Document:

USD 150,000,000 Committed Standby Letter dated January 21, 2009

 Exhibit 10.27.9 

 

 

 PARIS RE 
 39, rue du Colisée 
 75008 Paris 
 A 1’attention de Mme Florence ANGLADE

 Paris La Défense, le 17 novembre 2009 
 ANNULE ET REMPLACE COURRIER DU 12 NOVEMBRE 2009 
 Objet:    Extension d’un an
de la durée de la Facility Letter de 150 MUSD consentie le 21 janvier 2009. 
 Madame, 
 Nous avons le plaisir de vous confirmer notre accord suite à votre demande datée du 12/08/2009 pour proroger de 12 mois à compter du
21/01/2010 la durée de la Facility Letter mentionnée en objet. 
 Sauf indication contraire, les termes définis dans la
Facility Letter ont la même definition que ceux employés dans la présente lettre. 
 La date d’échéance
finale de la Facility Letter (« Extended Final Maturity Date ») est désormais fixée au 21/01/2011. 
 Nous vous prions
d’agréer, Madame, l’expression de nos sentiments distingués 
  

					
	Anne PAGOT	 		 	Anne CHATELET
	Corporate Banker	 		 	Branch Manager
			
	/s/ Anne Pagot	 		 	/s/ Anne Chatelet

 Siége social: 9, quai du Président Paul Doumer - 92920 Paris La Défense Cedex 
 Téléphone: 33 1 41
89 00 00 - Télex: INSU X 699600F - Adr. Swift BSUIFRPP. - www.calyon.com 
 DENOMINATION SOCIALE: CALYON - SOCIETE ANONYME AU CAPITAL DE
EUR 6.055.504.839 - SIREN 304 187 701 RCS NANTERRE - CCP PARIS 669-03 83 

 Exhibit 10.27.10 

 

 

 PARIS RE 
 39, rue du Colisée 
 75008 Paris 
 Attn: Ms. Florence Anglade 
 Paris La Défense, November 17, 2009 
 THIS LETTER CANCELS AND SUPERSEDES THE LETTER DATED NOVEMBER 12, 2009 
 Re: One-year extension of
the term of the Facility Letter for USD 150 million granted on January 21, 2009. 
 Dear Ms. Anglade: 
 We are pleased to confirm our consent to your request dated August 12, 2009 to extend the term of the above-referenced Facility Letter for 12 months
beginning January 21, 2010. 
 Unless otherwise stated, the terms defined in the Facility Letter have the same definitions as those in this
letter. 
 The final maturity date of the Facility Letter (“Extended Final Maturity Date”) is now set for January 21, 2011.

 Yours truly, 
  
  

					
	Anne PAGOT	 		 	Anne CHATELET
	Corporate Banker	 		 	Branch Manager
			
	/s/ Anne Pagot	 		 	/s/ Anne Chatelet

 Registered office: 9, quai du Président Paul Doumer – 92920 Paris La Défense Cedex 
 Tel.: +33 1 41 89 00 00 –
Telex: INSU X 699600F – Swift address BSUIFRPP. – www.calyon.com 
 NAME OF CORPORATION: CALYON – FRENCH SOCIÉTÉ
ANONYME WITH CAPITAL OF EUR 6,055,504,839 – 
 SIREN 304 187 701 
 NANTERRE COMMERCIAL REGISTRATION NUMBER (RCS) – CCP PARIS 669-03 83 

 PARIS RE 
 39 Rue du Colisée 
 75008 Paris 
 France 
 Paris la Défense, January 21, 2009 
 Dear Sirs, 
 USD 150 million Committed Standby Letter of Credit Facility

 We, CALYON (the “Bank”) are pleased to advise PARIS RE (the “Applicant”) of the Bank’s agreement to
place at the disposal of the Applicant the following Committed Standby Letter of Credit Facility. 
  

	1.	Facility 

 The Bank will, under the terms
and conditions set out in this letter (the “Facility Letter”), make available through its New-York Branch to the Applicant, USD 150 million (ONE HUNDRED AND FIFTY MILLION DOLLARS of the United States of America) in a form of standby
irrevocable letters of credit and for a one (1) year period from the execution of this Facility Letter. 
  

	2.	Purpose 

 The Facility
will be available for (i) refinancing the existing bilateral letters of credit facility dated December 28th 2007 (the “Existing Facility”) between the Applicant and the Bank which is in existence on the signing date of
this Facility Letter and for (ii) general corporate purposes of the Applicant. The Applicant acknowledges and agrees that the Bank shall not be obliged to concern itself with the application of amounts raised under this Facility Letter.

 By the signing of this Facility Letter and as an exception to Article 3 of the Existing Facility, the Applicant and the Bank terminate the
Existing Facility. Being understood that this termination does not affect the Applicant’s reimbursement obligations as stated in the Article 3 of the Existing Facility. 
 For avoidance of doubt: 
 (i) the commitment amount of this Facility Letter (the “Commitment
Amount”) corresponds to USD 150 million (ONE HUNDRED AND FIFTY MILLION DOLLARS of the United States of America); 
 (ii) the non utilised
amount (the “Unused Commitment Amount”) corresponds to the difference between the Commitment Amount and the letters of credit issued and outstanding (“Total Amount of outstanding Letters of Credit”). 
  

	3.	Availability 

  

	(a)	The Facility shall be available for the issuance in favour of beneficiaries (each a “Beneficiary”) by order and for the account of the Applicant of
standby letters of credit (each a “Letter of Credit”) which will be either denominated (i) in US Dollars in favour of US beneficiaries, substantially in the form attached hereto as Exhibit B, or (ii) subject to the conditions set
forth in Clause 3 (d) below, in US Dollars, Euros or Sterling pounds, substantially in the form attached hereto as Exhibit C. Letters of Credit may be issued during the period from and including the date hereof to, but excluding the Final
Maturity Date. 

  

 3 

 Date. 
  

	(b)	Each Letter of Credit will have a twelve months duration from its issuing date. Subject to Extension Request as mentioned in Clause 11 (b) “Extension
Option” of this Facility Letter, each Letter of Credit may be automatically extended for a new period of up to twelve months from the Letter of Credit initial expiry date (together, the initial expiry date of a Letter of Credit and an
anniversary date thereof being called the “Expiry Date”) (i) unless at least sixty (60) days prior to any Expiry Date the Bank has notified the Applicant in writing that the Letter of Credit will not be
renewed for any such additional period and (ii) unless at least sixty (60) days prior to any Expiry Date the Applicant notify the Bank in writing that the Applicant do not wish the Letter of Credit to be renewed for any such additional
period. In the case (i) and (ii) a notice of cancellation will be sent to the Beneficiary at least sixty (60) days (or ninety (90) days with the prior written consent of the Bank) prior to the Expiry Date of the Letter of Credit.

