Document:

Exhibit

Exhibit 4.2

TELENET ADDITIONAL FACILITY AQ ACCESSION AGREEMENT
TERM LOAN AQ FACILITY
		
	To:
	The Bank of Nova Scotia as Facility Agent and KBC Bank NV as Security Agent

		
	From:
	The persons listed in Schedule 1 to this Telenet Additional Facility AQ Accession Agreement (the Telenet Additional Facility AQ Lenders, such defined term to include any lender which becomes a New Lender in respect of the Term Loan AQ Facility, by the execution by the Facility Agent of a Transfer Certificate (or a Transfer Certificate substantially in the form of Schedule 3A (Transfer Certificate (Cash)) or Schedule 3B (Transfer Certificate (Cashless)) (as applicable)) to this Telenet Additional Facility AQ Accession Agreement)).

Date: 24 January 2020
TELENET BVBA1 - Credit Agreement 
dated 1 August 2007, as amended from time to time (the Credit Agreement)

		
	1.
	In this Agreement:

Borrower has the meaning given to it in paragraph 16. 
Existing Interest Period means the Term which is current in respect of the outstanding Term Loan AO Facility Loan as at the first Utilisation Date in respect of the Term Loan AQ Facility Loan.
Existing Security Provider means each of Telenet BVBA (the Company), the Borrower, Telenet Financing USD LLC, Telenet Group Holding NV, having its registered office at Neerveldstraat 107, B-1200 Sint-Lambrechts-Woluwe, Belgium and registered with the Crossroads Bank for Enterprises under number 0477.702.333 (RPR/RPM Brussels) and Telenet Group NV2, having its registered office at Neerveldstraat 107, B-1200 Sint-Lambrechts-Woluwe, Belgium and registered with the Crossroads Bank for Enterprises under number 0462.925.669 (RPR/RPM Brussels).
Fee Letter means the fee letter dated 21 January 2020 entered into between the Borrower, the Company, the Mandated Lead Arrangers and the Underwriters (each as defined therein). 
Liberty Global Reference Agreement means any or all of (i) the credit agreement dated 5 March 2015 between (among others) Ziggo Secured Finance B.V. as SPV borrower and The Bank of Nova Scotia as facility agent; (ii) the credit agreement dated 24 May 2019 between (among others) DLG Acquisitions Limited as parent and National Westminster Bank plc as facility agent; (iii) the credit agreement dated 7 June 2013 between, among others, Virgin Media Investment Holdings Limited as company and The Bank of Nova Scotia as facility agent; (iv) Annex I (Additional Definitions) and Annex II (Covenants) of the credit agreement dated 16 May 2016 entered into between, among others, LGE Coral Holdco Limited as finco, Sable International Finance Limited and Coral-US Co-Borrower LLC as initial borrowers and The Bank of Nova Scotia as administrative agent and (to the extent not covered in the Annexes) the specific provisions relating to that credit agreement set out in Schedule 4 (Amendments, Waivers, Consents and Other Modifications) to Schedule 11 (Eighth  Amendments, Waivers, Consents and Other Modifications) of this Agreement; (v) the credit agreement dated 6 October 2016 in respect of the advance of certain proceeds of the £350,000,000 5.5% receivables financing notes due 2024

_______________________

1 Formerly known as Telenet Bidco NV and subsequently Telenet NV following the merger of Telenet NV into Telenet Bidco and subsequently Telenet BVBA following the conversion into a BVBA.
2 Formerly known as Telenet Group BVBA and prior to that BASE Company NV.

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issued by Virgin Media Receivables Financing Notes I Designated Activity Company; (vi) the indenture dated 29 January 2015 in respect of the $400,000,000 5.875% senior notes due 2025 and €950,000,000 4.625% senior notes due 2025 issued by Ziggo Bond Finance B.V.; (vii) the credit agreement dated 16 December 2016 between (among others) UPC Broadband Holding B.V. as borrower and The Bank of Nova Scotia as facility agent; (viii) the indenture dated 16 August 2017 in respect of the $700,000,000 6.875% senior notes due in 2027 issued by C&W Senior Financing Designated Activity Company; (ix) the indenture dated 18 October 2017 in respect of the $550,000,000 5.500% senior notes due 2028 issued by UPC Holding B.V.; (x) the indenture dated 13 December 2017 in respect of the $1,000,000,000 5.500% senior secured notes due 2028 and €600,000,000 3.500% senior secured notes due 2028 issued by Telenet Finance Luxembourg Notes S.à r.l.; (xi) the £301,000,000 facilities agreement dated 4 April 2018 between (among others) Virgin Media Investment Holdings Limited as borrower, Virgin Media Receivables Financing Notes II Designated Activity Company as lender and The Bank of New York Mellon, London Branch acting as administrator; (xii) the indenture dated 15 October 2019 in respect of the £400,000,000 4.250% senior secured notes due 2030 issued by Virgin Media Secured Finance PLC; (xiii) the indenture dated 28 October 2019 in respect of $500,000,000 aggregate principal amount of 4.875% senior secured notes due 2030 and €425,000,000 aggregate principal amount of 2.875% senior secured notes due 2030 issued by Ziggo B.V.; and (xiv) the €501,700,000 facilities agreement dated 4 November 2019 between (among others) VZ Financing I B.V. as borrower, VZ Vendor Financing B.V. as lender and The Bank of New York Mellon, London Branch acting as administrator, (in each case as amended from time to time up to the date of this Agreement).
Majority Term Loan AQ Facility Lenders means Telenet Additional Facility AQ Lenders, the aggregate of whose Term Loan AQ Facility Commitments exceeds 50 per cent. of the aggregate of the Term Loan AQ Facility Commitments of all Telenet Additional Facility AQ Lenders.
Term Loan AO Facility Loan means each Advance made to the Borrower by the lenders under the Term Loan AO Facility as upsized by each of the Term Loan AO2 Facility and Term Loan AO3 Facility (each as defined in the Additional Facility AO3 Accession Agreement dated 3 October 2019 between, among others, the Borrower and the Facility Agent).
Term Loan AQ Facility means the €1,110,000,000 term loan facility made available to the Borrower by the Telenet Additional Facility AQ Lenders under this Agreement.
Term Loan AQ Facility Commitment means, in relation to a Telenet Additional Facility AQ Lender, the amount in euros set opposite its name under the heading “Term Loan AQ Facility Commitment” in Schedule 1 of this Agreement, and any such Term Loan AQ Commitment transferred to or assumed by it under the Credit Agreement, in each case, to the extent not cancelled, transferred, or reduced under the Credit Agreement.
Term Loan AQ Facility Loan means any Advance made available to the Borrower by the Telenet Additional Facility AQ Lenders under the Term Loan AQ Facility.
		
	2.
	Unless otherwise defined in this Agreement, terms defined in the Credit Agreement shall have the same meaning in this Agreement and a reference to a Clause is a reference to a Clause of the Credit Agreement.  The principles of construction set out in Clause 1.2 (Construction) of the Credit Agreement apply to this Agreement as though they were set out in full in this Agreement.

		
	3.
	We refer to Clause 2.2 (Telenet Additional Facility) of the Credit Agreement. This Agreement is a Telenet Additional Facility for the purposes of the Credit Agreement. 

		
	4.
	This Agreement will take effect on the date on which the Facility Agent notifies the Borrower and the Telenet Additional Facility AQ Lenders that it has received the documents and evidence set out in Schedule 2 of this Agreement, in each case in form and substance satisfactory to it (acting reasonably) or, as the case may be, the requirement to provide any of such documents or evidence has been waived by the Facility Agent on behalf of the Majority Term Loan AQ Facility Lenders (the Effective Date). The Facility Agent must give this notification to the Borrower and the Telenet Additional Facility AQ Lenders promptly upon being so satisfied.

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	5.
	We, the Telenet Additional Facility AQ Lenders, agree to:

		
	(a)
	become party to and to be bound by the terms of the Credit Agreement as Lenders in accordance with Clause 2.2 (Telenet Additional Facility) of the Credit Agreement; and

		
	(b)
	become party to the Intercreditor Agreement as Senior Lenders for the purposes of the Intercreditor Agreement (and as defined therein) and confirm that, as from the date of this Agreement, we intend to be party to the Intercreditor Agreement as a Senior Lender and undertake to perform all the obligations expressed in the Intercreditor Agreement to be assumed by a Senior Lender and agree that we shall be bound by all the provisions of the Intercreditor Agreement, as if we had been an original party to the Intercreditor Agreement.

		
	6.
	The Telenet Additional Facility Commitment in relation to a Telenet Additional Facility AQ Lender (for the purpose of the definition of Telenet Additional Facility Commitment in Clause 1.1 (Definitions) of the Credit Agreement) is its Term Loan AQ Facility Commitment.

		
	7.
	Any interest due in relation to the Term Loan AQ Facility will be payable on the last day of each Term and otherwise in accordance with Clause 11 (Interest) of the Credit Agreement.

		
	8.
	The Availability Period for the Term Loan AQ Facility shall be the period from and including the Effective Date up to and including 45 Business Days thereafter or such other date agreed between the Telenet Additional Facility AQ Lenders and the Company.

		
	8A.
	Subject to the terms of this Agreement, the Telenet Additional Facility AQ Lenders make available to the Borrower a term loan facility in an amount equal to the aggregate of the Term Loan AQ Facility Commitments.

		
	9.
	The Term Loan AQ Facility may be drawn by up to two Advances (or any other number of Advances agreed between the Telenet Additional Facility AQ Lenders and the Company) and no more than two Requests (or any other number of Requests agreed between the Telenet Additional Facility AQ Lenders and the Company) may be made in respect of the Term Loan AQ Facility under the Credit Agreement. 

		
	10.
	The Term Loan AQ Facility Loans will be used for general corporate purposes and/or working capital purposes, including without limitation, the redemption, refinancing, repayment or prepayment of existing indebtedness of any member of the Group and/or the payment of any fees and expenses in connection with the Term Loan AQ Facility or other transactions related thereto.

		
	11.
	The Final Maturity Date in respect of this Term Loan AQ Facility will be 30 April 2029 or such other date agreed between the Telenet Additional Facility AQ Lenders and the Company.

		
	12.
	The outstanding Term Loan AQ Facility Loans will be repaid in full on the Final Maturity Date in respect of the Term Loan AQ Facility.

		
	13.
	The Margin in relation to the Term Loan AQ Facility is 2.25 per cent. per annum or such other rate agreed between the Telenet Additional Facility AQ Lenders and the Company.

		
	14.
	The first Term to apply to each Term Loan AQ Facility Loan will be a period running from the first Utilisation Date in respect of that Term Loan AQ Facility Loan up to (but excluding) the last Business Day of the Existing Interest Period. 

		
	15.
	The interest on the Term Loan AQ Facility will accrue and be payable in accordance with Clause 11.1 (Calculation of Interest) of the Credit Agreement, and will be the sum of EURIBOR and the applicable Margin. For the avoidance of doubt, each party to this Agreement accepts and acknowledges that EURIBOR has the meaning given to it under Clause 1.1 (Definitions) of the Credit Agreement provided that if EURIBOR as determined in accordance with that definition is less than zero, it shall be deemed to be zero and, provided further that, in relation to the first Term to apply to each Term Loan AQ Facility Loan, EURIBOR shall mean the EURIBOR rate calculated for the Existing Interest Period. 

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	16.
	The Borrower in relation to the Term Loan AQ Facility shall be Telenet International Finance S.à r.l. (the Borrower), a private limited liability company (société à responsabilité limitée), incorporated under the laws of Luxembourg, with its registered office at 11 rue de l’industrie, L-8399 Windhof, Grand Duchy of Luxembourg, and registered with the Luxembourg trade and companies register under number B 155.066.

		
	17.
	Each Term Loan AQ Facility Loan shall be issued at par.

		
	18.
	If on or prior to the date falling 6 months after the date of this Agreement (but not otherwise) the Borrower:

		
	(a)
	makes any prepayment of the Term Loan AQ Facility in connection with any Repricing Transaction (as defined below) other than where such prepayment is funded by the issuance of notes by any Obligor, any member of the Group or a special purpose vehicle which on-lends the proceeds of such notes to a member of the Group; or

		
	(b)
	effects any amendment of this Agreement or the Credit Agreement resulting in a Repricing Transaction, other than, for the avoidance of doubt, any amendments contemplated in Schedule 4 (Amendments, Waivers, Consents and Other Modifications), Schedule 5 (Further Amendments, Waivers, Consents and Other Modifications), Schedule 6 (Additional Amendments, Waivers, Consents and Other Modifications), Schedule 7 (Fourth Amendments, Waivers, Consents and Other Modifications), Schedule 8 (Fifth Amendments, Waivers, Consents and Other Modifications), Schedule 9 (Sixth Amendments, Waivers, Consents and Other Modifications), Schedule 10 (Seventh Amendments, Waivers, Consents and Other Modifications) or Schedule 11 (Eighth Amendments, Waivers, Consents and Other Modifications) of this Agreement (the “Approved Amendments”) resulting in a Repricing Transaction,

the Borrower shall, in each case, pay to the Facility Agent, for the account of each applicable Telenet Additional Facility AQ Lender:
		
	(c)
	in the case of paragraph (a) above, a prepayment fee equal to 1.00 per cent. flat on the amount of that Telenet Additional Facility AQ Lender’s Term Loan AQ Facility Loan which is prepaid and such prepayment fee shall be due and payable on the date of such prepayment; and

		
	(d)
	in the case of paragraph (b) above, a prepayment fee equal to 1.00 per cent. flat on the aggregate amount of the Term Loan AQ Facility Loans of each Telenet Additional Facility AQ Lender that shall have been the subject of a mandatory assignment under the Credit Agreement following the failure of such Lender to consent to such amendment on or prior to the date falling 6 months after the date of this Agreement and such prepayment fee shall be due and payable on the effective date of such assignment.

