of the SPC, shall authenticate and deliver in exchange for
such Note a Series 2006-1 Note (or Series 2006-1 Notes) having an equal aggregate principal balance that does not bear such legend. If such a legend required for a Series 2006-1 Note has been removed as provided above, then no other Series 2006-1
Note issued in exchange for all or any part of such Series 2006-1 Note shall bear such legend unless the SPC has reasonable cause to believe that such other Series 2006-1 Note is a “restricted security” within the meaning of Rule 144 under
the Securities Act and instructs the Indenture Trustee to cause a legend to appear thereon. 
 (c) The Indenture Trustee shall
have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture Supplement or under Applicable Law with respect to any transfer of any interest in any Series 2006-1 Note
(including any transfers between or among Series 2006-1 Note Owners) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, this Indenture
Supplement, and to examine the same to determine material compliance as to form with the express requirements hereof. 
 SECTION
2.7 Issuance of Definitive Notes. If (a) DTC notifies the Indenture Trustee in writing that it is unwilling or is unable to continue as the depositary for a Global Note, or that it ceases to be a “clearing agency” registered
under the Exchange Act, and (b) the SPC and the Indenture Trustee are unable to locate a qualified successor depositary within 90 days of such notice, then the Indenture Trustee shall notify all applicable Series 2006-1 Noteholders of the
occurrence of any such event and of the availability of Definitive Notes to Series 2006-1 Note Owners. Upon the giving of such notice and the surrender of the Global Notes by DTC, accompanied by registration instructions, the SPC shall issue
Definitive Notes (which shall be in definitive, fully registered, non-global form without interest coupons) for the Series 2006-1 Notes. Upon issuance of Definitive Notes in accordance with this Section, the Indenture Trustee shall recognize the
holders of the Definitive Notes as Series 2006-1 Noteholders hereunder. If Definitive Notes are to be issued in accordance with this Section, then the SPC shall promptly make available to the Indenture Trustee a sufficient supply of Definitive
Notes. Unless counsel to the SPC and the Indenture Trustee determines otherwise in accordance with Applicable Law and the procedures set forth in Section 2.6(b), any such Definitive Notes shall bear the appropriate no-transfer legend.

 SECTION 2.8 Persons Deemed Owners. Before due presentation of a Series 2006-1 Note for registration of transfer, the
Indenture Trustee and any Paying Agent shall treat the Person in whose name any Series 2006-1 Note is registered as the owner of such Series 2006-1 Note for the purpose of receiving distributions and for all other purposes whatsoever, and neither
the Indenture Trustee nor any Paying Agent shall be affected by any notice to the contrary. 

  
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 SECTION 2.9 Conditions to Issuance of Additional Series. In addition to the
requirements for the issuance of Additional Series set forth in Section 2.2 of the Indenture, so long as the Series 2006-1 Notes are Outstanding, before the issuance of any Additional Series: 

(a) the Pro Forma Debt Service Ratio after giving effect to such issuance shall be no less than (i) with respect to
the issuance of an Additional Series of Senior Notes, 12.0:1x, and (ii) with respect to the issuance of an Additional Series of Subordinated Notes, 10.0:1x; 

(b) notwithstanding Section 2.2(b)(v) of the Indenture, Moody’s and Fitch shall each have notified the Indenture
Trustee in writing that the proposed issuance of the Additional Series will not result in a withdrawal or reduction of its rating of the Series 2006-1 Notes to below the greater of (i) the lower of (A) the then-current rating of the Series
2006-1 Notes and (B) the rating of the Series 2006-1 Notes at issuance and (ii) “Baa3” (with respect to Moody’s) and “BBB-” (with respect to Fitch); 

(c) the SPC shall have received a request in writing from the Bank to issue such additional Notes; 

(d) the expected final payment date of such additional Notes shall be later than the Expected Final Payment Date of the
Series 2006-1 Notes; and 
 (e) the weighted average remaining life of such additional Notes shall not be less
than the weighted average remaining life of the Series 2006-1 Notes 
 (in the case of each of (a) through (e) above, as of the date
of issuance of such additional Notes). 
 SECTION 2.10 Representations, Warranties and Covenants of the SPC. In addition
to the representations, warranties and covenants in the Indenture, the SPC hereby represents, warrants and covenants, as of the Issuance Date, the following: 
 (a) Corporate Existence. It has been duly incorporated, is in good standing and has full power and authority, and all governmental licenses, authorizations, consents and approvals, to execute and
deliver this Indenture Supplement, the Series 2006-1 Notes and each other Transaction Document to which it is a party and to perform its obligations hereunder and thereunder, in each case except where any failure is not reasonably likely, alone or
in the aggregate, to have a Material Adverse Effect. 
 (b) Authorization; Non-Contravention. Its
execution and delivery of this Indenture Supplement, the Series 2006-1 Notes and each other Transaction Document to which it is a party, and its performance hereunder and thereunder (i)

  
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have been duly authorized by all necessary corporate action (including any necessary shareholder action), (ii) require no action by or in respect of, or filing with, any Governmental
Authority, except such as have been taken or made on or before the Issuance Date, (iii) will not contravene any Applicable Law except to the extent that the failure to comply therewith is not reasonably likely to have a Material Adverse Effect,
(iv) will not contravene or constitute a default under any Contractual Obligation, judgment, injunction, order or decree binding upon it or its properties except to the extent that any such contravention or default is not reasonably likely to
have a Material Adverse Effect and (v) except pursuant to the Transaction Documents, will not result in the creation or imposition of any Lien on any of its properties or revenues. 

(c) Enforceability. Each of this Indenture Supplement, the Series 2006-1 Notes and each other Transaction Document
to which it is a party has been duly executed and delivered by it and (with respect to any Series 2006-1 Note, upon its authentication by the Indenture Trustee) constitutes its legal, valid and binding obligation enforceable against it in accordance
with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect affecting the enforcement of creditors’ rights in general and except
as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity). 
 (d) No Early Amortization Event or Default. There exists (i) no Early Amortization Event or Default and (ii) no event the existence of which would be an Early Amortization Event or
Default with the expiration of any applicable grace period, the delivery of notice or both. 
 SECTION 2.11 ERISA
Representations of Investors. Each Investor in a Series 2006-1 Note shall (by its acquisition of such Series 2006-1 Note or beneficial interests therein) be deemed to have represented to and agreed with the SPC and the Indenture Trustee that
either (a) it is not, and is not acting on behalf of, (a) an “employee benefit plan” (as defined in Section 3(3) of ERISA), that is subject to Title I of ERISA, (ii) a “plan” as described in
Section 4975(e)(1) of the Code, (iii) an entity whose underlying assets include “plan assets” of any of the foregoing by reason of a Benefit Plan or (iv) a governmental plan that is subject to applicable law that is
substantially similar to the fiduciary responsibility provisions of ERISA or Section 4975 of the Code; or (b) the acquisition, holding or disposition of a Series 2006-1 Note (or an interest therein) will not give rise to a non-exempt
prohibited transaction under Section 406(a) of ERISA or Section 4975 of the Code (or, in the case of a governmental plan, any substantially similar applicable law). 

  
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 ARTICLE III 
 APPLICATION OF FUNDS 
 SECTION 3.1 Series 2006-1 Series Account. All
amounts on deposit in the Series 2006-1 Series Account shall be allocated and/or distributed on each New York Business Day by the Indenture Trustee (based upon written information certified to it by the Servicer pursuant to Section 2.2(o) of
the Servicing Agreement) in the following order of priority: 
 (a) first, all amounts to the extent
necessary to pay all Quarterly Interest payable on the next Payment Date will be retained in the Series 2006-1 Series Account and will be paid to the Series 2006-1 Noteholders on such Payment Date; 

(b) second, all remaining amounts to the extent necessary to pay the Quarterly Amortization Amount scheduled to be
paid on the next Payment Date (or scheduled to be paid on any previous Payment Date but that has not yet been paid) in respect of the Series 2006-1 Notes will be retained in the Series 2006-1 Series Account and paid to the Series 2006-1 Noteholders
on such Payment Date; 
 (c) third, during the Early Amortization Period with respect to the Series 2006-1
Notes, all remaining amounts will be applied to the extent necessary to pay the Series 2006-1 Noteholders any outstanding principal of the Series 2006-1 Notes; 
 (d) fourth, all remaining amounts to the extent necessary to pay on the dates due to each other person (other than the Bank, the SPC and any affiliate of either thereof) to whom any other amount
(including any Other Taxes owed but not yet paid or reimbursed by the Bank, but excluding any Additional Amounts or Make-Whole Premium) under the Transaction Documents with respect to the Series 2006-1 Notes is owed by the SPC will be paid to each
such person; 
 (e) fifth, all remaining amounts to the extent necessary to pay any Additional Amounts or
Make-Whole Premium with respect to the Series 2006-1 Notes not yet paid by the Bank will be paid to the applicable recipient thereof on the dates due; and 
 (f) sixth, on each New York Business Day, any remaining amounts will be paid to the Bank as a payment under the Originator Note. 

All payments to be made to the Series 2006-1 Noteholders shall be made on a pro rata basis to the Series 2006-1 Noteholders of
record as of the close of business on the most recent Record Date. 
 On each Payment Date, the Indenture Trustee shall notify
the SPC and the Bank of the amounts applied on such date pursuant to each of clauses (a) through (e) (it being understood that the Indenture Trustee may provide such information in the account statements that it delivers to the SPC
and the Bank). 

  
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 SECTION 3.2 Method of Distribution. Distributions to each Series 2006-1 Noteholder
shall be by check sent by first-class mail to the address of such Series 2006-1 Noteholder appearing on the Register as of the relevant Record Date or, upon written application to the Indenture Trustee by a Series 2006-1 Noteholder of an original
principal balance of Series 2006-1 Notes of at least US$5,000,000 not later than such Record Date, by electronic funds transfer in immediately available funds to an account maintained by such Series 2006-1 Noteholder with a bank having electronic
funds transfer capability; provided that the final distribution in respect of any Series 2006-1 Note shall be made only against surrender of such Series 2006-1 Note as provided in Section 2.6(c) of the Indenture. Unless such designation
for payment by electronic funds transfer is revoked, any such designation made by any Series 2006-1 Noteholder with respect to its Series 2006-1 Note shall remain in effect with respect to any future payments in respect of such Series 2006-1 Note.
The SPC shall pay any wiring or similar administrative charges that are imposed in connection with the remitting of any payments under the Series 2006-1 Notes (for which charges the Bank has agreed to reimburse the SPC pursuant to
Section 3.1(b) of the Servicing Agreement). 
 SECTION 3.3 Coverage Reserve Account. Notwithstanding anything herein
or in the Indenture to the contrary, the Bank may exercise its right to cure an Early Amortization Event described in clause (a) of the definition thereof so long as no Series 2006-1 Debt Service Ratio is below 1.0:1x, by electing to fund
the Coverage Reserve Account. 
 SECTION 3.4 Securities Account. The parties hereto hereby agree that, for so long as any
such account is maintained at The Bank of New York (a) the Series 2006-1 Series Account shall be a “securities account” as defined in Section 8-501 of the UCC, (b) all property credited to such account shall be treated as
“financial assets” under Article 8 of the UCC, (c) The Bank of New York is a “securities intermediary” as defined in Section 8-102 of the UCC, (d) the “securities intermediary’s jurisdiction” within
the meaning of Section 8-110(e) of the UCC is New York and (e) the Indenture Trustee will be the sole “entitlement holder” (as defined in Section 8-102(a)(7) of the UCC). 

ARTICLE IV 

NOTEHOLDERS’ LISTS AND REPORTS BY THE SPC 
 SECTION 4.1 Access to Register. The Indenture Trustee shall permit each Series 2006-1 Noteholder to inspect and copy the Register and other books and records of the Indenture Trustee to the

  
 22 

 
extent relating to the Series 2006-1 Notes upon reasonable prior written notice during regular business hours of the Indenture Trustee. The Indenture Trustee shall preserve, in as current a form
as is reasonably practicable, the names and addresses of Series 2006-1 Noteholders received by the Indenture Trustee. 
 SECTION
4.2 Reports by the SPC. The SPC covenants to furnish to each Series 2006-1 Noteholder such data and information relating to the performance of the provisions of the Indenture and this Indenture Supplement and the business affairs and
financial condition of the SPC as from time to time may be reasonably requested by Series 2006-1 Noteholders holding more than 10% of the Series Balance of the Series 2006-1 Notes. 