  

	(c)	Subject to satisfaction of all the conditions precedent hereinafter set forth to request the issuance of a Letter of Credit (or any amendment of an outstanding Letter
of Credit), the Applicant shall send to the Bank a written request with reference to this Facility Letter and Repayment Agreement specifying the effective date of issuance, the amount, the currency, the Beneficiary and the Expiry Date. The Bank
shall receive at its counters in Paris (France) such written request at least five (5) Business Days (a “Business Day” means a day on which banks are simultaneously open for business in Paris (France) and New York (USA)) before the
effective date of issuance of or of amendment to, as the case may be, the requested Letter of Credit. The Bank shall verify that the request has been issued in accordance with the Applicant’s Authorised Signatory List as amended from time to
time, a copy of which is attached as Exhibit D to this Facility Letter, in accordance with Clause 5 (Conditions Precedent) hereinafter. 

  

	(d)	Letters of Credit issued in accordance with Clause 3 (a) (ii), which may be denominated in US Dollars, Euros or Sterling pounds, may be issued in favour of
Beneficiaries other than US Beneficiaries and may be subject to and governed by the laws of another state than the State of New York or the laws of another country than the United States of America. Letters of Credit subject to and governed by the
laws of another state than the State of New York or the laws of France, England or Germany will be issued by the Bank upon written request by the Applicant. Letters of Credit subject to and governed by the laws of another country than the laws of
the United States of America, France, England or Germany may be issued subject to the Bank’s prior written consent, which consent shall not be withheld or delayed unreasonably. 

  

	4.	Letter of Credit Fees 

  

	(a)	Non-utilisation Fee 

 The
Applicant shall pay to the Bank, in arrears, a quarterly commitment fee per annum on a daily Unused Commitment Amount from and including the date of execution of this Facility Letter to and including the date of termination of the Facility Letter
which, in consideration of and pursuant to Section 7 - Security - of the Facility Letter will be of: 
  

			
	 Rating S&P of the
 Applicant
	  	 Non utilisation Fee

	 AAA
	  	non utilisation fee: 4 bp
	 AA+/AA
	  	non utilisation fee: 5 bp
	 AA-/A+
	  	non utilisation fee: 7 bp
	 A/A-
	  	non utilisation fee: 10 bp
	 BBS+
	  	non utilisation fee: 20 bp

  

 4 

	(b)	Utilisation Fee 

 The Applicant
shall pay to the Bank, in arrears, a quarterly utilisation fee per annum on the amount of each Letter of Credit outstanding, calculated on the actual number of days elapsed on the basis of a year of 360 days which, in consideration of and pursuant
to Section 7 - Security - of the Facility Letter will be of: 
  

			
	 Rating S&P of the
 Applicant
	  	 Utilisation Fee

	 AAA
	  	utilisation fee: 12 bp
	 AA+/AA
	  	utilisation fee: 20 bp
	 AA-/A+
	  	utilisation fee: 28 bp
	 A/A-
	  	utilisation fee: 35 bp
	 BBB+
	  	utilisation fee: 50 bp

  

	(c)	Issuance Fee 

 For each Letter of
Credit issuance request, the Applicant shall pay to the Bank Eur 500. 
  

	(d)	Drawing Fee 

 For each Letter of
Credit drawing request, the Applicant shall pay to the Bank Eur 100. 
  

	(e)	Amendment Fee 

 For each Letter
of Credit amendment request, the Applicant shall pay to the Bank Eur 200. 
  

	(f)	Cancellation Fee 

 For each
Letter of Credit cancellation request, the Applicant shall pay to the Bank Eur 200. 
 In each case, VAT (value added tax) shall
be added (if applicable) and be payable by the Applicant. 
  

	5.	Conditions Precedent 

 The Facility will
become available to the Applicant upon receipt by the Bank of the following documents, at the latest on the signing date, each in form and substance satisfactory to the Bank: 
  

	(a)	the duplicate of this Facility Letter duly signed by the Applicant’s authorised officers; 

  

	(b)	a copy of the Applicant’s Authorised Signatory List; 

  

	(c)	the Indemnity Agreement (in the form attached in Exhibit A) duly signed by the Applicant’s authorised officers; 

  

	(d)	a copy of the Applicant’s Bye-Laws; and 

  

	(e)	an extract from the French Company register (“extrait Kbis”) regarding the Applicant. 

  

	6.	Representations and Warranties 

 The
Applicant hereby represents and warrants to the Bank as at the date hereof (and shall be deemed to repeat such representations and warranties on each occasion that the issuance of or an amendment to a Letter of Credit is requested) as follows:

  

	(a)	each of the execution, delivery and performance by the Applicant of this Facility Letter (including any request of issuance of, or of amendment to the Letter of Credit)
and the Indemnity Agreement has been duly authorised by all necessary corporate action and does not conflict with or results in a default or breach under its documents of incorporation, any provision of law or regulation to which it is subject, or
any agreement to which it is a party; and 

  

 5 

	(b)	this Facility Letter and the Indemnity Agreement constitute valid and legally binding obligations of the Applicant enforceable by the Bank against the Applicant in
accordance with their terms, except as such enforcement may be limited by bankruptcy, insolvency or other laws affecting creditor’s rights generally, or by general principles of equity; and 

  

	(c)	No authorisation, approval or other action by, and no notice to or filing with, any governmental authority or regulatory body is required for the due execution,
delivery and performance of this Facility Letter and the Indemnity Agreement; and 

  

	(d)	The most recently published audited non-consolidated financial statements of the Applicant as of the end of and for such fiscal year furnished to the Bank are complete
and give a true and fair view of the financial condition of the Applicant. Such financial statements were prepared in accordance with generally accepted accounting principles consistently applied in France; and 

  

	(e)	No Event of Default (as such events or circumstances are defined in article 12 hereunder) or potential Event of Default has occurred and is continuing.

  

	7.	Security 

 Prior to the notification by
the Applicant to the Bank of a written request in accordance with section 3. – Availability - of this Facility Letter requesting the issuance by the Bank of a Letter of Credit, the Applicant, in the view of securing its payment obligations
under this Facility Letter and as a condition of utilisation of the Facility, irrevocably undertakes to grant to the bank a first rank pledge over an amount of cash (“nantissement de solde de compte” attached as Exhibit E) which will
represent 30% of the Total Amount of outstanding Letters of Credit and completed by a first rank pledge over securities - Govies and Agencies - (“Charge over Custody Accounts” attached as Exhibit F) of 20% of the Total Amount of
outstanding Letters of Credit. 
  

	8.	Reimbursement and Indemnity 

 The
reimbursement and indemnity obligations of the Applicant (the “Indemnity Agreement”) are stated in the Indemnity Agreement attached as Exhibit A to this Facility Letter which shall form integral part of this Facility Letter. 
  

	9.	Default Interest 

 If the Applicant fails
to pay any amount hereunder (whether of principal, interest or otherwise and including sums payable by virtue of the provisions of this clause), the Bank will be entitled to charge the Applicant default interest on such amount from the date of such
failure up to the date of actual payment, determined by the Bank to be: 
  

	(a)	1% (one percent); plus 

  

	(b)	overnight USD LIBOR or in the event LIBOR is not available, other equivalent overnight borrowing rate. 

 Such default interest to be payable on the last day of each period so selected. 
 Any interest on any overdue sums of interest shall be automatically capitalised if they are due for twelve (12) months and shall bear interest at a rate determined pursuant to the preceding paragraph.