In this paragraph:
“Repricing Transaction” means the prepayment or refinancing of all or a portion of the Term Loan AQ Facility Loans with any long term bank debt financing incurred for the primary purpose of repaying, refinancing, substituting or replacing the Term Loan AQ Facility Loans which have (or any amendment to this Agreement or the Credit Agreement which results in) an effective interest cost or weighted average yield (as determined by the Facility Agent consistent with generally accepted financial practice and, in any event, excluding any arrangement or commitment fees in connection therewith) that is less than the interest rate for or weighted average yield (as determined by the Facility Agent (acting reasonably) on the same basis) of the Term Loan AQ Facility Loans.
19.    
		
	(a)
	Provided that any upsizing of the Term Loan AQ Facility permitted under this paragraph 19 will not breach any term of the Credit Agreement, the Term Loan AQ Facility may be upsized by any amount, by the signing of one or more further Telenet Additional Facility AQ Accession Agreements, that specify (along with the other terms specified therein) Telenet International Finance S.à r.l. as the sole Borrower and which specify Additional Facility AQ Commitments denominated in euro, to be drawn in euro, with the same Final Maturity Date and Margin as specified in this Agreement.

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	(b)
	For the purposes of this paragraph 19 (unless otherwise specified), references to Term Loan AQ Facility Loans shall include Advances made under any such further and previous Additional Facility AQ Accession Agreement.

		
	(c)
	Where any Term Loan AQ Facility Loan has not already been consolidated with any other Term Loan AQ Facility Loan, on the last day of any Term for that unconsolidated Term Loan AQ Facility Loan, that unconsolidated Term Loan AQ Facility Loan will be consolidated with any other unconsolidated Term Loan AQ Facility Loan which has a Term ending on the same day as that unconsolidated Term Loan AQ Facility Loan, and all such Term Loan AQ Facility Loans will then be treated as one Advance under the Term Loan AQ Facility.

		
	20.
	For the purposes of any amendment or waiver, consent or other modification (including, with respect to any existing Default or Event of Default) that may be sought by the Company under the Credit Agreement or any other Finance Document on or after the date of this Agreement, each Telenet Additional Facility AQ Lender hereby consents (in its capacity as a Lender from time to time under the Credit Agreement and, if it is a Hedge Counterparty, in its capacity as a Hedge Counterparty), and agrees to procure that, unless it is prohibited from doing so, any of its Affiliates or related funds that are Lenders under a Revolving Facility or Hedge Counterparties consent (in their capacity as Lenders under a Revolving Facility or Hedge Counterparties, as applicable) to any and all of the following:

		
	(a)
	any and all amendments contemplated by the Approved Amendments; 

		
	(b)
	any consequential amendment, waiver, consent or other modification, whether effected by one instrument or through a series of amendments, to the Credit Agreement or any other Finance Document to be made either to implement the Approved Amendments or to conform any Finance Document to the Approved Amendments; and/or

		
	(c)
	any other amendment, waiver, consent or modification, whether effected by one instrument or through a series of amendments, to the Credit Agreement or any other Finance Document to be made to conform any Finance Document to any Liberty Global Reference Agreement (provided that any amendment, waiver, consent or modification to conform the Credit Agreement or any other Finance Document to any Liberty Global Reference Agreement referred to at paragraphs (iv) to (vi) and (viii) to (xiv) of that definition, shall be limited to those that are mechanical in nature unless specifically referenced in the Approved Amendments and, in each case, any consequential amendments, waivers, consents or modifications),

and this Agreement shall constitute the irrevocable and unconditional written consent of each Telenet Additional Facility AQ Lender (in the capacity of a Lender, and, if it is a Hedge Counterparty, in the capacity of a Hedge Counterparty) and the agreement of each Telenet Additional Facility AQ Lender to procure, unless it is prohibited from doing so, that each of its Affiliates and related funds that is a Lender under a Revolving Facility or a Hedge Counterparty provides irrevocable and unconditional written consent in that capacity in respect of such amendments, waivers, consents or other modifications to the Finance Documents for the purposes of Clause 28 (Amendments and Waivers) of the Credit Agreement, and Clause 28 (Consents, Amendments and Override) of the Intercreditor Agreement (as applicable), and any clause in any other Finance Document relating to amendments of that Finance Document, without any further action required on the part of any party thereto.
		
	21.
	Each Telenet Additional Facility AQ Lender waives (in its capacity as a Lender from time to time under the Credit Agreement and, if it is a Hedge Counterparty, in its capacity as a Hedge Counterparty), and agrees to procure, unless it is prohibited from doing so, that any of its Affiliates and related funds that are Lenders under a Revolving Facility or Hedge Counterparties waive (in their capacity as Lenders under a Revolving Facility or as Hedge Counterparties, as applicable) receipt of any fee in connection with the foregoing consents, notwithstanding that other consenting Lenders under the Credit Agreement or Hedge Counterparties under the Intercreditor Agreement may be paid a fee in consideration of such Lenders’ or Hedge Counterparties’ consent to any or all of the foregoing amendments, waivers, consents or other modifications.

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	22.
	Each Telenet Additional Facility AQ Lender hereby acknowledges and agrees (in its capacity as a Lender from time to time under the Credit Agreement and, if it is a Hedge Counterparty, in its capacity as a Hedge Counterparty) and agrees to procure, unless it is prohibited from doing so, that any of its Affiliates and related funds that are Lenders under a Revolving Facility or Hedge Counterparties acknowledge and agree (in their capacity as Lenders under a Revolving Facility or Hedge Counterparties, as applicable) that the Facility Agent and/or the Security Agent may, but shall not be required to, send to it any further formal amendment request in connection with all, or any of the proposed amendments referred to under paragraph 20 above and the Facility Agent and/or the Security Agent (as applicable) shall be authorised to consent on behalf of it, as a Lender under one or more Facilities or Telenet Additional Facilities and as a Hedge Counterparty under the Intercreditor Agreement, to any such proposed amendments set out under paragraph 20 above (and the Facility Agent and/or the Security Agent shall be authorised to enter into any necessary documentation in connection with the same), and such consent shall be taken into account in calculating whether the Majority Lenders, or the relevant requisite Lenders, or the Hedge Counterparties, have consented to the relevant amendment, waiver or other modification in accordance with Clause 28 (Amendments and Waivers) of the Credit Agreement, and Clause 28 (Consents, Amendments and Override) of the Intercreditor Agreement (as applicable), and any clause relating to amendments in any other Finance Document.

		
	23.
	On the first Utilisation Date in respect of the Term Loan AQ Facility, the Borrower confirms, on behalf of itself and the Company confirms on behalf of itself and each other Obligor, that the Repeating Representations required to be made with respect to Utilisations are true and correct in all material respects as if made at the first Utilisation Date  in respect of the Term Loan AQ Facility with reference to the facts and circumstances then existing, and as if each reference to the Finance Documents includes a reference to this Agreement.

		
	24.
	[Reserved]. 

		
	25.
	Each of the Guarantors party to this Agreement confirms that its obligations under Clause 17 (Guarantee and Indemnity) of the Credit Agreement and each of the Existing Security Providers party to this Agreement confirms that the Security Interests created pursuant to the Security Documents and its obligations under the Finance Documents, shall continue unaffected and that such obligations extend to the Total Commitments as increased by the addition of the Term Loan AQ Facility and that such obligations shall be owed to each Finance Party including the Telenet Additional Facility AQ Lenders. 

		
	26.
	Each Telenet Additional Facility AQ Lender confirms to each Finance Party that:

		
	(a)
	it has made its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities in connection with its participation in the Credit Agreement and has not relied on any information provided to it by a Finance Party in connection with any Finance Document; and

		
	(b)
	it will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities while any amount is or may be outstanding under the Credit Agreement or any Telenet Additional Facility Commitment is in force.

		
	27.
	Each of the Telenet Additional Facility AQ Lenders agrees that, without prejudice to Clause 29.4 (Procedure for Transfer by way of Novation) of the Credit Agreement, each New Lender (as defined in the Transfer Certificate referred to below) shall become, by the execution by the Facility Agent of a Transfer Certificate (or a Transfer Certificate substantially in the form of Schedule 3A (Transfer Certificate (Cash)) or Schedule 3A (Transfer Certificate (Cashless)), as applicable, to this Agreement), bound by the terms of this Agreement as if it were an original party hereto as a Telenet Additional Facility AQ Lender and shall acquire the same rights, grant the same consents and assume the same obligations towards the other parties to this Agreement as would have been acquired, granted and assumed had the New Lender been an original party to this Agreement as a Telenet Additional Facility AQ Lender.

		
	28.
	The Facility Office and address for notices of each Telenet Additional Facility AQ Lender for the purposes of Clause 36.2 (Contact Details) of the Credit Agreement will be that notified by each Telenet Additional Facility AQ Lender to the Facility Agent.

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	29.
	For the purposes of the Term Loan AQ Facility and any Term Loan AQ Facility Loan, and notwithstanding any provision of a Finance Document to the contrary:  

		
	(a)
	The following defined terms shall have the following meanings in the Finance Documents:

Luxembourg means the Grand Duchy of Luxembourg;
Luxembourg Guarantor means a Guarantor incorporated in Luxembourg; and
Luxembourg Obligor means an Obligor incorporated in Luxembourg.
		
	(b)
	Where they relate to a Luxembourg company, references in the Finance Documents to: 

		
	(i)
	a winding-up, administration or dissolution includes, without limitation, bankruptcy (faillite), insolvency, voluntary or judicial liquidation (liquidation volontaire ou judiciaire), composition with creditors (concordat préventif de faillite), reprieve from payment (sursis de paiement), controlled management (gestion contrôlée), fraudulent conveyance (actio pauliana), general settlement with creditors, reorganisation or similar laws affecting the rights of creditors generally; 

		
	(ii)
	a receiver, administrative receiver, administrator or the like includes, without limitation, a juge délégué, commissaire, juge-commissaire, liquidateur or curateur; 

		
	(iii)
	a security interest includes any hypothèque, nantissement, gage, privilege, sûreté réelle, droit de rétention and any type of real security or agreement or arrangement having a similar effect and any transfer of title by way of security; and 

		
	(iv)
	a person being unable to pay its debts includes that person being in a state of cessation of payments (cessation de paiements).

		
	(c)
	Any guarantee given by any Luxembourg Guarantor does not constitute a suretyship (cautionnement) in the sense of articles 2011 and subsequent of the Luxembourg civil code.

		
	(d)
	The maximum liability of any Luxembourg Guarantor under the Finance Documents shall be limited so that the maximum amount payable by the relevant Luxembourg Guarantor for the obligations of any Obligor, which is not a direct or indirect Subsidiary of such Luxembourg Guarantor, hereunder shall at no time exceed the Maximum Amount.

Maximum Amount of any Luxembourg Guarantor means the sum of an amount equal to the aggregate (without duplication) of: 
		
	(i)
	all moneys received by that Luxembourg Guarantor or direct or indirect Subsidiaries of that Luxembourg Guarantor (which are direct or indirect Subsidiaries of that Luxembourg Guarantor on the date hereof or which will be direct or indirect Subsidiaries of that Luxembourg Guarantor hereafter) as borrower under or pursuant to the Finance Documents; and 

		
	(ii)
	the aggregate amount of the outstanding intercompany loans made to the Luxembourg Guarantor or direct or indirect Subsidiaries of that Luxembourg Guarantor (which are direct or indirect Subsidiaries of that Luxembourg Guarantor on the date hereof or which will be direct or indirect Subsidiaries of that Luxembourg Guarantor hereafter) by other members of the Group which have been funded with moneys received by the Borrowers under the Finance Documents (the Loan Amount); and

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	(iii)
	an amount equal to 95% of the greater of: 

		
	(A)
	the market value of the assets of the Luxembourg Guarantor at the time the guarantee is called less the Liabilities, other than the Loan Amount, at the time the guarantee is called; and 

		
	(B)
	the market value of the assets of the Luxembourg Guarantor at the date of this Agreement less the Liabilities, other than the Loan Amount, at the time the guarantee is called. 

Liabilities means all existing liabilities (other than any liabilities owed to the direct or indirect shareholders of the Luxembourg Guarantor) incurred, from time to time, by the Luxembourg Guarantor and as reflected, from time to time, in the books of the Luxembourg Guarantor. 
If the parties to this Agreement fail to reach an agreement as to the market value of the assets as referred to under paragraph (iii) above, such market value shall be determined, at the sole cost of the Luxembourg Guarantor (provided such costs are properly and reasonably incurred and documented), by (1) an independent investment bank appointed for this purpose by the Finance Parties or (2) a Luxembourg réviseur d’entreprises agréé appointed upon the request of any of the Finance Parties.
		
	(e)
	Telenet International Finance S.à r.l. hereby expressly accepts and confirms, for the purposes of Articles 1278 and 1281 of the Luxembourg Civil Code, that notwithstanding any assignment, transfer and/or novation permitted under, and made in accordance with the provisions of this Agreement or the Finance Documents, the guarantee given by it guarantees all obligations of each Luxembourg Obligor (including without limitation, all obligations with respect to all rights and/or obligations so assigned, transferred or novated) and any security created under this Agreement or the Finance Documents shall be preserved for the benefit of any New Lender and each Luxembourg Obligor hereby accepts and confirms the aforementioned.