ARTICLE V 

MISCELLANEOUS 

SECTION 5.1 Successors and Assigns. This Indenture Supplement shall be binding upon and inure to the benefit of each party hereto
and their respective successors (whether by merger, consolidation or otherwise) and assigns. The SPC agrees that it will not assign all or any portion of its rights hereunder or delegate any of its obligations hereunder without (a) the prior
written consent of the Controlling Party and (b) the receipt by the Indenture Trustee from the Rating Agency of written confirmation that such assignment, transfer or delegation shall not result in the Rating Agency withdrawing or reducing its
rating on the Series 2006-1 Notes below the lower of such Series’ then-current rating and initial rating from the Rating Agency. 
 SECTION 5.2 Governing Law. THIS INDENTURE SUPPLEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK WITHOUT REGARD TO THE CONFLICTS OF LAW PROVISIONS THEREOF (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 
 SECTION 5.3 No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of any party, any right, remedy, power or privilege hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and
privileges herein provided are cumulative and not exhaustive of any rights, remedies, powers and privileges provided by Applicable Law. 

  
 23 

 SECTION 5.4 Modification of Agreement. Subject to Article XI of the Indenture, all
modifications, consents, amendments or waivers of any provision of this Indenture Supplement shall be effective only if the same shall be in writing between the SPC and the Indenture Trustee (with the written consent of the Controlling Party and the
Bank) and then shall be effective only in the specific instance and for the specific purpose for which given. A copy of any such modification, consent, amendment or waiver shall be delivered by the Indenture Trustee to the Rating Agency. 

SECTION 5.5 Severability. Any provision of this Indenture Supplement that is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction. 
 SECTION 5.6 Notices. All notices, instructions,
directions, consents, waivers, requests and demands required under this Indenture Supplement shall comply with Section 12.9 of the Indenture. 
 SECTION 5.7 Counterparts. This Indenture Supplement may be executed on any number of separate counterparts (including by fax or electronic delivery), and all of said counterparts taken together
shall be deemed to constitute one and the same instrument. 
 SECTION 5.8 Entire Agreement. This Indenture Supplement,
including the documents referred to herein, contains the entire understanding of the parties hereto with respect to the subject matter contained herein, and there are no promises, undertakings, representations or warranties by the parties hereto
relative to the subject matter hereof not expressly set forth or referred to herein. 
 SECTION 5.9 Submission to
Jurisdiction; Waivers. (a) Each of the parties hereto hereby irrevocably and unconditionally submits to the jurisdiction of (i) the United States District Court for the Southern District of New York or of any New York State court (in
either case sitting in Manhattan, New York City) and (ii) the courts of its own corporate domicile, in each case with all applicable courts of appeal therefrom, with respect to actions brought against it as a defendant, for purposes of all
legal proceedings arising out of or relating to this Indenture (including any Indenture Supplement) or the transactions contemplated hereby; provided that nothing herein shall be deemed to limit the ability of any party to this 

  
 24 

 
Indenture Supplement to bring suit against any other party to this Indenture in any other permissible jurisdiction. Each of the parties hereto hereby irrevocably waives, to the fullest extent
permitted by Applicable Law, any objection that it may now or hereafter have to the laying of the venue of any such proceeding brought in such a court, any claim that any such proceeding brought in such a court has been brought in an inconvenient
forum and any objection based on place of residence or domicile. 
 (b) The SPC irrevocably appoints CT Corporation System, with
offices at the date hereof at 111 Eighth Avenue, New York, New York 10011, as its authorized agent on which any and all legal process may be served in any such action, suit or proceeding brought in any United States District Court or New York State
court (in either case sitting in Manhattan, New York City) (each, a “Designated Court”). The SPC agrees that service of process in respect of it upon such agent, together with written notice of such service sent to it in the manner
provided in Section 5.6, shall be deemed to be effective service of process upon it in any such action, suit or proceeding. The SPC agrees that the failure of such agent to give notice to it of any such service of process shall not impair or
affect the validity of such service or any judgment rendered in any action, suit or proceeding based thereon. If for any reason either such agent shall cease to be available to act as such (including by reason of the failure of such agent to
maintain an office in New York City), then the SPC agrees to designate a new agent in New York City on the terms and for the purposes of this Section. Nothing herein shall in any way be deemed to limit the ability of the SPC to serve any such legal
process in any other manner permitted by Applicable Law or to obtain jurisdiction over the other party or bring actions, suits or proceedings against it in such other jurisdictions, and in such manner, as may be permitted by Applicable Law.

 (c) To the extent that the SPC has or hereafter may acquire any immunity from jurisdiction of any court or from any legal
process (whether through service of notice, attachment prior to judgment, attachment in aid of execution or execution, on the ground of sovereignty or otherwise) with respect to itself or its property, it hereby irrevocably waives, to the fullest
extent permitted by Applicable Law, such immunity in respect of its obligations hereunder. 
 (d) The SPC irrevocably waives, to
the fullest extent permitted by Applicable Law, any claim that any action or proceeding relating in any way to this Indenture Supplement (or any Series 2006-1 Note) should be dismissed or stayed by reason, or pending the resolution, of any action or
proceeding commenced by the SPC relating in any way to this Indenture Supplement (or any Series 2006-1 Note) whether or not commenced earlier. To the fullest extent permitted by Applicable Law, the SPC shall take all measures necessary for any such
action or proceeding to proceed to judgment before the entry of judgment in any such action or proceeding commenced by the SPC. 

SECTION 5.10 Waivers of Jury Trial. THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL
ACTION OR PROCEEDING RELATING TO THIS INDENTURE SUPPLEMENT AND FOR ANY 

  
 25 

 
COUNTERCLAIM RELATING THERETO. EACH PARTY ACKNOWLEDGES THAT THE OTHER PARTY HERETO IS ENTERING INTO THIS INDENTURE SUPPLEMENT IN RELIANCE UPON SUCH WAIVER. 

SECTION 5.11 Headings and Table of Contents. Section headings and the table of contents in this Indenture Supplement have been
inserted for convenience of reference only and shall in no way restrict or otherwise modify any of the terms or provisions hereof. 
 SECTION 5.12 Use of English Language. All certificates, reports, notices and other documents and communications given or delivered pursuant to this Indenture Supplement shall be in the English
language or accompanied by a certified English translation thereof. 
 SECTION 5.13 Termination. This Indenture
Supplement shall terminate at such time as (a) the Series 2006-1 Notes (including all principal, interest, premium, if any, and Additional Amounts, if any, thereon) have been indefeasibly paid in full and (b) all amounts owing to the
Indenture Trustee in respect of the Series 2006-1 Notes have been indefeasibly paid in full. 
 SECTION 5.14 Limited
Recourse. The obligations of the SPC under this Indenture Supplement and the Series 2006-1 Notes are limited in recourse to the Collateral on the basis set forth in Section 12.18 of the Indenture, all of which is incorporated herein by
reference (the necessary changes being made). 
 SECTION 5.15 Third Party Beneficiary. The parties hereto hereby agree
that the Bank shall have the rights of a third-party beneficiary of the provisions hereof that grant certain rights to it (including Sections 3.1, 3.3 and 5.4) and may enforce such provisions as if it were a party hereto. 

[Remainder of page intentionally left blank] 

  
 26 

 IN WITNESS WHEREOF, the undersigned have caused this Indenture Supplement to be duly
executed as a deed the date first above written by their respective officers hereunto duly authorized. 
  

			
	JAMAICA DIVERSIFIED PAYMENT RIGHTS COMPANY
		
	By:	 	 /s/ Guy Major

		 	Name: Guy Major
		 	Title: Director
		
		 	in the presence of:
		
		 	 /s/ LeeAnn Christian

		 	Witness
	
	THE BANK OF NEW YORK, as Indenture Trustee
		
	By:	 	 /s/ James J. Fevola

		 	Name: James J. Fevola
		 	Title: Vice President

 EXHIBIT A 
 FORM OF SERIES 2006-1 NOTES 
 [INSERT ALL APPLICABLE LEGENDS IN
ACCORDANCE WITH THE INDENTURE SUPPLEMENT (See Section 2.6)] 
 CUSIP No.: [47015P AA 6] [G5005FAA 1] 

ISIN Code: [US47015PAA66] [USG5005FAA15] 
 Common
Code No.: [024863441] [024863492] 
  

			
		 	Original Principal
	Note No.                    	 	Balance US$100,000,000

 JAMAICA DIVERSIFIED PAYMENT RIGHTS COMPANY 

SERIES 2006-1 FLOATING RATE NOTE DUE 2013 
 JAMAICA DIVERSIFIED PAYMENT RIGHTS COMPANY, an exempted limited liability company incorporated under the laws of the Cayman Islands (the “SPC”), for value received, hereby promises to pay
to Cede and Co., or registered assigns, the principal sum of ONE HUNDRED MILLION DOLLARS (US$100,000,000) (the “Note Balance”) in quarterly installments as described in, and subject to adjustment in accordance with, the Indenture
Supplement (as defined below) and to pay interest thereon, in accordance with the terms of the Indenture Supplement, on the 15th day of each March, June, September and December (or, if any such day is not a New York Business Day, on the next
succeeding New York Business Day) (each, a “Payment Date”), commencing on June 15, 2006. 
 All amounts
payable with respect to this Series 2006-1 Note (as defined below) are payable in the lawful currency of the United States of America (“Dollars”). The SPC has agreed in the Indenture (as defined below), subject to the terms thereof,
to indemnify the holder hereof against any loss sustained by it as a result of any payment made in any currency other than Dollars. 
 This Note constitutes one of a duly authorized issue of notes of the SPC designated as its Series 2006-1 Floating Rate Notes Due 2013 (the “Series 2006-1 Notes”), issued under the Series
2006-1 Indenture Supplement, dated as of March 22, 2006 (as amended, supplemented or otherwise modified from time to time, the “Indenture Supplement”), between the SPC and The Bank of New York, not in its individual capacity
but solely as indenture trustee (the “Indenture Trustee”) pursuant to the Indenture, dated as of March 22, 2006 (as amended, supplemented or otherwise modified from time to time, the “Indenture”), between the
SPC and the Indenture Trustee, to which Indenture and Indenture Supplement reference is hereby made for a statement of the respective rights and obligations thereunder of the SPC, the Indenture Trustee and the holder of this Series 2006-1 Note (or a
beneficial interest herein). 

  
 A-1

 This Series 2006-1 Note is and will be secured by the Collateral as provided in the
Indenture. As provided in the Indenture, the recourse of the Indenture Trustee and the holder of this Series 2006-1 Note (or a beneficial interest herein) against the SPC for payment hereunder is limited exclusively to the Collateral and the
Indenture Trustee and the holder of this Series 2006-1 Note (or a beneficial interest herein) shall have no recourse to any other assets of the SPC or of any other Person. Once the Collateral is exhausted, any further liabilities of the SPC
outstanding hereunder shall be extinguished. This Series 2006-1 Note is governed by and subject to all terms of the Indenture and the Indenture Supplement (which terms are incorporated herein and made a part hereof). All capitalized terms used in
this Series 2006-1 Note and not defined herein shall have the meanings assigned to such terms in the Indenture Supplement. The summary of certain provisions of the Indenture and Indenture Supplement contained in this Series 2006-1 Note does not
purport to be complete and is qualified in its entirety by reference to such documents. 
 Subject to and in accordance with the
Indenture Supplement, there will be distributed on each Payment Date, to the Person in whose name this Series 2006-1 Note is registered on the preceding Record Date, a pro rata portion of the amounts payable by the SPC on such date with
respect to the Series 2006-1 Notes. The final distribution with respect to this Series 2006-1 Note will be made only upon presentation and surrender of this Series 2006-1 Note at the office or agency of the Indenture Trustee specified in the notice
given by the Indenture Trustee with respect to such final payment. 
 THIS SERIES 2006-1 NOTE SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICTS OF LAW PROVISIONS THEREOF (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

Unless the certificate of authentication hereon has been executed by the Indenture Trustee, by manual signature, this Series 2006-1 Note
shall not be entitled to any benefit under the Indenture or the Indenture Supplement or be valid for any purpose. 
 THE SERIES
2006-1 NOTES DO NOT REPRESENT A DIRECT OBLIGATION OF, OR AN INTEREST IN, NATIONAL COMMERCIAL BANK JAMAICA LIMITED, THE INDENTURE TRUSTEE OR ANY AFFILIATE THEREOF. THE SERIES 2006-1 NOTES ARE LIMITED IN RIGHT OF PAYMENT AND PERFORMANCE, ALL AS MORE
SPECIFICALLY SET FORTH HEREIN AND IN THE INDENTURE AND INDENTURE SUPPLEMENT. REFERENCE IS MADE TO THE INDENTURE AND THE INDENTURE SUPPLEMENT FOR INFORMATION WITH RESPECT TO THE INTERESTS, RIGHTS, BENEFITS, OBLIGATIONS, PROCEEDS AND DUTIES EVIDENCED
HEREBY. A COPY OF THE INDENTURE AND THE INDENTURE SUPPLEMENT MAY BE EXAMINED BY THE HOLDER HEREOF (OR OF A BENEFICIAL INTEREST HEREIN) UPON REQUEST DURING NORMAL BUSINESS HOURS AT THE CORPORATE TRUST OFFICE OF THE INDENTURE TRUSTEE AND AT SUCH OTHER
PLACES, IF ANY, DESIGNATED BY THE INDENTURE TRUSTEE FROM TIME TO TIME. 