  

	10.	Information 

 The Applicant shall supply
to the Bank, as soon as available, its audited financial statements for each financial year. 
  

 6 

 The Bank may reasonably request further information regarding the financial condition, business and
operations, provided that the Applicant shall have the right upon justification, to refuse to provide such information. 
 If (i) the
introduction of or any change in (or in the interpretation, administration or application of) any law or regulation made after the signing date of this Facility Letter; or (ii) any change in the status of the Applicant after the signing date of this
Facility Letter obliges the Bank to comply with “know your customer” or similar identification procedures in circumstances where the necessary information is not already available to it, the Applicant shall promptly upon the request of the
Bank procure the supply of such documentation. 
  

	11.	Duration 

  

	(a)	This Facility Letter is granted on a committed basis for a one (1) year period. The date which is one (1) year after the signing date of this Facility Letter
will be called the “Final Maturity Date”. 

  

	(b)	Extension option: The Applicant may, no later than 120 days before the Final Maturity Date, by written notice to the Bank, request an extension of the Facility
Letter from the Final Maturity Date to a further period of one (1) year (the “Extended Final Maturity Date”). If the Applicant requests an extension of the Facility Letter, the Bank shall, within 90 days after the receipt of this
request and at is absolute discretion; either, 

 (i) notify the Applicant of its decision to accept an extension
of the Facility Letter for a further period of one (1) year; or 
 (ii) decline such request and the Facility Letter will be
cancelled at the Final Maturity Date. 
  

	(c)	Notwithstanding the Final Maturity Date or the Extended Final Maturity Date (as the case may be), if as a consequence of the automatic extension of any Letters of
Credit, the Expiry Date would be a date later than the Final Maturity Date or the Extended Final Maturity Date (as the case may be), then the Bank will notify the Beneficiary (within the notice period specified in the Letter of Credit) prior to the
Expiry Date that the Letter of Credit will not be renewed in order to avoid the automatic extension of the Expiry Date of the Letter of Credit. 

  

	(d)	At the Final Maturity Date or at the Extended Final Maturity Date (as the case may be) or following receipt of notice of termination as stated in this Facility Letter:

  

	 	(i)	any outstanding Letters of Credit will be cancelled on their respective Expiry Date, provided notice to cancel has been given to the beneficiary of the Letter of Credit
and to the Applicant within the notice period specified in the Letter of Credit; 

  

	 	(ii)	from (and including) the Final Maturity Date or the Extended Final Maturity Date (as the case may be) of the Facility Letter, the Applicant shall not request the Bank
to, and the Bank shall not, issue any new Letter of Credit or amend any outstanding Letter of Credit; 

  

	 	(iii)	the terms and conditions of this Facility Letter and of the Indemnity Agreement shall survive until any Letter of Credit is outstanding and until full repayment of any
amount which is due or may become due under this Facility Letter and the Indemnity Agreement. 

  

	(e)	Voluntary cancellation. The Applicant may without indemnity or penalty cancel the whole or any part (if a part in a minimum amount of USD 10,000,000) of the
Unused Commitment Amount by giving to the Bank a written notice stating the amount and the date, fifteen (15) Business Days prior to the effective date requested for the voluntary cancellation. 

 Any amount so cancelled may not be reinstated unless otherwise decided by the Parties. 
  

	12.	Events of Default 

 If any
one of the following events occurs, 
  

	 	(i)	failure by the Applicant to pay any sum due under this Facility Letter or under the Indemnity Agreement, within ten (10) Business Days after having received notice
of such non payment from the Bank and/or 

  

 7 

	 	(ii)	the Applicant has commenced proceedings, including without limitation mandat ad hoc or conciliation with a view to resolving financial difficulties under articles
L611-1 to L611-15 of the French Code de Commerce, or made any formal declaration of bankruptcy, declaration of cessation of payments (déclaration de cessation des paiements) or any formal statement to the effect that it is insolvent or likely
to become insolvent; or a judgement for sauvegarde, redressement judiciaire, cession totale de I’entreprise or liquidation judiciaire is entered in relation to client under articles L620-1 to L670-8 of the French Code de Commerce (or any
analogous procedure) or a case, proceeding or other action shall be commenced under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization, conservatorship or relief of debtors,
seeking to have an order for relief entered with respect to it or its debts; or 

  

	 	(iii)	any representations and warranties herein shall prove to have been incorrect in any respect when made or deemed to be made; provided that if such breach of
representation and warranty may be cured, the Applicant shall have failed to cure such breach within thirty (30) days after written notice requiring such breach to be remedied has been given to the Applicant by the Bank; or

  

	 	(iv)	The Applicant shall fail to pay any financial indebtedness (excluding debt evidenced by this Facility Letter) for an amount in excess of EUR 150 million when due
and such failure shall continue for a period of at least 30 days after the applicable grace period, if any, specified in the agreement or instrument relating to such debt; or 

  

	 	(v)	Ownership: if PARIS RE Holdings Limited ceases to own directly or indirectly more than 51% of the share capital and/or voting rights in the Applicant, and after the
Bank giving a 90 days prior notice to the Applicant, or 

  

	 	(vi)	Unlawfulness: if it becomes unlawful for the Applicant to perform its obligations under the Facility; or 

  

	 	(vii)	Security Interests: any Security Interest created in accordance with section 7 of the Facility is not or ceases to be in full force and effect, or the Applicant does
not fully comply with any provisions contained in a Security Document it entered into in accordance with section 7 of the Facility Agreement to which it is a party. 

 If an event of default occurs and is continuing, the Bank may by notice to the Applicant: 
  

	 	(a)	cancel its commitment hereunder to issue or amend Letters of Credit; and/or 

  

	 	(b)	notify each of the Beneficiaries immediately that the Letter of Credit will not be renewed in order to avoid the automatic extension of the Expiry Date thereof;

  

	 	(c)	declare that all Letters of Credit then in effect, are deemed payable on Beneficiary’s demand; 

  

	 	(d)	in case 12 (vii) request in order to secure the payment of each outstanding Letters of Credit a pledge of such amount of cash or securities acceptable to the Bank.
The Applicant undertakes to execute and deliver to the Bank all documentation (in form and substance satisfactory to the Bank) and do all things necessary to perfect the charge over the pledged assets. 

 If an event of default occurs and is continuing within a sixty (60) days delay prior to the Expiry Date, preventing the Bank from
proceeding with the Notification to the Beneficiaries in accordance with paragraph (b) thereof and pursuant to the terms of the Letter of Credit as set forth in Appendix B (“Form of Stand By Letter of Credit”), the Applicant
irrevocably and definitely undertakes to hold harmless and to indemnify at first demand the Bank of any and all consequences of the automatic extension of the Expiry Date thereof. 
  

	13.	Costs, Expenses and Taxes 

 The Applicant
agrees to pay upon presentation of the relevant written justification all reasonable costs and expenses of the Bank, including reasonable fees and expenses of counsel, in connection with the enforcement against it of this Facility Letter and of the
Indemnity Agreement and the protection of the Bank’s rights hereunder, including any bankruptcy, insolvency and other enforcement proceedings with respect of the Applicant. In addition, the Applicant shall pay within a reasonable time, upon
presentation of the relevant written justification, any and all stamps and other taxes and fees payable or determined to be payable in connection with the execution, delivery, filling and recording of this Facility Letter, the Indemnity Agreement
and the Letters of Credit, and agrees to save the Bank harmless from and against such and all liabilities with respect to or resulting from any delay in paying or omission to pay such taxes and fees. 
  