		
	(f)
	Qualifying Lender means, in the case of a Luxembourg Borrower, a Lender which is entitled to receive interest payments free of withholding tax levied pursuant to the Luxembourg law of 23 December 2005, as amended, introducing a withholding tax of 20% on payments of interest or similar income made or ascribed by a paying agent established in Luxembourg to or for the benefit of an individual beneficial owner who is resident of Luxembourg or, in the case of any other Borrower, has the meaning given to that term in the Credit Agreement.

		
	30.
	Each Existing Security Provider (other than the Company) irrevocably appoints the Company to act as its agent:

(a)    to give and receive all communications under the Finance Documents;
(b)    to supply all information concerning itself to any Finance Party; and
(c)    to sign all documents under or in connection with the Finance Documents.
Any communication given to the Company in connection with a Finance Document will also be deemed to have been given to the other Existing Security Providers and each Finance Party may assume that any communication made by the Company is made with the consent of the other Existing Security Providers. 
		
	31.
	If a term of this Agreement is or becomes illegal, invalid or unenforceable in any respect under any jurisdiction, that will not affect:

		
	(a)
	the legality, validity or enforceability in that jurisdiction of any other term of this Agreement; or

		
	(b)
	the legality, validity or enforceability in other jurisdictions of that or any other term of this Agreement. 

		
	32.
	This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.

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	33.
	Clause 39.1 (Jurisdiction) of the Credit Agreement is incorporated into this Agreement as if set out in full and as if references in that clause to a “Finance Document” are references to this Agreement.

		
	34.
	This Agreement may be executed in any number of counterparts, and by each party on separate counterparts.  Each counterpart is an original, but all counterparts shall together constitute one and the same instrument.  Delivery of an executed counterpart signature page of this Agreement by e-mail (PDF) or telecopy shall be as effective as delivery of a manually executed counterpart of this Agreement.

		
	35.
	This Agreement is a Creditor Accession Undertaking as defined in the Intercreditor Agreement.

THIS AGREEMENT is executed and delivered as a Deed on the date stated at the beginning of this Agreement.

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SCHEDULE 1
TELENET ADDITIONAL FACILITY AQ LENDERS AND TERM LOAN AQ FACILITY COMMITMENTS

	
		
	Telenet Additional Facility AQ Lender
	Term Loan AQ Facility Commitment 

	The Bank of Nova Scotia
	1,110,000,000

	 
	 

	Total
	€1,110,000,000

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SCHEDULE 2
CONDITIONS PRECEDENT DOCUMENTS
		
	1.
	Obligors

		
	(a)
	A copy of the articles of association or equivalent constitutional documents of each Obligor and each Existing Security Provider.

		
	(b)
	A copy of a resolution of the board of directors or equivalent of each Obligor and each Existing Security Provider approving the terms of, and the transactions contemplated by, this Agreement and any other Finance Documents to which it is, or will become, a party.

		
	(c)
	A specimen of the signature of each person authorised on behalf of each Obligor and each Existing Security Provider to execute or witness the execution of this Agreement and any other Finance Document or to sign or send any document or notice in connection with this Agreement and any other Finance Document.

		
	(d)
	An up-to-date extract from the Luxembourg Trade and Companies Register in respect of each Obligor and each Existing Security Provider incorporated in Luxembourg or, to the extent such Obligor or Existing Security Provider is not registered with the Luxembourg Trade and Companies Register, a certificate from a notary residing in Luxembourg.

		
	(e)
	An up-to-date negative certificate (certificat de non-inscription d'une decision judiciaire) issued by the Luxembourg Trade and Companies register in respect of each Obligor and each Existing Security Provider incorporated in Luxembourg or, to the extent such Obligor or Existing Security Provider is not registered with the Luxembourg Trade and Companies Register, a certificate on solvency of an authorised signatory of the relevant Obligor or Existing Security Provider (as applicable).

		
	(f)
	A certificate of an authorised signatory of the Company:

		
	(i)
	confirming that utilising the Total Commitments (including the Term Loan AQ Facility Commitments) in full would not breach any limit binding on any Obligor or Existing Security Provider; and

		
	(ii)
	certifying that each copy document specified in this Schedule 2 is correct, complete and in full force and effect as at a date no earlier than the date of this Agreement.

		
	2.
	Legal opinions

		
	(a)
	A legal opinion of Allen & Overy LLP, English legal advisers to the Facility Agent, addressed to the Finance Parties.

		
	(b)
	A legal opinion of Allen & Overy (Belgium) LLP, Belgian legal advisers to the Facility Agent, addressed to the Finance Parties.

		
	(c)
	A legal opinion of Allen & Overy, société en commandite simple (Luxembourg), Luxembourg legal advisers to the Facility Agent, addressed to the Finance Parties.

		
	(d)
	A legal opinion of Ropes & Gray International LLP, Delaware legal advisers to the Obligors and Existing Security Providers, addressed to the Finance Parties.

		
	3.
	Other Documents

		
	(a)
	A duly executed copy of the Fee Letter. 

11

SCHEDULE 3A
TRANSFER CERTIFICATE (CASH)
		
	To:
	The Bank of Nova Scotia as Facility Agent and Telenet International Finance S.à r.l. as Borrower

		
	From:
	[THE EXISTING LENDER] and [THE NEW LENDER]

Date:                                  2020
Telenet BVBA3 - credit facilities agreement originally dated August 1, 2007 (as amended and restated from time to time), by and among Telenet BVBA and The Bank of Nova Scotia (originally BNP Paribas and then Toronto Dominion (Texas) LLC) as facility agent and KBC Bank NV as security agent (the Credit Agreement)
Unless otherwise defined herein, terms defined in the Credit Agreement have the same meanings when used in this Transfer Certificate, or, if not defined in the Credit Agreement, terms defined in the Telenet Additional Facility AQ Accession Agreement (as defined below), have the same meaning in this Transfer Certificate.
We refer to: 
		
	(a)
	Clause 29.4 (Procedure for Transfer by Way of Novations) of the Credit Agreement;

		
	(b)
	Clause 22.3 (Change of Senior Lender, Pari Passu Creditors, Second Lien Lender and Noteholders) of the Intercreditor Agreement; and

		
	(c)
	the Telenet Additional Facility Accession Agreement dated [l] 2020, pursuant to which a [€][l] term loan facility is made available to the Borrower as a Telenet Additional Facility (Term Loan AQ Facility) under the Credit Agreement (the Telenet Additional Facility AQ Accession Agreement).

		
	1.
	We, [       ] (the Existing Lender) agree to novate and we, [     ] (the New Lender) agree to accept novation of all the Existing Lender's rights and obligations referred to in the Schedule on and from the Effective Date in accordance with Clause 29.4 (Procedure for Transfer by Way of Novations) of the Credit Agreement and Clause 22.3 (Change of Senior Lender, Pari Passu Creditors, Second Lien Lender and Noteholders) of the Intercreditor Agreement.

		
	2.
	The New Lender confirms that it is bound by the terms of the Telenet Additional Facility AQ Accession Agreement from the Effective Date as if it were an original party thereto as a Telenet Additional Facility AQ Lender and shall acquire the same rights, grant the same consents and assume the same obligations towards the other parties to the Telenet Additional Facility AQ Accession Agreement as would have been acquired, granted and assumed had the New Lender been an original party to the Telenet Additional Facility AQ Accession Agreement as a Telenet Additional Facility AQ Lender.

		
	3.
	For the purposes of Articles 1278 and 1281 of the Luxembourg Civil Code and Article 1278 of the Belgian Civil Code, each of the Existing Lender, the Facility Agent, the New Lender and the Security Agent agree and each of the Existing Security Providers and Guarantors acknowledge and accept that the Security Documents will be preserved for the benefit of the New Lender in accordance with Clause 29.4 (Procedure for transfer by way of novations) of the Credit Agreement. 

_______________________

3 Formerly known as Telenet Bidco NV and subsequently Telenet NV following the merger of Telenet NV into Telenet Bidco and subsequently Telenet BVBA following the conversion into a BVBA.

12

		
	4.
	The New Lender represents on the date of this Transfer Certificate that:

		
	(a)
	it is a Qualifying Lender; and

		
	(b)
	it is not a Lender that has met the conditions described in any of paragraphs (a) to (c) of Clause 12.6 (U.S. Taxes) of the Credit Agreement. 

		
	5.
	This Transfer Certificate shall take effect on the date of this Transfer Certificate.

		
	6.
	For the purposes of this Transfer Certificate, Effective Date means the date specified under the Facility Agent’s name in the relevant signature page to this Transfer Certificate.

		
	7.
	Each party to this document agrees, the Facility Agent agrees on behalf of each Finance Party, and Telenet BVBA agrees on behalf of each Obligor, that this document is a Transfer Certificate notwithstanding that its form is different to that required by the Credit Agreement.

		
	8.
	We, the New Lenders, agree to become party to the Intercreditor Agreement as Senior Lenders (as defined therein) for the purposes of the Intercreditor Agreement and confirm that, as from the date of this Transfer Certificate, we intend to be party to the Intercreditor Agreement as a Senior Lender and undertake to perform all the obligations expressed in the Intercreditor Agreement to be assumed by a Senior Lender and agree that we shall be bound by all the provisions of the Intercreditor Agreement, as if we had been an original party to the Intercreditor Agreement.

		
	9.
	This Transfer Certificate may be executed in any number of counterparts, and by each party on separate counterparts.  Each counterpart is an original, but all counterparts shall together constitute one and the same instrument.  Delivery of an executed counterpart signature page of this Transfer Certificate by e-mail (PDF) or telecopy shall be as effective as delivery of a manually executed counterpart of this Transfer Certificate.

		
	10.
	This Transfer Certificate and any non-contractual obligations arising out of or in connection with it are governed by English law.

13

THE SCHEDULE
Rights and obligations to be novated:
EXISTING LENDER
Existing Lender’s Term Loan AQ Facility Commitment: €[l]
Assignee: New Lender
    
NEW LENDER
		
	Facility Office
	   [           ]

Address for notices for administrative purposes     [            ]
Address for notices for credit purposes       [             ]
 

14

[The Existing Lender], as the Existing Lender

By:

Name:
Title

15

EXECUTED AS A DEED
[The New Lender], as the New Lender

By:
Name:
Title:

By:
Name:
Title:

16

TELENET BVBA, as Obligors agent

By:
Name:
Title:

17

TELENET BVBA, as Existing Security Providers agent

By:
Name:
Title:

18

THE BANK OF NOVA SCOTIA, as Facility Agent

By:
Name:
Title:
Date:
The Facility Agent confirms that the Effective Date is the date on which it and the Security Agent countersigns this Transfer Certificate.

19

KBC BANK NV, as Security Agent

By:
Name:
Title:
Date:

20

SCHEDULE 3B
TRANSFER CERTIFICATE (CASHLESS)
		
	To:
	The Bank of Nova Scotia as Facility Agent and Telenet International Finance S.à r.l. as Borrower

		
	From:
	[l]

Date:                                  2020
Telenet BVBA4 - credit facilities agreement dated August 1, 2007 (as amended and restated from time to time), by and among Telenet BVBA and The Bank of Nova Scotia (originally BNP Paribas and then Toronto Dominion (Texas) LLC) as facility agent and KBC Bank NV as security agent (the Credit Agreement)
Terms defined in the Credit Agreement have the same meanings when used in this Transfer Certificate, or, if not defined in the Credit Agreement, terms defined in the Telenet Additional Facility AQ Accession Agreement (as defined below), have the same meaning in this Transfer Certificate.
We refer to: 
		
	(a)
	Clause 29.4 (Procedure for Transfer by way of Novations) of the Credit Agreement;

		
	(b)
	Clause 22.3 (Change of Senior Lender, Pari Passu Creditors, Second Lien Lender and Noteholders) of the Intercreditor Agreement; and 

		
	(c)
	the Telenet Additional Facility Accession Agreement dated [l] 2020, pursuant to which a [€][l] term loan facility is made available to the Borrower as a Telenet Additional Facility (Term Loan AQ Facility) under the Credit Agreement (the Telenet Additional Facility AQ Accession Agreement).

		
	1.
	[l] (the Existing AO Lender) agrees to novate and [l] (the New AO Lender) agrees to accept novation on the Effective Date of all the Existing AO Lender's rights and obligations referred to in the Schedule in accordance with Clause 29.4 (Procedure for transfer by way of Novations) of the Credit Agreement and Clause 22.3 (Change of Senior Lender, Pari Passu Creditors, Second Lien Lender and Noteholders) of the Intercreditor Agreement.

		
	2.
	[l] (the Existing AQ Lender) agrees to novate and [l] (the New AQ Lender) agrees to accept the novation on the Effective Date of all the Existing AQ Lender's rights and obligations referred to in the Schedule in accordance with Clause 29.4 (Procedure for transfer by way of Novations) of the Credit Agreement and Clause 22.3 (Change of Senior Lender, Pari Passu Creditors, Second Lien Lender and Noteholders) of the Intercreditor Agreement.

		
	3.
	The aggregate Existing Term Loan AO Facility Commitment will be equal to the aggregate Existing Term Loan AQ Facility Commitment (each term as referred to in the Schedule to this Transfer Certificate). The Existing AO Lender's obligation to transfer the Existing Term Loan AO Facility Commitment to the New AO Lender and the Existing AQ Lender’s obligation to transfer the Existing Term Loan AQ Facility Commitment to the New AQ Lender, will each be deemed to be satisfied by the deemed transfer of the other, in each case on the Effective Date.

_______________________

4 Formerly known Formerly known as Telenet Bidco NV and subsequently Telenet NV following the merger of Telenet NV into Telenet Bidco and subsequently Telenet BVBA following the conversion into a BVBA.