  
 A-2

 Except in certain limited circumstances, no principal in respect of this Series 2006-1 Note
shall be paid during the Interest-Only Period. The principal of the Series 2006-1 Notes is scheduled to be repaid in full on the Expected Final Payment Date. 
 During the Early Amortization Period with respect to the Series 2006-1 Notes, all amounts available in the Series 2006-1 Series Account for the payment of interest, principal and any other amounts payable
with respect to the Series 2006-1 Notes shall be payable to the Series 2006-1 Noteholders on each Payment Date during such Early Amortization Period until the date on which all principal and interest on the Series 2006-1 Note has been paid in full.

 The Series 2006-1 Notes are subject to redemption under certain circumstances described in the Indenture and the Indenture
Supplement. 
 The SPC, the Indenture Trustee and any agent of the SPC and the Indenture Trustee (including any Transfer Agent
or Paying Agent) may treat the Person in whose name this Series 2006-1 Note is registered as the owner hereof for all purposes, and neither the SPC, the Indenture Trustee nor any such agent shall be affected by any notice to the contrary.

  
 A-3

 IN WITNESS WHEREOF, the SPC has caused this Series 2006-1 Note to be duly executed.

  

			
	JAMAICA DIVERSIFIED PAYMENT RIGHTS COMPANY
		
	By:	 	  

		 	Authorized Signatory

  
 A-4

 CERTIFICATE OF AUTHENTICATION 

This is one of the Series 2006-1 Notes issued under the within mentioned Indenture Supplement. 

 

			
	 THE BANK OF NEW YORK,
 not in its individual capacity but solely as Indenture Trustee

		
	By:	 	  

		 	Authorized Signatory

 Dated: March 22, 2006 

  
 A-5

 EXHIBIT B 
 FORM OF CERTIFICATE FOR EXCHANGE OR TRANSFER 
 FROM RULE 144A NOTE

 TO TEMPORARY REGULATION S NOTE 

 
 (exchanges or
transfers pursuant to Section 2.5(b) 
 of the Series 2006-1 Indenture Supplement) 

The Bank of New York, as Indenture Trustee 
 101
Barclay Street 
 Floor 21 West 
 New
York, New York 10286 
 Attention: Global Structured Products Unit 

 

	 	Re:	Jamaica Diversified Payment Rights Company Series 2006-1 

 Floating Rate Notes Due 2013 (the “Series 2006-1 Notes”) 

Reference is hereby made to the Series 2006-1 Indenture Supplement, dated as of March 22, 2006 (as amended, supplemented or
otherwise modified from time to time, the “Indenture Supplement”), between Jamaica Diversified Payment Rights Company (the “SPC”) and The Bank of New York, as indenture trustee (in such capacity, the
“Indenture Trustee”). Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture Supplement. 
 This letter relates to US$             of the Series 2006-1 Notes that are held as a beneficial interest in the Rule 144A Note (CUSIP
No. 47015P AA 6) with DTC in the name of [participant]. The undersigned hereby certifies that either (i) it is the sole beneficial owner of those notes or (ii) it is acting on behalf of all the beneficial owners of those notes (the
beneficial owner or beneficial owners being referred to as the “Transferor”), is duly authorized by the Transferor to do so and the Transferor has confirmed to the undersigned the truth of the matters certified in this letter. The
Transferor has requested an exchange or transfer of such beneficial interest for an interest in the Temporary Regulation S Note (ISIN Code: USG5005FAA15) to be held with [Euroclear] [Clearstream, Luxembourg] (Common Code No. 024863492) through
DTC. If this is a partial transfer, a minimum amount of US$100,000 or any integral multiple of US$1,000 in excess thereof of the Rule 144A Note (or beneficial interests therein) must be transferred. 

In connection with such request, the Transferor does hereby certify that such exchange or transfer has been effected in accordance with
the transfer restrictions set forth in the Indenture Supplement and pursuant to and in accordance with Rule 903 or Rule 904 of Regulation S under the Securities Act, and accordingly the Transferor does hereby certify that: 

  
 B-1

 (a) the offer of the Series 2006-1 Notes (or beneficial interests therein)
to be so exchanged or transferred was not made to a person in the United States; 
 (b) either (i) at the
time the buy order was originated the transferee was outside the United States or the Transferor and any person acting on the Transferor’s behalf reasonably believed that the transferee was outside the United States or (ii) the transaction
was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor nor any Person acting on behalf of the Transferor knows that the transaction was pre-arranged with a buyer in the United States;

 (c) no directed selling efforts have been made in contravention of the requirements of Rule 903 or Rule 904 of
Regulation S, as applicable; 
 (d) the transaction meets any other applicable requirements of Rule 903 or Rule
904 of Regulation S; and 
 (e) the transaction is not part of a plan or scheme to evade the registration
requirements of the Securities Act. 
 This certificate and the statements contained herein are made for your benefit and for
the benefit of the SPC, the Indenture Trustee and National Commercial Bank Jamaica Limited. 
  

			
	[Insert name of certifying person or institution]
		
	By	 	  

 

			
	Name:	 	  

 

			
	Title:	 	  

  

			
	Dated:	 	  

  

	cc:	Jamaica Diversified Payment Rights Company 

 National Commercial Bank Jamaica Limited 

  
 B-2

 EXHIBIT C 
 FORM OF CERTIFICATE FOR EXCHANGE OR TRANSFER 
 FROM RULE 144A NOTE

 TO PERMANENT REGULATION S NOTE 

 
 (exchanges or
transfers pursuant to Section 2.5(c) 
 of the Series 2006-1 Indenture Supplement) 

The Bank of New York, as Indenture Trustee 
 101
Barclay Street 
 Floor 21 West 
 New
York, New York 10286 
 Attention: Global Structured Products Unit 

 

	 	Re:	Jamaica Diversified Payment Rights Company Series 2006-1 

 Floating Rate Notes Due 2013 (the “Series 2006-1 Notes”) 

Reference is hereby made to the Series 2006-1 Indenture Supplement, dated as of March 22, 2006 (as amended, supplemented or
otherwise modified from time to time, the “Indenture Supplement”), between Jamaica Diversified Payment Rights Company (the “SPC”) and The Bank of New York, as indenture trustee (in such capacity, the
“Indenture Trustee”). Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture Supplement. 
 This letter relates to US$             of the Series 2006-1 Notes that are held as a beneficial interest in the Rule 144A Note (CUSIP
No. 47015P AA 6) with DTC in the name of [participant]. The undersigned hereby certifies that either (i) it is the sole beneficial owner of those notes or (ii) it is acting on behalf of all the beneficial owners of those notes (the
beneficial owner or beneficial owners being referred to as the “Transferor”), is duly authorized by the Transferor to do so and the Transferor has confirmed to the undersigned the truth of the matters certified in this letter. The
Transferor has requested an exchange or transfer of such beneficial interest for an interest in the Permanent Regulation S Note (ISIN Code: USG5005FAA15) of the Series to be held with [name of participant] through DTC. If this is a partial transfer,
a minimum amount of US$100,000 or any integral multiple of US$1,000 in excess thereof of the Rule 144A Note (or beneficial interests therein) must be transferred. 
 In connection with such request, the Transferor does hereby certify that such exchange or transfer has been effected in accordance with the transfer restrictions set forth in the Indenture Supplement and
(a) with respect to transfers made in reliance upon Regulation S under the Securities Act, the Transferor does hereby certify that: 
 (i) the offer of the Series 2006-1 Notes (or beneficial interests therein) to be exchanged or transferred was not made to a person in the United States; 

  
 C-1

 (ii) either (A) at the time the buy order was originated the transferee
was outside the United States or the Transferor and any person acting on the Transferor’s behalf reasonably believed that the transferee was outside the United States or (B) the transaction was executed in, on or through the facilities of
a designated offshore securities market and neither the Transferor nor any Person acting on behalf of the Transferor knows that the transaction was pre-arranged with a buyer in the United States; 

(iii) no directed selling efforts have been made in contravention of the requirements of Rule 903 or Rule 904 of
Regulation S, as applicable; 
 (iv) the transaction meets any other applicable requirements of Rule 903 or Rule
904 of Regulation S; and 
 (v) the transaction is not part of a plan or scheme to evade the registration
requirements of the Securities Act; 
 and (b) with respect to transfers made in reliance upon Rule 144A under the Securities Act, the
Transferor hereby certifies that the Series 2006-1 Notes are being transferred in a transaction permitted by Rule 144A under the Securities Act. 
 This certificate and the statements contained herein are made for your benefit and for the benefit of the SPC, the Indenture Trustee and National Commercial Bank Jamaica Limited. 

 

			
	[Insert name of certifying person or institution]
		
	By:	 	  

 

			
	Name:	 	  

 

			
	Title:	 	  

  

			
	Dated:	 	  

  

	cc:	Jamaica Diversified Payment Rights Company 

 National Commercial Bank Jamaica Limited 

  
 C-2

 EXHIBIT D 
 FORM OF CERTIFICATE FOR TRANSFER OR 
 EXCHANGE FROM TEMPORARY REGULATION S
NOTE 
 TO RULE 144A NOTE 

 
 (exchanges or
transfers pursuant to Section 2.5(d) 
 of the Series 2006-1 Indenture Supplement) 

The Bank of New York, as Indenture Trustee 
 101
Barclay Street 
 Floor 21 West 
 New
York, New York 10286 
 Attention: Global Structured Products Unit 

 

	 	Re:	Jamaica Diversified Payment Rights Company Series 2006-1 

 Floating Rate Notes Due 2013 (the “Series 2006-1 Notes”) 

Reference is hereby made to the Series 2006-1 Indenture Supplement, dated as of March 22, 2006 (as amended, supplemented or
otherwise modified from time to time, the “Indenture Supplement”), between Jamaica Diversified Payment Rights Company (the “SPC”) and The Bank of New York, as indenture trustee (in such capacity, the
“Indenture Trustee”). Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture Supplement. 
 This letter relates to US$             of the Series 2006-1 Notes that are held as a beneficial interest in the Temporary Regulation S Note
(ISIN Code: USG5005FAA15) with [Euroclear] [Clearstream, Luxembourg] (Common Code No. 024863492) through DTC in the name of [participant]. The undersigned hereby certifies that either (i) it is the sole beneficial owner of those notes or
(ii) it is acting on behalf of all the beneficial owners of those notes (the beneficial owner or beneficial owners being referred to as the “Transferor”), is duly authorized by the Transferor to do so and the Transferor has
confirmed to the undersigned the truth of the matters certified in this letter. The Transferor has requested an exchange or transfer of such beneficial interest in the Series 2006-1 Notes for an interest in the Rule 144A Note (CUSIP
No. 47015P AA 6). If this is a partial transfer, a minimum amount of US$100,000 or any integral multiple of US$1,000 in excess thereof of the Temporary Regulation S Note (or beneficial interests therein) must be transferred.

 In connection with such request, the Transferor does hereby certify that such Series 2006-1 Notes (or beneficial interests
therein) are being transferred in accordance with Rule 144A under the Securities Act to a transferee that the Transferor reasonably believes is a “qualified institutional buyer” within the meaning of Rule 144A (a “QIB”)
who is purchasing such Series 2006-1 Notes (or beneficial interests therein) for its own account or for the account of a QIB with respect to which the transferee exercises sole investment discretion, in each case in a transaction meeting the
requirements of Rule 144A and in accordance with any applicable securities laws of any state of the United States or any other jurisdiction. 

  
 D-1

 This certificate and the statements contained herein are made for your benefit and for the
benefit of the SPC, the Indenture Trustee and National Commercial Bank Jamaica Limited. 
  