 8 

	14.	Assignment 

 This Facility Letter and the
Indemnity Agreement shall inure to the benefit of, and shall be enforceable by the Bank and its respective successors and assigns. The Applicant may not assign its rights or benefits under this Facility Letter without the prior written consent of
the Bank, which consent shall not be withheld or delayed unreasonably. The Bank may assign any of its rights under this Facility Letter and the Indemnity Agreement to any branch or banking licensed affiliate of the Bank, provided such bank or branch
is (i) authorized under US laws and regulations to issue letters of credit and (ii) included in the NAIC list of approved Banks. If the Bank wishes to assign its rights or benefits under this Facility Letter and the Indemnity Agreement to
a third party, the consent of the Applicant will be required. Such consent shall not be withheld or delayed unreasonably. 
  

	15.	Governing Law and Jurisdiction 

 This
Facility Letter shall be governed by, and construed in accordance with French law. By execution and delivery of this Facility Letter and the Indemnity Agreement, the Bank and the Applicant hereby irrevocable submit to and accept unconditionally the
non-exclusive jurisdiction of the courts of Paris (France). 
 It is acknowledged and agreed that: 
  

	 	(a)	Except as stated in Clause 15 (b), Letters of Credit are subject to and governed by the 2007 Revision of the Uniform Customs and Practice for Documentary Credits of the
International Chamber of Commerce (Publication No. 600) (the “UCP”) and to the extent not inconsistent therewith, the laws of the State of New York. In the event of any conflict between the UCP and the laws of the
State of New York, the UCP will prevail. Any dispute arising out of these Letters of Credit or their performance shall be brought before the US federal courts of the Southern District of New York (with the waiver of jury trial). The submission to
the jurisdiction referred to above shall not limit the Bank’s right to take proceedings against the Beneficiary in courts of any other competent jurisdiction. 

  

	 	(b)	By exception to Clause 15 (a), Letters of Credit may be issued in accordance with the procedure set forth in Clause 3 (d), which will be subject to and governed by the
laws of another state than the State of New York or another country than the United States of America. These Letters of Credit will be subject to and governed by the UCP and the laws of their respective jurisdiction and in the event of any conflict
between the UCP and the laws of the jurisdiction, the UCP will prevail. Any dispute arising out of these Letters of Credit or their performance shall be brought before the competent courts of their respective jurisdiction (with the waiver of jury
trial, if applicable). The submission to the jurisdiction shall not limit the Bank’s right to take proceedings against the Beneficiary in courts of any other competent jurisdiction. 

  

 9 

 Each party hereby elects domicile at the following address: 
  

			
	 For the Applicant:
	  	 39, rue du Colisée
 75008 PARIS

		
	 For the Bank:
	  	 9, quai du Président Paul Doumer
 92920 – Paris La Défense Cedex - France

  

									
	For and on behalf of CALYON	 		 	
					
	Signature:	 	/s/ B. Bourbonnaud	 		 	Signature:	 	/s/ Anne Pagot
	Name:	 	B. Bourbonnaud	 		 	Name:	 	Anne Pagot
			
	 Accepted and Agreed on January 21 2009
 For and on behalf of PARIS RE
	 		 	
				
	Signature:	 	/s/ Jean-Luc Gourgeon	 		 	
	Name:	 	Jean-Luc Gourgeon	 		 		 	

  

 10Charge over Custody Accounts dated January 21, 2009

 Exhibit 10.27.10 
 Dated January 21, 2009 
 PARIS RE 
 as Chargor 
 and 
 CALYON 
 As Chargee 
  
  
 CHARGE OVER
CUSTODY ACCOUNTS 
  
  
  

 19 

 Contents 
  

			
	 Clause
	  	Page
	 SIGNATORY
	  	21
		
	 SUMMARY
	  	21
		
	 INTERPRETATION
	  	22
		
	 1       Definitions and Interpretation
	  	22
		
	 SECURITY
	  	28
		
	 2       Payment of Secured Obligations
	  	28
		
	 3       Charge and Assignment
	  	28
		
	 4       Set-off
	  	28
		
	 5       Restrictions
	  	28
		
	 6       Perfection
	  	29
		
	 ENFORCEMENT
	  	31
		
	 7       Enforcement
	  	31
		
	 8       Application of proceeds
	  	32
		
	 REPRESENTATION AND UNDERTAKINGS
	  	34
		
	 9       Representations
	  	34
		
	 10     Undertakings
	  	34
		
	 MISCELLANEOUS
	  	37
		
	 11     Duration of the security
	  	37
		
	 12     Expenses, liability and indemnity
	  	37
		
	 13     Payments
	  	38
		
	 14     Remedies
	  	38
		
	 15     Power of attorney
	  	39
		
	 16     Notices
	  	39
		
	 17     Law and jurisdiction
	  	39
		
	 Schedule 1 Initial administrative details of the parties
	  	
		
	 Schedule 2 Accounts
	  	
		
	 Schedule 3 Notice and acknowledgment of charge and assignment
	  	
		
	 Schedule 4 Notice of Exclusive Control [On the letterhead of the Chargee]
	  	

  

 20 

 Deed dated January 21, 2009 
 SIGNATORY 
  

			
	Chargor	  	PARIS RE

 SUMMARY 
  

			
	Chargor	  	PARIS RE
		
	Chargee	  	CALYON, or any of its successor or assignee pursuant to clause 14 – Assignment - of the Facility Letter
		
	Charged Assets	  	A portfolio of assets of the Chargor held in custody account(s) with BNY Mellon Asset Servicing B.V. and managed by an Assets Manager and an assignment of an Account Control
Agreement between the Chargor, the Chargee and the Custodian
		
	Secured Obligations	  	all liabilities under a letter of credit facility letter and Indemnity Agreement between the Chargor and Chargee dated at about the same date as this Deed
		
	Type of security	  	fixed charges
		
	Law	  	English law

  

 21 

 IT IS AGREED as follows: 
 INTERPRETATION 
 1. Definitions and interpretation 

Definitions 
  

	1.1	In this Deed: 

 Account
means: 
  

	 	(a)	The accounts of the Chargor with the Custodian described in Schedule 2 (Accounts) and all cash and non-cash assets held in such accounts;

  

	 	(b)	any account that replaces an account described in Schedule 2 (Accounts); and 

  

	 	(c)	any account established after the date of this Deed which is designated as an Account by the Chargor and the Chargee at or about the time of its establishment.