21

		
	4.
	The New AO Lender confirms that it is bound by the terms of the Telenet Additional Facility AO Accession Agreement from the Effective Date as if it were an original party thereto as a Telenet Additional Facility Lender and shall acquire the same rights and assume the same obligations towards the other parties to the Telenet Additional Facility AO Accession Agreement as would have been acquired and assumed had the New AO Lender been an original party to the Telenet Additional Facility AO Accession Agreement as a Telenet Additional Facility Lender.

		
	5.
	The New AQ Lender confirms that it is bound by the terms of the Telenet Additional Facility AQ Accession Agreement from the Effective Date as if it were an original party thereto as a Term Loan AQ Facility Lender and shall acquire the same rights and assume the same obligations towards the other parties to the Telenet Additional Facility AQ Accession Agreement as would have been acquired and assumed had the New AQ Lender been an original party to the Telenet Additional Facility AQ Accession Agreement as a Term Loan AQ Facility Lender.

		
	6.
	For the purposes of Article 1278 and 1281 of the Luxembourg Civil Code and Article 1278 of the Belgian Civil Code:

		
	(a)
	the Existing AO Lender, the Facility Agent and the New AO Lender agree, and each of the Existing Security Providers and Guarantors acknowledge and accept, that the Security Documents will be preserved for the benefit of the New AO Lender, and

		
	(b)
	the Existing AQ Lender, the Facility Agent and the New AQ Lender agree, and each of the Existing Security Providers and Guarantors acknowledge and accept,  that the Security Documents will be preserved for the benefit of the New AQ Lender,

in each case in accordance with Clause 29.4 (Procedure for transfer by way of Novations) of the Credit Agreement. 
		
	7.
	The New AO Lender and the New AQ Lender each represents on the date of this Transfer Certificate that it is a Qualifying Lender.

		
	8.
	This Transfer Certificate shall take effect on the date of this Transfer Certificate.

		
	9.
	For the purposes of this Transfer Certificate, “Effective Date” means the date specified under the Facility Agent's name in the relevant signature page to this Transfer Certificate.

		
	10.
	Each party to this document agrees, the Facility Agent agrees on behalf of each Finance Party, and Telenet BVBA agrees on behalf of each Obligor, that this document is a Transfer Certificate notwithstanding that its form is different to that required by the Credit Agreement.

		
	11.
	This Transfer Certificate may be executed in any number of counterparts, and by each party on separate counterparts.  Each counterpart is an original, but all counterparts shall together constitute one and the same instrument.  Delivery of an executed counterpart signature page of this Transfer Certificate by e-mail (PDF) or telecopy shall be as effective as delivery of a manually executed counterpart of this Transfer Certificate.

		
	12.
	This Transfer Certificate and any non-contractual obligations arising out of or in connection with it are governed by English law.

22

THE SCHEDULE
Rights and obligations to be novated:
		
	1.
	Existing AO Lender

Existing Term Loan AO Facility Commitment: €
Transferee: New AO Lender
    
2.    Existing AQ Lender
Existing Term Loan AQ Facility Commitment: €
Transferee: New AQ Lender

23

[l], as the New AO Lender

By:
Name:
Title:

[l], as the Existing AQ Lender

By:
Name:
Title:

24

[l], as the Existing AO Lender

By:
Name:
Title:

[l], as the New AQ Lender

By:
Name:
Title:

25

TELENET BVBA, as Obligors agent

By:
Name:
Title:

TELENET BVBA, as Existing Security Providers agent

By:
Name:
Title:

26

THE BANK OF NOVA SCOTIA, as Facility Agent

By:
Name:
Title:
Date:
The Facility Agent confirms that the Effective Date is the date on which it countersigns this Transfer Certificate.

27

SCHEDULE 4
AMENDMENTS, WAIVERS, CONSENTS AND OTHER MODIFICATIONS
[INTENTIONALLY LEFT BLANK]

28

SCHEDULE 5
FURTHER AMENDMENTS, WAIVERS, CONSENTS AND OTHER MODIFICATIONS
[INTENTIONALLY LEFT BLANK]

29

SCHEDULE 6
ADDITIONAL AMENDMENTS, WAIVERS, CONSENTS AND OTHER MODIFICATIONS
[INTENTIONALLY LEFT BLANK]

30

SCHEDULE 7
FOURTH AMENDMENTS, WAIVERS, CONSENTS AND OTHER MODIFICATIONS

All references to Clauses, Paragraphs, Schedules and definitions contained in this Schedule 7 are to Clauses, Paragraphs, Schedules and definitions of the Credit Agreement and the Intercreditor Agreement (as applicable). All capitalised terms used in this Schedule but not defined shall have the meanings given to such terms in the Credit Agreement and the Intercreditor Agreement (as applicable).
		
	1.
	Transfers: amend clause 29.3 (Transfers by Lenders) of the Credit Agreement to provide that the consent of the Company is not required for any assignment or transfer by a Lender if an Event of Default is outstanding pursuant to any of clauses 22.2 (Non-payment), 22.6 (Insolvency), 22.7 (Insolvency Proceedings), 22.8 (Creditors’ Process) or 22.9 (Similar Proceedings) only (rather than if any Event of Default is outstanding).

		
	2.
	New RCF Maintenance Covenant: amend the Credit Agreement to provide that amendments and waivers of Clause 20.2 (Net Total Debt to Consolidated Annualised EBITDA) to 20.4 (Cure provisions) and the new acceleration clause at (d) above shall only be made with the consent of the Company and the Composite Revolving Facility Instructing Group and shall not require the consent of any other Finance Party.  

31

SCHEDULE 8
FIFTH AMENDMENTS, WAIVERS, CONSENTS AND OTHER MODIFICATIONS

All references to Clauses, Paragraphs, Schedules and definitions contained in this Schedule 8 are to Clauses, Paragraphs, Schedules and definitions of the Credit Agreement and the Intercreditor Agreement (as applicable). All capitalised terms used in this Schedule but not defined shall have the meanings given to such terms in the Credit Agreement and the Intercreditor Agreement (as applicable).
In this Schedule, references to "recent Liberty precedent" shall be construed to mean any Liberty Global Reference Agreement.
		
	1.
	Lender Assignments: amend Clause 29 (Changes to Parties) of the Credit Agreement to provide that Lenders may transfer their rights and obligations under the Credit Agreement by way of assignment (subject to equivalent conditionality (including as set out in Clause 29.3 (Transfers by Lenders of the Credit Agreement)) as applies to the regime for transfers by Lenders of their rights and obligations by way of novation under the Credit Agreement and otherwise in accordance with recent Liberty precedent).

32

SCHEDULE 9
SIXTH AMENDMENTS, WAIVERS, CONSENTS AND OTHER MODIFICATIONS
All references to Clauses, Paragraphs, Schedules and definitions contained in this Schedule 9 are to Clauses, Paragraphs, Schedules and definitions of the Credit Agreement and the Intercreditor Agreement (as applicable). All capitalised terms used in this Schedule but not defined shall have the meanings given to such terms in the Credit Agreement and the Intercreditor Agreement (as applicable).
		
	1.
	Solvent Liquidation: Amend the Credit Agreement to provide for releases of Security as a result of, and in connection with, any solvent liquidation or dissolution that complies with Clause 21.24 (Internal Reorganisations) of the Credit Agreement.

		
	2.
	Waivers: Add a new limb to Clause 28.1 (Procedure) as follows: 

“Notwithstanding anything to the contrary in the Finance Documents, a Finance Party may unilaterally waive, relinquish or otherwise irrevocably give up all or any of its rights under any Finance Document with the consent of the Company.”
		
	3.
	Transfers: Delete paragraph (b) of Clause 29.3 (Transfers by Lenders) in its entirety and replace it with the following: 

“Any transfer under paragraph (a) above shall be for an amount of not less than €2,000,000 or $2,000,000 (in the case of participations in Advances denominated in euro or Dollars, respectively) (or if less, the aggregate of the Commitments of that Existing Lender).”

33

SCHEDULE 10
SEVENTH AMENDMENTS, WAIVERS, CONSENTS AND OTHER MODIFICATIONS

All references to Clauses, Paragraphs, Schedules and definitions contained in this Schedule 10 are to Clauses, Paragraphs, Schedules and definitions of the Credit Agreement.  All capitalised terms used in this Schedule but not defined shall have the meanings given to such terms in the Credit Agreement.
References in this Schedule 10 to “recent Liberty precedents” shall be construed to mean any Liberty Global Reference Agreement.
		
	1.
	Sub-participations: 

Amend Clause [23.14 (Relationship with Lenders)] to include an additional sub-paragraph as follows:
“Without limitation of any other provision of this Agreement, no transfer of an interest in an Advance or Commitment hereunder shall be effective unless and until recorded in the register referred to in this Clause 23.14.”
		
	2.
	Alternative Benchmarks: 

		
	(a)
	Add the following new definitions to Clause 1.1 (Definitions) as follows:

“Alternative Benchmark Commencement Date” means any Business Day on which the Facility Agent and the Company agree upon an Alternative Benchmark Rate.
“Alternative Benchmark Rate” means any alternative benchmark rate agreed in writing between the Facility Agent (acting in its sole discretion and, for the avoidance of doubt, without any requirement to consult with or seek any consent or instruction from the Lenders or any other Finance Party) and the Company (in each case, acting reasonably) from time to time, provided that the Facility Agent and the Company shall consider the benchmark rates being used at that time in the then prevailing market for syndicated debt financings of a similar size to, and in the same currencies as, the Facilities.
		
	(b)
	Replace the definition of “Screen Rate” in Clause 1.1 (Definitions) with the following:

“Screen Rate” means:
(a)    in relation to LIBOR:
		
	(i)
	at any time prior to an Alternative Benchmark Commencement Date in relation to LIBOR, the London interbank offered rate administered by the ICE Benchmark Administration Limited (or any other person which takes over the administration of that rate) for the relevant currency and period displayed on pages LIBOR01 or LIBOR02 of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate); or

		
	(ii)
	at any time on or following an Alternative Benchmark Commencement Date in relation to LIBOR, the Alternative Benchmark Rate for the relevant currency and period displayed on any page of any screen of an information service as the Facility Agent may specify after consultation with the Company on or about the relevant Alternative Benchmark Commencement Date; and

(b)    in relation to EURIBOR:
		
	(i)
	at any time prior to an Alternative Benchmark Commencement Date in relation to EURIBOR, the Euro interbank offered rate administered by the European Money Markets Institute (or any other person which takes over the administration of that rate) for the relevant period displayed on page EURIBOR01 of the Thomson Reuters 

34

screen (or any replacement Thomson Reuters page which displays that rate); or
		
	(ii)
	at any time on or following an Alternative Benchmark Commencement Date in relation to EURIBOR, the Alternative Benchmark Rate for Euro for the relevant period displayed on any page of any screen of an information service as the Facility Agent may specify after consultation with the Company on or about the relevant Alternative Benchmark Commencement Date,

provided that, in each case, if such page is replaced or service ceases to be available, the Facility Agent may specify another page or service displaying the relevant rate after consultation with the Company.
		
	3.
	Cost of Funds: 

		
	(a)
	Amend paragraph (b) of Clause 13.4 (Cost of Funds) such that it also applies if LIBOR or EURIBOR is to be determined by reference to a Reference Bank Rate or an Alternative Reference Bank Rate and to provide that, in entering into negotiations with the Company with a view to agreeing a substitute basis for determining the rate of interest, the Facility Agent may act in its sole discretion and will not be required to consult with or seek any consent or instruction from the Lenders or any other Finance Party.

		
	(b)
	Delete paragraph (c) of Clause 13.4 (Cost of Funds) and replace it with the following:

“Any alternative basis agreed pursuant to paragraph (b) above shall, with the prior consent of the Facility Agent (acting in its sole discretion and, for the avoidance of doubt, without any requirement to consult with or seek any consent or instruction from the Lenders or any other Finance Party) and the Company, be binding on all Parties.”
		
	4.
	Amendments and Waivers: 

Add a new Clause 28.8 (Screen Rate) as follows:
“28.8    Screen Rate
If any Screen Rate is not available for a currency which can be selected for an Advance, any amendment or waiver which relates to providing for another benchmark rate to apply in relation to that currency in place of that Screen Rate (or which relates to aligning any provision of a Finance Document to the use of that other benchmark rate) may be made with the consent of the Facility Agent (acting in its sole discretion and, for the avoidance of doubt, without any requirement to consult with or seek any consent or instruction from the Lenders or any other Finance Party) and the Company (in each case, acting reasonably) from time to time, provided that the Facility Agent and the Company shall consider the benchmark rates being used at that time in the then prevailing market for syndicated debt financings of a similar size to, and in the same currencies as, the Facilities.”
		
	5.
	Defaulting Lender Disenfranchisement:  in addition to paragraph 10 of Schedule 4, provide in the Credit Agreement as follows:

“In ascertaining the Majority Lenders, affected Lenders, all Lenders or any other class of Lenders (as applicable) or whether any given percentage (including, for the avoidance of doubt, unanimity) of any of the Commitments has been obtained to approve any request for a consent, waiver, amendment or other vote under the Finance Documents, a Defaulting Lender’s Commitments and participations will be deemed to be zero.”
		
	6.
	Defaulting Lenders: amend Clause 29.3 (Transfers by Lenders) in order that the following is included as a new Clause 29.3(h):

		
	“(h)
	Notwithstanding any other provision of this Agreement, no Lender shall be entitled to assign or transfer any of its rights, benefits or obligations under the Finance Documents to a New Lender that is a Defaulting Lender.”