			
	[Insert name of certifying person or institution]
		
	By:	 	  

 

			
	Name:	 	  

 

			
	Title:	 	  

  

			
	Dated:	 	  

  

	cc:	Jamaica Diversified Payment Rights Company 

 National Commercial Bank Jamaica Limited 

  
 D-2Servicing Agreement

 Exhibit 10.4 
 EXECUTION COPY 
 SERVICING AGREEMENT 

among 
 JAMAICA
DIVERSIFIED PAYMENT RIGHTS COMPANY, 
 NATIONAL COMMERCIAL BANK JAMAICA LIMITED, 

individually and as the Servicer, 
 and 
 THE BANK OF NEW YORK, 

as Indenture Trustee 
 Dated as of March 22, 2006 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	 ARTICLE I DEFINITIONS
	  	 	1	  
			
	 SECTION 1.1 
	  	 Defined Terms
	  	 	1	  
	 SECTION 1.2 
	  	 Rules of Construction
	  	 	3	  
		
	 ARTICLE II REPRESENTATIONS, WARRANTIES AND COVENANTS
	  	 	3	  
			
	 SECTION 2.1 
	  	 Representations and Warranties of the Servicer
	  	 	3	  
	 SECTION 2.2 
	  	 Covenants of the Servicer
	  	 	5	  
		
	 ARTICLE III ADMINISTRATION AND OTHER OBLIGATIONS
	  	 	8	  
			
	 SECTION 3.1
	  	 Servicing
	  	 	8	  
	 SECTION 3.2 
	  	 Delivery of Servicing Reports
	  	 	10	  
		
	 ARTICLE IV SERVICER DEFAULTS
	  	 	11	  
			
	 SECTION 4.1 
	  	 Servicer Defaults
	  	 	11	  
	 SECTION 4.2
	  	 Remedies
	  	 	13	  
	 SECTION 4.3 
	  	 Replacement Servicer
	  	 	13	  
	 SECTION 4.4 
	  	 Rights and Duties of a Replacement Servicer
	  	 	14	  
		
	 ARTICLE V MISCELLANEOUS
	  	 	14	  
			
	 SECTION 5.1 
	  	 Payments; Currency Indemnity
	  	 	14	  
	 SECTION 5.2 
	  	 Successors and Assigns
	  	 	15	  
	 SECTION 5.3 
	  	 Third-Party Beneficiary
	  	 	15	  
	 SECTION 5.4 
	  	 Governing Law
	  	 	15	  
	 SECTION 5.5 
	  	 No Waiver; Cumulative Remedies
	  	 	16	  
	 SECTION 5.6 
	  	 Modification of Agreement
	  	 	16	  
	 SECTION 5.7 
	  	 Severability
	  	 	16	  
	 SECTION 5.8
	  	 Notices
	  	 	16	  
	 SECTION 5.9 
	  	 Further Assurances
	  	 	17	  
	 SECTION 5.10 
	  	 Counterparts
	  	 	17	  
	 SECTION 5.11 
	  	 Entire Agreement
	  	 	17	  
	 SECTION 5.12 
	  	 Waivers of Jury Trial
	  	 	17	  
	 SECTION 5.13 
	  	 Submission to Jurisdiction; Waivers
	  	 	18	  
	 SECTION 5.14 
	  	 No Petition Covenant
	  	 	19	  
	 SECTION 5.15 
	  	 Limited Recourse
	  	 	19	  
	 SECTION 5.16 
	  	 Headings and Table of Contents
	  	 	19	  
	 SECTION 5.17 
	  	 Use of English Language
	  	 	20	  

 EXHIBITS 
  

			
	Exhibit A	  	Form of Monthly Report
	Exhibit B	  	Form of Quarterly Report
	Exhibit C	  	Form of Servicer’s Certificate
	Exhibit D	  	Form of Required Amount Calculation Report

  
 i 

 SERVICING AGREEMENT, dated as of March 22, 2006, among JAMAICA DIVERSIFIED PAYMENT
RIGHTS COMPANY, an exempted limited liability company incorporated under the laws of the Cayman Islands (the “SPC”), NATIONAL COMMERCIAL BANK JAMAICA LIMITED, a banking institution organized under the laws of Jamaica (with its
successors, the “Bank,” and, in its capacity as servicer hereunder, the “Servicer”), and THE BANK OF NEW YORK, as indenture trustee under the Indenture referred to below (in such capacity, the
“Indenture Trustee”). 
 WITNESSETH: 
 WHEREAS, pursuant to the Origination Agreement, dated as of the date hereof, (the “Origination Agreement”), between the Bank and the SPC, the Bank has agreed to Sell to the SPC on the
Closing Date by its execution and delivery of the Deed of Assignment, and the SPC has agreed to purchase on such date, all of the Bank’s right, title and interest in and to (but none of the Bank’s obligations under) all of the Purchased
Diversified Payment Rights and Related Assets, whether existing on or generated after the Closing Date through and including the Sale Termination Date; 
 WHEREAS, the SPC is concurrently herewith entering into an Indenture, dated as of the date hereof (as amended, supplemented or otherwise modified from time to time, the “Indenture”), with
the Indenture Trustee, pursuant to which the SPC may issue Notes from time to time the proceeds of which will (with certain other consideration) be used to make payments to the Bank for the purchase of the Purchased Diversified Payment Rights;

 WHEREAS, pursuant to the Indenture and the Series 2006-1 Indenture Supplement, dated as of the date hereof, between the SPC
and the Indenture Trustee, the Series 2006-1 Notes will be issued on the Closing Date; 
 WHEREAS, pursuant to the Indenture,
the SPC grants to the Indenture Trustee a security interest in all of the SPC’s right, title and interest in, to and under, among other things, all of the Purchased Diversified Payment Rights; and 

WHEREAS, in order to collect the amounts due to the SPC in respect of the Purchased Diversified Payment Rights, the parties hereto wish
to enter into this Agreement providing for, among other things, the servicing, administration and collection of the Purchased Diversified Payment Rights by the Servicer. 
 NOW, THEREFORE, the parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS 

SECTION 1.1 Defined Terms. As used in this Agreement, terms defined in the Origination Agreement and not otherwise
defined herein shall have the meanings ascribed to them in (including by reference in) the Origination Agreement, and the following terms shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms
of the terms defined): 
 “Agreement” shall mean this Servicing Agreement, as the same may be amended,
supplemented or otherwise modified from time to time. 

 “Applicable Currency” shall have the meaning specified in
Section 5.1(b). 
 “Bank” shall have the meaning specified in the preamble to this Agreement. 

“Expected Final Payment Date” shall have, with respect to each Series, the meaning specified in the applicable Indenture
Supplement. 
 “Indenture” shall have the meaning specified in the recitals to this Agreement. 

“Indenture Trustee” shall have the meaning specified in the preamble to this Agreement. 

“Interest Rate” shall have, with respect to each Series, the meaning specified in the applicable Indenture Supplement.

 “Judgment Currency” shall have the meaning specified in Section 5.1(b). 

“Monthly Report” shall mean have the meaning specified in Section 3.2(a). 

“Opinion of Counsel” shall mean an opinion in writing signed by legal counsel, which counsel may be an employee of the
SPC or the Servicer or other counsel satisfactory to the Indenture Trustee (acting at the direction of each Controlling Party). 

“Origination Agreement” shall have the meaning specified in the recitals to this Agreement. 

“Quarterly Period” shall mean (a) with respect to the first Payment Date, the period commencing on the Closing Date
and ending on the last day of the calendar month immediately preceding the first Payment Date and (b) with respect to each originally scheduled Payment Date (that is, the 15th day of each March, June, September and December) thereafter, the
three calendar months immediately preceding the month in which such Payment Date occurs. 
 “Quarterly Report”
shall mean have the meaning specified in Section 3.2(b). 
 “Required Amount Calculation Report” shall
mean a report substantially in the form of Exhibit D. 
 “Servicer” shall have the meaning specified in
the preamble to this Agreement. 
 “Servicer Default” shall have the meaning specified in Section 4.1.

 “Servicer’s Certificate” shall have the meaning specified in Section 3.2(a). 

  
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 “Servicer Termination” shall have the meaning specified in
Section 4.2. 
 “Servicing Fee” shall have the meaning specified in Section 3.1(a). 

“Servicing Report” shall have the meaning specified in Section 2.2(c). 

“SPC” shall have the meaning specified in the preamble to this Agreement. 

“Trust Accounts” shall mean the Concentration Accounts, the Collateral Account, the Series Accounts, the Coverage
Reserve Account, any Reserve Account and any other accounts established for the benefit of the SPC, the Indenture Trustee, any Enhancer or any Investor(s) pursuant to the Indenture or any other Transaction Document, each of which (other than the
Concentration Accounts) shall be an Eligible Account. 
 SECTION 1.2 Rules of Construction. (a) Words of
the masculine, feminine or neuter gender shall be deemed and construed to include correlative words of the other genders. 
 (b) References herein to specific Persons include their legal successors (or their successors fulfilling the function specified herein) and permitted assigns, and references herein to specific laws,
agreements and contracts include references to such laws, agreements and contracts as amended, supplemented or otherwise modified from time to time, to the extent herein and therein permitted. 

(c) References herein to Sections, subsections, Articles and Exhibits are to this Agreement unless otherwise
specified and references to “hereof,” “herein” or “hereto” are to this Agreement as a whole and not any particular Section hereof. 
 (d) The word “including” (and words of similar effect) shall not be exclusive and shall mean “including (without limitation).” 

ARTICLE II 

REPRESENTATIONS, WARRANTIES AND COVENANTS 
 SECTION 2.1 Representations and Warranties of the Servicer. The Servicer hereby represents and warrants, on the Closing Date and each Issuance Date and, if not the original Servicer, on
the date on which it becomes the Servicer, that: 
 (a) Corporate Existence and Power. It is duly
organized and in good standing in its jurisdiction of incorporation and in each other jurisdiction in which its business is conducted and has full power and authority, and all governmental licenses, authorizations, consents and approvals (including
all necessary banking and foreign exchange licenses), to: (i) execute and deliver the Transaction Documents to which it is a party and to perform its obligations thereunder and (ii) own its properties and otherwise carry on its business
(including servicing the Diversified Payment Rights) as it is now conducted, in each case except where any failure thereof could not reasonably be expected to, alone or in the aggregate, have a Material Adverse Effect. 

  
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 (b) Authorization; Governmental Approvals; Contravention. Its
execution and delivery of the Transaction Documents to which it is a party, and its performance thereunder: (i) have been duly authorized by all necessary corporate (or similar) action (including any necessary shareholder action),
(ii) require no action by or in respect of, or filing with, any Governmental Authority, except such as have been taken or made on or before the Closing Date (or such Issuance Date or other date of making of this representation), (iii) will
not contravene any Applicable Law except to the extent that the failure to comply therewith is not reasonably likely to have a Material Adverse Effect, (iv) will not contravene or constitute a default under any Contractual Obligation, judgment,
injunction, order or decree binding upon it except to the extent that the failure to comply therewith is not reasonably likely to have a Material Adverse Effect, and (v) will not result in the creation or imposition of any Lien on any of its
properties or revenues. 
 (c) Enforceability. Each of the Transaction Documents to which it is a
party has been duly executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws now or hereafter in effect affecting the enforcement of creditors’ rights in general and except as such enforceability may be limited by general principles of equity (whether considered in a suit
at law or in equity). 
 (d) Compliance with Law. It is in compliance with all Applicable Laws and
Contractual Obligations except to the extent that the failure to comply therewith is not reasonably likely to have a Material Adverse Effect. 
 (e) No Servicer Default. There exists (i) no Servicer Default and (ii) no event that would be a Servicer Default with the expiration of any applicable grace period, the delivery of
notice or both. 
 (f) No Material Litigation. There is no litigation, arbitration, tax or labor
claim or other similar action or proceeding of or before any arbitrator or Governmental Authority pending or (to its knowledge) threatened against it or against any of its properties or revenues that, individually or in the aggregate, is reasonably
likely to have a Material Adverse Effect. 
 (g) Sovereign Immunity. It is subject to civil and
commercial law with respect to its obligations under the Transaction Documents, and its execution, delivery and performance of and under the Transaction Documents constitute private and commercial acts rather than public or governmental acts.
Neither it nor any of its properties or revenues have any immunity from suit, court jurisdiction, attachment prior to judgment, attachment in aid of execution of a judgment, set-off, execution of a judgment or from any other legal process with
respect to any obligations under the Transaction Documents. 

  
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 SECTION 2.2 Covenants of the Servicer. (a) The Servicer shall, at its
own expense, process and supervise the processing of the Purchased Diversified Payment Rights in accordance with the Transaction Documents, including to hold in trust and deposit (or cause to be deposited) all Collections into the Collateral Account
or a Concentration Account as promptly as reasonably practical (and in any event no later than one Business Day after such Collections are received by it) or if pursuant to the Transaction Documents, Collections are then being sent to the SPC (or at
the direction of the Servicer) such Collections shall be held by it on behalf of the SPC and applied by it on behalf of the SPC as required by the Transaction Documents (including to make payments under the Originator Note). Notwithstanding anything
else herein to the contrary, and except during the existence of a Default or an Early Amortization Event, at any time during which National Commercial Bank Jamaica Limited is the Servicer and the Indenture Trustee has delivered a Change Notice that
is in full force and effect pursuant to Section 3.2(c) of the Indenture, the Servicer (if National Commercial Bank Jamaica Limited) may retain all such Collections as payments under the Originator Note. 