 Account Control Agreement means the Account Control Agreement between the Chargor (i.e. the
“Client”), the Chargee (i.e. “the Security Holder”) and the Custodian dated on or around the date of this Deed 
 Assets Manager means HSBC Global Asset Management at the date hereof or any other person which would be substituted from time to time with the prior written notice to the Chargee 
 Assigned Assets means those assets which are from time to time the subject of clause 3.3  
 Assigned Contract means: 
  

	 	(a)	the Custody Agreement; 

  

	 	(b)	any contract that amends or replaces the Custody Agreement; 

  

	 	(c)	any contract entered into after the date of this Deed which is designated as an Assigned Contract by the Chargor and the Chargee; and 

  

	 	(d)	any agreement pursuant to which the Chargor derived Rights relating to the Accounts, 

 in each case as it may from time to time be amended, restated, novated or replaced (howsoever fundamentally) 
 Available Balance means the available balance of an account maintained with BNY Mellon, which is that part of the account which is
under the control of the holder of that account 
 Charged Assets means those assets which are from time to time the
subject of clause 3.2. 
  

 22 

 Chargee Security means the Security created by this Deed and any other existing or
future Security granted by the Chargor to the Chargee to secure the payment and discharge of Secured Obligations 
 Chargee
Security Document means a document creating or evidencing Chargee Security 
 Chargor means PARIS RE, a French
Société Anonyme registered with the Companies Commerial Registry of Paris under no. 433 195 096 and whose registered office is located at 39, rue du Colisée, 75008 Paris, France 
 Commitment Amount has the meaning given to such term in the Facility Letter  
 Custodian means BNY Mellon Asset Servicing B.V., London Branch 
 Custody Agreement means the Custody Agreement between the Chargor and the Custodian dated 12 July 2007 as amended and
supplemented by the Account Control Agreement 
 Default Rate means the rate specified in paragraph 9 of the Facility
Letter 
 Disposal means any transfer or other disposal of an asset or of an interest in an asset, or the creation of any
Right over an asset in favour of another person, but not the creation of Security 
 Dividends, in relation to any Charged
Asset, means: 
  

	 	(a)	dividends and distributions of any kind and any other sum received or receivable in respect of that Charged Asset; 

  

	 	(b)	shares or other Rights accruing or offered by way of redemption, bonus, option or otherwise in respect of that Charged Asset; 

  

	 	(c)	allotments, offers and rights accruing or offered in respect of that Charged Asset; and 

  

	 	(d)	any other Rights attaching to, deriving from or exercisable by virtue of the ownership of, that Charged Asset 

 Enforcement Time means any time at which: 
  

	 	(a)	any amount owing under a Finance Document is payable but has not been paid; or 

  

	 	(b)	an Event of Default has occurred and is continuing  

 Event of Default has the meaning given to it in the Facility Letter 
 Facility Letter means the USD 150 Million committed standby letter of credit facility agreement dated at about the same date as this Deed between the Chargor and the Chargee as it may from time to time be amended, restated, novated
or replaced (however fundamentally, including by an increase of any size in the amount of the facilities made available under it, the alteration of the nature, purpose or period of those facilities or the change of its parties) 
  

 23 

 Finance Documents means: 
  

	 	(a)	the Facility Letter; 

  

	 	(b)	the Indemnity Agreement; 

  

	 	(c)	this Deed and any other Chargee Security Document; and 

  

	 	(d)	any other document designated as such by the Chargor and the Agent at any time 

 Financial Collateral has the meaning given to it by the Financial Collateral Arrangements (No 2) Regulations 2003 
 Guarantee means any guarantee, indemnity, bond, standby or documentary credit, third party charge or other assurance against financial
loss by one person in respect of the obligations of another person 
 Indemnity Agreement means the repayment agreement
dated at about the same date as this Deed between the Chargor and the Chargee as it may from time to time be amended, restated, novated or replaced (however fundamentally, including by an increase of any size in the amount of the facilities made
available under it, the alteration of the nature, purpose or period of those facilities or the change of its parties) 
 Insolvency Event, in relation to a person, means: 
  

	 	(a)	the dissolution, liquidation, provisional liquidation, administration, administrative receivership or receivership of that person or the entering into by that person of
a voluntary arrangement or scheme of arrangement with creditors; 

  

	 	(b)	any analogous or similar procedure in any jurisdiction other than England, including in particular any similar proceedings of the Livre VI of the French Commercial Code
(Code de Commerce); or 

  

	 	(c)	any other form of procedure relating to insolvency, reorganisation or dissolution in any jurisdiction 

 Insolvency Legislation means: 
  

	 	(a)	the Insolvency Act 1986 and secondary legislation made under it; and 

  

	 	(b)	any other primary or secondary legislation in England from time to time relating to insolvency or reorganisation; and 

  

 24 

	 	(c)	the Livre VI of the French Commercial Code (Code de Commerce). 

 Obligations, in relation to a person, means all obligations or liabilities of any kind of that person from time to time, whether they are: 
  

	 	(a)	to pay money or to perform (or not to perform) any other act; 

  

	 	(b)	express or implied; 

  

	 	(c)	present, future or contingent; 

  

	 	(d)	joint or several; 

  

	 	(e)	incurred as a principal or surety or in any other manner; or 

  

	 	(f)	originally owing to the person claiming performance or acquired by that person from someone else 

 Officer, in relation to a person, means any officer, employee or agent of that person 
 Receiver means one or more receivers or managers appointed, or to be appointed, under this Deed 
 Right means any right, privilege, power or immunity, or any interest or remedy, of any kind, whether it is personal or proprietary

 Secured Obligations means the Obligations undertaken to be paid or discharged in clause 2 (Payment of Secured
Obligations) 
 Security means: 
  

	 	(a)	any mortgage, charge, pledge, lien, hypothecation, assignment by way of security, trust arrangement for the purpose of providing security or other security interest of
any kind in any jurisdiction; 

  

	 	(b)	any proprietary interest over an asset; and 

  

	 	(c)	any right of set-off created by agreement. 

 Third Parties Act means the Contracts (Rights of Third Parties) Act 1999 
 Value means the market value of the Charged Assets at any time as calculated by BNY Mellon. 
 VAT means
value added tax. 
  

 25 

 Interpretation 
  

	1.2	In this Deed: 

  

	 	(a)	the table of contents, the summary and the headings are inserted for convenience only and do not affect the interpretation of this Deed; 

  

	 	(b)	references to clauses and schedules are to clauses of, and schedules to, this Deed; 

  

	 	(c)	references to the Facility Letter, Indemnity Agreement and any Finance Document or any other document are to that document as from time to time amended, restated,
novated or replaced, however fundamentally; 

  

	 	(d)	references to a person include an individual, firm, company, corporation, unincorporated body of persons and any government entity; 

  

	 	(e)	references to a person include its successors in title, permitted assignees and permitted transferees; 

  

	 	(f)	words importing the plural include the singular and vice versa; and 

  

	 	(g)	references to any enactment include that enactment as amended or re-enacted; and, if an enactment is amended, any provision of this Deed which refers to that enactment
will be amended in such manner as the Chargee, after consultation with the Chargor, determines to be necessary in order to preserve the intended effect of this Deed. 

  

	1.3	Where this Deed imposes an obligation on the Chargor to do something if required or requested by the Chargee, it will do so as soon as practicable after it becomes
aware of the requirement or request. 