35

		
	7.
	Amendments: add a new paragraph (d) to Clause 28.2 (Exceptions) as follows:

“No amendment or waiver of a term of any Ancillary Facility Document shall require the consent of any Finance Party other than the relevant Ancillary Facility Lender.”
		
	8.
	Amendments and waivers: 

		
	(a)
	Amend Clause 28.2 (Exceptions) to add an additional limb (d) as follows:

		
	“(d)
	Notwithstanding any other provision of this Clause 28 (Amendments and Waivers), the Facility Agent may at any time without the consent or sanction of the Lenders, concur with the Company in making any modifications to any Finance Document, which in the opinion of the Facility Agent would be proper to make provided that the Facility Agent is of the opinion that such modification:

		
	(i)
	would not be materially prejudicial to the position of any Lender and in the opinion of the Facility Agent such modification is of a formal, minor or technical nature or is to correct a manifest error; 

		
	(ii)
	relates to the increase in the principal amount of a Commitment of a Lender in relation to any Facility and such increased Commitment has been requested by the Company to fund any original issue discount required to be paid to that Lender in relation to that Facility under any Finance Document;

(iii)    is of a minor, operational or technical nature; or
		
	(iv)
	which relates to the implementation of any alternative basis for the calculation of interest that is binding on all Parties in accordance with paragraph (c) of Clause 13.4 (Cost of Funds).

Any modification made in accordance with this paragraph (d) shall be made on such terms as the Facility Agent may determine, shall be binding upon the Lenders, and shall be notified by the Company to the Lenders as soon as practicable thereafter.”
		
	(b)
	Amend Clause 28.2 (Exceptions) to include the words “Subject to Clause 28.6 (Structural Adjustments) below,” at the beginning of paragraph (a). 

		
	(c)
	Amend paragraph (a) of Clause 28.3 (Non Consenting Lenders) to delete limb (iii) in its entirety. 

		
	(d)
	Add an additional provision to Clause 28.2 (Exceptions) as follows:

“A waiver of issuance or the release of any Guarantor from any of its obligations under Clause 17 (Guarantee and indemnity) or a release of any Security under the Security Documents, in each case, other than in accordance with the terms of any Finance Document shall require the prior written consent of affected Lenders whose share in the outstanding Utilisations and whose undrawn Commitments amount in aggregate to more than 75 per cent. of all of the outstanding Utilisations and undrawn Commitments.”

36

SCHEDULE 11
EIGHTH AMENDMENTS, WAIVERS, CONSENTS AND OTHER MODIFICATIONS

All references to Clauses, Paragraphs, Schedules and definitions contained in this Schedule 11 are to Clauses, Paragraphs, Schedules and definitions of the Credit Agreement.  All capitalised terms used in this Schedule but not defined shall have the meanings given to such terms in the Credit Agreement.

References in this Schedule 11 to “recent Liberty precedents” shall be construed to mean any Liberty Global Reference Agreement.

		
	1.
	Construction: 

		
	(e)
	Add new sub-paragraphs to Clause 1.2 (Construction) as follows:

(i)    
		
	(A)
	In the event that any amount or transaction meets the criteria of more than one of the baskets or exceptions set out in this Agreement, the Company, in its sole discretion, will classify and may from time to time reclassify that amount or transaction to a particular basket or exception and will only be required to include that amount or transaction in one of those baskets or exceptions (and, for the avoidance of doubt, an amount or transaction may at the option of the Company be split between different baskets or exceptions).

		
	(B)
	Any amounts incurred or actions taken on the basis of any basket, test or permission where an element is set by reference to a percentage of Consolidated EBITDA, Consolidated Annualised EBITDA or Total Assets (“EBITDA or Total Assets based basket”) shall (provided that such amounts or actions taken are, at the time of incurrence or being taken, duly and properly incurred or taken in accordance with the relevant basket, test or permission) be treated as having been duly and properly incurred or taken without the occurrence of a Default or Event of Default in the event that such EBITDA or Total Assets based basket subsequently decreases.” 

		
	(f)
	Where relevant in the Credit Agreement, amend references to “company” or “entity” to “person” in accordance with sub-paragraph (c)(xiii) of Clause 1.2 (Construction). 

		
	2.
	U.S. Borrower: include the following words at the end of the definition of “U.S. Borrower” at Clause 1.1 (Definitions): “which, in each case, has not ceased to be a Borrower”. 

		
	3.
	Accession Agreement: amend the definition of “Accession Agreement” in Clause 1.1 (Definitions) of the Credit Agreement by inserting the words “(including any applicable limitation language)” after the words “Schedule 7 (Form of Accession Agreement)”.  

		
	4.
	Additional Facilities:  

(a)    Include a new limb at Clause 2.2 (Telenet Additional Facility) as follows: 
		
	“[x]
	Each Party (other than each proposed Telenet Additional Facility Lender and the Company) irrevocably authorises and instructs the Facility Agent to execute on its behalf any Telenet Additional Facility Accession Agreement which has been duly completed and signed on behalf of each proposed Telenet Additional Facility Lender, the Company and each proposed Borrower of the Additional Facility, and each Obligor agrees to be bound by such accession.”

		
	5.
	ERISA:

		
	(a)
	Delete the definition of “Reportable Event” in Clause 1.1 (Definitions). 

37

		
	(b)
	Delete Clause 21.19 (ERISA) and replace it with the following:

“21.19 ERISA
		
	(a)
	Each Obligor must ensure that it shall not at any time establish, maintain, contribute to, or be required or permitted to contribute to, any Plan, or become a guarantor with respect to any Plan.

		
	(b)
	No Obligor will take any action that it knows is reasonably likely to cause it to incur any liability in respect of any Plan of an ERISA Affiliate.” 

		
	6.
	US Regulations:  

		
	(a)
	Delete the definition of “Regulation U” and add the following new definitions in Clause 1.1 (Definitions) as follows:

“Margin Regulations” means Regulation T, Regulation U and Regulation X. issued, in each case, by the Board of Governors of the Federal Reserve System as from time to time in effect and any successor to all or any portion thereof. 
“Margin Stock” means “margin stock” or “margin securities” as defined in the Margin Regulations.

		
	7.
	Amendments and Waivers: 

		
	(a)
	Add a new Clause 28.13 (Screen Rate) as follows:

28.8    Replacement of Screen Rate

“If any Screen Rate is not available for a currency which can be selected for an Advance, any amendment or waiver which relates to providing for another benchmark rate to apply in relation to that currency in place of that Screen Rate (or which relates to aligning any provision of a Finance Document to the use of that other benchmark rate) may be made with the consent of the Facility Agent (acting in its sole discretion and, for the avoidance of doubt, without any requirement to consult with or seek any consent or instruction from the Lenders or any other Finance Party) and the Company.” 
		
	8.
	Transfers:

		
	(a)
	Delete paragraph (a) of Clause 29.3 (Assignment and Transfers by Lenders) and replace it with the following new paragraphs (a) and (b) and make consequential changes to the numbering of the subsequent clauses:

		
	“(a)
	Subject to the other provisions of this Clause 29, any Lender may, at any time, (i) assign all or any of its rights and benefits, (ii) transfer (by way of novation) all or any of its rights, benefits and obligations or (iii) enter into a Sub-participation in respect of any of its rights, benefits and obligations, in each case under any Finance Documents to another person (the “New Lender”) provided that: 

		
	(i)
	the prior written consent of the Company is received in respect of any assignment, transfer or Sub-participation, such consent not to be unreasonably withheld, and provided further that:

		
	(A)
	such consent shall be deemed to have been given if not declined in writing within ten Business Days of a written request by any Lender to the Company; 

		
	(B)
	no consent shall be required in the case of any assignment, transfer or Sub-participation by a Lender to another Lender and/or to its Affiliate (or, if applicable, to any Related Fund); and

38

		
	(C)
	no consent shall be required in the case of any assignment, transfer or Sub-participation to any New Lender at any time after the occurrence of an Event of Default which is continuing pursuant to any of Clauses 22.2 (Non-payment), 22.6 (Insolvency), 22.7 (Insolvency Proceedings), 22.8 (Creditors’ Process) or 22.9 (Similar Proceedings); and

		
	(ii)
	the New Lender makes the representation set out in paragraph [X]5 of the Transfer Certificate.”

		
	(b)
	Notwithstanding any other provision of this Agreement, no Lender shall be entitled to assign, transfer or sub-participate any of its rights, benefits or obligations under the Finance Documents in relation to a Revolving Facility without the prior written consent of the Company, provided that no such consent shall be required in the case of any assignment, transfer or Sub-participation:

		
	(i)
	by a Lender to another Lender under the Revolving Facility and/or to its Affiliate (or, if applicable, to any Related Fund), in each case, which is a deposit taking financial institution authorised by a financial services regulator or similar regulatory body which has a long term credit rating equal to or better than BBB or Baa2 (as applicable) according to at least two of Moody’s, Standard & Poor’s or Fitch; and

		
	(ii)
	to any New Lender at any time after the occurrence of an Event of Default which is continuing pursuant to any of Clauses 22.2 (Non-payment), 22.6 (Insolvency), 22.7 (Insolvency Proceedings), 22.8 (Creditors’ Process) or 22.9 (Similar Proceedings).”

		
	(b)
	Delete paragraph (c) and (d) of Clause 29.3 (Assignment and Transfers by Lenders).

		
	(c)
	Amend Clause 29.3 (Assignment and Transfers by Lenders) to include the following new paragraphs:

		
	(i)
	“Notwithstanding any other provision of this Agreement, no Lender shall be entitled to assign, transfer or sub-participate any of its rights, benefits or obligations under the Finance Documents to a New Lender that is a Defaulting Lender or a Sanctioned Lender, in each case without the prior written consent of the Company (acting in its sole discretion).

		
	(ii)
	Notwithstanding any other provision of this Clause 29.3 (Assignment and Transfers by Lenders), no assignment or transfer shall be permitted to settle or otherwise become effective within the period of five Business Days prior to the last day of the Term for the relevant Advance.

		
	(iii)
	Each New Lender, by executing the relevant Transfer Certificate, confirms, for the avoidance of doubt, that the Facility Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the transfer or assignment becomes effective in accordance with this Agreement and that it is bound by that decision to the same extent as the transferring Lender would have been had it remained a Lender.”

		
	9.
	Right of Cancellation and repayment of a Single Lender: add a new paragraph (e) to Clause 10.8 (Right of Repayment and Cancellation of a Single Lender) as follows:

“(e) Prepayments made pursuant to this Clause 10.8 (Right of Repayment and Cancellation of a Single Lender) shall be applied against the outstanding Advances of the relevant Lender pro rata.”.
10.    Increased Costs: amend Clause 14.2 (Exceptions) to include the following additional limbs:
		
	“(l) 
	attributable to the withdrawal (or any vote or referendum electing to withdraw) of any member state from the European Union; and 

_______________________

5 Relating to qualifying lender representation in line with Liberty precedent. 

39

		
	(m)
	attributable to the implementation or application of or compliance with BEPS Action 6.” 

		
	11.
	Definitions: amend Clause 1.1 (Definitions) to include a definition of “BEPS Action 6” as follows:

““BEPS Action 6” means Action 6 of the Base Erosion and Profit Shifting Action Plan as set out in the Final Report published by the Organisation for Economic and Corporate Development on 5 October 2015.”. 
		
	12.
	Changes to the Obligors:  

		
	(a)
	Delete paragraph 2 (Other documents and evidence) of Part 2 of Schedule 2 (Condition Precedent Documents) and replace it as follows:

		
	“2.
	Subject to the proviso to sub-paragraph (a) of Clause 21.22 (Further Assurance), a copy of any Security Document that the Facility Agent (acting on the instructions of the Majority Lenders) may require (acting reasonably) in accordance with the 80% Security Test, provided that (i) the Additional Obligor or other relevant provider of security shall be under no obligation to procure the granting of security over any shares, in receivables owed by, or any other interest in any Joint Venture, or any other asset which the Security Agent agrees may be excluded from the security granted under the Security Documents, (ii) such Additional Obligor or other relevant provider of security shall not be required by the Facility Agent to enter into any Security Document as a condition to the relevant accession if such Security Document will be entered into by the relevant person within any original applicable grace period for such accession and (iii) the Facility Agent (acting in its sole discretion) may elect to waive the requirements of this paragraph 2 if the Company gives an undertaking in a form reasonably satisfactory to it that such requirements will be satisfied within 60 days of the relevant accession.” 

		
	(b)
	Amend sub-paragraph (b) of Clause 29.8 (Permitted Affiliate Group Designation) to insert the following words at the end of the sentence, “provided that the Facility Agent (acting in its sole discretion) may elect to waive the requirements of this paragraph (b) if the Company gives an undertaking in a form reasonably satisfactory to it that such requirements will be satisfied within 60 days of the date that such Affiliate becomes a Permitted Affiliate Parent;”.

		
	(c)
	Amend paragraph (d) of Clause 29.9 (Additional Borrower) as follows:

		
	(i)
	insert the words “(acting reasonably)” at the end of the penultimate sentence of the paragraph; and

		
	(ii)
	delete the final sentence and replace it with the following words  ““The Facility Agent shall notify the Company and the Lenders promptly upon being satisfied (acting reasonably) that the conditions specified in this paragraph have been satisfied.”

		
	(d)
	Amend Clause 29.10 (Additional Guarantors) as follows: 

		
	(i)
	insert the words “(acting reasonably)” at the end of the sentence at paragraph (b); and

		
	(ii)
	include a new sentence at the end of paragraph (b) as follows: “The Facility Agent shall notify the Company and the Lenders promptly upon being satisfied (acting reasonably) that the conditions specified in this paragraph have been satisfied.”