(b) The Servicer shall, at its own expense (i) administer the Purchased Diversified Payment Rights in accordance
with Applicable Law and its customary servicing procedures, including approval authorizations, accounting and recording of Collections, notices, and responding to customer inquiries, and (ii) use reasonable care, applying its customary
standards, policies and procedures, in administering the Purchased Diversified Payment Rights and related reporting and shall maintain such accurate and complete accounting records in relation to the administration of the Purchased Diversified
Payment Rights in order to provide the Indenture Trustee with Servicing Reports and to provide the Bank’s head office with such reports, electronically or otherwise, as are necessary to enable the Bank to make (or arrange for the making of) the
appropriate payments to the applicable DPR Payees. 
 (c) The Servicer shall, at its own
expense, deliver (or cause to be delivered) (i) not later than the 15th calendar day of (i) each calendar month, commencing in April 2006, a Monthly Report with respect to the preceding calendar month and (ii) the calendar month following the end of each Quarterly
Period, a Quarterly Report with respect to the preceding Quarterly Period, in each case that contains the applicable information for such calendar month or Quarterly Period, as applicable, and such other information as the Indenture Trustee (and any
other Trustee) shall reasonably request for the preparation of each account statement; provided that if such day is not a Business Day, any Servicing Report shall be delivered by the next Business Day. Each Monthly Report, together with each
Quarterly Report, shall be referred to as the “Servicing Reports” with respect to the Diversified Payment Rights. 
 (d) The Servicer shall, at any time during its normal business hours, upon at least five days’ prior written notice (except during the existence of a Servicer Default or Early Amortization
Event, no more than twice per calendar year and at the cost and expense of the Person(s) conducting such audit), permit the SPC, the Indenture Trustee, any Enhancer and/or any Rating Agency rating any Series (or their respective agents) to conduct
an audit of the Servicer’s books, records and systems relating to the Diversified Payment Rights (except that during the existence of a Servicer Default or Early Amortization Event, such written

  
 5 

 
notice shall not be required, such Persons may conduct such audits as often as they wish and such audits will be at the Servicer’s expense). Such Persons shall use reasonable efforts to
coordinate such audits. Any such audits shall be done without violation of Applicable Laws, including any banking secrecy laws applicable to the Bank, the Servicer and their respective information. 

(e) The Servicer shall comply with its organizational documents and all Applicable Laws to which it is subject except
to the extent that noncompliance therewith is not reasonably likely to have a Material Adverse Effect. 

(f) If the Bank is not the Servicer, the Servicer shall maintain its computer systems, used in the servicing of
Purchased Diversified Payment Rights, in such a manner so that such systems are compatible with the Bank’s computer system(s) and such systems shall be capable in all material respects of providing the Servicer with at least the same level of
performance and information as the Bank’s computer system(s) is/are capable of providing on the Closing Date with respect to the Purchased Diversified Payment Rights. 

(g) The Servicer shall, promptly upon becoming aware of any defaulted Purchased Diversified Payment Right (determined
in accordance with the Servicer’s normal servicing practices), give written notice thereof to the SPC, each Enhancer and the Indenture Trustee (provided that no notice need be given for any defaulted Purchased Diversified Payment Right
with a face value of US$100,000 or less) and use all commercially reasonable efforts to obtain payment of such defaulted Purchased Diversified Payment Right. 
 (h) If the Bank is not the Servicer, the Servicer shall preserve and maintain its existence as an organization in good standing in the jurisdiction of its organization and, if not a U.S. and/or
Jamaican organization, also in the U.S. and/or Jamaica (as necessary). 
 (i) The Servicer shall make all
necessary entries to its computer systems to reflect that the Purchased Diversified Payment Rights are owned by the SPC and have been pledged by the SPC to the Indenture Trustee. 

(j) The Servicer shall advise the SPC, the Indenture Trustee, each Trustee and each Enhancer (if any) promptly, and
in reasonable detail, of (i) any Lien (other than pursuant to the Transaction Documents) asserted or claim made against any Purchased Diversified Payment Right of which it obtains knowledge, (ii) the occurrence of any breach of which the
Servicer has knowledge by the Servicer, the Bank or the SPC of any of their respective representations, warranties and covenants contained in any Transaction Document, (iii) the occurrence of any Early Amortization Event, Default or Servicer
Default (or any event that would be an Early Amortization Event, Default or Servicer Default with the expiration of any applicable grace period, the delivery of notice or both) of which the Servicer has knowledge and (iv) the occurrence of any
other event of which the Servicer has knowledge that could reasonably be expected to have a Material Adverse Effect. 
 (k) To the extent permitted by Applicable Law, the Servicer (and, if it is not the Servicer, the Bank) shall, from time to time, at the Bank’s expense, promptly execute and deliver all further
instruments and documents, and take all further action, that may be 

  
 6 

 
necessary or desirable in the Servicer’s reasonable judgment or that the SPC or the Indenture Trustee may reasonably request, in order to effect more fully the purposes of the Origination
Agreement and the other Transaction Documents and the Sale of the Purchased Diversified Payment Rights thereunder, to protect or evidence more fully the SPC’s right, title and interest in the Purchased Diversified Payment Rights or to enable
the SPC, the Indenture Trustee and/or any other Person to exercise or enforce any of their rights in respect thereof. Without limiting the generality of the foregoing, the Bank shall, upon the reasonable request of the SPC or the Indenture Trustee:
(i) execute and file such instruments, documents or notices as may be necessary or, in the opinion of such Person, advisable to accomplish the foregoing, and (ii) indicate on its books and records in the manner requested that the Purchased
Diversified Payment Rights have been purchased by the SPC and pledged to the Indenture Trustee and provide to the SPC and/or the Indenture Trustee, upon request, copies of any such records. 

(l) The Servicer shall (i) not purport to sell any of the Purchased Diversified Payment Rights or Related Assets
or any interest therein to any Person, or create, incur, assume or suffer to exist any Lien on any of the Collateral or any interest therein, (ii) defend the SPC’s ownership interests in, and the Indenture Trustee’s rights to, the
Collateral against, and take such other actions as are necessary to remove, any Lien on (or claim or right in, to or under) the Collateral, and (iii) defend the right, title and interest of the SPC and the Indenture Trustee in, to and under the
Collateral against the claims and demands of all Persons whomsoever, in each case other than Liens created pursuant to the Transaction Documents and Liens for taxes, assessments and other governmental charges payable by the SPC and not yet due.

 (m) In addition to the Servicing Reports to be delivered to the Rating Agencies and any Enhancer pursuant
to Section 3.2, the Servicer shall furnish to each Rating Agency, Controlling Party and Enhancer (at no cost to the Rating Agencies, Controlling Parties or Enhancers) such other information with respect to the Purchased Diversified Payment
Rights as such Rating Agency, Controlling Party or Enhancer shall reasonably request and that the Servicer can (in accordance with Applicable Law) reasonably provide; it being understood, that with respect to any such Controlling Party that
is not also an Enhancer, such information will be delivered to the Indenture Trustee and distributed by the Indenture Trustee to the Noteholders and Note Owners pursuant to Section 10.7 of the Indenture. 

(n) The Servicer shall hold in trust any Collections that it receives (for any reason whatsoever) in respect of the
Purchased Diversified Payment Rights on or after the Closing Date and shall either (i) if the Servicer is not the Bank, deposit such Collections into the Collateral Account promptly (but in any event within five Business Days of the
Servicer’s receipt thereof), or (ii) if the Bank is the Servicer, comply with Section 2.1(e) of the Origination Agreement. 
 (o) The Servicer shall, on or prior to the first New York Business Day of each Quarterly Period, provide to the Indenture Trustee the information (by the delivery of a Required Amount Calculation
Report relating to such Quarterly Period or otherwise) required under Sections 3.2 and 4.2 of the Indenture (including the aggregate Required Amount) and any similar provisions in any Indenture Supplement in order for the Indenture Trustee to make
the allocations required to be made in such provisions. 

  
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 ARTICLE III 
 ADMINISTRATION AND OTHER OBLIGATIONS 
 SECTION 3.1 Servicing.
(a) The parties hereto hereby agree that the Servicer shall act as (i) an independent contractor of the SPC and the Indenture Trustee (including for the benefit of the Investors, Enhancers (if any) and other Secured Parties) to administer
the collection and servicing of all of the Purchased Diversified Payment Rights, and (ii) the collateral agent and bailee for the Indenture Trustee (for the benefit of the Investors, Enhancers (if any) and other Secured Parties) for the
purposes of taking, perfecting and enforcing security interests in the Collateral, and the Servicer hereby agrees to administer the collection and servicing thereof (and the taking, perfecting and enforcing of security interests in the Collateral)
for the benefit of such Persons. Except as otherwise provided herein, the Servicer shall have full power and authority to do any and all things in connection with such administration and servicing as it deems reasonably necessary or desirable,
including appointing subservicers to perform one or more of its servicing obligations hereunder as provided in subsection (e). Without in any respect limiting the foregoing, the Servicer shall, in accordance with this Agreement but subject to all
Applicable Laws (including, to the extent applicable, to ensure compliance with the Prohibited Nations Acts), manage and administer each of the Purchased Diversified Payment Rights, exercise all discretionary powers involved in such management,
collection and administration and, except as otherwise provided in subsection (b), bear all costs and expenses incurred in connection therewith that may be necessary or advisable and permitted for carrying out the transactions contemplated by the
Transaction Documents. In the management, collection and administration of the Purchased Diversified Payment Rights, the Servicer shall exercise at least the higher of (i) the same care that a reasonable Person would exercise in handling
similar matters for its own account and (ii) the same care that the Servicer exercises in handling similar matters for its own account, and in either event the Servicer shall create and administer policies and practices consistent therewith.
The Servicer shall comply at all times, in all material respects, with good business policies, practices, procedures and internal controls in effect at such time with respect to servicing and collecting the Purchased Diversified Payment Rights.
Subject to Article IV of the Indenture, the SPC shall pay the Servicer (unless the Servicer is the Bank, the SPC or an Affiliate of either thereof) a fee (the “Servicing Fee”) on each Payment Date of 0.50% per annum of
the total face amount of the Purchased Diversified Payment Rights generated during the preceding Quarterly Period as compensation for its performance as Servicer. 

(b) The Bank (whether or not it is the Servicer) shall pay, out of its own funds, any wiring or similar
administrative charges that are imposed in connection with the collection of any Collections and the remitting of such Collections (or related notices and/or Payment Orders) to/from any Person (including any payments to Investors and Enhancers (if
any) and sending information to the Bank in order to make arrangements for payment to the applicable DPR Payees). If, instead of being paid for directly by the Bank, any such charges 

  
 8 

 
are deducted from the amount of the Collections, then the Bank (whether or not the Servicer) shall promptly indemnify the SPC for such charges by depositing an equivalent amount into a
Concentration Account or the Collateral Account; it being understood that the Bank may retain for its own account any amounts received from a DPR Payor, DPR Payee or any other Person as reimbursement for such charges (including any
commissions received in connection therewith that are excluded from the definition of Purchased Diversified Payment Rights pursuant to the proviso in the definition thereof). 

(c) The Servicer hereby agrees to cause to be established (and maintained in accordance with the terms hereof and of
the other Transaction Documents) each Concentration Account, each other Trust Account and each other account required to be maintained by the Servicer and/or the SPC pursuant to the Indenture, including any Indenture Supplement and the other
Transaction Documents and shall take all steps necessary (if any) on its part to perfect the security interest of the Indenture Trustee in such Trust Accounts. 
 (d) After its receipt thereof, the Servicer shall use commercially reasonable efforts immediately to segregate the Collections from any other payments or similar items received by it, including
(i) any payments for which the identified payee is not located in Jamaica and (ii) any commissions that are excluded from the definition of Purchased Diversified Payment Rights pursuant to the proviso in the definition thereof. 