  

	1.4	It is intended that this document takes effect as a deed even though the Chargee may only execute it underhand. 

  

	1.5	This Deed may be executed in counterparts. 

 Third party rights 
  

	1.6	The Rights conferred on each Receiver and on each Officer of the Chargee or a Receiver under clauses 12 (Expenses, liability and indemnity) and 13 (Payments) are
enforceable by each of them under the Third Parties Act. 

  

	1.7	No other term of this Deed is enforceable under the Third Parties Act by anyone who is not a party to this Deed. 

  

 26 

	1.8	The parties to this Deed may terminate this Deed or vary any of its terms without the consent of any third party. However, they may not terminate this Deed or vary any
of its terms if this would have the effect of terminating or adversely affecting the Rights of a Receiver or of an Officer of the Chargee or a Receiver under this Deed without its consent, but only to the extent that it has notified the Chargee that
it intends to enforce that clause at the time of the termination or variation. 

  

 27 

 SECURITY 
 2. Payment of Secured Obligations 
  

	2.1	The Chargor will pay or otherwise discharge all Obligations from time to time incurred by it under or in connection with the Finance Documents when they become due for
payment or discharge. 

 3. Charge and Assignment 
  

	3.1	The charges and assignment contained in this clause 3: 

  

	 	(a)	are given to the Chargee; 

  

	 	(b)	secure the payment and discharge of the Secured Obligations; and 

  

	 	(c)	are given with full title guarantee. 

  

	3.2	The Chargor charges, by way of first fixed charge, all of the Rights which it now has and all of the Rights which it obtains at any time in the future in the Accounts
and in any Rights accruing to, derived from or otherwise connected with them (including Dividends, proceeds, insurances, guarantees, Security and any warrants, options or similar Rights) in accordance with Section 7 – Security – of
the Facility Letter. 

  

	3.3	The Chargor assigns absolutely all of the Rights which it now has and al! of the Rights which it obtains at any time in the future in the Assigned Contracts and in any
Rights accruing to, derived from or otherwise connected with them (including proceeds, insurances, guarantees and Security). 

 4. Set-off 
  

	4.1	The Chargee may set off any matured Secured Obligation due from the Chargor (to the extent beneficially owned by the Chargee) against any matured obligation owed by the
Chargee to the Chargor, regardless of the place of payment, booking branch or currency of either obligation. 

  

	4.2	If the obligations are in different currencies, the Chargee may convert either obligation at a market rate of exchange in its usual course of trading for the purpose of
the set-off. 

  

	4.3	These Rights are in addition to the security conferred on the Chargee under this Deed. 

 5. Restrictions 
  

	5.1	The Chargor will ensure that the restrictions contained in this clause 5 are complied with unless the Chargee agrees to the contrary. 

  

	5.2	No Security will exist over, or in relation to, any Charged Asset or any Assigned Asset other than Chargee Security. 

  

 28 

	5.3	There will be no Disposal of any Charged Asset or any Assigned Asset, excepted in accordance with clauses 10.5 and 10.6. 

 6. Perfection 
 General
requirements 
  

	6.1	The Chargor will, at its own expense, create all such Security, execute all such documents, give all such notices, effect all such registrations (whether at the
Companies Registry, or otherwise), deposit all such documents and do all such other things as the Chargee may require from time to time in order to: 

  

	 	(a)	ensure that it has an effective first-ranking fixed charge over the Charged Assets and a first-ranking assignment of the Assigned Assets; and 

 

	 	(b)	facilitate the enforcement of the Chargee Security, the receipt by the Chargee of the money standing to the credit of the Accounts, the realisation of the Charged
Assets and the Assigned Assets or the exercise of any Rights held by the Chargee or any Receiver under or in connection with the Chargee Security. 

  

	6.2	The scope of clause 6.1 is not limited by the specific provisions of the rest of this clause 6 or by any other provision of the Chargee Security Documents.

 Specific requirements 
  

	6.3	The Chargor will procure delivery of the Account Control Agreement simultaneously with execution of this Security Agreement. 

  

	6.4	If, at any time, the Chargor has a Right in respect of an Account or Assigned Contract, it will, on the date of this Deed (or, if it acquires the Right later, as soon
as practicable after it does so): 

  

	 	(a)	deliver a notice of this Deed to the other parties to the relevant Account or Assigned Contract substantially in the form set out in the applicable part of Schedule 3
(Notices of charge and assignment); and 

  

	 	(b)	use its best endeavours to procure that those parties deliver an acknowledgement of the notice to the Chargee substantially in the form set out in that part of that
Schedule as soon as reasonably practicable. 

 Subsequent security 
  

	6.5	If the Chargee receives notice that any Security has been created over the Charged Assets or the Assigned Assets, the Chargee will be treated as if it had immediately
opened a new account for the Chargor, and all payments received by the Chargee from the Chargor will be treated as if they had been credited to the new account and will not reduce the amount then due from the Chargor to the Chargee.

  

 29 

 Financial Collateral 
  

	6.6	The parties to this Deed designate those Charged Assets and Assigned Assets which constitute Financial Collateral to be under the control of the Chargor and charged in
favour of the Chargee. 

  

 30 

 ENFORCEMENT 
 7. Enforcement 
 Time for enforcement 
  

	7.1	The Chargee may enforce the Chargee Security at any time which is an Enforcement Time. 

 Methods of enforcement 
  

	7.2	The Chargee may enforce the Chargee Security by: 

  

	 	(a)	requiring the payment to it of money standing to the credit of the Accounts, requesting the Assets Manager to immediately sell the Charged Assets or the Assigned Assets
upon receipt of the Chargee’s written request, giving notice to any person in relation to the Charged Assets or the Assigned Assets, or otherwise receiving the benefit of the Charged Assets or the Assigned Assets in any way it may decide; or

  

	 	(b)	appointing a Receiver of all or any part of the Charged Assets or the Assigned Assets. 

  

	7.3	At any time after the occurrence of an Event of Default which is continuing and without any further consent or authority on the part of the Chargor, the Chargee may
serve a Notice of Exclusive Control in the form set out in the relevant part of Schedule 4 and exercise, at its discretion (in the name of the Chargor or otherwise) in respect of any of the Charged Assets, any voting rights and any powers or rights
which may be exercised by the person or persons in whose name or names such Charged Assets are registered or who is the bearer or holder of them. 

  

	7.4	The Chargee is not liable to perform or fulfil any obligation of the Chargee in respect of the Charged Assets or the Assigned Assets. 

  

	7.5	A Receiver must be appointed by an instrument in writing, and otherwise in accordance with the Insolvency Legislation. 

  

	7.6	The appointment of a Receiver may be made subject to such limitations as are specified by the Chargee in the appointment. 

  

	7.7	If more than one person is appointed as a Receiver, each person will have power to act independently of any other, except to the extent that the Chargee may specify to
the contrary in the appointment. 

  

	7.8	The Chargee may remove or replace any Receiver. 

  

 31 

 Powers on enforcement 
  

	7.9	The Chargee, and any Receiver, will have the following powers in respect of the Charged Assets and the Assigned Assets: 

  

	 	(a)	the powers given to a mortgagee or a receiver by the Law of Property Act 1925, but without the restrictions contained in section 103 of that Act.