		
	(e)
	Amend paragraph 4 (Other Documents and Evidence) of Schedule 2, Part 2 to add the following text at the end:

		
	“ 
	provided that the Facility Agent (acting in its sole discretion) may elect to waive the requirements of this paragraph if the Company gives an undertaking in a form reasonably satisfactory to it that such requirements will be satisfied within 60 days of the date that such Proposed Affiliate Subsidiary becomes an Additional Guarantor.”

40

		
	13.
	80% Security Test: 

		
	(a)
	Add the following words after the reference to “the requirement that” in the first sentence of the definition of 80% Security Test in Clause 1.1 (Definitions), “, save as otherwise provided in Clause 21.22 (Further Assurance) and subject to the Agreed Security Principles,”. 

		
	(b)
	Add the following words at the end of the definition of 80% Security Test in Clause 1.1 (Definitions):

“ and provided further that the EBITDA of any member of the Group that is not required to (or cannot) become a Guarantor and grant Security (or procure the granting of Security) due to the provisions of the Agreed Security Principles shall be disregarded for the purposes of calculating the 80% Security Test numerator and denominator, and such requirements shall at all times be subject to any grace period under this Agreement” 
		
	14.
	Releases:

		
	(a)
	Delete paragraph (d) of Clause 28.2 (Exceptions) and replace it as follows:

		
	“(d)
	A waiver of issuance or the release of any Guarantor from any of its obligations under Clause 17 (Guarantee and Indemnity) or a release of any Security under the Security Documents, in each case, other than in accordance with the terms of any Finance Document shall require the prior written consent of affected Lenders whose Available Commitments plus Outstandings amount in aggregate to more than 75 per cent. of the aggregate Available Commitments plus Outstandings of those affected Lenders. This Clause may not be amended without the consent of Lenders whose Available Commitments plus Outstandings amount in aggregate to more than 75 per cent. of the aggregate Available Commitments plus Outstandings.”

		
	(b)
	Amend Clause 28.3 (Release of Security) as follows:

		
	(i)
	Delete sub-paragraph (b)(i) and replace it as follows:

		
	“(i)
	the disposal is (A) permitted under Clause 21.6 (Disposals), (B) in accordance with the resignation of any Obligor in accordance with Clause 29.11(b)(i)(B) (Resignation of an Obligor (other than the Company)), (C) as a result of, or in connection with, any solvent liquidation or dissolution that complies with Clause 21.23 (Internal Reorganisation) or (D) the consent of the Majority Lenders has been  obtained; and”

		
	(ii)
	Delete sub-paragraph (e) and replace it as follows:

		
	“(e)
	The Security Agent shall (and it is hereby authorised by the other Finance Parties to) at the cost of the relevant Obligor, execute such documents as may be required or desirable to effect any release (i) permitted under this Clause 28.3 (Release of Security), (ii) required to permit the granting of any Security Interest permitted under Clause 21.5 (Negative pledge), (iii) expressly permitted under the Finance Documents (excluding, for the avoidance of doubt, pursuant to any consent obtained from the Majority Lenders), (iv) permitted under the Intercreditor Agreement, (v) to which a prior written consent of the relevant Lenders has been granted in accordance with paragraph (d) of Clause 28.2 (Exceptions), (vi) in connection with any Permitted Transaction (other than a Permitted Transaction pursuant to paragraph (a) or (i) of that definition) or (vii) if it is necessary or desirable in connection with Clause 21.23 (Internal Reorganisation).”

		
	(iii)
	Add  new sub-paragraphs (f) and (g) as follows:

		
	“(f)
	Notwithstanding any other provision of this Agreement, the Company may require the Security Agent to, and the Security Agent shall (and it is hereby authorised by the other Finance Parties to) at the cost of the relevant Obligor, execute such documents as may be required or desirable to effect the release of the Security granted over any asset of an Obligor pursuant to the Security Documents to which it is a party to enable the relevant Obligor to grant in connection with that asset any encumbrance permitted under Clause 21.5 (Negative pledge). If, immediately 

41

prior to such release the relevant Obligor was treated as an Obligor for the purpose of the 80% Security Test, the relevant Obligor shall continue to be treated as an Obligor for those purposes notwithstanding any such release.
		
	(g)
	The Company may designate that any Affiliate Subsidiary is no longer an Affiliate Subsidiary and require the Security Agent to, and the Security Agent shall (and it is hereby authorised by the other Finance Parties to) at the cost of the Company, execute such documents as may be required or desirable to effect the release of the guarantees provided and Security granted in connection with the accession of such Affiliate Subsidiary as a Guarantor (“Affiliate Subsidiary Release”); provided that immediately after giving effect to such Affiliate Subsidiary Release, either (i) the Guarantors at the relevant time represent a percentage which is greater than that required to satisfy the 80% Security Test and the Company provides a certificate to the Facility Agent certifying that upon the Affiliate Subsidiary Release the 80% Security Test would continue to be satisfied or (ii) no Default or Event of Default shall have occurred and be continuing or would occur as a consequence thereof and either (1) an Obligor could incur at least €1.00 of additional Financial Indebtedness pursuant to paragraph (v) of the definition of Permitted Financial Indebtedness or (2) the ratios of Net Senior Debt to Consolidated Annualised EBITDA and of Net Total Debt to Consolidated Annualised EBITDA  (when calculated by both excluding any Holdco Debt, and then including any Holdco Debt), would be no greater than they were immediately prior to giving  effect to such designation, in each case, on a pro forma basis taking into account such Affiliate Subsidiary Release.”

		
	15.
	Insolvency Event: 

		
	(a)
	Amend the definition of Insolvency Event in Clause 1.1 (Definitions) to replace the words “in relation to a Finance Party” with the words “in relation to a Finance Party or a Holding Company of that Finance Party”. 

		
	(b)
	Amend the definition of Insolvency Event in Clause 1.1 (Definitions) to add a new paragraph as follows: 

“has exercised in respect of it one or more of the stabilisation powers pursuant to Part 1 of the Banking Act 2009 and/or has instituted against it a bank insolvency proceeding pursuant to Part 2 of the Banking Act 2009 or a bank administration proceeding pursuant to Part 3 of the Banking Act 2009;”. 
		
	16.
	Further Conditions Precedent: delete the lead-in sentence at paragraph (b) of Clause 4.2 (Further Conditions Precedent) and replace it as follows: 

		
	“(b)
	in any other case on the date of the proposed Utilisation Date for that Advance or Documentary Credit:”

		
	17.
	Prepayments: amend paragraph (g) of Clause 10.10 (Miscellaneous Provisions) to include the following wording at the end of the sentence: “(except to the extent any part of an Advance is to be repaid on a cashless basis as part of a Permitted Financing Action).”  

		
	18.
	Sanctions: include the following new definitions in Clause 1.1 (Definitions):

““Sanctioned Country” means any country or other territory subject to comprehensive countrywide or territory wide Sanctions.
“Sanctioned Lender” means any person acting through a Facility Office situated in, or which is a branch of an institution situated in, a Sanctioned Country.
“Sanctions” means any applicable law, directive, national statute or administrative regulation relating to money laundering, unlawful financial activities or unlawful use or appropriation of corporate funds including economic or financial sanctions or trade embargoes imposed by the US (including those administered by the Office of Foreign Assets Control of the US Department of Treasury.”

42

		
	19.
	Break Costs: amend sub-paragraph (a)(i) of the definition of “Break Costs” in Clause 1.1 (Definitions) to include the words “and the effect of any interest rate floor” after the words “excluding the Margin” in parentheses.

		
	20.
	Content: amend the definition of “Content” in Clause 1.1 (Definitions) to include the words “production of and” after the word “means”.  

		
	21.
	Excluded Matters: include a new Clause 22.19 (Excluded Matters) as follows:

“22.19     Excluded Matters 
Notwithstanding any other term of the Finance Documents:
		
	(a)
	no Permitted Transaction; 

		
	(b)
	other than in the case of an Event of Default under Clause 22.2 (Non-payment), no breach of any representation, warranty, undertaking or other term of (or default or event of default under) a Hedging Agreement or an Ancillary Facility Document; and 

		
	(c)
	no Withdrawal Event, 

shall (or shall be deemed to) constitute a breach of any representation and warranty or undertaking in the Finance Documents or result in the occurrence of a Default or an Event of Default and shall be expressly permitted under the terms of the Finance Documents. 

For the purpose of this Clause, “Withdrawal Event” means: 

		
	(a)
	the withdrawal of any participating member state of the European Union from the single currency of the participating member states of the European Union (being the euro); 

		
	(b)
	the redenomination of the euro into any other currency by the government of any current or former participating member state of the European Union; and/or 

		
	(c)
	the withdrawal (or any vote or referendum electing to withdraw) of any member state from the European Union.” 

		
	22.
	Permitted Tax Reorganisation:

		
	(a)
	Amend Clause 1.1 (Definitions) to add the following new definition of ‘‘Permitted Tax Reorganisation’’ as follows: 

“‘‘Permitted Tax Reorganisation’’ means any reorganisations and other activities related to tax planning and tax reorganisation entered into prior to, on or after the Signing Date so long as such Permitted Tax Reorganisation is not materially adverse to the Lenders (as determined by the Company in good faith).”.
		
	(b)
	Amend the definition of “Permitted Transaction” in Clause 1.1 (Definitions) to add a new paragraph (j) as follows: 

“(j)    a Permitted Tax Reorganisation;”
		
	23.
	Further assurance: 

		
	(a)
	Amend sub-paragraph (a)(i) Clause 21.22 (Further Assurance) in order that it reads as follows:

		
	“(a)
	The Company shall, subject to the Agreed Security Principles:

		
	(i)
	within 60 days after the Closing Date, ensure that sufficient members of the Group shall become a party to this Agreement as an Obligor so as to satisfy the 80% Security Test, as tested by reference to the Original Financial Statements, and, thereafter, subject to the proviso below 

43

and except as otherwise provided in this Clause 21 (General Covenants), procure that the 80% Security Test is satisfied at the end of each financial year where such test is calculated by reference to the annual financial information relating to the Group most recently delivered pursuant to Clause 19.1 (Financial Statements) and certified in the relevant Compliance Certificate accompanying the same;”; and
		
	(b)
	Delete the following proviso in paragraph (a) of Clause 21.22 (Further Assurance):

“provided that, in respect of sub-paragraph (ii) above, any member of the Group or any Permitted Affiliate Parent which is required to become an Obligor within an applicable grace period shall be entitled to become an Obligor without delivering any Security Documents to the Security Agent provided that such Security Documents shall be delivered to the Security Agent prior to the end of that applicable grace period.”

and replace it with the following proviso:
“provided that, in respect of sub-paragraph (ii) above, that any member of the Group or any Permitted Affiliate Parent (as applicable) which is required to become an Obligor shall be entitled to become an Obligor without delivering any Security Documents to the Security Agent at the time of its accession to this Agreement provided that such Security Documents shall be delivered to the Security Agent within 60 days of its accession as an Obligor to this Agreement (or if longer by the end of the 60 Business Day grace period referenced in paragraph (e) of this Clause 21.22 (Further Assurance)).”

		
	24.
	Agreed Security Principles: include a new schedule to the Credit Agreement in respect of Agreed Security Principles in line with recent Liberty precedents and include references to such Agreed Security Principles in the Credit Agreement in line with recent Liberty precedents.  

		
	25.
	Non-Consenting Lenders: in the definition of “Non-Consenting Lender” at paragraph (a) of Clause 28.5 (Replacement of Lenders), delete the reference to “21 days” and replace it with “10 Business Days”. 

		
	26.
	Contractual recognition of bail-in:

		
	(a)
	Amend Clause 33 (Pro Rata Sharing) to add the following words as a new Clause 33.6 (Contractual recognition of bail-in):

“Notwithstanding any other term of any Finance Document or any other agreement, arrangement or understanding between the Parties, each Party acknowledges and accepts that any liability of any Party to any other Party under or in connection with the Finance Documents may be subject to Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to be bound by the effect of:  
(a)    any Bail-In Action in relation to any such liability, including:
		
	(i)
	a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued but unpaid interest) in respect of any such liability;

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

(iii)    a cancellation of any such liability; and
		
	(b)
	a variation of any term of any Finance Document to the extent necessary to give effect to any Bail-In Action in relation to any such liability.”

		
	(b)
	Amend Clause 1.1 (Definitions) to add the following new definitions:

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

44

“Bail-In Legislation” means:
		
	(a)
	in relation to an EEA Member Country which has implemented, or which at any time implements, Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms, the relevant implementing law  as described in the EU Bail-In Legislation Schedule from time to time; and

		
	(b)
	in relation to the United Kingdom (if a Withdrawal Event is effected by the United Kingdom) Part I of the UK Banking Act 2009 and any other law or regulation applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (otherwise than through liquidation, administration or other insolvency proceedings); and 

		
	(c)
	in relation to any other state, any analogous law from time to time which requires contractual recognition of any Write-down and Conversion Powers contained in that law.