(e) The obligation of the Servicer to service the Purchased Diversified Payment Rights is personal to the Servicer,
and the parties recognize that another Person may not be qualified to perform such obligations. Accordingly, the Servicer’s obligation to service the Purchased Diversified Payment Rights hereunder, to the extent permitted by Applicable Law,
shall be specifically enforceable and shall be absolute and unconditional in all circumstances, including during the existence of any Early Amortization Event (including any Servicer Default) or Default; provided that a replacement Servicer
may be appointed pursuant to Article IV. The provisions of this subsection shall not preclude the Servicer from subcontracting any or all of its responsibilities hereunder so long as it shall retain supervisory control of any such subcontractor and
shall comply with the requirements of Section 5.2 before entering into any such subcontracting arrangement. The Servicer shall ensure, as a condition precedent to entering into any such subcontracting arrangement, that each such subcontractor
shall agree to service the Purchased Diversified Payment Rights in accordance with all Applicable Laws (including, to the extent applicable, the Prohibited Nations Acts) and this Agreement and the other Transaction Documents and has the ability to
do so. Anything herein to the contrary notwithstanding, the Servicer shall be fully responsible for any and all acts or failures to act of any such subcontractor to the same extent as if the Servicer were performing or directly responsible for such
subcontractor’s duties and responsibilities. 
 (f) The Servicer shall not resign from its obligations
hereunder except upon its reasonable determination that (i) the performance of such obligations is no longer permissible under Applicable Law and (ii) there is no reasonable action that it could take to make such performance permissible
under Applicable Law. Any such determination permitting the resignation of the Servicer shall be evidenced as to clause (i) by an Opinion of Counsel to the Servicer to such effect and as to clause (ii) by an Officers’ Certificate of
the Servicer, in each case addressed to the SPC, the Indenture Trustee, each Enhancer (if any) and 

  
 9 

 
each Rating Agency. No such resignation shall become effective until a successor servicer shall have assumed in writing the responsibilities and obligations of the Servicer in accordance with
Section 4.3. 
 (g) Each of the SPC and the Indenture Trustee hereby grants to the Servicer a revocable
power-of-attorney, which power is coupled with an interest, with full power of substitution, to take in the name of the SPC and/or the Indenture Trustee or in its own name all steps necessary or advisable to endorse, negotiate, deliver or otherwise
realize upon the Purchased Diversified Payment Rights or any writing or other report of any kind held or owned by the SPC or transmitted to or received by the Servicer as payment on account or otherwise in respect of any Purchased Diversified
Payment Right. 
 (h) Except when any Servicer Default exists, the SPC hereby authorizes the Servicer (on
behalf of the SPC) to instruct the Indenture Trustee and each Trustee with respect to the investment of funds held in the Trust Accounts. 
 (i) The Servicer’s obligations under this Agreement shall terminate on the Sale Termination Date; provided that if the Bank is no longer the Servicer, then the Servicer shall on the Sale
Termination Date: (i) transfer all records and documents relating to the Diversified Payment Rights to the Bank (it being understood that the Servicer may retain a copy of all such records and documents) and (ii) execute and deliver
all documents and instruments related thereto as may be reasonably requested by the Bank. 

SECTION 3.2 Delivery of Servicing Reports. (a) On or before the 15th calendar day of each calendar month, commencing in April 2006, the
Servicer shall deliver (or cause to be delivered) to the Bank (if no longer the Servicer), the SPC, the Indenture Trustee (for delivery to each Noteholder), each Enhancer (if any) and each Rating Agency a report substantially in the form of
Exhibit A (the “Monthly Report”) (with appropriate additions in respect of any Additional Series and including any additional information specified in any Indenture Supplement), together with a certificate substantially in
the form of Exhibit C (the “Servicer’s Certificate”). Each Monthly Report shall identify the following information with respect to the preceding calendar month: 

(i) the amount of Collections corresponding to each Designated Depositary Bank received during such month;

 (ii) the aggregate amount allocated during such month pursuant to Section 4.2 of the Indenture;

 (iii) the Debt Service Ratio(s) for each Series for such month (including the component amounts of each
related item) and whether such ratio(s) is/are below the applicable Trigger Level(s) for such Series; and 

(iv) such other information as may be specified pursuant to an Indenture Supplement or as the SPC, the Indenture
Trustee, any Controlling Party or any Rating Agency (at no cost to the Rating Agencies or the Enhancers) may reasonably request and that the Servicer may reasonably provide in accordance with Applicable Law. 

  
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 (b) On or before the 15th calendar day of each calendar month following the end of any
Quarterly Period, the Servicer shall deliver (or cause to be delivered) to the Bank (if no longer the Servicer), the SPC, the Indenture Trustee (for delivery to each Noteholder), each Enhancer (if any) and each Rating Agency a quarterly report
substantially in the form of Exhibit B (the “Quarterly Report”) (with appropriate additions in respect of any Additional Series and including any additional information specified in any Indenture Supplement), together with a
Servicer’s Certificate substantially in the form of Exhibit C. Each Quarterly Report shall identify the following information with respect to the Quarterly Period immediately preceding the Quarterly Period during which such
Quarterly Report is delivered: 
 (i) the amount of Collections corresponding to each Designated Depositary
Bank received during the related Quarterly Period; 
 (ii) the amount to be paid on such Payment Date with
respect to interest, principal, Additional Amounts and other payments, respectively, with respect to each Series; 
 (iii) the Series Balance of each Series after giving effect to all distributions to be made on such Payment Date; 

(iv) the Interest Rate corresponding to each Series in effect for the Interest Period in which such Payment Date
falls; 
 (v) the Maximum Quarterly Debt Service calculated as of the close of the related Quarterly Period
(both with and without including any Subordinated Notes that may be outstanding); 
 (vi) the Debt Service
Ratio(s) for each Series for the related Quarterly Period and whether any such ratio(s) is below the applicable Trigger Level(s) for such Series; and 
 (vii) such other information as may be specified pursuant to an Indenture Supplement or as the SPC, the Indenture Trustee, any Controlling Party or any Rating Agency (at no cost to the Rating
Agencies or the Enhancers) may reasonably request and that the Servicer may reasonably provide in accordance with Applicable Law. 
 ARTICLE IV 
 SERVICER DEFAULTS 

SECTION 4.1 Servicer Defaults. The existence of any of the following events shall constitute a “Servicer
Default” under this Agreement: 

  
 11 

 (a) the Servicer shall fail to deliver any report or certificate
(including a Servicing Report) required to be delivered by it under this Agreement within five New York Business Days of the due date thereof; 
 (b) any representation, warranty or certification made by the Servicer in this Agreement or in any document delivered pursuant hereto shall prove to have been untrue or incorrect in any respect as of
the time it was made (or deemed made) and such untruth or incorrect statement (or the actual circumstances that caused such statement to be untrue or incorrect), alone or in the aggregate, is reasonably likely to have a Material Adverse Effect on
the Collateral (including the volume and/or collectibility of the Purchased Diversified Payment Rights), the ability of the Servicer to perform its obligations under the Transaction Documents to which it is a party, the validity or enforceability
against it of any of the Transaction Documents to which it is a party or otherwise on the rights of any Enhancer; 
 (c) except for payment, monetary transfer or deposit obligations, the Servicer shall fail to perform or observe any agreement or covenant contained in this Agreement, which failure: (i) is
reasonably likely to have a Material Adverse Effect and (ii) shall continue for at least 30 days following the earlier of: (A) an Authorized Officer of the Servicer obtaining Actual Knowledge of such failure and (B) the delivery to
the Servicer of written notice of such failure by the SPC, the Indenture Trustee, any Enhancer or any Investor; 

(d) the Servicer shall have failed to make any payment, monetary transfer or deposit required to be made by it under
this Agreement and such failure shall have continued unremedied for at least one New York Business Day after the date such payment, monetary transfer or deposit is due; or 

(e) (i) the Servicer (either individually or as the Servicer) shall commence a voluntary case, proceeding or other
action: (A) under any Applicable Law of any jurisdiction, domestic or foreign, relating to bankruptcy, intervention, insolvency, reorganization, suspension of payments or relief of debtors seeking to have an order for relief entered with
respect to it or seeking to adjudicate it bankrupt or insolvent or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (B) seeking appointment of
a receiver, trustee, liquidator, custodian, conservator or other similar official of it or for any substantial part of its property, (ii) an involuntary case, proceeding or other action of a nature referred to in subclause (i) shall be
commenced against the Servicer (either individually or as the Servicer) that: (A) shall result in the entry of an order for relief or any such adjudication or appointment or (B) shall remain undismissed, undischarged, unstayed or unbonded
for a period of at least 60 days, (iii) an involuntary case, proceeding or other action shall be commenced against the Servicer (either individually or as the Servicer) that seeks issuance of a warrant of attachment, execution, distraint or
similar process against any substantial part of its assets that shall result in the entry of an order for any such relief and shall not have been vacated, discharged, stayed or bonded pending appeal within 60 days from the entry thereof,
(iv) the Servicer (either individually or as the Servicer) shall become subject to intervention proceedings under 

  
 12 

 
any applicable bank regulatory or insolvency laws or rules of Jamaica or the United States (including any political subdivision thereof), (v) the Servicer shall admit in writing its
inability to pay its debts as they become due or (vi) the Servicer shall make a general assignment for the benefit of its creditors. 
 SECTION 4.2 Remedies. During the existence of a Servicer Default (or, if the Servicer is not the Bank, at any time, with or without cause), the SPC or the Indenture Trustee may (with the
consent of the Majority Controlling Parties) and shall (at the direction of the Majority Controlling Parties), by notice given in writing to the Servicer (with a copy to each Noteholder, each Enhancer (if any) and each Rating Agency), terminate any
or all of the rights and obligations of the Servicer, as Servicer, under this Agreement (a “Servicer Termination”), such termination to become effective upon the appointment of a successor Servicer and its acceptance of that
appointment as provided in Section 4.3. Notwithstanding any such termination, the Servicer shall remain responsible for any acts or omissions to act by it as Servicer prior to the effectiveness of such termination. 

SECTION 4.3 Replacement Servicer. (a) In the event of a Servicer Termination, the Indenture Trustee hereby agrees
to use commercially reasonable efforts to appoint (with the approval of the Controlling Parties of all Series of Senior Notes or, if no such Series exist, all Series of Subordinated Notes) another bank located in Jamaica, as the Indenture Trustee
shall select (after consultation with the Bank as to the identity of such Person), to act as the Servicer hereunder pursuant to an assumption agreement in form and substance reasonably satisfactory to the SPC, the Indenture Trustee and each
Controlling Party. Upon such assumption, all authority and power of the then Servicer under this Agreement shall pass to and be vested in such replacement Servicer; and, without limitation, each of the SPC and the Indenture Trustee is hereby
authorized and empowered to execute and deliver, on behalf of the previous Servicer, as attorney-in-fact or otherwise, all documents and other instruments related to the Purchased Diversified Payment Rights upon the failure of the previous Servicer
to execute or deliver such documents or instruments, and to do and accomplish all other acts or things necessary or appropriate to effect the purposes of such transfer of servicing rights and obligations. No provision contained in this Agreement
shall require the Indenture Trustee to perform, or be responsible for the manner of performance of, any of the obligations of the Servicer under this Agreement. 
 (b) The Servicer agrees to cooperate with the SPC and any replacement Servicer in effecting the termination of its responsibilities and rights hereunder, including the transfer to such replacement
Servicer of all of its authority to service the Diversified Payment Rights provided for in this Agreement. Upon and after a Servicer Termination, the terminated Servicer shall promptly transfer to the replacement Servicer all records, files and
documents, in whatever form whatsoever, necessary for the continued servicing of the Diversified Payment Rights in the manner and at such times as the replacement Servicer shall reasonably request. Each replacement Servicer shall maintain all such
information in accordance with Applicable Laws, including any applicable banking secrecy laws. 

  
 13 

 (c) At any time following its assumption of the duties of the Servicer
hereunder (unless replaced as described above), a replacement Servicer shall be authorized to take any and all steps in the Bank’s, the SPC’s and the Indenture Trustee’s name as Servicer and on behalf of the Bank, the SPC and the
Indenture Trustee that are necessary or reasonably desirable, in the judgment of such replacement Servicer, to collect on the Diversified Payment Rights. 
 SECTION 4.4 Rights and Duties of a Replacement Servicer. Subject to Section 4.3, upon its appointment, a replacement Servicer shall be the successor in all respects to the Servicer,
but solely with respect to servicing functions under this Agreement, and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer by the terms and provisions hereof, including Sections 3.1(e) and
(f). The replacement Servicer, by acceptance of its appointment, shall take all reasonable steps to agree to be bound by the Transaction Documents applicable to the Servicer. 
 ARTICLE V 
 MISCELLANEOUS 

SECTION 5.1 Payments; Currency Indemnity. (a) Except to the extent otherwise stated in this Agreement, each payment
to be made hereunder by any party hereto shall be made on the required payment date in the applicable currency and in immediately available funds at the office of the payee set forth in Section 5.8 or to such other office or account as may be
specified by the payee thereof in a notice to the payor thereof. 
 (b) Except to the extent otherwise
stated in this Agreement, Dollars (or, with respect to any Series issued in a currency other than Dollars, each such other currency) (the “Applicable Currency”) are the sole currency of account and payment for all sums payable under
or in connection with this Agreement, including damages. Any amount received or recovered in a currency other than the Applicable Currency (whether as a result of, or in the enforcement of, a judgment or order of a court of any jurisdiction, in the
winding-up or dissolution of the Servicer or otherwise) (such other currency, the “Judgment Currency”) by any Person in respect of any sum expressed to be due to it shall only constitute a discharge by the payor thereof of its
obligations to the extent of the amount of Applicable Currency that such payee is able to purchase with the amount so received or recovered in such Judgment Currency on the date of receipt or recovery (or, if it is not practicable to make such
purchase on such date, on the first date on which it is practicable to do so). If the amount of Applicable Currency is less than the amount expressed to be due to such Person, then such payor shall indemnify it against any loss sustained by it as a
result. In any event, such payor (other than the Indenture Trustee) shall indemnify such payee against the cost of making any such purchase. For the purposes of this Section, it will be sufficient for such payee to certify in a reasonable manner
(indicating the sources of information used) that it would have suffered a loss had an actual purchase of the Applicable Currency been made with the amount so received in such Judgment Currency on the date of receipt or recovery (or, if a purchase
of the 

  
 14 

 
Applicable Currency on such date had not been practicable, on the first date on which it would have been practicable, it being required that the need for a change of date be certified in the
manner mentioned above). These indemnities constitute a separate and independent obligation from each party’s other obligations hereunder, shall give rise to a separate and independent cause of action, shall apply irrespective of any indulgence
granted by such payee and shall continue in full force and effect despite any other judgment, order, claim or proof for a liquidated amount in respect of any sum due hereunder. 