  

	 	(b)	the powers given to an administrative receiver by the Insolvency Legislation; and 

  

	 	(c)	the power to do, or omit to do, on behalf of the Chargor, anything which the Chargor itself could have done, or omitted to do, if the Charged Assets or the Assigned
Assets were not the subject of Security and the Chargor were not in insolvency proceedings. 

  

	7.10	Except to the extent provided by law, none of the powers described in this clause 7 will be affected by an Insolvency Event in relation to the Chargor.

 Status and remuneration of Receiver 
  

	7.11	A Receiver will be the agent of the Chargor until the Chargor goes into liquidation. He will have no authority to act as agent for the Chargee, even in the liquidation
of the Chargor. 

  

	7.12	The Chargee may from time to time determine the remuneration of any Receiver with the consent of the Chargor, such consent shall not be unreasonably withheld or
delayed. 

 Third parties 
  

	7.13	A person dealing with the Chargee or with a Receiver is entitled to assume, unless it has actual knowledge to the contrary, that: 

  

	 	(a)	those persons have the power to do those things which they are purporting to do; and 

  

	 	(b)	they are exercising their powers properly.  

 8. Application of proceeds 
  

	8.1	All money received by the Chargee or a Receiver under or in connection with the Finance Documents (whether during, or before, enforcement of the Chargee Security) will,
subject to the rights of any persons having priority, be applied in the following order of priority: 

  

	 	(a)	first, in or towards payment of all amounts payable to the Chargee, any Receiver or their Officers under clause 12 (Expenses, liability and indemnity) and all
remuneration due to any Receiver under or in connection with the Chargee Security; 

  

	 	(b)	secondly, in or towards payment of the Secured Obligations in such order as may be required by the Finance Documents (and, if any of the Secured Obligations are not
then payable, by payment into a suspense account until they become payable); and 

  

 32 

	 	(c)	thirdly, in payment of any surplus to the Chargor or other person entitled to it. 

  

 33 

 REPRESENTATIONS AND UNDERTAKINGS 
 9. Representations 
  

	9.1	The Chargor represents to the Chargee that all the matters described in the rest of this clause 9 are true on the date of this Deed. 

  

	9.2	The Chargor is duly incorporated and validly existing under the laws of its jurisdiction of incorporation. It has the power, and has obtained all necessary
authorisations, to own its assets and carry on its business in all relevant jurisdictions. 

  

	9.3	The Chargor has power to execute the Finance Documents and to exercise its Rights and perform its duties under them; and it has obtained all necessary authorisations to
do so. 

  

	9.4	This Deed constitutes legally binding and enforceable obligations of the Chargor. Each other Finance Document, when executed, will constitute legally binding and
enforceable obligations of the Chargor. 

  

	9.5	The execution of the Finance Documents and the exercise of its Rights and the performance of its duties under them will not result in the Chargor being in breach of any
duty or being required to create any Security or perform any other action as a result of any duty. 

  

	9.6	The Finance Documents are effective and admissible in evidence without the need for any filing, registration, notarisation or other action. However, this Deed will
require registration in the Companies Registry in England and Wales. 

  

	9.7	No stamp duty or other Tax is payable in respect of the Finance Documents. 

  

	9.8	The choice of English law as the governing law of this Deed will be recognised and enforced in the Chargor’s jurisdiction of incorporation. Any judgment obtained
in England in relation to this Deed will be recognised and enforced in the Chargor’s jurisdiction of incorporation. 

 10
Undertakings 
  

	10.1	The Chargor will ensure that the value of the Charged Assets will at all times have a Value respecting the requirements of Section 7 of the Facility Letter.

 If based on a monthly report established on the last day of each calendar month (the “Day”), the Value
does not respect the requirements of Section 7 of the Facility Letter, the Chargor shall increase the Charged Assets accordingly within ten (10) business days from the Day; 
 In case of default of the Chargor under this Clause, the Chargee may, at its discretion, enforce the Charged Security under clause 7
(Enforcement). 
  

 34 

	10.2	The Chargor will: 

  

	 	(a)	comply with all of its obligations under each Assigned Contract; and 

  

	 	(b)	use its best endeavours to ensure that the Chargee receives the full benefit of each Assigned Contract and the Chargee Security. 

  

	10.3	The Chargor will not: 

  

	 	(a)	agree to alter the terms of, or close or terminate, any Account or any Assigned Contract; or 

  

	 	(b)	waive its rights under an Account or Assigned Contract, 

  

	 	without	the consent of the Chargee. 

  

	10.4	The Chargee will give its consent under clause 10.3 if, in its reasonable opinion, any such alteration or waiver will not materially affect the effectiveness or value
of its security over the Account concerned. 

  

	10.5	The Chargor will not make any withdrawal from any Account without the prior consent of the Chargee. 

 Notwithstanding the foregoing, the Chargor may from time to time according to the provision of clause 6.2 of Account Control Agreement,
transfer or remit or invest or substitute Charged Assets provided that the rating and the Value of the Charged Assets remain the same. 
  

	10.6	The Chargee will give its consent under clause 10.5 (i) if the withdrawal is permitted under the Account Control Agreement and (ii) when the Charged Assets
have a Value exceeding the requirements defined in Section 7 of the Facility Letter. 

  

	10.7	If the Chargor receives any proceeds of any Assigned Contract, it will hold them on trust for the Chargee and pay them to the Chargee as soon as possible.

  

	10.8	During an Enforcement Time (and also once any Chargee Security is being enforced), the Chargee will be entitled to receive all distributions in respect of any shares
held in an Account and the Dividends for application in accordance with clause 8 (Application of proceeds). Otherwise, the Chargor will be entitled to receive those distributions. 

  

	10.9	During an Enforcement Time (and also once any Chargee Security is being enforced), but only upon written notice to the Chargor, the Chargee will be entitled to exercise
all voting and other Rights in respect of any shares held in an Account and the Dividends. Otherwise, the Chargor will be entitled to exercise those Rights. 

  

 35 

	10.10	To the extent that the holder of those any shares held in an Account is not the person entitled to receive those distributions and exercise those Rights, the holder
will pay the distributions to the person entitled to them and will exercise those Rights in accordance with the reasonable requirements of the person entitled to exercise them. 

  

	10.11	The Chargor will promptly pay all calls, instalments or other payments which from time to time become due in respect of any of any shares held in an Account, and the
Chargee will not in any circumstances incur any liability in respect of them. 

  

	10.12	The Chargor will take all steps as are necessary to preserve the value and marketability of the Charged Assets and the Assigned Assets. 

  

	10.13	The Chargor will notify the Chargee as soon as it becomes aware of any matter which might reasonably be expected to have an adverse effect on the Rights of the Chargee
under the Chargee Security. Those matters include a claim by any person to an interest in a Charged Asset or an Assigned Asset or a breach or purported breach of an Assigned Contract by any party to it. 

  

	10.14	The Chargor will provide to the Chargee: 

  

	 	(a)	such information about the Charged Assets and the Assigned Assets; 

  

	 	(b)	such information about the extent to which it has complied with its obligations under this Deed; and 

  

	 	(c)	copies of such documents which create, evidence or relate to the Charged Assets or the Assigned Assets, 

  

	    	as the Chargee may from time to time reasonably request. 