“EEA Member Country” means any member state of the European Union, Iceland, Liechtenstein and Norway.
“EU Bail-In Legislation Schedule” means the document described as such and published by the LMA (or any successor person) from time to time.
“Resolution Authority” means any body which has authority to exercise any Write-down and Conversion Powers.
“UK Bail-In Legislation” means (to the extent that the United Kingdom is not an EEA Member Country which has implemented, or implements, Article 55 BRRD) Part I of the United Kingdom Banking Act 2009 and any other law or regulation applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (otherwise than through liquidation, administration or other insolvency proceedings).
“Write-down and Conversion Powers” means:
		
	(a)
	in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time, the powers described as such in relation to that Bail-In Legislation in the EU Bail-In Legislation Schedule;

(b)    in relation to any other applicable Bail-In Legislation:
		
	(i)
	any powers under that Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers; and

(ii)    any similar or analogous powers under that Bail-In Legislation; and
(c)    in relation to any UK Bail-In Legislation: 
		
	(i)
	any powers under that UK Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such 

45

contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that UK Bail-In Legislation that are related to or ancillary to any of those powers; and
		
	(ii)
	any similar or analogous powers under that UK Bail-In Legislation.”

		
	27.
	QFC Credit Support:

		
	(a)
	amend Clause 33 (Pro Rata Sharing) to add the following words as a new Clause 33.7 (QFC Credit Support):

“To the extent that the Finance Documents provide support, through a guarantee or otherwise, for any Hedging Agreement or any other agreement or instrument that is a QFC (such support, “QFC Credit Support”, and each such QFC, a “Supported QFC”), the Parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Finance Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):
		
	(a) 
	In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Finance Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Finance Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the Parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support. 

		
	(b)
	For the purposes of this Clause 33.7, the following terms have the following meanings:

“BHC Act Affiliate” of a Party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such Party.
“Covered Entity” means any of the following:  (i) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).
“Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.
“QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).”

		
	28.
	FATCA Application Date: delete the definition of “FATCA Application Date” at Clause 1.1 (Definitions) and replace it as follows:

46

“FATCA Application Date” means:
		
	(a)
	in relation to a “withholdable payment” described in section 1473(1)(A)(i) of the Code (which relates to payments of interests and certain other sources within the US), 1 July 2014; or

		
	(b)
	in relation to a “passthru payment” described in section 1471(d)(7) of the Code not falling within paragraph (a) above, the first date from which such payment may become subject to a deduction or withholding required by FATCA. 

		
	29.
	Hedge Counterparties: in the definitions of “Acceptable Hedge Counterparty” and “Hedge Counterparty” in Clause 1.1 (Definitions) of the Intercreditor Agreement, after the words “credit institution” add the words “or financial institution”.

		
	30.
	Financial Indebtedness: amend sub-paragraph (ii) of the definition of “Financial Indebtedness” at Clause 1.1 (Definitions) as follows:

		
	“(i)
	indebtedness which is in the nature of equity (other than shares which are redeemable by the holder of such shares on or before the latest Final Maturity Date) or equity derivatives;”

		
	31.
	Net Proceeds: delete the reference to “reasonable” in the definition of “Net Proceeds” at Clause 1.1 (Definitions).

		
	32.
	Permitted Disposal: amend the definition of “Permitted Disposal” at Clause 1.1 (Definitions) as follows:

		
	(a)
	At sub-paragraph (c), delete the following words “(provided that any such property or other assets shall be subject to Security Interests in favour of the Security Agent if required pursuant to Clause 21.22(a)(i) (Further Assurances))”. 

		
	(b)
	At sub-paragraph (r), replace the reference to “10 Business Days” with “60 days”. 

		
	(c)
	At sub-paragraph (xx)(ii), replace the reference to “business or creating” with “business of creating” 

		
	33.
	Permitted Security: amend the definition of “Permitted Security Interest” at Clause 1.1 (Definitions) as follows:

		
	(a)
	At sub-paragraph (l), delete the reference to “in the ordinary course of its business and”.

		
	(b)
	At sub-paragraph (j), replace the words “Security Interest over or affecting any asset of any person” with “Security Interest over or affecting any asset of, or shares in, any person”.

		
	(c)
	At sub-paragraph (u), replace the words “Security Interest over or affecting any asset acquired by a member of the Group” with “Security Interest over or affecting any asset (including any shares) acquired by a member of the Group”.

		
	34.
	Increase Lender: at sub-paragraph (iii) of Clause 2.1(g) (Increase), replace the reference to “participating Lender” with “relevant Increase Lender”.

		
	35.
	Cash Collateral by Non-Accepting Lender: delete sub-paragraph (i) of Clause 6.8(d) (Cash Collateral by Non-Accepting Lender) and replace it as follows:

		
	“(i)
	on the Signing Date or on any later date on which it becomes such a Lender in accordance with Clause 2.1 (Increase), Clause 2.2 (Telenet Additional Facility) or Clause 29 (Changes to Parties) whether it is a Non-Acceptable L/C Lender; and”

		
	36.
	Loans and Guarantees: amend Clause 21.13 (Loans and Guarantees) as follows:

		
	(a)
	At sub-paragraph (n)(iii), delete the reference to “is likely to” and replace with “will”.

		
	(b)
	At sub-paragraph (r), insert the words “directly or indirectly” before the reference to “such member” on the third line.

47

SIGNATORIES

AGENTS
THE BANK OF NOVA SCOTIA as Facility Agent

By:    
AUTHORIZED SIGNATORY                Signature 
AUTHORIZED SIGNATORY                Name
 

By: 
AUTHORIZED SIGNATORY                Signature 
AUTHORIZED SIGNATORY                Name

(Signature Page to Facility AQ Accession Agreement)

KBC BANK NV as Security Agent

By:    
AUTHORIZED SIGNATORY                        Signature 
AUTHORIZED SIGNATORY, AGENT SYNIDCATED LOANS        Name 
 

By:    
AUTHORIZED SIGNATORY                        Signature 
AUTHORIZED SIGNATORY, HEAD AGENCY SYNDICATED LOANS    Name

(Signature Page to Facility AQ Accession Agreement)

BORROWER
TELENET INTERNATIONAL FINANCE S.À R.L
EXECUTED AS A DEED
        
Name:    AUTHORIZED SIGNATORY        Name: AUTHORIZED SIGNATORY
Title:    MANAGER                Title: MANAGER
                
in the presence of: 
Name: AUTHORIZED SIGNATORY            
Occupation: DEPUTY GROUP TREASURER
Address: 11, RUE DE L'INDUSTRIE, L-8399 WINDHOF

(Signature Page to Facility AQ Accession Agreement)

GUARANTORS
TELENET FINANCING USD LLC
EXECUTED AS A DEED
        
Name:    AUTHORIZED SIGNATORY            Name: 
Title: DIRECTOR                          Title:    
                
in the presence of:
Name: AUTHORIZED SIGNATORY        
Occupation: DIRECTOR
Address: LIERSESTEENWEG 4, 2800 MECHELEN, BELGIUM

(Signature Page to Facility AQ Accession Agreement)

TELENET BV
EXECUTED AS A DEED
        
                    
Name: AUTHORIZED SIGNATORY
Title: CEO/AUTHORISED REPRESENTATIVE

Name: 
Title:

(Signature Page to Facility AQ Accession Agreement)

TELENET GROUP NV
EXECUTED AS A DEED
            
                    
Name: AUTHORIZED SIGNATORY
Title: CEO/AUTHORISED REPRESENTATIVE

Name: 
Title:
 

(Signature Page to Facility AQ Accession Agreement)

TELENET INTERNATIONAL FINANCE S.À R.L
EXECUTED AS A DEED
            
Name:    AUTHORIZED SIGNATORY         Name: AUTHORIZED SIGNATORY
Title:    MANAGER                Title: MANAGER
                
in the presence of: 
Name: AUTHORIZED SIGNATORY            
Occupation: DEPUTY GROUP TREASURER
Address: 11, RUE DE L'INDUSTRIE, L-8399 WINDHOF

(Signature Page to Facility AQ Accession Agreement)

EXISTING SECURITY PROVIDERS
TELENET FINANCING USD LLC
EXECUTED AS A DEED
        
Name: AUTHORIZED SIGNATORY            Name: 
Title: DIRECTOR                          Title:    
                
in the presence of:
Name: AUTHORIZED SIGNATORY        
Occupation: DIRECTOR
Address: LIERSESTEENWEG 4, 2800 MECHELEN, BELGIUM

(Signature Page to Facility AQ Accession Agreement)

TELENET BV
EXECUTED AS A DEED        
                    
Name: AUTHORIZED SIGNATORY

Title: CEO/AUTHORISED REPRESENTATIVE

Name: 

Title:

(Signature Page to Facility AQ Accession Agreement)

TELENET INTERNATIONAL FINANCE S.À R.L
EXECUTED AS A DEED
                                
Name:    AUTHORIZED SIGNATORY         Name: AUTHORIZED SIGNATORY
Title:    MANAGER                Title: MANAGER
                
in the presence of: 
Name: AUTHORIZED SIGNATORY            
Occupation: DEPUTY GROUP TREASURER
Address: 11, RUE DE L'INDUSTRIE, L-8399 WINDHOF

(Signature Page to Facility AQ Accession Agreement)

TELENET GROUP HOLDING NV
EXECUTED AS A DEED
            
                    
Name: AUTHORIZED SIGNATORY

Title: CEO/AUTHORISED REPRESENTATIVE

Name: 

Title:

 

(Signature Page to Facility AQ Accession Agreement)

TELENET GROUP NV
EXECUTED AS A DEED
            
                    
Name: AUTHORIZED SIGNATORY

Title: CEO/AUTHORISED REPRESENTATIVE

Name: 

Title:

 

(Signature Page to Facility AQ Accession Agreement)

TELENET ADDITIONAL FACILITY AQ LENDER

THE BANK OF NOVA SCOTIA

By:    
AUTHORIZED SIGNATORY                Signature 
AUTHORIZED SIGNATORY, DIRECTOR            Name
 

By: 
AUTHORIZED SIGNATORY                Signature 
AUTHORIZED SIGNATORY, DIRECTOR            Name
 

 

(Signature Page to Facility AQ Accession Agreement)Exhibit 10.1

 

EXECUTION
COPY

 

Dated 27 January 2020

 

		(1)	ARROW ELECTRONICS (UK) LIMITED as Seller and
Original Servicer
	 	 	 

		(2)	Arrow Emea
Funding Corp B.V. as Buyer

 

	ENGLISH RECEIVABLES SALE AGREEMENT 

 

 

 

 

 

     

     

    

 

Contents

  

	Clause	 	Page
	 	 	 
	1.	Definitions	3
	2.	Sale and Purchase of Receivables	10
	3.	Consideration and Payment	12
	4.	Administration and Collection	14
	5.	Representations and Warranties	17
	6.	Covenants	22
	7.	Term and Termination	28
	8.	Indemnification	29
	9.	Costs, Expenses and Taxes	32
	10.	Remedies and Waivers	33
	11.	Further Assurances	33
	12.	Amendments and Waivers	33
	13.	Notices and Payments	33
	14.	Severability and Partial Invalidity	33
	15.	Successors and Assigns; Binding Effect	34
	16.	Disclosure	34
	17.	No Proceeding; Limited Recourse	34
	18.	Counterparts; Electronic Delivery	35
	19.	Entire Agreement	35
	20.	Third Party Rights	35
	21.	Governing Law	36
	22.	Jurisdiction	36

 

Schedules

 

Schedule 1 Form of Obligor Trial Balance
Report

Schedule 2 Form of Notice of Assignment

Schedule 3 Form of Offered Receivables List

 

     

     

    

 

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

 

		(1)	ARROW ELECTRONICS (UK) LIMITED, a private
company with limited liability incorporated under the laws of England and Wales and whose registered number is 02582534, with its
registered office at Kao 1 Kao Park, Hockham Way, Harlow, Essex, CM17 9NA, United Kingdom as seller and servicer (the "Seller"
and "Original Servicer"); and

 

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

 

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

 

BACKGROUND:

 

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

 

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

 

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

 

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

 

IT IS AGREED that:

 

		1.	Definitions

 

		1.1	Terms defined in Master Framework Agreement

 

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

 

    - 3 -

     

    

 

		1.2	Terms defined herein

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    - 4 -

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    - 5 -

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		(i)	the sum of all Collections received by or on behalf of the Seller, or deemed to be received by
the Seller in accordance with Clause 4.3 (Deemed Collections), on Accepted EUR Receivables purchased by the Buyer from the
Seller pursuant to Clause 2.1 (Sale and Purchase of Receivables) of this Deed during such Settlement Period

 

less

 

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

 

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

 

    - 6 -

     

    

 

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

 

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

 

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

 

		(i)	the sum of all Collections received by or on behalf of the Seller, or deemed to be received by
the Seller in accordance with Clause 4.3 (Deemed Collections), on Accepted GBP Receivables purchased by the Buyer from the
Seller pursuant to Clause 2.1 (Sale and Purchase of Receivables) of this Deed during such Settlement Period

 

less

 

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

 

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

 

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

 

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

 

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

 

		(i)	the sum of all Collections received by or on behalf of the Seller, or deemed to be received by
the Seller in accordance with Clause 4.3 (Deemed Collections), on Accepted Other Receivables theretofore purchased by the
Buyer from the Seller pursuant to Clause 2.1 (Sale and Purchase of Receivables) of this Deed during such Settlement Period

 

less

 

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

 

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

 

    - 7 -

     

    

 

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

 

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

 

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

 

		(i)	the sum of all Collections received by or on behalf of the Seller, or deemed to be received by
the Seller in accordance with Clause 4.3 (Deemed Collections), on Accepted USD Receivables theretofore purchased by the
Buyer from the Seller pursuant to Clause 2.1 (Sale and Purchase of Receivables) of this Deed during such Settlement Period

 

less

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    - 8 -

     

    

 

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

 

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

 

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

 

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

 

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

 

"Offered
Receivables List" means the list provided by the Seller substantially in the form set out in Schedule 3 hereto
(Form of Offered Receivables List), either in written form or in electronic form, to the Buyer.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    - 9 -

     

    

 

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

  

		1.3	Interpretation

 

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

 

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

 

		2.	Sale and Purchase of Receivables

 

		2.1	Sale and Purchase of Receivables

 

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

 

		(b)	On each Purchase Date which is not a Settlement Date, the Seller hereby agrees to sell and assign
and sells (and otherwise assigns, transfers and charges) to the Buyer and the Buyer hereby agrees to purchase and accept assignment
and purchases (and otherwise accepts and acquires) from the Seller all of the Seller's rights, title, benefit and interest in and
to all Accepted Receivables for such Purchase Date and all Related Security relating to such Accepted Receivables.