SECTION 5.2 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of each party and
their respective successors (whether by merger, consolidation or otherwise) and assigns. The Servicer agrees that it will not assign all or any portion of its rights hereunder or delegate any of its obligations hereunder without (a) the prior
written consent of the SPC, the Indenture Trustee and each Controlling Party (and consultation with the Bank as to the identity of the proposed assignee or delegate) and (b) receipt by the Indenture Trustee from each Rating Agency of written
confirmation that such assignment or delegation shall not result in such Rating Agency withdrawing or reducing its rating on any Series below the lower of such Series’ current rating and initial rating from such Rating Agency (in each case
determined without giving consideration to any applicable Enhancement). The Servicer acknowledges that the SPC shall assign (and is only permitted to assign) all of its rights hereunder to the Indenture Trustee as collateral security for its
obligations under the Indenture. The Servicer consents to such assignment and agrees that the Indenture Trustee shall be entitled to enforce the terms of this Agreement and the rights (including the right to grant or withhold any consent or waiver)
of the SPC directly against the Servicer. The Servicer further agrees that, in respect of its obligations hereunder, it shall (subject to Applicable Law) act at the direction of and in accordance with all requests and instructions from the Indenture
Trustee, and that in the event of a conflict between the directions of the Indenture Trustee and the SPC, it shall act in accordance with the directions of the Indenture Trustee. 

SECTION 5.3 Third-Party Beneficiary. Notwithstanding anything in Section 5.2 to the contrary, the parties hereto
hereby agree that each Investor and each Enhancer (if any) shall have the rights of a third-party beneficiary under this Agreement and may enforce the rights and remedies herein as if such Persons were parties hereto. 

SECTION 5.4 Governing Law. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICTS OF LAW PROVISIONS THEREOF (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

  
 15 

 SECTION 5.5 No Waiver; Cumulative Remedies. No failure to exercise and no
delay in exercising, on the part of any party (or its collateral assignees), any right, remedy, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege
hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exhaustive of any rights, remedies, powers
and privileges provided by Applicable Law. 
 SECTION 5.6 Modification of Agreement. All modifications,
consents, amendments or waivers of any provision of this Agreement shall be effective only if the same shall be approved in writing by the parties hereto (and acknowledged and agreed by the Indenture Trustee and, if it is not the Servicer, the Bank)
and then shall be effective only in the specific instance and for the specific purpose for which given. Any amendment without such acknowledgment and agreement of the Indenture Trustee and the consent of each Controlling Party shall be null and void
ab initio. A copy of any such amendment shall be delivered by the Servicer to each Rating Agency. 

SECTION 5.7 Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. 
 SECTION 5.8 Notices. All notices, instructions,
directions, requests and demands to or upon the respective parties hereto to be effective shall be in English and shall be in writing (including by fax or electronic delivery), and, unless otherwise expressly provided herein, shall be deemed to have
been duly given or made when delivered (including by courier) or, in the case of fax notice, when received, addressed as follows in the case of the Servicer, the SPC and the Indenture Trustee: 

 

			
	The Servicer:	  	National Commercial Bank Jamaica Limited
		  	32 Trafalgar Road
		  	 Kingston 10, Jamaica
 Tel:
876-511-4315
 Fax: 876-926-3856

		  	Attention: Septimus Blake

  
 16 

			
	The SPC:	  	Jamaica Diversified Payment Rights Company
		  	c/o Maples Finance Limited
		  	Queensgate House
		  	1093GT
		  	South Church Street
		  	George Town
		  	Grand Cayman
		  	Cayman Islands
		  	Attention: Guy Major
		  	Telephone: 345-814-5818
		  	Facsimile: 345-945-7100
		
	The Indenture Trustee:	  	The Bank of New York, as Indenture Trustee
		  	101 Barclay Street
		  	New York, New York 10286
		  	Attention: Corporate Trust Administration - Global Structured Finance Unit
		  	Telephone: 212-815-5075
		  	Facsimile: 212-815-5915

 SECTION 5.9 Further Assurances. To the extent permitted by Applicable Law, the Servicer
agrees to do such further acts and things and to execute and deliver to the SPC, the Indenture Trustee and each Enhancer such reasonable additional assignments, agreements, powers and instruments as are necessary or reasonably required by any such
Person to carry into effect the purposes of this Agreement or to better assure and confirm unto the SPC, the Indenture Trustee and each Enhancer its rights, powers and remedies hereunder. 

SECTION 5.10 Counterparts. This Agreement may be executed on any number of separate counterparts (including by fax), and
all of said counterparts taken together shall be deemed to constitute one and the same instrument. A copy of this Agreement signed by all the parties shall be delivered to the Indenture Trustee. 

SECTION 5.11 Entire Agreement. This Agreement, including the documents referred to herein, contains the entire
understanding of the parties hereto with respect to the subject matter contained herein, and there are no promises, undertakings, representations or warranties by the parties hereto relative to the subject matter hereof not expressly set forth or
referred to herein. 
 SECTION 5.12 Waivers of Jury Trial. THE PARTIES HERETO HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT AND FOR ANY COUNTERCLAIM THEREIN. EACH PARTY ACKNOWLEDGES THAT THE OTHER PARTIES HERETO ARE ENTERING INTO THIS AGREEMENT IN RELIANCE UPON SUCH
WAIVER. 

  
 17 

 SECTION 5.13 Submission to Jurisdiction; Waivers. (a) Each of the
parties hereto hereby irrevocably and unconditionally submits to the jurisdiction of: (i) the United States District Court for the Southern District of New York or of any New York State court (in either case sitting in Manhattan, New York City)
and (ii) the courts of its own corporate domicile, in each case with all applicable courts of appeal therefrom, with respect to actions brought against it as a defendant for purposes of all legal proceedings arising out of or relating to this
Agreement or the transactions contemplated hereby; provided that nothing herein shall be deemed to limit the ability of any party to this Agreement to bring suit against any other party to this Agreement in any other permissible jurisdiction.
Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by Applicable Law, any objection that it may now or hereafter have to the laying of the venue of any such proceeding brought in such a court, any claim that any
such proceeding brought in such a court has been brought in an inconvenient forum and any objection based on place of residence or domicile. 
 (b) The SPC and the Servicer each irrevocably appoint CT Corporation System, with offices at the date hereof at 111 Eighth Avenue, New York, New York 10011, as its authorized agent on which any and
all legal process may be served in any such action, suit or proceeding brought in any United States District Court or New York State court (in either case sitting in Manhattan, New York City) (each, a “Designated Court”). Each of
the SPC and the Servicer agrees that service of process in respect of it upon such agent, together with written notice of such service sent to it in the manner provided in Section 5.8, shall be deemed to be effective service of process upon it
in any such action, suit or proceeding and the Servicer agrees, accepts and recognizes that it will not be able to claim or invoke under any enforcement proceeding, either in the United Sates or in Jamaica, that any default judgment was rendered
against it merely by its non-appearance in a Designated Court. Each of the SPC and the Servicer agrees that the failure of such agent to give notice to it of any such service of process shall not impair or affect the validity of such service or any
judgment rendered in any action, suit or proceeding based thereon. If for any reason either such agent shall cease to be available to act as such (including by reason of the failure of such agent to maintain an office in New York City), then each of
the SPC and the Servicer, as the case may be, agrees to designate a new agent in New York City on the terms and for the purposes of this Section. Nothing herein shall in any way be deemed to limit the ability of the Servicer or the SPC to serve any
such legal process in any other manner permitted by Applicable Law or to obtain jurisdiction over the other party or bring actions, suits or proceedings against it in such other jurisdictions, and in such manner, as may be permitted by Applicable
Law. 
 (c) To the extent that the Servicer has or hereafter may acquire any immunity from jurisdiction of any court or
from any legal process (whether through service of notice, attachment prior to judgment, attachment in aid of execution or execution, on the ground of sovereignty or otherwise) with respect to itself or its property, it hereby irrevocably waives, to
the fullest extent permitted by Applicable Law, such immunity in respect of its obligations under this Agreement. 

  
 18 

 (d) The Servicer irrevocably waives, to the fullest extent permitted by Applicable
Law, any claim that any action or proceeding commenced by the SPC or the Indenture Trustee relating in any way to this Agreement should be dismissed or stayed by reason, or pending the resolution, of any action or proceeding commenced by the
Servicer relating in any way to this Agreement whether or not commenced earlier. To the fullest extent permitted by Applicable Law, the Servicer shall take all measures necessary for any such action or proceeding commenced by the SPC or the
Indenture Trustee to proceed to judgment before the entry of judgment in any such action or proceeding commenced by the Servicer. 
 (e) To the extent that any party hereto may, in any suit, action or proceeding brought in Jamaica, the United States or in any other jurisdiction arising out of or in connection with this Agreement,
be entitled to the benefit of any provisions of Applicable Law requiring any other Person in such suit, action or proceeding to post security for costs or to post a bond to take such action, each party hereto hereby irrevocably waives any such
benefit to the fullest extent now or hereafter permitted under Applicable Law. 
 SECTION 5.14 No Petition
Covenant. Notwithstanding any prior termination of this Agreement, each of the parties hereto covenants that it shall not, before the date that is one year and one day after all of the Series (including all interest and Enhancement amounts, if
any, payable with respect thereto) shall have been paid in full, acquiesce, petition or otherwise invoke or cause the SPC to invoke the process of any court or other Governmental Authority for the purpose of commencing or sustaining a case against
the SPC under any bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the SPC or any substantial part of its property, or ordering the winding up or
liquidation of the affairs of the SPC. Neither the Servicer nor any agent on its behalf may seek to enforce rights against the SPC with respect to any obligations of the SPC (a) by applying to wind up the SPC or (b) except through the
Indenture Trustee, by appointing a receiver or administrator for the SPC or any of its assets. 

SECTION 5.15 Limited Recourse. The Servicer hereby agrees that the SPC’s obligations hereunder shall be limited
recourse obligations of the SPC, with recourse being limited to the Collateral and subject, in respect of priority and timing, to the allocation provisions of Section 4.2 of the Indenture. The SPC will have no material assets available for
payments on such obligations other than the assets comprised in the Collateral. After the Collateral has been fully realized and exhausted, all sums due but still unpaid in respect of the SPC’s obligations hereunder shall be extinguished, and
the Servicer shall not have the right to proceed against the SPC, any of its Affiliates or any of its officers, directors, shareholders or agents for the satisfaction of any monetary claim or for any deficiency judgment remaining after depletion of
any property included in the Collateral. 
 SECTION 5.16 Headings and Table of Contents. Section headings and
the table of contents in this Agreement have been inserted for convenience of reference only and shall in no way restrict or otherwise modify any of the terms or provisions hereof. 

  
 19 

 SECTION 5.17 Use of English Language. All certificates, reports, notices
and other documents and communications given or delivered pursuant to this Agreement shall be in the English language or accompanied by a certified English translation thereof. 
 [Remainder of Page Intentionally Left Blank] 

  
 20 

 IN WITNESS WHEREOF, the parties hereto have caused this Servicing Agreement to be duly
executed by their duly authorized officers, all on the day and year first above written. 
  

					
	Executed by:
	
	 NATIONAL COMMERCIAL BANK JAMAICA LIMITED,

	 individually and as the Servicer

		
	By:	 	 /s/ Patrick Hylton

		 	Name:	 	Patrick Hylton
		 	Title:	 	Group Managing Director

  

	
	In the presence of:
	
	 /s/ Stephen Hofmann, Esq.

	Witness

 Notarial Certificate 

On the 22nd day of March, 2006, Patrick Hylton appeared before me and executed this Agreement on behalf of National Commercial Bank
Jamaica Limited 
  

	
	 /s/ Paul B. Hale

	Notary Public

 My commission expires: March 21, 2009 
 [Signature Page No. 1 to Servicing Agreement] 

 Executed as Deed by: 

 

					
	JAMAICA DIVERSIFIED PAYMENT RIGHTS COMPANY
		
	By:	 	 /s/ Guy Major

		 	Name:	 	Guy Major
		 	Title:	 	Director
	
	In the presence of:
	
	 /s/ LeeAnn Christian

 THIS IS TO CERTIFY that the foregoing signature of Guy Major for and on behalf of Jamaica
Diversified Payment Rights Company is the true signature of Guy Major and that I am well acquainted with his handwriting. 
 IN
WITNESS WHEREOF have hereunto set my hand and affixed my Notarial Seal this 20th day of March, 2006. 
  