  

	10.15	The Chargor will promptly pay all calls, instalments or other payments which from time to time become due in respect of any of the Charged Assets, and the Chargee will
not in any circumstances incur any liability in respect of them. 

  

	10.16	If the Chargor does not comply with its obligations under this Deed, the Chargee may do so on the Charger’s behalf on such basis as the Chargee may reasonably
decide. That Chargor will indemnify the Chargee on demand against the amount duly documented certified by the Chargee to be the cost, loss or liability suffered by it as a result of doing so. 

  

 36 

 MISCELLANEOUS 
 11 Duration of the security 
  

	11.1	The Obligations of the Chargor under the Finance Documents and the security created by the Chargee Security will continue until the Secured Obligations have been
irrevocably and unconditionally paid or discharged in full, regardless of any intermediate payment or discharge in whole or in part. The Chargee will then reassign the Assigned Assets to the Chargor at the Charger’s expense.

  

	11.2	If any payment by the Chargor or any other security provider or any release given by the Chargee (whether in respect of the Secured Obligations or any security for them
or otherwise) is avoided or reduced as a result of insolvency or any similar event: 

  

	 	(a)	the liability of the Chargor under this Deed will continue as if the payment, release, avoidance or reduction had not occurred; and 

  

	 	(b)	the Chargee will be entitled to recover the value or amount of that security or payment from the Chargor, as if the payment, release, avoidance or reduction had not
occurred. 

  

	11.3	Section 93 of the Law of Property Act 1925 will not apply to the Chargee Security. 

  

	11.4	The perpetuity period for this Deed is the period of 80 years from the date of this Deed. 

 12 Expenses, liability and indemnity 
  

	12.1	The Chargor will, on demand duly documented, pay all legal and other costs and expenses (including any stamp duty, registration or other similar taxes) incurred by the
Chargee or by any Receiver in connection with the Chargee Security. This includes any costs and expenses relating to the enforcement or preservation of the Chargee Security or the Charged Assets and the Assigned Assets and to any amendment, waiver,
consent or release required in connection with the Chargee Security. 

  

	12.2	Neither the Chargee nor a Receiver nor any of their Officers will be in anyway liable or responsible to the Chargor for any loss or liability of any kind arising from
any act or omission by it of any kind (whether as mortgagee in possession or otherwise) in relation to the Charged Assets or the Assigned Assets or the Chargee Security, except to the extent caused by its own negligence or wilful misconduct.

  

	12.3	The Chargor will, on demand duly documented, indemnify each of the Chargee, a Receiver and their Officers in respect of all costs, expenses, losses or liabilities of
any kind which it incurs or suffers in connection with: 

  

	 	(a)	anything done or omitted in the exercise of the powers conferred on it under the Chargee Security, unless it was caused by its negligence or wilful misconduct;

  

 37 

	 	(b)	a claim of any kind (whether relating to the environment or otherwise) made against it which would not have arisen if the Chargee Security had not been granted and
which was not caused by its negligence or wilful misconduct; or 

  

	 	(c)	any breach by the Chargor of the Finance Documents. 

 13 Payments 
  

	13.1	All payments by the Chargor under the Chargee Security Documents will be made in full, without any set-off or other deduction. 

  

	13.2	If any tax or other sum must be deducted from any amount payable by the Chargor under the Chargee Security Documents, the Chargor will pay such additional amounts as
are necessary to ensure that the recipient receives a net amount equal to the full amount it would have received before such deductions. 

  

	13.3	All amounts payable by the Chargor under the Chargee Security Documents are exclusive of VAT. The Chargor will, in addition, pay any applicable VAT on those amounts.

  

	13.4	If the Chargor fails to make a payment to the Chargee under the Chargee Security Documents, it will pay interest to the Chargee on the amount concerned at the Default
Rate from the date it should have made the payment until the date of payment (after, as well as before, judgment). 

  

	13.5	No payment by the Chargor (whether under a court order or otherwise) will discharge the Obligation of the Chargor unless and until the Chargee has received payment in
full in the currency in which the Obligation is denominated. If, on conversion into that currency, the amount of the payment falls short of the amount of the Obligation concerned, the Chargee will have a separate cause of action against the Chargor
for the shortfall. 

  

	13.6	Any certification or determination by the Chargee of an amount payable by the Chargor under this Deed is, in the absence of manifest error, conclusive evidence of that
amount. 

 14 Remedies 
  

	14.1	The Rights created by this Deed are in addition to any other Rights of the Chargee against the Chargor or any other security provider under any other documentation, the
general law or otherwise. They will not merge with or limit those other Rights, and are not limited by them. 

  

	14.2	No failure by the Chargee to exercise any Right under this Deed will operate as a waiver of that Right. Nor will a single or partial exercise of a Right by the Chargee
preclude its further exercise. 

  

 38 

	14.3	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 in any other respect or under the law of any other jurisdiction will be affected or impaired in any way. 

15 Power of attorney 
  

	15.1	During an Enforcement Time, the Chargor, by way of security, irrevocably appoints each of the Chargee and any Receiver severally to be its attorney:

  

	 	(a)	to do anything which the Chargor is obliged to do under the Chargee Security Documents; and 

  

	 	(b)	to exercise any of the Rights conferred on the attorney by the Chargee Security Documents or by 

 law. 
 16
Notices 
  

	16.1	Any notice or other communication to a party to this Deed must be in writing. It must be addressed for the attention of such person, and sent to such address or fax
number as that party may from time to time notify to the other parties. 

  

	16.2	It will be deemed to have been received by the relevant party on receipt at that address or fax number. 

  

	16.3	The initial administrative details of the parties are contained in Schedule 1 (Initial administrative details of the parties) but a party may amend its own
details at any time by notice to the other party. 

  

	16.4	Any notice to the Chargor may alternatively be sent to its registered office or to any of its places of business or to any of its directors or its company secretary;
and it will be deemed to have been received when delivered to any such places or persons. 

 17 Law and jurisdiction

  

	17.1	This Deed is governed by English law. 

  

	17.2	The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Deed (including a dispute regarding the existence,
validity or termination of this Deed) (a Dispute). 

  

	17.3	The parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes that may arise in respect of this Charge over Custody
Accounts and, accordingly, that they will not argue to the contrary. 

  

	17.4	The Chargor irrevocably appoints LAW Debenture Corporate Services Limited (Tel: 44 (0) 20 7696 5242, fax: + 44 (0)20 7696 5262 at its registered office from, Fifth
Floor, 100 Wood Street, London EC2V 7EX time to time to receive on its behalf process issued out of the English courts in connection with this Deed. 

  

 39 

	17.5	Failure by the process agent to notify the Chargor of the process will not invalidate the proceedings concerned. 

  

	17.8	If this appointment is terminated for any reason, the Chargor will appoint a replacement agent and will ensure that the new agent notifies the Chargee of its acceptance
of appointment. 

 This Deed has been executed as a deed, and it has been delivered on the date stated at the beginning of this
Deed. 
  

 40

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00169-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00169-of-00352.parquet"}]]