 

		(c)	On each Purchase Date which is a Settlement Date, the Seller hereby agrees to sell and assign and
sells (and otherwise assigns, transfers and charges)  to the Buyer and the Buyer hereby agrees to purchase and accept assignment
and purchases (and otherwise accepts and acquires) from the Seller all of the Seller's rights, title, benefit and interest in and
to all (i) Offered Receivables for such Purchase Date and all Related Security relating to such Offered Receivables and (ii) Outstanding
Offered Receivables for such Purchase Date and all Related Security relating to such Outstanding Offered Receivables.

 

		2.2	Assignment of Purchased Receivables

 

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

 

    - 10 -

     

    

 

		2.3	No recourse

 

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

 

		2.4	No assumption of obligations

 

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

 

		2.5	Obligor List and Offered Receivables List

 

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

 

		(b)	The Seller shall procure that:

 

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

 

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

 

		(B)	the respective invoice date and invoice number;

 

		(C)	the due date for such Receivable; and

 

		(D)	the Unpaid Balance of each such Receivable; and

 

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

 

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

 

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

 

    - 11 -

     

    

 

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

 

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

 

		2.6	Trust of monies

 

		(a)	If, for any reason, any Receivables cannot be sold, transferred and assigned to the Purchaser as
contemplated in Clause 2.1 (Sale and Purchase of Receivables) or for any reason are not (or determined not to have been)
sold, transferred and assigned to the Buyer in contravention of the intent of this Deed, then, with effect from the date of the
purported sale, transfer and assignment thereof the Seller irrevocably undertakes to hold, and hereby declares that it does hold,
on trust such Receivables (including the Related Rights) and any proceeds thereof for and to the order of the Buyer absolutely.

 

		3.	Consideration and Payment

 

		3.1	Purchase price

 

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

 

    - 12 -

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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		4.	Administration and Collection

 

		4.1	Servicing of Purchased Receivables

 

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

 

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

 

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

 

    - 14 -

     

    

  

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

 

		4.2	Collections

 

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

 

		4.3	Deemed Collections

 

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

 

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

 

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

 

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

 

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

 

    - 15 -

     

    

 

		4.4	Certain actions and rights

  

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

 

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

 

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

 

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

 

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

 

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

 

    - 16 -

     

    

 

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

 

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

 

		5.	Representations and Warranties

 

		5.1	Seller's Representations and warranties

 

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

 

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

 

		(b)	Corporate power; Authorization; Enforceable Obligations.

 

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

 

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

 

    - 17 -

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		(h)	Anti-Corruption Laws and Sanctions. The Seller has implemented and maintains in effect policies
and procedures designed to ensure compliance by the Seller and its subsidiaries, directors and officers, and, to the extent commercially
reasonable, affiliates, employees or agents, with Anti-Corruption Laws and applicable Sanctions. The Seller and its subsidiaries,
directors and officers and, to the best knowledge of the Seller, its affiliates, employees and agents, are in compliance with Anti-Corruption
Laws and applicable Sanctions in all material respects. None of (i) the Seller and its subsidiaries, directors or officers,
or, to the best knowledge of the Seller, its affiliates and employees, or (ii) to the knowledge of the Seller, any advisor
or agent of the Seller or any Affiliate thereof that will act in any capacity in connection with or benefit from the transactions
contemplated by the Transaction Documents,  is a Sanctioned Person. The transactions contemplated by the Transaction Documents
will not violate Anti-Corruption Laws or applicable Sanctions.

 

    - 18 -

     

    

 

 

	5.2	Seller's additional representations and warranties

 

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

 

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

 

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

 

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

 

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

 

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

  

    	 	- 19 -	 

     

    

  

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

 

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

 

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

 

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

 

		(j)	Tax. Under the laws of its jurisdiction of incorporation, (a) it is not necessary that
any stamp, registration or similar tax be paid on or in relation to any Transaction Document, and (b) it is not required to
make any tax withholding or deduction from any payment it may make under any Transaction Document, provided that, in respect of
any payment of Yield funded in whole or in part from United Kingdom sources, the recipient is eligible to receive such payment
free from any withholding or deduction for or on account of tax imposed by the United Kingdom.

 

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

 

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

 

    	 	- 20 -	 

     

    

  

	5.3	Buyer's representations and warranties

  

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

 

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

 

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

 

		(iii)	Corporate power; Authorization; Enforceable Obligations.

 

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

 

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

 

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

 

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

  

    	 	- 21 -	 

     

    

 

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

 

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

 

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

 

	6.	Covenants

 

	6.1	Covenants

 

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

 

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

 

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

 

    	 	- 22 -	 

     

    

  

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

 

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

 

	6.2	Affirmative covenants of the Seller

 

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

 

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

 

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

 

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

 

    	 	- 23 -	 

     

    

 

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

 

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

 

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

 

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

 

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

 

    	 	- 24 -	 

     

    

  

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

 

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

 

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

 

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

 

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

 

    	 	- 25 -	 

     

    

  

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

 

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

 

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

 

	6.3	Negative covenants of Seller

 

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

 

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

 

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

 

    	 	- 26 -	 

     

    

  

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

 

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

 

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

 

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

 

    	 	- 27 -	 

     

    

 

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

  

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

 

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

 

	7.	Term and Termination

 

	7.1	Stop-Purchase Date

 

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

 

    	 	- 28 -	 

     

    

 

	7.2	Term of Deed

 

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

 

	7.3	Effect of Final Payout Date and Stop-Purchase Date

 

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

 

	8.	Indemnification

 

	8.1	Indemnities by the Seller

 

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

 

    	 	- 29 -	 

     

    

  

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

  

	8.2	Taxes

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	- 30 -	 

     

    

 

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

 

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

 

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

 

    	 	- 31 -	 

     

    

 

	8.3	Value Added Tax

 

		(a)	Any amounts stated in this Deed to be payable, or payable in connection with this Deed by the Seller
to the Buyer are exclusive of VAT and accordingly, to the extent that any such VAT is chargeable, the Seller shall, in addition
to any other amounts due and payable by the Seller, pay any amount properly charged in respect of VAT for which the Buyer is required
to account to the relevant tax authority, against delivery of a valid VAT invoice in respect thereof.  All amounts payable
by the Buyer to the Seller pursuant to this Deed shall be inclusive of VAT.  If the Buyer receives credit or repayment in
respect of such VAT from the relevant tax authority, the Buyer shall account to the Seller for so much of such credit or repayment
as the Buyer reasonably and in good faith determines will leave it in no better nor worse a financial position than it would have
been in if such VAT were not chargeable.

 

		(b)	Where the Seller is required pursuant to the terms of this Deed to reimburse or indemnify the Buyer
for any cost or expense, the Seller shall reimburse or indemnify (as the case may be) the Buyer for the full amount of such cost
or expense, including such part thereof as represents irrecoverable VAT.

 

	9.	Costs, Expenses and Taxes

 

The Seller agrees to pay on demand:

 

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

 

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

 

    	 	- 32 -	 

     

    

 

	10.	Remedies and Waivers

  

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

 

	11.	Further Assurances

 

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

 

	12.	Amendments and Waivers

 

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

 

	13.	Notices and Payments

 

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

 

	14.	Severability and Partial Invalidity

 

	14.1	Partial invalidity

 

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

 

	14.2	Severability

 

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

 

    	 	- 33 -	 

     

    

 

	15.	Successors and Assigns; Binding Effect

 

This Deed shall be binding upon
and inure to the benefit of the parties hereto, (including any collateral assigns or other assignees by way of security created
by the Security Documents) and their respective successors and assigns. The Seller may not assign its rights or obligations hereunder
without the prior written consent of the Buyer and the Administrative Agent. The Seller acknowledges the Buyer's rights under this
Deed may be assigned to the Administrative Agent or the Security Trustee and the other Secured Parties and consents to such assignments
and to the exercise of those rights directly by the Administrative Agent, the Security Trustee or the other Secured Parties under
the Security Documents and consents to such assignments and to the exercise of those rights directly by the Administrative Agent
or any other Secured Party, to the extent permitted by the Security Documents.

 

	16.	Disclosure

 

	16.1	Consent to disclosure

 

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

 

	16.2	Confidentiality

 

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

 

    	 	- 34 -	 

     

    

 

	17.	No Proceeding; Limited Recourse

 

	17.1	No proceeding

  

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

 

	17.2	Limited recourse

 

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

 

	17.3	Survival

 

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

 

	18.	Counterparts; Electronic Delivery

 

This Deed may be executed in
any number of counterparts, and this has the same effect as if the signatures (and if applicable, seals) on the counterparts were
on a single copy of this Deed. Delivery by electronic mail of an executed signature page of this Deed shall be effective as
delivery of an executed counterpart of this Deed.

 

	19.	Entire Agreement

 

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

 

	20.	Third Party Rights

 

		(a)	Except in respect of the Administrative Agent, the Security Trustee and the other Secured Parties
not party to this Deed, which Persons (including, for the avoidance of doubt, their respective successors and permitted assigns)
are intended to have the benefit of (but in the case of such other Secured Parties shall not enforce other than via the Administrative
Agent) this Deed pursuant to the Contracts (Rights of Third Parties) Act 1999, a Person who is not party has no rights under the
Contracts (Rights of Third Parties) Act 1999 or analogous applicable Laws to enforce or to enjoy the benefit of any terms of this
Deed.

 

    	 	- 35 -	 

     

    

 

		(b)	This Deed may be varied from time to time or rescinded without the consent of any Person that is
not a party to this Deed and sub-sections 2(1)(a) to (c) of the Contracts (Rights of Third Parties) Act 1999 shall not
apply to this Deed.

  

	21.	Governing Law

 

This Deed (including Clause 22
(Jurisdiction)) and any non-contractual obligations arising out of or in connection with it shall be governed by, and shall
be construed in accordance with, English law.

 

	22.	Jurisdiction

 

	22.1	Jurisdiction of the English Courts

 

The parties hereto agree that
the courts of England shall have jurisdiction to hear and determine any suit, action or proceeding, and to settle any dispute,
which may arise out of or in connection with this Deed (including Clause 21 (Governing Law) and this Clause 22) or the transactions
contemplated hereby and, for such purposes, irrevocably submits to the exclusive jurisdiction of such courts.

 

	22.2	Convenient Forum

 

Each party hereto for itself
irrevocably waives any objection which it might now or hereafter have to the courts referred to in Clause 22.1 (Jurisdiction
of the English Courts) being nominated as the forum to hear and determine any suit, action or proceeding, and to settle any
dispute, which may arise out of or in connection with this Deed or the transactions contemplated hereby and agrees not to claim
that any such court is not a convenient or appropriate forum.

 

    	 	- 36 -	 

     

    

  

Schedule
1

Form of Obligor Trial Balance Report

 

		1.	Legal name of Obligor: [●]

 

		2.	Obligor’s address: [●]

 

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

 

		4.	Obligor VAT number: [●]

  

    	 	- 37 -	 

     

    

 

Schedule
2

Form of Notice of Assignment

  

[On Arrow Electronics (UK) Limited’s
letterhead]

 

By Registered Mail

 

[Date]

 

To:     [Obligor]

 

cc.     [●]

 

Dear Sirs

 

Re:
Arrow Electronics (UK) Limited

 

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

 

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

 

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

 

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

  

    	 	- 38 -	 

     

    

  

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

  

This letter and any non-contractual obligations
arising out of or in connection with it shall be governed by, and shall be construed in accordance with, English law.

 

	Yours faithfully	 
	 	 
	 	 
	Arrow Electronics (UK) Limited	 

  

    	 	- 39 -	 

     

    

  

Schedule
3

Form of Offered Receivables list

 

[Attached.]

  

[Signature Page to English Receivables Sale Agreement]

  

    	 		 

     

    

  

EXECUTION of the English Receivables Sale Agreement:

 

IN
WITNESS WHEREOF, the parties hereto have caused this Deed to be executed and delivered as a deed by their duly authorized
representatives on the day and year first before written.

 

SIGNATURES

 

	THE SELLER AND THE ORIGINAL SERVICER	 	 
	 	 	 
	SIGNED as a deed by	)	 
	/s/ Christopher Stansbury,	)	 
	Director, duly authorized for and on behalf of ARROW ELECTRONICS (UK) LIMITED in the presence of:	)	 
	 	 	 
	 	 	 
	Witness’s signature:	 	/s/ Martha Kozik
	 	 	 
	Witness’s name	 	Martha Kozik
	(in capitals):	 	 
	 	 	 
	Witness’s address:	 	9201 E. Dry Creek Rd
	 	 	Centennial CO 80112
	 	 	 
	 	 	 
	THE BUYER	 	 
	 	 	 
	SIGNED as a deed by 	)	 
	/s/ P.C. van der Linden,	)	 
	duly authorized for and on behalf of  ARROW EMEA FUNDING CORP B.V. 	)	 

 

 

[Signature Page to English Receivables Sale Agreement]

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