	
	 /s/ Wendy Ebanks

	Name: Wendy Ebanks
	Notary Public in and for the Cayman Islands

 [Signature Page No. 2 to Servicing Agreement] 

					
	THE BANK OF NEW YORK,
		 	not in its individual capacity but solely as Indenture Trustee
		
	By:	 	 /s/ James J. Fevola

		 	Name:	 	James J. Fevola
		 	Title:	 	Vice President

 Notarial Certificate 

 

			
	State of New York	  	)
		  	) ss:
	County of New York	  	)

 On the 22nd day of March, 2006, James Fevola appeared before me and executed this Agreement on behalf of
The Bank of New York, as Indenture Trustee. 
  

							
	[seal]	 		 		 	 /s/ Christine S. Conway

		 		 		 	Notary Public

 My commission expires: March 30, 2006 
 [Signature Page No. 3 to Servicing Agreement] 

 EXHIBIT A 
 FORM OF MONTHLY REPORT 
  

			
	MONTHLY PERIOD:	  	             —
            
		
	REPORTING DATE:	  	            ,
20            
		
	NEXT PAYMENT DATE:	  	            ,
20            

  

	A)	AMOUNT OF COLLECTIONS FOR MONTHLY REPORTING PERIOD 

  

											
	1)	  	 BY DEPOSITARY BANK
	  	AMOUNT	 	  	% of TOTAL	 
		  	 Barclays
	  	$	                    	  	  	 	            	% 
		  	 The Bank of New York
	  	$	                    	  	  	 	            	% 
		  	 Citibank
	  	$	                    	  	  	 	            	% 
		  	 HSBC
	  	$	                    	  	  	 	            	% 
		  	 Wachovia
	  	$	                    	  	  	 	            	% 
			
	 Total DDB Collections
	  	$	                    	  	  	 	            	% 
	 Total Non-DDB Collections
	  	$	                    	  	  	 	            	% 
	 Total Collections
	  	$	                    	  	  			
				
	2)	  	 BY TYPE
	  	AMOUNT	 	  	% of TOTAL	 
		  	 MT Payments
	  	$	                    	  	  	 	            	% 
		  	 Remittance Payments
	  	$	                    	  	  	 	            	% 
		  	 Total Collections
	  	$	                    	  	  			
				
	3)	  	 BY CURRENCY
	  	AMOUNT	 	  	% of TOTAL	 
		  	 US$ Collections
	  	$	                    	  	  	 	            	% 
		  	 Non-US$ flows (converted)*
	  	$	                    	  	  	 	            	% 
		  	 Total Flows*
	  	$	                    	  	  			

  

	*	For purposes of these calculations, non-US$ flows are assumed to be Collections. 

  
 A-1

	B)	ALLOCATIONS PURSUANT TO INDENTURE 

  

							
		  	 Indenture Trustee and Trustee Fees
	  	$	                    	  
		  	 Servicing Fees to Third-Party Servicer
	  	$	                    	  
		  	 Interest-equivalent amounts for Senior Notes
	  	$	                    	  
		  	 Quarterly amortization amounts for Senior Notes
	  	$	                    	  
		  	 Early Amortization Period pre-payments for Senior Notes
	  	$	                    	  
		  	 Other payments relating to Senior Notes (other than Additional Amounts)
	  	$	                    	  
		  	 Additional Amounts on Senior Notes
	  	$	                    	  
		  	 Payments to Bank under Originator Note (excess from the Collateral Account)
	  	$	                    	  

  

	C)	MONTHLY DEBT SERVICE COVERAGE RATIO:             :1x 

 

	D)	EARLY AMORTIZATION EVENTS/DEFAULTS 

  

	 	1)	Has an Early Amortization Event occurred with respect to any Series during the previous month (or any other month that was not reported)?

 Yes              No
        . If yes, explain. 
  

	 	2)	Has a Default occurred with respect to any Series during the previous month (or any other month that was not reported)? 

Yes              No
        . If yes, explain. 
  

	 	3)	Is the Coverage Reserve Account currently being funded? If yes, explain. 

 

	E)	CURRENT RATINGS 

					
	Moody’s:	  	              
	  	
	Fitch:	  	  
	  	

  
 A-2

 EXHIBIT B 
 FORM OF QUARTERLY REPORT 
  

					
	QUARTERLY PERIOD:	  	             —
            
		
	REPORTING DATE:	  	            ,
20            
		
	NEXT PAYMENT DATE:	  	            ,
20            
			
	LIBOR:	  	            
	  	

  

	A)	AMOUNT OF COLLECTIONS FOR QUARTERLY REPORTING PERIOD 

  

											
	1)	  	 BY DEPOSITARY BANK
	  	AMOUNT	 	  	% of TOTAL	 
		  	 Barclays
	  	$	                    	  	  	 	            	% 
		  	 The Bank of New York
	  	$	                    	  	  	 	            	% 
		  	 Citibank
	  	$	                    	  	  	 	            	% 
		  	 HSBC
	  	$	                    	  	  	 	            	% 
		  	 Wachovia
	  	$	                    	  	  	 	            	% 
			
	 Total DDB Collections
	  	$	                    	  	  	 	            	% 
	 Total Non-DDB Collections
	  	$	                    	  	  	 	            	% 
	 Total Collections
	  	$	                    	  	  			
				
	2)	  	 BY TYPE
	  	AMOUNT	 	  	% of TOTAL	 
		  	 MT Payments
	  	$	                    	  	  	 	            	% 
		  	 Remittance Payments
	  	$	                    	  	  	 	            	% 
		  	 Total Collections
	  	$	                    	  	  			
				
	3)	  	 BY CURRENCY
	  	AMOUNT	 	  	% of TOTAL	 
		  	 US$ Collections
	  	$	                    	  	  	 	            	% 
		  	 Non-US$ flows (converted)*
	  	$	                    	  	  	 	            	% 
		  	 Total Flows*
	  	$	                    	  	  			

  

	*	For purposes of these calculations, non-US$ flows are assumed to be Collections. 

	B)	AMOUNTS TO BE PAID ON EACH SERIES ON THE NEXT PAYMENT DATE 

  

					
	 Interest
	  	$	                    	  
	 Reserve LC Maintenance fees
	  	$	                    	  
	 Quarterly Amortization Amounts for Senior Notes
	  	$	                    	  
	 Enhancer Amounts (Premium)
	  	$	                    	  
	 Reserve Account Payments
	  	$	                    	  
	 Early Amortization Period pre-payments
	  	$	                    	  
	 Other Payments
	  	$	                    	  
	 Additional Amounts
	  	$	                    	  
	 Payments to Bank Under Originator Note
	  	$	                    	  

  

	C)	DEBT SERVICE COVERAGE RATIOS 

					
	 Monthly Debt Service Coverage Ratio:
	  	          :1x	  	
	 Quarterly Debt Service Coverage Ratio:
	  	          :1x	  	

  

	D)	SERIES BALANCE AND INTEREST RATE FOR EACH SERIES 

  

	 	1)	Most Recent Payment Date:                     ,
20         

  

	 	2)	Series Balance after giving effect to distributions on such Payment Date: Series 2006-1
$                 

  

	 	3)	Interest Rate in effect for the Interest Period ending on such Payment Date: Series
2006-1                 % 

  

	E)	DDB COLLECTIONS GENERATED DURING PRIOR TWO QUARTERLY PERIODS 

  

																	
	 Quarterly Period
	  	DDB Collections	 	  	Quarterly Debt
Service Ratio	 	  	Comparable DDB
Collections Prior
Year	 	  	% of Prior Year
DDB Collections	 
	             , 20     –
            , 20    
	  	$	                    	  	  	 	            :1x	  	  	$	                    	  	  	 	                	% 
	             , 20     –
            , 20    
	  	$	                    	  	  	 	            :1x	  	  	$	                    	  	  	 	                	% 

	F)	NON-US$ COLLECTIONS DURING PRIOR TWO QUARTERLY PERIODS 

  

																	
	 Quarterly Period
	  	Total Flows 
(All Currencies)	 	  	Non US$ Flows
Converted	 	  	Quarterly Debt
Service Ratio	 	  	Non-US$ Flows As
% Of All Currency
Flows	 
	             , 20     –
            , 20    
	  	$	                	  	  	$	                	  	  	 	            :1x	  	  	 	                	% 
	             , 20     –
            , 20    
	  	$	                	  	  	$	                	  	  	 	            :1x	  	  	 	                	% 

  

	G)	EARLY AMORTIZATION EVENTS/DEFAULTS 

  

	 	1)	Has an Early Amortization Event occurred with respect to any Series during previous month (or any other month that was not reported)? 

Yes              No
        . If yes, explain. 
  

	 	2)	Has a Default occurred with respect to any Series during previous month (or any other month that was not reported)? 

Yes              No
        . If yes, explain. 
  

	 	3)	Is the Coverage Reserve Account currently being funded? If yes, explain. 

 

	H)	CURRENT RATINGS 

					
	 Moody’s:
	 	
             
    
	 	
	 Fitch:
	 	  
	 	

 EXHIBIT C 
 FORM OF SERVICER’S CERTIFICATE 
 [Letterhead of the Servicer]

 Each of
                     and
                     hereby certifies that he/she is an Authorized Officer of National Commercial Bank Jamaica Limited (the
“Servicer”), holding the office set forth beneath his/her signature and that he/she is duly authorized to execute this Servicer’s Certificate on behalf of the Servicer and further certifies that (based upon a review of the
activities of the Servicer made under his/her supervision): (a) the information set forth in the Servicing Report attached hereto as Annex A is true and correct in all material respects as of the date thereof and (b) the Servicer
has, to the best of his/her knowledge, fully performed its obligations under the Servicing Agreement [or, if it has not, specify the relevant facts and what actions have been and will be taken with respect thereto]. 

 

			
	 NATIONAL COMMERCIAL BANK JAMAICA LIMITED,

as Servicer

		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

Dated:                        
                 

 EXHIBIT D 
 FORM OF REQUIRED AMOUNT CALCULATION REPORT 
 REQUIRED AMOUNT
CALCULATION REPORT 
 For the period of
                 (the “Reporting Quarterly Period”) 
 Allocations to be made pursuant to Section 4.2 of 
 the Indenture during the
Quarterly Period commencing on                      1, 20     

 

							
	 (a)
	  	 Indenture Trustee and Trustee Fees
	  	$	                    	  
		  		  	  
	  
	 
	 (b)
	  	Servicing Fees to third-party Servicer	  			
		  		  	  
	  
	 
	 (c)
	  	Enhancement premium and fees; Reserve LC fees; Reserve LC reimbursements; Enhancement reimbursements; Hedge Provider payments; and Quarterly Interest (Senior Series
only)	  			
		  		  	  
	  
	 
	 (d)
	  	Quarterly Amortization Amounts and reimbursement of Reserve LCs, Reserve Accounts and Enhancement for previously funded Quarterly Amortization Amounts (Senior Series
only)	  			
		  		  	  
	  
	 
	 (e)
	  	Originator Note payments; principal pre-payments on Notes and reimbursement of Reserve LCs, Reserve Accounts and Enhancement for previously funded principal on Notes (Senior
Series only; Early Amortization Period only)	  			
		  		  	  
	  
	 
	 (f)
	  	Other payments relating to Notes (other than Additional Amounts) (Senior Series only)	  			
		  		  	  
	  
	 
	 (g)
	  	Additional Amounts (Senior Series only)	  			
		  		  	  
	  
	 
	 (h)
	  	Enhancement premium and fees; Reserve LC fees; Reserve LC reimbursements; Enhancement reimbursements; Hedge Provider payments; and Quarterly Interest (Subordinated Series
only)	  			
		  		  	  
	  
	 
	 (i)
	  	Quarterly Amortization Amounts and reimbursement of Reserve LCs, Reserve Accounts and Enhancement for previously funded Quarterly Amortization Amounts (Subordinated Series
only)	  			
		  		  	  
	  
	 
	 (j)
	  	Originator Note payments; principal pre-payments on Notes and reimbursement of Reserve LCs, Reserve Accounts and Enhancement for previously funded principal on Notes
(Subordinated Series only; Early Amortization Period only)	  			
		  		  	  
	  
	 
	 (k)
	  	Other payments relating to Notes (other than Additional Amounts) (Subordinated Series only)	  			
		  		  	  
	  
	 
	 (l)
	  	Additional Amounts (Subordinated Series only)	  			
		  		  	  
	  
	 
	 (m)
	  	SPC administrative costs	  			
		  		  	  
	  
	 
	 (n)
	  	Originator Note payments	  			
		  		  	  
	  
	 
	 Retained Amount (if applicable)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00204-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00204-of-00352.parquet"}]]